In the first trading week of the year of the tiger, the Shenzhen Component Index fell for the fifth consecutive week, and the gem index fell for the third consecutive week, with obvious differentiation within the industry. The “torrent” of public offering heavy positions such as Contemporary Amperex Technology Co.Limited(300750) , Wuxi Apptec Co.Ltd(603259) further disrupted a shares, triggered the discussion of “huge redemption” and even pushed into hot search. At the same time, one private placement product after another touched the early warning line and liquidation, which exacerbated the panic of the market.
Great Wall Fund believes that the “crying rise” of the market is mainly due to the inertia of last year. Many investors have high expectations for the market of high growth and big track. Under the background of tightening global liquidity, greater pressure on China’s economy and increasing market uncertainty this year, the high valuation sector is under pressure to adjust, with many low-key, low-level Undervalued sectors win with safety.
Knowing that “confidence is more expensive than gold”, many fund companies bought their own equity / partial equity funds and wrote to investors and the market to cheer them up.
a week shrouded in public offering redemption sentiment
Contemporary Amperex Technology Co.Limited(300750) fell 17.32% this week, including 6.66% on February 8. The week of Wuxi Apptec Co.Ltd(603259) fell by 20.73%. On the 8th, the opening limit fell directly, and on the 10th, it fell by 7.41%. Both trading days were on the dragon and tiger list. Among them, in the dragon and tiger list on the 8th, the top five seats sold were only for Shanghai Stock connect, and the rest were for institutions, with a total net sales of 1.283 billion yuan; On the 10th, the top five of the dragon and tiger list were sold. Except that the second one was dedicated to the Shanghai Stock connect, all the rest were institutional seats. The first one was sold for more than 1.4 billion yuan, with a total net sales of 2.93 billion yuan on that day.
According to the fund’s four seasons report, as of the end of December 2021, China Europe medical and health hybrid, Jingshun Great Wall emerging growth hybrid, Huaxia Shanghai Stock Exchange 50ETF and ICBC Frontier Medical stocks held Wuxi Apptec Co.Ltd(603259) 65716100 shares, 30 million shares, 17.5081 million shares and 17.001 million shares respectively, of which China Europe medical and health hybrid added 24.8067 million shares in the fourth quarter. Wuxi Apptec Co.Ltd(603259) has become the first heavy position stock of the fund at the helm of Glenn, accounting for 10.05%.
On February 10, it was rumored that large-scale insurance assets, financial management subsidiaries and fof special accounts redeemed Gelan’s products with an amount of 40 billion yuan, mainly new energy, of which Contemporary Amperex Technology Co.Limited(300750) redemption was the highest. In response, China Europe Fund responded that the online transmission of “large redemption” was untrue.
According to the data, by the end of the fourth quarter of 2021, the total scale of the three products managed by Glenn in the whole industry was about 20 billion yuan. According to the proportion of institutional investors at the end of the second quarter, even if the institutional investors of the three funds redeemed all, it would not exceed 1 billion yuan.
But some fund redemption panic is happening. On the morning of August 8, Tianzhi quantitative core selection hybrid announced that on the 7th of the product, the net redemption application of fund units exceeded 10% of the total fund units of the previous open day, that is, there was a huge redemption, and there were redemption applications of a single fund unit holder exceeding more than 20% of the total fund shares of the previous open day.
Previously, according to the disclosure of the four seasons report, the fund had a net asset value of less than 50 million yuan for 60 consecutive working days. The time period was from July 26 to December 31, 2021, and it was in danger of liquidation.
It is reported that as of February 9, 2022, Tianzhi quantitative core selection hybrid A and C have decreased by about 27% in recent one year and nearly 7% this year.
the net value of private placement products fell below the warning line and exacerbated panic
In addition to the “huge redemption” of public offering, which affects the hearts of investors, the net value of private placement has fallen below the warning line and liquidation has exacerbated the concerns of the market, including private placement products in the charge of industry leaders.
Many products of former “public offering brother” Ren zesong after “going private” suffered a sharp withdrawal. According to the data of private placement network, as of January 28, the average income of 12 private placement products under Shanghai Jiyuan assets has exceeded – 14% this year, of which 8 products have a loss of more than 20%.
The largest loss in January was Jiyuan Xiangrui No. 1. As of January 28, the unit net value was 1.866 yuan, and the loss in the year had reached 29.53%, showing the characteristics of “straight up and down”. The product was established on May 24, 2016 and has been taken over by Ren zesong since November 30, 2018.
In addition, Jiyuan Yiyu No. 1 has suffered a loss of 29.15% this year, with the largest pullback exceeding 39.98%; Yufeng No. 1 fell by 28.22%, Yufeng No. 3 fell by 28.11%, and the latter fell below the face value of 1 yuan. As of January 28, the unit net value was 0.9590 yuan.
On February 7, Zhejiang Shanyuan Investment Management Co., Ltd., a private equity fund, sent a notification letter to investors, saying that its managed product “Lixing No. 1 private equity fund” touched the stop loss line, and the company will carry out risk stop loss operation in accordance with the contract. According to the data of private placement network, as of August 8, the net value of 923 private placement products was less than 0.8 yuan, and the net value of 432 private placement products was less than 0.7 yuan.
Dan bin of Dongfang Harbor was not spared. As of January 28, the unit net value of more than 50 private placement products under Dan bin has fallen below the traditional warning line of 0.8 yuan, and the net value of 6 products has fallen below the traditional stop loss line of 0.7 yuan. On February 11, Dan bin replied on his microblog that at present, the products have done a good job in risk control, the net value remains relatively stable, and there are more market panic under the volatile market.
the truth of redemption
The most terrible thing about emotions is that they will be infected. What about the redemption of the foundation people under a series of actions such as killing more, huge redemption and liquidation?
A large-scale public offering insider told reporters that the recent subscription and redemption were OK, and there were no obvious changes. Generally speaking, open-end funds belong to the above situation; However, if the performance of closed-end products is not ideal during the closed period, once they are opened, the redemption intention of Jimin is very strong.
“Where to invest in large-scale redemptions? Now the income of financial products is low, and the house is also ‘housing without speculation’.” The source added.
Another public funder told reporters that in recent days, there was a large outflow of funds from fund managers’ products, but funds came in the next day.
A Jimin who has bought the fund for less than three years said that he bought the product of “top flow” fund manager last year, and now he has a lot of losses, but he doesn’t need money in a hurry. Now he will regret it after selling it.
When is the maximum redemption time? Insiders said that it is not easy for investors to cut their meat and leave the market. On the contrary, they are easy to redeem when they fall to the cost line, or near the face value and the base people with a profit of about 5%.
In the weak market, many fund companies first announced the self purchase of their equity / partial equity funds, and then wrote to investors to cheer up the market.
On January 27, six public offerings announced that the self purchase amount ranged from 50 million yuan to 200 million yuan. According to statistics, as of February 10, 22 fund companies had purchased a total of 30 times during the year, with an amount of 540 million yuan, mainly equity funds, accounting for nearly 90%.
On February 10, Cinda Australia Bank sent a letter to investors saying that at present, there is no need to worry too much about the overall market and should cherish the gem below 2800 points and the Shanghai composite index below 3400 points. The recent adjustment is a concentrated vent of the market’s short-term irrational emotions. It is expected that there is little possibility of a sharp decline in the A-share market this year. We should actively grasp structural investment opportunities.
On the 11th, the investment advisory team of GF said in a letter to the investment advisory holders of the fund that after the adjustment since 2021, the overall valuation of A-Shares has gradually returned to rationality and is currently at the central level of a decade. In the short term, investors’ risk appetite is expected to rise, and A-Shares are expected to rebound. It is expected that the high-end manufacturing sectors represented by electric vehicles and photovoltaic, as well as the undervalued sectors of valuation switching and style rebalancing, are expected to achieve excess returns in the future, and the medium and long-term performance of the capital market is still expected. The team said that it firmly believes that “losing less” is more important than “earning more”. Investment should adhere to the concept of “running water does not compete first, what is fighting is endless”.
