When the basic people's mood almost fell to the freezing point, "100 billion top flow" Zhang Kun shot again!
On March 8, A-Shares continued their collective correction, with the Shanghai index falling 2.35%, a new low for the year, and more than 4000 stocks fell. Words such as "stock market" and "fund" appeared on microblog for many times throughout the day.
On August 8, e fund announced that the purchase restrictions of the two largest funds under Zhang Kun's management, e fund blue chip selection fund and e fund high-quality selection fund (formerly known as e fund medium and small cap), were released again, and the limit was increased from 10000 yuan to 50000 yuan. It is worth noting that this is the second time Zhang Kun has liberalized the purchase restriction in the year. Before February 7 this year, the blue chip selection limit of e fund was 2000 yuan, that is to say, the latest limit has been expanded to 25 times, and the high-quality selection status of e fund is to suspend the subscription.
Coincidentally, HSBC Jinxin fund also announced on the same day that the limit of HSBC Jinxin intelligent manufacturing pioneer fund and HSBC Jinxin core growth fund managed by Lu Bin was increased from more than 1000 yuan (excluding 1000 yuan) to more than 10000 yuan (excluding 10000 yuan), an increase of 10 times.
In fact, since this year, many star fund managers, including Qianhai Kaiyuan Cui Chenlong, Xingzheng global housewarming, Wells Fargo fund Zhu Shaoxing, GF fund Liu Gesong, Lin Yingrui, Zheng chengran, Bank of communications Schroeder fund he Shuai, have successively liberalized the upper limit of large subscription. Some insiders believe that this shows that star fund managers generally believe that there have been better investment opportunities in the market in the medium and long term. A number of public funds also released views that market sentiment is expected to gradually pick up.
"top flow of 100 billion" Zhang Kun greatly liberalized purchase restrictions
On March 8, e fund announced that e fund blue chip selection fund and e fund high-quality selection fund had adjusted the limit of large amount subscription and large amount conversion into business in all sales institutions from March 9, from the previous 10000 yuan to 50000 yuan.
The above two funds are the two largest ones under the management of "top 100 billion" Zhang Kun. By the end of 2021, the scale of e fund blue chip selection fund and e fund high-quality selection fund were 67.623 billion yuan and 19.984 billion yuan respectively. In addition, Zhang Kun also managed the high-quality enterprise of e-fund held for three years and the selected products of e-fund Asia, with the management scale of 9.917 billion yuan and 4.412 billion yuan respectively. The total scale of the above four funds reached 101935 billion yuan.
It is worth noting that the limits of the two funds are five times higher than before. Market participants generally believe that the release of fund subscription quota by star fund managers indicates their full recognition of the current investment value of the stock market.
Tracing back to the purchase restriction adjustment of e fund blue chip selection in recent two years, it adjusted the upper limit of purchase quota for three consecutive times in 2021. On January 8, 2021, e fund lowered the subscription limit of the fund from 1 million yuan to 100000 yuan. On January 28, e fund blue chip selection further adjusted the original subscription limit of 100000 yuan to 5000 yuan. On February 18, the upper limit of subscription was adjusted to 2000 yuan again.
On the evening of January 27 this year, e fund announced that the company decided to adjust the limit of large amount subscription and large amount conversion of e fund blue chip selection in all sales institutions from February 7, and adjust the cumulative subscription amount of a single fund account from no more than 2000 yuan to 10000 yuan.
At the same time, yifangda high-quality selection managed by Zhang Kun will also open daily subscription and regular fixed investment business from February 7, with a subscription limit of 10000 yuan. Previously, its status was to suspend subscription.
"stock based champion" Lu Bin also shot
Coincidentally, on March 8, HSBC Jinxin Fund announced that since March 9, 2022, HSBC Jinxin intelligent manufacturing pioneer fund and HSBC Jinxin core growth fund will increase the business limit of subscription, conversion and transfer in and regular fixed investment from more than 1000 yuan (excluding 1000 yuan) to more than 10000 yuan (excluding 10000 yuan). The above two funds are managed by Lu Bin, the investment director of HSBC Jinxin and the champion of stock base in 2020.
Previously, the above two funds suspended the subscription, conversion and transfer in, and fixed investment businesses of more than 1000 yuan (excluding 1000 yuan) from December 28, 2020 and June 28, 2021, respectively.
For the relaxation of fund purchase restrictions, HSBC Jinxin Fund said that it is optimistic about the long-term investment value of the market and hopes to help investors grasp structural opportunities.
Lu Bin said that as an institutional investor, "fear the market", "believe in common sense" and overcome the "fear and greed" brought by market sentiment as much as possible has always been the direction of our unremitting efforts. The market is rational most of the time, but there is often some time in panic and irrationality. Doing well in investment and research and taking the initiative to bear fluctuations at the right time are often the source of excess returns in the future.
public funds release positive signals
In fact, since this year, many star fund managers have successively liberalized the upper limit of large subscription.
Recently, the limit of Qianhai open source public utility fund managed by champion fund manager Cui Chenlong last year was adjusted from 30000 yuan to 1 million yuan. Xingquan business model fund managed by star fund managers also resumed accepting subscription of more than 100000 yuan.
Earlier, fund managers such as Zhu Shaoxing of Wells Fargo fund, Liu Gesong of GF fund, Lin Yingrui and Zheng chengran, and he Shuai of Bank of communications Schroeder fund also successively liberalized the upper limit of large subscription.
In the current volatile market environment, star fund managers have "opened the door to welcome customers". What signal has been released?
industry insiders said that the fund managers chose to liberalize the purchase restrictions. On the one hand, they realized the contrarian layout with the new inflow of funds to avoid the impact on the performance of the fund redeemed by the basic people due to the market shock to a certain extent; On the other hand, it also shows that fund managers are optimistic about their investment field and believe that good investment opportunities have emerged in the medium and long term
"At present, the market has fallen out of some opportunities, and the valuation of some industries is close to the bottom of history." In an interview with a Chinese reporter from a securities firm, the deputy director of the investment department of a public fund in South China said frankly that the market environment is bad. At this time, the fund manager may be more confident in making performance with the new inflow of funds.
Jinxin Fund said that the sharp rise in commodity prices, especially the huge increase in nickel, tin and other futures varieties, caused great disturbance to the production costs of midstream enterprises and other enterprises, causing market concern. At present, the market point has fallen below the lowest level in 2021, and the overall market profit is still positive growth, so the current market valuation is more reasonable. "Considering the government's determination to stabilize growth and the fact that monetary and credit policies will remain moderate in the future, we have no reason to be too pessimistic. I hope you will be patient and confident in the future."
Jingshun Great Wall investment research team believes that unless the situation further escalates and worsens, with the continuous advancement and interpretation of events, the impact of the Russian Ukrainian conflict on the A-share market may be gradually passivated, and the long-term trend of the Chinese market will still depend on its own fundamental drive. After the early correction of the A-share market, the current valuation is at a low level, and there is limited room for further sharp decline. It is believed that the follow-up multi-party policies will increase in succession. Under the background that the policy level and liquidity level are relatively friendly to the market, the market sentiment is expected to gradually pick up.
In terms of industry allocation, Jinying fund suggests adhering to the balanced allocation of steady growth + science and technology. In order to cope with the potential of the metaphase of global inflation, the main line of steady growth may still need to have a certain layout, that is, bank real estate chain, new and old infrastructure chain and mass consumption. Before the steady growth policy is implemented, the market may still have expectations for the main line. From the bottom up, continue to focus on the technology sector with cost-effective valuation on the left. Although the technology sector rebounded in the early stage, the market risk preference fell rapidly, interrupting the rebound trend of the technology sector. With the arrival of the intensive disclosure period of the first quarterly report, the boom direction of high performance and appropriate cost performance may still be promising.
