Liu He, vice premier of the State Council, made a strong voice, and the Ministry of Finance and other ministries and commissions issued favorable policies. The A-share market has ushered in a Jedi counterattack in the last two working days. The Shanghai stock index has soared from near 3000 to above 3200, and the gem index has soared by nearly 8 percentage points for two consecutive days.
At this critical moment, many public funds have also relaxed the “open door” for large-scale subscription to guide investors to go against the trend. The latest to join the camp is Ruiyuan fund under Chen Guangming. The latest announcement shows that the upper limit of large-scale subscription of Ruiyuan balanced value fund has been raised from 10000 yuan to 100000 yuan, and the upper limit of large-scale subscription of Ruiyuan stable allocation fund has also been raised from 20000 yuan to 100000 yuan, which is also the second time this year that the two funds have raised the upper limit of large-scale subscription.
In the view of insiders, the opening of large subscription of the fund can supplement ammunition for the fund on the one hand, which is conducive to the adverse layout of the fund manager and avoid the impact of redemption on the fund performance to a certain extent; On the other hand, we also hope to weaken the short-term impact of the epidemic on the market, be optimistic about the medium and long-term trend of a shares, and guide the rational investment of basic people.
Zhao Feng and Rao Gang relaxed the upper limit of large purchase again
Star funds, which used to control the upper limit of large subscription, have frequently relaxed the limit recently, and Ruiyuan fund under the boss Chen Guangming is no exception.
On March 17, Ruiyuan balanced value fund issued an announcement to adjust the business limit of large subscription and regular fixed investment. The announcement said that since March 18, 2022, the amount of restricted subscription and regular fixed investment of the fund will be increased from 10000 yuan to 100000 yuan. If the cumulative amount of subscription and fixed investment of a single fund account on a single day exceeds 100000 yuan, the fund manager has the right to refuse.
It is reported that Ruiyuan balanced value is the second public offering fund of Ruiyuan fund, which is managed by Zhao Feng, a “veteran” with many years of investment experience. Ruiyuan balanced value was also a popular fund in the fund market at that time. When it was launched on February 18, 2020, it “attracted” more than 122 billion yuan of funds, once breaking the new record of initial subscription of public funds.
On the same day, Ruiyuan steady progress allocation fund, a “fixed income +” fund managed by Rao Gang, also announced that from March 18, the amount of restricted subscription and regular fixed investment was raised from 20000 yuan to 100000 yuan.
In fact, this is the second time this year that Ruiyuan fund has raised the upper limit of large subscription of its public funds. As early as January 14 this year, the maximum amount of large subscription and fixed investment of Ruiyuan balanced value three-year holding hybrid fund was raised from 1000 yuan to 10000 yuan.
Ruiyuan fund has used 280 million yuan to subscribe for its public offering this year
In recent days, Ruiyuan fund has continuously used its own funds to purchase its funds to “support” the capital market with practical actions.
On March 16, Ruiyuan Fund announced that based on its confidence in the long-term, stable and healthy development of China’s capital market, the company will use its inherent funds to purchase its public funds within 10 trading days from March 18 (inclusive), with a total amount of no less than 150 million yuan and a holding time of no less than 5 years.
Just over a month ago, Ruiyuan fund also announced that the total amount of subscription proposed by the fund company and fund manager should not be less than 130 million yuan, and the holding time should not be less than 3 years, of which the holding time of the subscription part of inherent funds should not be less than 5 years.
This also means that Ruiyuan fund and its investment research team have used nearly 300 million to purchase its fund products this year.
Yesterday (March 16), Ruiyuan fund also issued a letter to the holders, calling on investors to adhere to value investment and not let fear occupy the heart when the market is pessimistic.
key time point
often see star fund open for subscription
The open subscription, redemption or suspension of subscription of equity funds managed by star fund managers are valued by the market. From the historical situation, it often appears that star funds open subscription at key time points.
Since this year, the market has fallen below the important integer level for a time, and more and more active equity funds have cancelled the large subscription set previously. On March 17 alone, in addition to the two Ruiyuan funds, there were also three equity funds of China EU electronic information industry Shanghai, Hong Kong and Shenzhen, Zhonggeng value Pioneer stock and China EU Ruijian hybrid, which cancelled the subscription limit.
On March 9, the one-day subscription limit of e fund blue chip selection and e fund high-quality selection managed by 100 billion “public offering brother” Zhang Kun was also raised from 10000 yuan to 50000 yuan.
After the Spring Festival of 2021, the A share market was ushered in, and the consumption sector, including Baijiu, adjusted. The Shanghai Composite Index dropped to 3359 near the end of March 2021. On March 11 of the same year, the China EU Internet pioneer hybrid fund managed by star fund manager Zhou Yingbo adjusted the upper limit of large-scale subscription of various channels. Among them, the upper limit of large-scale subscription of online direct sales centers and consignment channels was adjusted from the original 100000 yuan to 1 million yuan, and the upper limit of large-scale subscription of direct sales counters remained unchanged at 50 million yuan.
In the first quarter of 2020, when the market was suffering from the impact of the epidemic and was in shock, there was also a large subscription of star fund manager management products at that very moment.
Fund Jun found that Xie Zhiyu and other top class fund managers were open to large purchase of management products at that time. For example, Xingquan Hetai, Xingquan business model, Xingquan asset light, Xingquan Herun, etc. under the current Xingquan fund.
In addition, the medium and Small Cap Fund of e fund managed by e fund Zhang Kun, which has attracted much attention, also adjusted the limit of large subscription amount at that time, and adjusted the upper limit of subscription from 100000 to 1 million in February 2020. At that time, the blue chip funds of BOCOM Schroeder, Cinda Aoyin, Soochow and other companies announced the opening of large subscription.
According to a person from a fund company, opening a large subscription can replenish ammunition for the fund on the one hand, which is conducive to the counter trend layout of the fund manager and avoid the impact of redemption on the fund performance to a certain extent; On the other hand, it also represents optimistic about the medium and long-term trend of A-Shares and guide the people to invest rationally.
According to the fund king, many fund companies are discussing whether to release large subscription for some restricted varieties. Because liberalizing large subscription can allow Jimin to make a timely layout against the trend in batches, and liberalizing large subscription can also facilitate fund managers to buy companies with reasonable valuation in batches.
Historically, many excellent equity funds opened their subscription at some key time points, which is actually a landmark event concerned by the market. According to a person from a fund company, fund investment management needs to balance scale and performance. For example, during the rise of the stock market, the purchase of a large amount of funds will dilute the income of stock investors; During the decline of the stock market, the centralized redemption of funds may passively raise the shareholding position and make the stock investors lose more. The effective control of the scale of fund companies is to do a good job in the investment management of products and treat investors fairly.
focus on the expectation of the first quarter report and the direction of steady growth
With the market adjusted valuation entering a reasonable range, the risk aversion has also eased. Some fund companies are optimistic about the expectation of the next quarterly report and the investment opportunities in the direction of steady growth.
According to the analysis of Huatai Bairui fund, affected by the high incidence of covid-19 epidemic in China, the resilience of economic recovery is still tested, especially the negative impact on Residents’ consumption and industrial output, and the employment pressure of residents increased from January to February. Therefore, it is difficult to assert that the steady growth policy will stop working. On March 16, the financial stability and Development Commission of the State Council held a special meeting, which discussed issues such as macroeconomic operation, real estate enterprises and China concept shares, and proposed that “relevant departments should earnestly assume their responsibilities, actively introduce policies conducive to the market and carefully introduce contractive policies”. We believe that the policy will gradually consolidate the direction of steady growth. On the one hand, we have confirmed the policy tone again for industries with strong supervision in 2021, and carry out transformation and stable and healthy development on the basis of risk prevention; On the other hand, stabilizing expectations is still the key direction. On the basis of the two sessions, we further clarify the policy boundary and take care of the real economy and financial markets, which is also the main reason for the market to be driven by risk appetite.
In the medium term, industrial transformation is still inseparable from the participation of advanced manufacturing industry. In particular, the sectors represented by smart cars and new household appliances have both consumption boost and high-end manufacturing. As the performance disclosure period approaches, Huatai Bairui will dig into the direction of prosperity on the basis of policies and strive to lay out a high-quality company.
Zhonggeng Fund believes that from the perspective of economic fundamentals, under the dual background of small economic cycle and real estate risk release, China will further strengthen monetary policy, fiscal policy and industrial policy. With the implementation of these policies, China’s economy is expected to rebound.
Zhonggeng fund is even more outspoken. On the whole, the current market fundamentals have been fully released, the valuation has dropped to a very attractive level, the policy support has been strengthened, and the cost performance and attractiveness of equity assets have been further improved. At present, the investment opportunities in the market have changed from structural opportunities judged before to systematic opportunities. However, we should still be vigilant against some overvalued and high-risk assets.
Huaxia Fund also said that on the whole, the current level of risk appetite has shrunk to a similar range in 2011, lower than that in 2016 and 2018. After the emotional freezing point, the market may deduce the “double drop expectation” superimposed on the “Russian Ukrainian easing expectation”, form a twists and turns oversold rebound around the expectation of the first quarter report and the direction of steady growth, and continue to be optimistic about new energy vehicles, semiconductors, photovoltaic, non-ferrous metals, medicine and other sectors.
