Since April, many star fund managers such as Cao Chunlin, Lu Bin, Ren Xiangdong, Zhao Bei, Feng Mingyuan and Han Chuang have successively relaxed large-scale subscription to convey confidence to the market. Many people in the fund industry believe that the relaxation of large subscription of the fund is to supplement ammunition, which is conducive to the layout against the trend and smooth the impact of redemption on performance to a certain extent; In addition, we also hope to weaken the short-term impact of the market, be optimistic about the medium and long-term trend of a shares, and guide the rational investment of basic people.
since 4, many star fund manager products have “opened the door” again
Since April, many star fund manager products have been “open to customers” again, and large subscription and other transactions have been resumed one after another.
Yesterday (April 15), ChuangJin Hexin preferred return managed by Cao Chunlin announced that in order to meet the needs of the majority of investors, the fund manager decided to resume handling the large amount subscription (including regular and fixed investment) and large amount conversion and transfer in business of the fund of more than 3 million yuan from April 18, 2022 (including the same day).
On April 14, Xingquan Hetai, managed by Ren Xiangdong, announced that from April 14, 2022, it would resume accepting applications for single day subscription, conversion and transfer in of a single fund account with a cumulative amount of more than 10000 yuan. Xingzheng Global Fund said that the factors leading to the suspension of large subscription had been eliminated.
On April 13, a number of funds, including Changsheng convertible bonds, positive income of CAITONG asset management and Guoshou security, announced the cancellation of large subscription limits. Taking Guoshou security Wenji as an example, its announcement shows that from April 13, 2022, the amount limit of 1 million yuan will be cancelled and the fund’s large subscription, conversion and transfer in and regular fixed investment business will be resumed.
On April 12, Jingshun Great Wall CSI Shanghai Hong Kong Shenzhen dividend growth low volatility index fund announced that in order to better meet the financial needs of investors, the fund resumed large subscription from the same day, with a minimum of 1 yuan for the first time, and additional subscription is not limited by the minimum amount for the first time.
On April 11, the three products of HSBC Jinxin core growth hybrid, HSBC Jinxin research selected hybrid and HSBC Jinxin intelligent manufacturing pioneer, which are managed by Lu Bin, the fund manager of HSBC Jinxin, announced that the business limits of subscription, conversion and transfer in and regular fixed investment of the above three funds will be cancelled from that day on. Previously, the three funds restricted subscription, conversion and transfer in, and fixed investment of 10000 yuan. Taiping Ruiying hybrid a also announced that from April 11, the cumulative purchase restriction of single or multiple fund accounts in a single day will be relaxed from 100000 yuan to 50 million yuan.
In April 8th, Feng Mingyuan announced that the Cinda Australian silver essence announced that to meet the needs of investors, the restriction on large purchase, conversion and regular investment should be cancelled immediately. Previously, the fund suspended large subscription from March 9 this year, and the maximum amount of cumulative subscription (including conversion transfer and fixed investment) of each fund account in a single day was 5 million yuan.
On April 7, ICBC Credit Suisse Fund announced that in order to protect the interests of fund holders, from now on, the limit amount of ICBC Frontier Medical, managed by its fund manager Zhao Bei, was adjusted to 1 million yuan for large amount subscription, conversion and transfer in and regular fixed investment business of individual investors in the direct electronic self-service trading system. On November 30 last year, the fund announced the suspension of large subscription, limiting the amount of subscription to 10000 yuan.
On April 6, Dacheng Fund announced that the Dacheng state-owned enterprise reform and Dacheng Industry Trend managed by its fund manager Han Chuang have cancelled the restriction that the subscription of a single account in a single day (including regular and fixed subscription) and the cumulative amount of conversion transfer in (excluding the market value of the stock share of the account) should not exceed 10000 yuan (including the principal amount) from April 8. At the same time, the restriction that the cumulative amount of subscription (including regular quota subscription) and conversion transfer in (excluding the market value of the stock share of the account) of these two products in a single account of Dacheng Fund direct sales channel (official website direct sales, wechat transaction and APP) on a single day should not exceed 500000 yuan (including the principal amount) will be cancelled.
In addition, the Huaxia China Securities 500 index has strengthened, and the purchase limit has been adjusted from 100000 yuan to 500000 yuan since April 6.
Since March, there have also been yifangda blue chip selection fund and yifangda high-quality selection fund managed by Zhang Kun, and the funds managed by many well-known fund managers such as qiaoqian, Zhu Shaoxing, Cui Chenlong and Lin Yingrui have relaxed the restrictions on large subscription.
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 is also convenient for 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 an equity investment director, 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.
market valuation is relatively low, ushering in a good opportunity for medium and long-term layout
Why successively liberalize the purchase restrictions? Lu Bin, investment director and fund manager of HSBC Jinxin, said that there are abundant structural opportunities for a shares. Under the current scale, we have more targets to choose from, and the constraints on the scale are relatively limited. We will always put the interests of the holders first, and we will not rule out the possibility of timely adjusting the subscription limit according to the market conditions in the future.
Speaking of the future, Lu Bin believes that at the beginning of 2022, the main line is value return and high-quality growth. After the escalation of the conflict between Russia and Ukraine at the end of February, there was an accelerated decline in the market. I have also dealt with it to a certain extent in terms of position, configuration and so on. He believes that short-term risk events have limited impact on the long-term value of the A-share market. Therefore, under the background that the fundamentals are still good, when the market fluctuates violently in the short term, taking the risk actively may be a better choice than avoiding the risk. From the perspective of one year and two years, the implied return of many stocks has been very attractive. The more panic and pessimism in the market, the more we need to believe in common sense. As institutional investors, we should believe in common sense, grasp opportunities, do a good job in investment and research, and take the initiative to bear fluctuations at the right time, which is often the source of excess returns in the future.
Li Yongxing, deputy general manager and equity investment director of YONGYING fund, believes that at present, the market is close to the bottom area. Since the beginning of the year, the market has experienced the impact of factors such as the rapid strengthening of the Federal Reserve’s expectation of raising interest rates, the weakening of economic expectation, the outbreak of Russia Ukraine conflict and the repeated epidemic. Since the beginning of the year, the CSI 300 has fallen by about 14%, second only to 2008, 2011 and 2018. After the Gold Council held a meeting to stabilize market expectations, with the gradual easing of the conflict between Russia and Ukraine, the further development of the steady growth policy, and the subsequent epidemic may gradually subside, the bottom area of the market is forming. One of the better evidence is that from the perspective of the yield difference of 300 stock bonds in Shanghai and Shenzhen, it is now near – 1 times the standard deviation, and the cost performance is significantly higher than that in the early stage. Therefore, from the current position, the market is close to the bottom area, the adjustment has been basically in place, and the overall valuation level is not high.
Tao can, general manager of the equity investment department of CCB fund, said that after a round of adjustment, the overall valuation of various indexes has been at a low level. According to wind data, various broad-based indexes such as CSI 500, CSI 1000 and SSE 50 are already in the 20% quantile of the historical valuation range, and gem and gem 50 are also in the 45% of the historical valuation range. From the perspective of the industry, the 2022 dynamic PE of 80% of the industry is in the 30% quantile of the historical valuation range. The valuation of popular track industries, such as food and beverage and new energy, fell back to about 60%.
