At a time when the market continues to fluctuate and investor sentiment is depressed, the announcement of “opening the door to welcome guests” by two star fund managers gives people a boost.
On January 14, after a closed position building period of more than one month, the third public offering Ruiyuan of Ruiyuan fund was steadily allocated for two years, and announced the opening of daily subscription and fixed investment; At the same time, the three-year holding fund of Ruiyuan balanced value managed by Zhao Feng also relaxed the subscription limit, and the subscription amount of a single fund account on a single day was adjusted from no more than 1000 yuan to no more than 10000 yuan.
In addition to the “deregulation” of the above two star products, recently, many funds in the market have relaxed or cancelled large purchase restrictions. On January 14 alone, 11 funds issued announcements to resume large purchase; In addition, fund managers and companies have recently calmed investor sentiment and boosted market confidence through self purchase and voice.
Ruiyuan’s third public offering open subscription
As a “fixed income +” fund, it is also the third public offering product launched by Ruiyuan fund. The two-year holding fund of Ruiyuan Wenjin configuration, which Rao Gang took the helm, attracted many investors to subscribe enthusiastically when it was issued at the end of last year. The first raised capital exceeded 100 billion yuan, and the establishment scale of proportional distribution and after-sales was 9.95 billion yuan. It was officially announced on December 6, 2021.
After more than a month’s position building period, Ruiyuan’s stable allocation finally opened daily subscription and fixed investment. Although at the same time, it also restricted large subscription, the subscription ceiling of 200 million yuan was also relaxed compared with the other two Ruiyuan funds.
On January 14, Ruiyuan Fund announced that since January 17, 2022, its Ruiyuan steady advance configuration has held hybrid funds for two years and opened daily subscription and fixed investment. The minimum amount of subscription is 10 yuan, and the minimum amount of fixed investment is 100 yuan. The total amount of subscription or fixed investment of class a and class C shares in a single fund account on a single day does not exceed 20000 yuan, It is mainly to “ensure the smooth operation of the fund and protect the interests of fund unitholders”.
This series of actions of opening, namely purchase restriction, is relatively rare in the industry, but it has always been the “Ruiyuan rhythm”. Prior to this, Ruiyuan growth value, the first fund of Ruiyuan, with Fu Pengbo at the helm, opened daily subscription on June 25, 2019, and announced a restriction on large subscription of more than 10000 yuan; Ruiyuan’s balanced value managed by Zhao Feng has been open for daily subscription for three years on May 20, 2020, and announced a restriction on large subscription of more than 1000 yuan. At present, Ruiyuan’s three public funds are in the state of restricting large subscription.
For the bond market, Rao Gang said at the end of last year that 2022 will be a wide shock pattern, and medium and high-grade credit bonds are expected to become the focus of allocation.
Specifically, under the background of the decline of export and real estate momentum in 2022, the counter cyclical adjustment will lead to the implementation of the wide credit policy one after another, and the decline of economic endogenous momentum will be combined with the interweaving of policy support, so it is difficult for the interest rate level to have a trend market, but the poor expectation generated by the strength and effectiveness of the policy will bring trading opportunities of market volatility, Grasping the possible one or two band opportunities will be the focus in 2022, and the rating spread may be further widened. Under the support of liquidity, debt-based products demand income from convertible bonds, which makes the valuation of convertible bonds fluctuate at a high level. The overall risk-benefit ratio of convertible bonds is weaker than equity. He will control his position, avoid the valuation overdraft of individual bonds with positive stock rising space, and observe the possible position increase opportunities brought by liquidity changes.
Ruiyuan equilibrium and other funds relaxed large purchase restrictions
It is worth noting that while Rao Gang’s Ruiyuan stable configuration and open subscription, the three-year holding fund with the balanced value of Ruiyuan at the helm of Zhao Feng also relaxed the subscription limit.
On January 14, Ruiyuan Fund announced that since January 17, 2022, the subscription limit of its Ruiyuan balanced value holding fund for three years will be adjusted from the subscription amount of a single fund account of no more than 1000 yuan to no more than 10000 yuan.
The fund was established on February 21, 2020. It was also popular when it was first raised, attracting more than 120 billion yuan of capital subscription. After the establishment of the product, it also received capital subscription, and the fund share continued to grow. By the end of the third quarter of 2021, the total share of the fund was 9.939 billion, with a market value of 15.935 billion yuan. As of January 13, 2022, the cumulative rate of return in the past two years since its establishment is 59.55%, and the annualized rate of return is about 27.81%.
In addition to the balanced value of Ruiyuan, recently, many funds in the market have relaxed or cancelled large purchase restrictions. On January 14 alone, 11 funds issued announcements to resume large purchase, including the enhancement of Wanjia CSI 500 index, the preferred return of ChuangJin Hexin, the selection of dividends of Taiping reform and other products.
In the view of the market, the fund often releases a relatively positive and optimistic signal to express its long-term optimism about China’s capital market; At the same time, in the context of the recent market correction, the liberalization of purchase restrictions can also guide the low-level layout of the basic people and replenish ammunition as much as possible.
However, some insiders speculate that the liberalization of large subscription of some funds may be to deal with the pressure of redemption. Before New Year’s day, in order to protect the income from dilution, a large number of funds choose to control the fund scale; However, since the new year, market volatility has intensified and investor sentiment has been depressed. Many products may encounter net redemptions.
fund managers frequently buy and speak
Since the beginning of the year, the market has been subject to continuous shocks, especially the increased volatility of growth assets, which not only makes the “good start” of the fund issuance market break the appointment, but also makes many once high performing funds withdraw sharply, and the “fund crash” frequently boarded the hot search.
In this case, whether the above-mentioned liberalization of purchase restrictions, or the recent frequent self purchase of funds and the voice of fund managers, all play a certain role in calming investor sentiment and boosting market confidence.
For example, recently, many star fund managers such as Li Xiaoxing, Du Meng, Lu Bin and Guo Xiaowen have announced that they will buy new funds by themselves, which will increase the trust of investors through the deep binding of real gold and silver with the interests of investors. According to the statistics of Chinese journalists from securities companies, as of January 12, at least 8 companies have announced self purchase of funds since 2022, with a total self purchase amount of more than 45 million yuan, and the self purchase of funds has ushered in a small climax.
In addition, many fund managers have recently voiced their voices through live broadcasting and letter writing, and even wrote small compositions to share their recent investment insights about the market decline with investors.
On 13 January, Chen Jinwei, manager of Baoying fund, wrote on an Internet platform: “for 2022, we must honestly tell investors that after two years of upward movement, ultra-high yields such as 2020 and 2021 are difficult to replicate. Therefore, we remind holders to reduce their expectations for our future earnings, but we also believe that there are still opportunities to tap the 2022 market.”
He said that for mainstream track leaders and small and medium-sized plates, it will be more and more difficult to obtain a substantial excess return. The simple problems have been completed, leaving only problems. On the contrary, there may be new opportunities in the biased areas of the market. In addition, we will also pay attention to the opportunities for the reconstruction of the demand of new energy for traditional industries.
Feng Mingyuan, fund manager of Cinda Australia Bank, who is issuing new funds, said in the live broadcast that investors are advised not to be too concerned about short-term fluctuations. He believes that the development of the capital market and industry is not completely synchronized. The industry is a long-term dimension, but the share price of the capital market fluctuates every day. In fact, short-term fluctuations are quite normal. For these long-term development industries, We should look at it from a longer-term perspective.
