in the public fund industry, the management scale has always been regarded as a "sweet burden". Recently, in the pursuit of investors, many blue chip funds have increased purchase restrictions, and even a special continuous proportion placement method has emerged.
On January 19, Zhonggeng value quality one-year holding fund was established for one year and officially entered the opening period. The reporter of China Securities Journal learned that there is a possibility of continuous proportional placement of the fund during the resumption of subscription, which is also one of the few proportional placement methods in the industry.
control scale
According to the announcement of Zhonggeng fund, the fund units holding Zhonggeng value quality for one year and holding period for one year can be redeemed every day from January 19. At the same time, in order to meet the investment needs of investors and minimize the impact of centralized redemption or large subscription on the smooth operation of the fund during the open holding period, Zhonggeng fund decided to resume the subscription (including conversion transfer in and fixed investment) business from January 20 to January 26, 2022, And adjust the limit of large amount subscription to no more than 5 million yuan for a single account on a single day.
China Securities Journal reporter learned that there is a possibility of continuous proportional placement during the resumption of subscription of the fund, which is also one of the few proportional placement methods in the industry. Specifically, each working day during the resumption of subscription will adopt the way of proportional placement to realize the effective control of the scale at this stage. If the total size of the fund on t day exceeds 7 billion yuan, the fund will partially confirm the effective subscription application on that day according to the principle of proportional placement.
The reporter learned from the relevant announcement that the main reason why the fund adopts the above proportional placement method is that the scale of the fund has increased rapidly recently, close to the set upper limit of 7 billion yuan, and the fund is about to enter the open holding period, so Zhonggeng fund makes the above prudent decision.
avoiding liquidity pressure
Lu Qiang, deputy general manager of Zhonggeng fund, said that the one-year holding period of Zhonggeng value quality fund was in the resumption subscription period from January 20 to January 26, because it could be subscribed continuously every day. Unlike the previous proportional placement, which was only affected by the subscription amount, the daily placement proportion of the fund was affected by the net value of the product on that day, the redemption amount and the subscription amount. At the same time, considering that if the proportional placement is triggered, the change in the handling fee for large subscription may cause a poor purchase experience to the holders, the purchase of a single account on a single day is limited to 5 million yuan during the resumption of subscription.
As for why the redemption is scheduled to start on January 19 and the subscription is resumed from January 20 to January 26, Lu Qiang said that in the past, the proportional placement experienced in the industry generally occurred at the end of the initial offering period. This time, due to the value quality of Zhonggeng's one-year holding fund, the holding period of one year expires, and all the initial subscription shares have obtained liquidity, Considering the uncertain factors such as large redemption and uneven redemption that may be faced after the opening of redemption on January 19, in order to better protect the interests of investors, it is necessary to continue to open subscription in the next few days to avoid the liquidity pressure caused by possible large redemption, which will affect the investment.
intensive purchase restriction
In addition to resuming the subscription of funds and restricting the subscription behavior, a number of star fund managers have taken action recently to further tighten the subscription limit of their open funds.
On the eve of new year's day, Yu Yang announced a new impetus for returning to rich countries. On January 7, Liu Bo, the original fund manager of Wells Fargo new power, announced his departure and explained that he was due to "personal career development". On January 15, the fund announced purchase restrictions, and the single day purchase limit will be controlled below 5000 yuan from January 18.
In addition, on January 4, BOCOM trend preferred mixed fund announced that the cumulative subscription amount of a single fund account on a single day should not exceed 1000 yuan, and the purchase restriction is applicable to direct sales institutions and non direct sales institutions.
In addition to equity funds, bond funds have also joined the board. On January 17, Boshi Fund announced that the cumulative amount of subscription, conversion, transfer in and fixed investment in each fund account of Boshi Fushun pure debt and Boshi Fuxiang pure debt on a single day should not exceed 10 million yuan. China Southern Fund also announced that its two funds, Nanfang Baoyuan bond and Nanfang Tongli bond, will suspend accepting subscription applications totaling more than 5 million yuan per fund account in a single day from January 14; Southern Duoli enhancement sets the daily subscription limit at 1 million yuan.
For the reasons for the purchase restriction, a number of fund companies unanimously said: "in order to safeguard the interests of fund unitholders and ensure the smooth operation of the fund." Specific to the detailed reasons, industry insiders believe that on the one hand, the restriction on subscription is to prevent the influx of funds and dilute the income, on the other hand, it is due to the consideration of market prediction.
