The fund will issue a "thank you order" again.
In the current volatile equity market environmentDoublebonuspokermachineInvestors are increasingly interested in high-quality bonds and overseas assets, a trend directly reflected in the fund's "purchase restrictions" measures. The data show that bond funds account for 38 per cent and 49 per cent of funds suspending completely and large applications, while QDII funds account for 33 per cent and 26 per cent, respectively.
However, despite fluctuations in the equity market, a number of well-known equity fund managers announced restrictions on the purchase of their products during the year. The above-mentioned products are all high-performing funds, whose performance significantly outperforms the market benchmark and outperforms similar products. This means that although the overall popularity of equity funds has abated, investors still maintain a high demand for quality equity funds.
The products of well-known fund managers are "closed".
On May 14, Huatai Perry Fund announced that in order to protect the interests of fund share holders, Huatai Baredo strategy managed by Dong Chen suspended the purchase.
Huatai Barretto Strategy mix was established in 2016 with a current size of about 2.9 billion yuan. Data show that as of May 14, the fund had a return of about 17% for the year.Doublebonuspokermachine.77%, ranking high among similar products, and the yield is much higher than the performance benchmark of 5.26% and the CSI 300 index of 6.58% in the same period. In addition, the fund has an annualized return of about 12.5 per cent and a total return of 145.57 per cent, with excellent long-term performance.
From the point of view of the position, as of March 31, Huatai Baredo strategy mixed position concentrated in materials, real estate and other industries. The materials stocks selected by Dong Chen, such as Yintai Gold, Zhongjin Gold, Zijin Mining, Aluminum of China, Shandong Gold, and medium Tungsten High-tech, all rose more than 20% in the first quarter, far exceeding-2.01% of the material plate in the same period.
Dong Chen continued to be optimistic about resource products and industrial products in the quarterly report. He said that looking forward to the future, the follow-up market of A shares is still worth looking forward to. Although some traditional areas still face the pains of economic transformation, the pulling force of the rapid development of emerging areas to the overall economy cannot be ignored, and the economic data at the aggregate level perform well. The development of follow-up policies in the direction of "new quality productivity" is expected to lead to the further deepening of economic transformation, thus creating more opportunities for the stock market.
In addition, the economic recovery is also expected to stimulate the recovery of demand for resource goods and industrial products. At present, the supply-side disturbance of goods is frequent, and inventory is generally not high. This direction deserves continuous attention. Gold in the dollar credit decline, frequent geographical conflicts in the context of the investment value is still expected to continue to rise.
During the year, more than 1,000 funds suspended large-scale applications.
As of May 15, more than 1000 funds have suspended large applications this year, and some of them have completely closed their doors (categories An and C are not merged).
Of the 73 funds that have been completely suspended, 38 per cent are bond funds, 33 per cent are QDII funds, 14 per cent are equity funds, as well as some money market funds and FOF funds. Of the nearly 1,000 funds that have suspended large applications, bond funds account for 49 per cent. In addition, 26% are QDII funds, 14% are money market funds, 11% are equity funds, and some FOF and alternative investment funds.
At present, there is no lack of well-known fund managers in the products that are still restricted to purchase. For example, Jingshun Great Wall, Shanghai, Hong Kong and Shenzhen Select, which Bao can't manage, announced a purchase restriction in May, with the daily purchase limit adjusted to 5000 yuan. The fund currently has a management scale of 6.226 billion yuan, with a return of 21.44% for the year, far exceeding the 8.78% of the performance benchmark and 6.58% of the CSI 300 index.
BoCom Qicheng, managed by Yang Jinjin, issued a purchase restriction announcement at the end of April, and the daily purchase limit was adjusted to 5000 yuan. The fund currently has a management scale of 2.772 billion yuan, with a return of 17.34% for the year, far exceeding the performance benchmark of 5.80% and the CSI 300 index of 6.58%.
The investment promotion quantitative selection managed by Wang Ping announced the purchase restriction in March, and the daily purchase limit was adjusted to 200000 yuan. The fund currently manages 3.686 billion yuan, with a return of 7.38 per cent for the year, far exceeding 1.63 per cent of the performance benchmark.
The new trend value line of Soochow managed by Liu Yuanhai was also restricted in March this year, with a daily purchase limit of 10,000 yuan. The fund currently manages 434 million yuan, with a return of 9.28% for the year and a 4.97% benchmark for the industry.
In addition, the phenomenon of "window funds" continues. For example, bond fund China Europe Xingli, QDII fund Jingshun Great Wall Nasdaq technology market capitalization weighted connection of the daily purchase limit is 10 yuan, QDII fund Huaxia overseas income, China Greater China Credit Select daily purchase limit is 20 yuan. As for the rights and interests fund, the daily purchase limit of Penghua Hongshang and Jinhexin Xinli is 1000 yuan.
High-performance funds are busy with purchase restrictions.
Observing the types of restricted funds, it is not difficult to find that under the volatile equity market, the investment opportunities of bond assets and overseas assets have received widespread attention.
A person from the product department of a medium-sized public offering in Shanghai said that due to the relative scarcity of high-quality bond assets, many bond funds have adopted purchase restrictions to manage portfolio liquidity. In addition, fund managers may reduce the risk borne by investors by restricting purchases to avoid large purchases at high levels because of high market positions or high valuations.
For QDII funds investing in the international market, in view of the large fluctuations in the international market, fund managers may restrict the inflow of new funds in order to protect the interests of existing investors. In addition, when the fund's foreign exchange quota is close to the upper limit, fund companies will also use purchase restrictions to avoid excess.
In the view of the above-mentioned people, purchase restrictions usually occur in high-performance funds. High-performance funds are easily favored by investors, and the rapid growth of product scale in a relatively short period of time may affect the operational flexibility and performance of fund managers, so this kind of funds are often restricted.
However, there are also some funds that are restricted because of poor performance or too small scale. Equity funds, for example, suffered intensive suspensions this week. On May 14, in addition to the Huatai Baredo strategy, the one-year holding of Chinese businessmen and the Yangtze River quantitative Technology selection were also suspended; on May 15, Hony far-end high-end manufacturing was suspended. Unlike Huatai Barretto's strategy, the above funds all have a management scale of less than 50 million yuan, and have issued a reminder that their net asset value is too low, and such purchase restrictions may be in preparation for the upcoming liquidation.
Editor-in-chief: Yang Yucheng