Add "ammunition" to the spring market?
Large purchases of 283 public funds quietly resumed
Our reporter Wang Siwen
In the context of the considerable return of equity funds in 2020, this year's newly-developed funds have received more fierce capital pursuit than last year.
The "Securities Daily" reporter noticed that many hot funds have voluntarily chosen to suspend large-amount purchases or raise the upper limit of large-amount purchases to ensure the smooth operation of the fund and protect the interests of fund unit holders.
However, in the hot fund subscription situation, as of February 2 this year, at least 283 funds have resumed quietly after suspending large-amount subscription business or adjusting the large-amount subscription ceiling.
On February 2, China Life Security Fund issued an announcement stating that the China Life Security Strategy Optimizing 3-Month Holding Period Hybrid Fund Funds (FOF), in order to meet the investment needs of investors, decided to resume large-scale investments on February 3 Amount subscription and regular fixed amount investment business.
In addition, funds such as Yinhua Huoqianbao Currency F, Great Wall Environmental Theme Mix, Jinxin Minxing Bond C and other funds also issued announcements this week to resume large-scale purchases to supplement their own products.
Even "Internet celebrity" equity funds are also involved.
For example, on January 29, the ABC-Agriculture Industry 4.0 flexible allocation of hybrid funds officially announced the resumption of large-amount purchases, conversion and transfer, and regular fixed investment.
The fund is a star fund product managed by the star fund manager Zhao Yu, who won the top, second and third place in the stock-based income rankings in 2020.
In retrospect, in order to ensure the smooth operation of the fund and protect the interests of fund share holders, ABC-Agriculture Industry 4.0 announced on December 31, 2020 that the restricted purchase amount of products would be reduced to 10,000 yuan.
The downward adjustment of the fund subscription amount is closely related to the rapid increase in the size of the fund. According to the Fund’s Four Seasons Report, as of December 31, 2020, the scale of ABC-CA Industrial 4.0 was 3.935 billion yuan, a sharp increase of 3.286 billion yuan from the end of the previous quarter. yuan.
At the same time, the two other funds managed by Zhao Hao, ABC-Agriculture Research Select Flexible Configuration, and ABC-Agricultural New Energy Theme Flexible Configuration, also began to restrict purchases on the same day.
And only 1 month later, Zhao Hao re-announced "open the door to welcome guests."
Regarding the reasons for the resumption of funds for large-scale purchases and other investments, these funds all stated in the announcement that it is to increase the admission rate of fund investors and meet the financial needs of investors.
In response to the practice of many funds intensively publishing announcements on the resumption of large-amount subscription business, some fund researchers said that on the one hand, the overall performance of equity funds has continued to rise in recent years, and some investors do have increased positions or subscription needs; on the other hand, After re-planning the layout of New Year’s products and investment teams, some fund companies are also ready to absorb more funds from the market.
In terms of types, among the above-mentioned funds that “untie” the upper limit of large-amount purchases, hybrid funds account for a larger proportion. For example, Penghua Industry Selection managed by Wang Zonghe recently announced the cancellation of the fund’s status on July 30, 2020. All sales organizations and direct sales outlets have a single-day single-day single fund account accumulative subscription, conversion transfer and regular fixed investment amount limit of 100,000 yuan; in addition, the Invesco Great Wall Emerging Growth Hybrid managed by Liu Yanchun also canceled the previous subscription, conversion and transfer The large-value transaction limit for entering the business, the minimum amount for the first purchase is 1 yuan, and the additional subscription is not subject to the minimum amount of the first purchase; a total of 144 hybrid funds such as the Southern Optimal Value Mix managed by Luo An'an recently announced the resumption of the fund’s large-value subscription business .
In addition, the number of bond fund products is also relatively large, a total of 57, including China Merchants Zhaoheng Pure Bond Bond Fund and Southern Zheli’s Regular Open Bond Originated Securities Investment Fund; and many QDIIs announced the resumption of large-scale subscriptions, including There are 22 QDII products under public offerings such as E Fund, China Southern Fund, Yinhua Fund, Guangfa Fund, Huaan Fund, etc.; there are also 18 currency funds issued related announcements recently.
It is worth noting that among the funds that have recently announced the resumption of large-amount purchases, some fund products have only restored the business authority of large-amount purchases by institutional investors.
For example, the GF Fund Small Cap Growth Hybrid Fund (LOF) stated on February 2 that in order to meet the investment needs of investors, the cancellation of the original institutional investor’s single-day fund account through subscription shall not exceed 100,000 from February 3, 2020. The limit of yuan will resume normal subscription business.
The funds that have recently resumed large-amount applications from institutional investors include the GF Jufu Open-end Fund and GF Jufeng Hybrid Fund under the GF Fund.
Fund companies have also announced the resumption of large purchases for non-direct sales agencies. For example, Yinhua Fund decided to resume large purchases of Yinhua Xinyi's flexible allocation of mixed funds of more than 100,000 yuan from non-direct sales agencies on February 2. .