Tagged: fund

India’s sharechat is funded by twitter

Sharechat, an Indian content sharing platform, announced on Thursday that it has completed a new round of US $502 million financing, with the participation of Lightspeed venture partners and tiger global, snap (60.23, 3.35, 5.89%) and twitter (68.99, 1.99, 2.97%).

India's sharechat is funded by twitter

The company said the round of financing increased its valuation to more than $2.1bn, making it the latest “unicorn” company in India, adding that it plans to use the funds to increase technological innovation and support user growth.

India online insurance company funded by Softbank

Policybazaar, an Indian online insurance platform funded by Softbank (45.3%, 0.12%, 0.27%), is planning to submit a draft prospectus for its initial public offering in Mumbai as early as next month, according to people familiar with the matter. The scale of financing may reach about $500 million.

 

The company is seeking to go public by the end of this year, with a target valuation of more than $3.5bn, sources said.

 

In addition to Softbank, the company’s investors include tiger global and Singapore sovereign wealth fund Temasek group. The company is expected to be one of the first large start-ups to go public in India this year.

Global Equity Fund for the first quarter

Under the pressure of soaring US bond yields, global equity funds had net inflows of $17.6bn in the week to March 31, the lowest in three weeks, according to Lipper, a fund analyst at refinitiv.

Global Equity Fund for the first quarter

In the first quarter of this year, the net inflow of global equity funds was 289.6 billion US dollars, the highest since at least 2013, but the inflow slowed down towards the end of the quarter.

 

In the week ending March 31, most of the funds flowing into the stock market flowed into financial stocks, with a net purchase scale of US $2.37 billion, while industrial stocks attracted us $1.1 billion, the most in four weeks.

 

The rise in oil prices has led to an increase in funds flowing into energy funds, but precious metal funds continue to flow out due to the fall in gold prices.

 

At the same time, the net inflow of global bond funds was US $8.4 billion, 19% higher than the previous week, mainly boosted by the inflow of us medium-term bonds and high-yield bonds.

Supervise the fund redemption wave!

In the early trading on March 10, the A-share market opened nearly a bit higher. What is rare is that the “group” sectors such as liquor, medical care, and new energy vehicles have stabilized.

Supervise the fund redemption wave!

As of the close at noon, the Shanghai Composite Index rose 0.67%, the Shenzhen Component Index rose 1.52%, and the ChiNext Index rose 2.95%. At the end of the afternoon, the above three major stock indexes closed at 3357.74, 13563.34, and 2676.7 respectively.

In fact, behind the recent “green light”, there are also many “positive” signs.

On the evening of March 9, a Times Weekly reporter learned from a fund company that on that day, the supervisory authorities had requested that fund companies with huge redemptions report specific conditions.

Industry insiders analyzed that on the one hand, this move is concerned with liquidity issues; on the other hand, it also understands investor sentiment.

On March 9, there was a rumor in the market that “national team funds” had entered the market, with the purpose of maintaining market stability and avoiding short-term sharp fluctuations. However, this news failed to reverse the decline. The stock indexes of the two cities continued to oscillate downward after the V-shaped reversal, and eventually closed down all over again.

After the Spring Festival, the “bullishness” that investors and Christians had hoped for did not come, but was stuck in an anxious atmosphere and was unable to extricate themselves, having fun in the painful days of falling.

Disk data shows that from February 18 to March 9, in the 14 trading days of the Year of the Ox, the Shanghai Composite Index fell 8.09%, the Shenzhen Component Index fell 15.58%, and the ChiNext Index fell 22.86%, showing a technical bear market.

During this period, the liquor, medical, new energy vehicles and other sectors have undergone significant adjustments. The so-called “group stocks” such as Moutai have frequently suffered setbacks. Investment income of many investors has been eroded, and the gains in the net worth of the citizens have also been quickly eroded.

After the Spring Festival, the heavy stocks of institutional holdings fell sharply. About 3,400 funds’ net worth fell by more than 10%, and nearly 800 funds’ net worth dropped by more than 20%.

New signs of redemption

However, according to the knowledge of a number of large and small fund companies by the Times Weekly reporter, as of last weekend, public funds have not shown obvious signs of net redemption.

Many fund companies interviewed said that although the scale of redemption has been enlarged compared to before the Spring Festival, there are net purchases for hedging, and the institutional response has also been relatively stable. But by this Monday (March 8), some fund companies and even leading companies began to feel the pressure of redemption. On Tuesday, as the stock market rose but failed to meet demand, the situation was contagious.

“The redemption is originally the normal behavior of the citizens. Fund companies and fund managers will also set aside corresponding expectations when the market adjusts. However, today’s feeling is that all kinds of products are being redeemed. Both Internet financial channels and traditional channels are available. It is a retail investor, and I can see that everyone is a little panicked. It was originally expected that there would be a rebound on Monday, but it did not happen, and it tended to be safe.” On March 9, a fund source revealed that at present, various companies and related companies Channels are focusing on investor education and customer guidance.

It is worth mentioning that on March 9, the market once went wildly that this round of adjustments was “all caused by insurance.” It pointed out that some large insurance institutions had redeemed funds in large numbers in recent days, which led to a stampede down.

In this regard, insurance institutions have stepped up to respond that day, denying it, saying that they had adjusted their positions before the Spring Festival to keep their equity positions within a reasonable range.

On March 9th, a person from the market department of a fund company also told Times Weekly reporters that he hoped that public opinion could convey some positive energy in the near future, instead of adding fuel to panic, fund investment should have a long-term perspective, and the current market fundamentals have not deteriorated. , The adjustment is only a temporary phenomenon.

She said that since 2020, many new Christians have entered the market. They have not experienced the loss experience of the previous bear market and lack the experience and understanding of investment risks. However, she believes that these new Christians are easier to “educate” than the former Christians.

“Many of them are post-90s and post-00s, with relatively higher levels of education and more rational emotional control. The reason why funds are frequently searched this year is also related to the current age-level changes of the Christians. These’new students’ The generation’ will understand and learn relevant knowledge, and will resolve anxiety through various jokes.” The person said.

 

According to the observation of a reporter from Times Weekly, in recent days, many fund companies have also strengthened communication with investors through writing open letters, fund managers face-to-face online, and exchanges of views of fund managers to “maintain stability”.

 

In the middle of the night on March 9, Alipay·Wealth Management Think Tank also issued a “Letter to Investors”.

The letter stated that in the current situation of increasing market volatility, it is more important to believe in the power of professionalism and give outstanding fund managers with rich investment experience, comprehensive capabilities, and strong retracement control capabilities longer time to conduct professional operations, in exchange for time Investment appreciation.

Self-purchase is popular

In recent years, whenever the fund market is unstable, there will be fund companies who have stepped up to buy and show confidence.

However, according to a reporter from Times Weekly, as of now, the supervisory authorities have not yet issued a call and window guidance for this round of decline.

On the evening of March 9, news that a number of fund companies started the self-purchase model rushed to hot searches. On March 8, Yongying Fund issued an announcement, announcing that the self-purchasing of its new fund, Yongying, will benefit 50 million yuan, and fund manager Li Yongxing also purchased 1 million yuan.

According to statistics from Flush iFinD, since the Year of the Ox, from February 18th to March 9th, in addition to Yongying Fund, more than ten fund companies such as Fortune, China Huitianfu, Tianhong, and China have made self-purchases. The accumulated self-purchase amount exceeded 200 million yuan in two weeks.

On March 9th, Xinghua Fund also announced that based on its confidence in the long-term healthy and stable development of China’s capital market and the company’s proactive investment management capabilities, based on the principles of risk-sharing and benefit-sharing with investors, on March 8th, Has used its inherent funds to subscribe for 3 million yuan of its subsidiary Xinghua Yongxing Hybrid.

What needs to be explained here is that although the above self-purchase can be attributed to confidence in the market outlook and fund managers, it cannot be simply characterized as a bargaining action.

The Times Weekly reporter observed that in the past year or so, the self-purchasing behavior of funds actually peaked in December last year. The net purchase amount in that month was nearly 900 million yuan. In January this year, there were also 340 million yuan. Instead, it dropped to 220 million yuan in February. Yuan, about 50 million yuan has been temporarily since March.

Fund practitioners are an important buying group for funds.

On March 10, the deputy general manager of a Shanghai fund company told Times Weekly that half of his net worth had already subscribed to his own fund.

According to him, since March 9th, he and several colleagues have started to increase positions. The reason is that according to historical experience, people abandon me and others fear that I am greedy is the law that investment should adhere to. In his view, equity investment is gradually gaining popularity, and the temporarily withdrawn funds will re-enter the market when the market stabilizes and picks up.

In fact, before the Spring Festival, some fund managers have adjusted their positions and lightened their positions to varying degrees. Fund purchase restrictions and dividends are essentially conservative operations by fund managers.

Two months ago, a fund manager in South China confessed to a Times Weekly reporter that he had reduced his position to 80% at that time.

He said that he was not worried about major changes in the market fundamentals after the holiday, but mainly worried about the tightening of capital liquidity, and that the subsequent incremental funds could not keep up, thus falling into the “stock market falling-citizen redemption-boosting decline.” “The bad cycle.

Recently, a number of fund companies have announced the extension of fund offerings. It only took 1 month from not enough to sell.

Reflection is more important

According to many fund industry professionals interviewed by Times Weekly, it is more precious to summarize and reflect on the changes in the public fund industry this round.

For example, with the increase in the number of basic citizens on the Internet and the “post-90s” and “post-00s” citizens, are fund companies prepared to deal with extreme emotions? To build a head fund, has a single fund manager’s excessive number and scale of funds brought about uncontrollable drawbacks?

The phenomenon of “grouping” is also worth thinking about. In this round of decline in the market, “Bao Tuan” has been criticized by many parties, and the market has mainly two voices about it:

One voice believes that “holding group” is a false proposition. Because most of the stocks selected by fund managers are from top to bottom, from industry to individual stocks, industry sectors and stock holdings will naturally form, which is equivalent to “heroes see the same” to some extent;

Another view is that due to the radical operation of fund companies and fund managers, behind the convergence of shareholdings is the pursuit of hot money and fame. Regardless of the reason, fund companies and fund managers should strengthen their response strategies after the collapse of the “group”.

On March 9, as Guan Qingyou, the dean of the Institute of Finance and a professor at the School of Economics of Hainan University, said bluntly, the loosening of the “group” is an important reason for this round of decline.

He believes that “Bao Tuan” public fund managers will inevitably fall into the “prisoner’s dilemma”, that is, when a fund manager starts to sell such core assets as Moutai, other fund managers must also sell and sell it earlier. The “Prisoner’s Dilemma” determines that throwing is the best solution for the individual fund manager, but it is the worst scenario for the entire market.

“Institutions can affect subscriptions, but they cannot affect investors’ redemptions. So when the “group” begins to loosen, not to mention disintegration, public funds will not be able to stop this trend and can only continue to sell assets to deal with the redemption of the citizens. This is the status quo of the Chinese institutional market, and it has also become one of the drivers of the natural instability of the A-share market.” Guan Qingyou said.

What fairy fund? Over 50% profit during the year

Putting all funds in a basket of A-shares or spreading money among funds of different countries is a new question.

When A-share funds were shot down, the highest return of QDII funds has exceeded that of A-share funds by 23%. In the last month, when the star fund managers who had amassed A-shares generally lost more than 15%, they invested in Japan and India. And Vietnam’s QDII funds are laughing.

Over 50% profit during the year
There has even been a phenomenon in which technology stocks heavily held by QDII funds have used bargaining power to suspend heavy holdings of A-share funds. The hatred is that Shin-Etsu Chemical, the largest heavyweight stock of the China Investment JP Morgan Japan Equity Select Fund, announced on March 3 that its external price increase was 10% to 20%, resulting in the A-share semiconductor index on March 4 to March 9. The continuous decline has caused the A-share semiconductor stocks that are heavily invested by the fund to lie down. Shin-Etsu Chemical is the world’s largest semiconductor material manufacturer, focusing on semiconductor wafers and photoresist, and has a very high market voice and bargaining power, while more than 90% of semiconductor wafers of related Chinese companies rely on imports.

QDII yields have crushed A-share funds

Wind data shows that as of March 9, 2021, QDII funds have the highest yield this year, which has exceeded 50%, which is 23 percentage points behind A-share funds.

Calculated separately by fund shares, the data shows that there are currently 17 QDII funds with a yield of more than 30% this year. Among them, the highest yield of the Huabao S&P Oil and Gas USD Fund has a yield of more than 50%. In addition, the GF Dow Jones U.S. Petroleum Fund, a subsidiary of GF Funds, has a yield of 44% this year, and the Lion’s Oil and Gas Energy Fund, a subsidiary of Lions Fund, has a yield of 36% this year. Cathay Pacific Commodities Fund also has a yield this year. Nearly 33%.

Compared with QDII funds that invest overseas, A-share funds have the highest yield this year at 27%, which is 23 percentage points behind QDII funds in the same period. According to wind data, as of March 9, 2021, the highest rate of return on A-share funds was ABC-Agricultural Consumer-Themed Fund, with a year-to-date rate of 27.72%, followed by Anxin Xinfa Optimal Fund, with a year-to-date rate of return 25.15%.

QDII’s achievement in the top rankings is largely due to the performance of overseas oil and gas markets. Morgan Stanley issued a report on March 5, stating that the oil market is expected to have a short supply of 1.4 million to 1.9 million barrels per day in the second and third quarters of 2021, reiterating that the price of Brent crude oil in the third quarter of 2021 will reach The forecast of 70 US dollars / barrel, and is expected to reach 80 US dollars / barrel in the case of a bull market.

Goldman Sachs also raised its oil price forecast recently. The agency stated in a report that it has increased its Brent oil price forecasts for the second and third quarters of this year by US$5 to US$75 and US$80 per barrel. Prior to this, Saudi Arabia and OPEC+ allies Decided to extend the crude oil production limit. The report said, “Although members discussed the risk of epidemic demand, the information we got from the press conference is that self-discipline of shale producers may be behind the slowdown in production growth.” Goldman Sachs lowered its OPEC+ production forecast for the next six months by 900,000 barrels per day. The bank also raised its forecast for the fourth quarter and 2022 by US$5 to US$75/barrel respectively, and raised its forecast for US shale oil production in 2022 by 300,000 barrels/day.

QDII funds increase the attractiveness of investment in the three major countries

The fact that QDII funds crush A-share funds is not all because of the crude oil market. For example, the three public fund products launched by mainland fund companies in Vietnam, India, and Japan reflect the attractiveness of the stock markets for investment in these three countries.

“I have seven or eight funds in my hands. Recently, only foreign QDII funds are still making money.” A Christian in southern China told a brokerage China reporter. Fortunately, when I bought the funds, not all of them were invested in A. In the stock fund, I also bought a Vietnam QDII fund.

Brokerage China reporters noticed that the recent one-month plunge in the A-share market has caused heavy losses for fund managers who hold A-share stocks. Many fund investors have begun to consider not putting eggs in a fund basket. Obviously, country-specific investment is a major factor. This decentralized strategy is very important to the Christians.

Statistics show that as of March 9th, a total of 1069 funds have fallen by more than 15% in their net worth in the most recent month, and 171 funds have fallen by more than 20% in their net worth in the most recent month. Among them, funds with heavy holdings of A-share assets have fallen the most. The highest is close to 26%.

Compared with the funds that have heavily invested in A-shares in the past month, funds in India, Vietnam, and Japan have performed well.

The main index of the Indian stock market, the Mumbai 30 Index, rose from 46810 points in early February to 50,696 points on March 9. The index rose by about 8% during the period. Brokers China reporter noticed that ICBC Credit Suisse India Market Fund, a fund of ICBC Credit Suisse Fund Co., Ltd., which is the main printing market, has also received a positive return of 1.44% in the most recent month.

According to reports, ICBC Credit Suisse India Market Fund mainly invests in related funds (including ETFs) that track the Indian market overseas, using CITIC Securities India ETP Index yield × 90% + RMB demand deposit yield (after tax) × 10% as the performance comparison benchmark , And strive to achieve effective tracking of the trend of the Indian stock market. In terms of investment ratio, the fund’s assets invested in funds (including ETFs) are no less than 80% of the fund’s assets, and the proportion of funds invested in related funds tracking the Indian market is no less than 80% of non-cash fund assets.

The Vietnamese stock market has also performed extremely well in the last month, having recovered all the ground lost in the crash in January this year.

On January 19 this year, Vietnam’s benchmark stock index, the Ho Chi Minh Index (VN INDEX) plummeted 5.11%. Due to the sharp increase in sell orders within a short period of time, the trading system of the Ho Chi Minh Stock Exchange was once squeezed to a halt, and the market suddenly fell into chaos. The statistics of transactions and individual stocks stagnated for a while, and the duration was close to 20 minutes. After that, within half a month, the index fell sharply from around 1187 to around 990, and the index fell by as much as 17% in half a month.

Since the beginning of February, the Vietnamese stock market has rebounded strongly, rising from around 990 points to around 1187 points, which means that the Ho Chi Minh stock market index in Vietnam has risen close to 20% in the most recent month.

Celestica Vietnam Fund, a QDII fund of Celestial Fund Company which focuses on Vietnamese stocks, has also achieved positive returns in the last month. Compared with the A-share funds managed by many star fund managers, Celestica has plummeted by about 20%. Vietnam equity funds rose 3.5% over the same period.

As of the end of 2020, the largest holding of the Celestial Vietnam Fund managed by Hu Chao is Hoa P, a Vietnamese blue chip stock engaged in the steel business, accounting for 9.23% of the Celestial Vietnam Equity Fund’s position, and the stock’s trend performance Strong, with an increase of more than 130% since 2020.

The Japanese stock market has also been extremely defensive in recent times. On February 15 this year, the Nikkei 225 Index hit 30,000 points, the first time since August 1990. This is a sign of Japan’s domestic economic recovery and it also benefits from the US economy. The stimulus plan made progress. Prior to this, the wider coverage of the Topix Index (Topix) also hit a record high, rising to the highest point in the past 30 years.

Based on the recovery of the Japanese stock market, the China Investment JP Morgan Japan Selected Equity QDII Fund, which focuses on Japanese stock investment, has experienced ups and downs during the period, but the net value of this QDII fund that invests in Japanese stocks has fallen by only 1.3% in the most recent month. The ability to guarantee income has been significantly ahead of many A-share funds. China International Investment JP Morgan Japan Selected Equity QDII Fund is managed by Zhang Jun, Director of Fund Investment Department of China International Investment JP Morgan Fund.

Why did QDII’s heavy holdings scare down the A-share fund’s heavy holdings?

It is worth mentioning that the first largest stock in Japanese stocks selected by fund manager Zhang Jun is Shin-Etsu Chemical. As of the end of last year, this stock accounted for 5.05% of the fund’s position.

Shin-Etsu Chemical, a Japanese stock that has typically benefited from the development of China’s semiconductors, is a core supplier of China’s semiconductor industry and has a monopoly to some extent.

For example, in the field of photoresist and semiconductor wafers, Shin-Etsu Chemical has a higher market voice and bargaining power in the Chinese market. According to statistics from research institutions, as of September 2020, Shin-Etsu Chemical has been manufacturing silicon wafers globally. The market share is as high as 29.4%, ranking first in the world.

On March 3, Shin-Etsu Chemical, the world’s largest semiconductor wafer manufacturer, issued an announcement on its official website, announcing that the sales price of all its silicon products will increase by 10% to 20% from April. Shin-Etsu Chemical said through its official website that the cost of silicon metal, the main raw material for silicone, is rising, coupled with the strong growth in demand in the Chinese market, which has led to supply shortages and rising production costs.

Shin-Etsu Chemical’s increase in the ex-factory price of semiconductor wafers is considered a semiconductor concept stock that is bad for China’s A-shares. China’s domestic semiconductor wafer manufacturers mainly rely on imports for wafers, and the degree of localization is low. Semiconductor wafers are in the manufacturing of integrated circuits. The most fundamental source material is widely used in new industries such as 5G, new energy vehicles, and the Internet of Things. Related Chinese companies mainly import these products from Japanese manufacturers such as Shin-Etsu Chemical.

Since the first major stock of the Shanghai Investment JPMorgan Japan Select Fund announced its price increase on March 3, the A-share semiconductor index immediately began to plummet, falling 4.56% on March 4, 0.39% on March 5, and March 8. The daily decline was 5.17%. On March 9, the semiconductor index fell again by 4.93%, exacerbating the losses of funds holding A-share semiconductor stocks.

Young people “educated” by the fund

The market is hot, young people run into the market, but there is no shortcut to getting rich. The market plunged to give this young people a deep investor education.

Young people "educated" by the fund

The withdrawal of funds has become a phenomenon-level event in the financial market.

In addition to the hot market, young people running into the stadium are important catalysts. Data show that among the newly added “basic people” in 2020, the post-90s accounted for more than half.

The young man who plunged into the fund market originally thought, “You buy the bottom of the military industry, he studs baijiu, I have a lot of new energy, and we all have a bright future.”

Only after being “green to panic” did he come back to his senses. Behind the gains, there are equivalent risks. There is no shortcut to getting rich, and the market has given this young man a profound investor education with the plunge.

“I’m Chasing Ups and Downs Once Again” Ji Jing丨29 years old丨Public unit

History is always surprisingly similar.

In 2017, I graduated from university for two years and worked as a teller in a bank. At that time, the fund market was good, and I happened to have some spare money in my hands, so I bought some funds on the theme of medicine and environmental protection. Among them, China-Europe Medicine and Health, which is now well-known, is included.

Although I was working in a bank at the time, I actually didn’t know much about funds, and I was completely experimenting. At the beginning, I didn’t hold a lot of positions. When I increased by about 20% later, I started to increase my position substantially. As a result, it didn’t take long for me to lose all my previous gains.

When the principal loss was close to 10%, my mentality collapsed and I redeemed all the funds. At that time, I also seriously reflected on it and regretted my behavior of chasing ups and downs.

In the following two years, I never touched the fund again. Until the outbreak of the epidemic in 2020, the market of the pharmaceutical sector was very good, and I bought another 20,000 yuan for CEIBS Healthcare. By the Spring Festival of 2021, the income has been close to 7,000 yuan.

When I saw that the fund market was so good, I couldn’t hold back my restless heart. Thinking that the year-end bonus will be issued after the new year, in the half month before the Spring Festival, I bought all the free money in my hand, and the position was close to 100,000 yuan at one time.

At that time, liquor was very popular, and Moutai’s stock price was close to 2,300 yuan. In fact, when the stock price is more than 900 yuan, I have considered whether to buy one lot, but I also feel that who would be so stupid to take the 100,000 yuan Maotai.

Until the stock price broke through 2,000 yuan, I felt that I was that fool. It was too late to regret, and Moutai stocks could not be bought, but when I thought of a fund that could buy Shigekura liquor, I was motivated again.

So, I bought a few Shigekura liquor funds at once, including Zhang Kun’s Yi Fangda Blue Chip and Liu Yanchun’s Invesco Great Wall Emerging Growth.

The lessons learned three years ago were forgotten, and I once again chased the rise and the fall. The joy of making money is short-lived, after the year the fund began to fall.

Due to the high position, the income previously earned by CEIBS Medical and Health quickly fell. When I lost 1,000 yuan, I cleared my position.

Looking back on the whole process, it was exactly the same as in 2017: When the fund was rising in the ups and downs, I would never think of increasing positions. On the contrary, when the net worth soared, I became extremely aggressive. Self-confidence in himself, in funds, and fascination with the market, began to blindly increase positions, and eventually became leeks.

“The first base purchase ended in failure” Da Dan丨25 years old丨Tech industry

Since my sophomore year, I have been trading stocks. After 5 years of experience, I thought I was at a good level, and through short-term speculation, I bought a 30-square-meter single apartment in Changsha.

At the end of last year, the liquor market was extremely hot. I cashed out 80,000 yuan from my credit card, plus my own 20,000 yuan in cash, and successively bought shares of Golden Seed Wine. In more than half a month, I won 12 daily limits and earned 120,000.

During that time, some people were always recommending China Merchants Zhongzheng Liquor. So I bought 3,000 yuan from Alipay and sold it after earning 30% a year ago.

This is my first time buying a fund. In fact, I don’t know anything about the fund. The news is saying that the fund’s returns have been very good in the past two years, and the argument that “investing in stocks is not as good as buying the base” is also widely circulated. Many people around me who do not manage money have also begun to discuss funds.

I am a person with high earnings expectations, and I never look at financial products with an annualized rate of less than 20%. The temptation for me in the stock market is that I have the opportunity to make a lot of money in a short period of time. Although I have eaten many price limits, I tossed it down all year and earned a net profit of 70,000 or 80,000 yuan.

This kind of operation is too aggressive, and I am worried that sooner or later, I will fall in love. I heard that many fund incomes doubled last year, and there is no need to keep an eye on the market like stocks. I just thought, I can slowly move the money from the stock market to the fund.

Just choosing the fund has stumped me. Thousands of products are unavailable, so I adopt a “three-step” strategy: one is to choose from the top-ranked funds in the past year, the second is to buy thematic funds that are optimistic about the sector, and the third is to buy recommended by friends around you. fund.

The non-ferrous sector performed well a year ago. In mid-December, I bought Zhengzhou Coal and Electricity and earned 7 daily limit, and the income was about 20,000 yuan.

In the first week of the year, while holding the two non-ferrous metals stocks of GEM and Shenghe Resources, I also bought 20,000 yuan in Cathay Pacific Non-ferrous Metals. Unexpectedly, this fund lost more than 2,000 a week, and I cut the meat decisively.

I didn’t pay attention to fund managers at the beginning, until Zhang Kunhuo got out of the circle, all major social platforms could see his information. On the recommendation of a colleague, I bought a 10,000 yuan E Fund blue chip on February 4. Later I learned that the colleague who called me “get in the car” only bought a few hundred yuan.

The fund’s gains were gratifying years ago, and I have successively bought several funds. After the Spring Festival, the market took a sharp turn. At first, I made up the warehouse a few times, but I couldn’t hold it later, so I cleared it all out.

A total of 40,000 bought and a loss of 4,700 yuan-the actual battle of the fund ended in failure.

“We inevitably buy at a high point, but investment should not be anxious” Zhou Yue丨29 years old丨Internet product operation

At present, I mainly buy index funds, brokerage firms, and some ETFs. My fund investment is in a state of falling income, and the principal is temporarily retained.

I have been in contact with financial investment since 2016. That was the first year of my work, and there was not much salary yet, so I had to use Yu’e Bao to force savings. Later, due to work reasons, I needed to understand investment and financial management knowledge. I read a lot of articles on investment and financial management public accounts. At that time, Internet companies produced many financial products. Through these investments, I was basically able to guarantee an annualization of 5%-6%. income.

Because the previous forced savings gave me a certain fund base, I began to have the ability to contact some funds with medium and high risks. The large-scale investment fund was in March 2020. At that time, I started to buy industry index funds and ETFs, mainly brokers. Later, I successively invested in some wide-based products, such as CSI 300 and China Securities 500. Last year, I bought semiconductor-related funds at a low point last year, and it probably reached an annualized return of 15%.

Regarding fund investment, I intend to hold it for at least 2 years. This year’s goal is to achieve an annualized rate of return of 20%.

In fact, when ordinary investors are just getting in touch with financial investment, they will inevitably buy on the hillside or high point, but investment is not something to be anxious, do not invest enthusiastically because of individual events.

I feel that the titles of many self-media articles are too scary. These articles actually do not reflect the real market conditions. It seems that the real investors and the people who write these articles are not the same group of people. For example, many media and platforms used to follow Zhang Kun, but now they start to belittle him, which will be very emotional for investors. Investors are advised to study the macroeconomic situation, economic policies, etc., and then make purchases based on the actual situation of the product.

“Buy at a high point, drop in return and drop in principal” Yu Shan, 28, media practitioner

Up to now, my annualized return is -5.3%, and the 5 fund products I bought are all in decline. The holding rate of return of the one with the largest decline has been -7%. This result makes me a real volatility. Real “leeks”.

Because of my work, I have been exposed to various financial information, but I have never really bought stocks or funds. It was not until the beginning of 2020 that I actually started to buy fund products. At that time, due to the impact of the epidemic, medical supplies and equipment were in short supply. I felt that investing in medical-related foundations was a good opportunity. So I simply selected and bought a medical foundation, and this fund really made me very rewarding.

It is this fund that gave me the confidence to invest, and at the end of 2020 I started to raise. Judging from the situation at the time, as the epidemic is gradually brought under control, the fundamentals of China’s economy are generally optimistic. This makes me feel that the next period of time is a relatively safe investment time. So I bought new energy, Shanghai-Shenzhen-Hong Kong Stock Connect, Shanghai-Shenzhen 300 ETF and other fund products, as well as E Fund’s blue chip, which was very popular at the time. These funds were all up well at the end of last year and early this year. Until about February 17, almost all funds began to fall continuously, and their profits fell after they fell.

In the winter of 2020, two friends who have never invested in financial management began to talk to me about how to trade in stocks and funds. At that time, my feeling was that the funds were overheated. However, looking at the rising situation, I still did not hold back, and after the huge rise, I took a fluke and did not retreat in time.

This crash made me realize that my fund investment is unruly. Not only do I have no deep understanding of the market, industry, and products, but I also like to listen to gossip and “wild experts”. After experiencing this incident, I want to learn financial management and investment knowledge more systematically in the future, instead of taking actions based on feelings.

However, until now, I still have not redeemed it. On the one hand, I am holding the psychological investment fund of “pay the tuition if I lose money”, so I don’t invest a lot of money; on the other hand, I still want to wait for the increase in the future before re-allocation.

“I have a gambler mentality to buy a fund this time” Hulk丨32 years old丨Product operation

In January of this year, I bought the China Merchants China Securities Liquor Index Fund for 5,000 yuan through Alipay. At that time, the liquor was at a high level. I wanted to try the water first. In the following week, it continued to rise almost continuously, and after more than half a month, the income exceeded 1,000 yuan. I felt that I bought it right at the time. Although it occasionally fell, it was still within my tolerance! After tasting the sweetness, I bought another 2,000 yuan.

But soon, the liquor stocks began to oscillate. At the beginning, when losing two or three days in a row, I told myself to stabilize, but later found that the losses were still going on, and the friends around me were basically losing money. Everyone comforted each other and said no Check the income again, forget about these funds.

At this time, my friends who had always insisted on buying bank financial management jumped out and joked that you are all “gambling dogs” and should be more stable. But when I think back to my mood when I bought the fund, I actually didn’t want to be prudent. Although the bank’s financial management is stable, the fluctuations are also small, and it always feels less exciting. Although it loses less, it makes less!

To say that I regret it most, it may be that I did not redeem it in time when the income was 1,000 yuan. At present, the fund has lost more than 500.

I got on the bus when the fund was at a high point, because too many people around me were discussing the fund, and many of them had a good return. Every time I had a party, everyone talked about the fund, and I was naturally infected and attracted.

The purchase of funds this time was driven by friends around me to a certain extent, and there were factors to follow suit, but this experience also made me realize the importance of financial management (especially scientific financial management). In the future, I will continue to invest in medium and high-risk funds, but I will try to diversify the investment within my own tolerance range, stop all-for-all, and redeem it in time when the return reaches my expectations.

What I buy is not a fund, but a trend

“Falling, falling all the way, one month’s income fell to only a fraction.”

What I buy is not a fund, but a trend

The Yi Fangda blue chip bought by Li Mengjiao with the blogger fell 15% a week. She wanted to copy the bottom of the fund, but she didn’t expect the fund to copy her home. As a fund manager, Li Mengjiao waited and watched the fund on the Internet for a few months and then took a shot, only to get a green screen.

However, Li Mengjiao did not have the relevant knowledge, nor did he have enough anti-risk ability. After joining the fund team, everyone said, “copying homework” everywhere. After the fund plummeted a year later, she realized that she had never independently thought and analyzed the direction of the fund.

Source: official website screenshot
In the past two months or even nearly half a year, the topic of funds has remained high. Key words such as liquor sector and Nuoan are frequently searched. The majority of people discussing the direction of the fund are young people born in the 90s. In other words, the current Christian group is dominated by the post-90s.

When young people become the main force in buying funds, celebrity gossip is no longer a matter of talk, and which fund is worth buying is the topic king.

What I buy is not a fund, but a trend

Young people embrace funds, in addition to financial management purposes, they also have a mentality to follow suit. Li Mengjiao, who was first a Christian, told Lieyun.com that she didn’t understand funds at all and was not interested.

“People around you are buying. Moments and gatherings are all about the topic of the fund. If I don’t buy it, I won’t be able to keep up with the trend.” When the fund relies on the characteristics of the second income to harvest a large number of Christians, it gradually reduces itself. Hooked up with the trend.

When funds become a trend, what will we see?

The fund can’t escape the social network, the discussion group comes to blind date

Post-90s have the magic power to socialize all software.

Someone is looking for a boyfriend in the comment area of ​​the music listening software, and some people are cp in the game. As long as the function of user discussion is involved, someone will find the other half through it. At the same time, platforms that focus on social functions are gradually increasing. Online dating has become one of the main ways for post-90s to expand their social circle.

After the fund enters the life of the post-90s generation, it is hard to escape socialization. Moreover, socializing in the fund discussion group has a natural advantage. Li Mengjiao said that first of all, the discussion group of the fund will filter out a group of people who have no income and no sense of financial management, and from the funds purchased by the other party, it can be seen that his personality is seeking stability or quick success. “The income of the other party can also be calculated through the proportion and amount of money held.”

“Girls who hold Nuo’an pursue high returns and are too aggressive to be girlfriends.”

Zhao Jiacheng, who was on a blind date in the discussion forum of the fund recently, told Lieyun.com that at first, someone made friends in the discussion forum, and gradually it evolved into a direct blind date. Seeing the increasing number of blind dates in the discussion area, he also released the status and said that the girls who hold Nuoan don’t want it.

Lion Growth Hybrid is a medium to high risk fund with relatively large gains. In the eyes of Zhao Jiacheng, who is seeking stability, the girls who hold Nuoan are different from their own three views, and they will definitely not get along with each other in the future.

“The three different views are often noticed through months or even years. Here you can see through the funds bought by the other party. It is very intuitive and efficient.”

Source: official website screenshot
On the tenth day of a blind date in the discussion area, Zhao Jiacheng found a girl who held a fund of construction machinery. In his opinion, this type of fund is relatively stable, and the girls who hold this type of fund have the same ideas as him. After adding WeChat, there was no awkward opening, and the two had a very happy conversation on the topic of the fund. Zhao Jiacheng smiled and said, this is the first time you don’t have to worry about having a conversation with a girl.

In the Alipay Fund Forum, there are a large number of young people’s needs for making friends. This is not a trendy circle culture, draw a circle with hobbies, and make friends with like-minded people in the circle. According to a report from the Southwest University of Finance and Economics, the post-90s generation accounted for more than 50% of the newly added Christians in 2020. Christians born in the 1990s resisted the blind date arranged by their parents, while taking the initiative to go on a blind date in the discussion area.

After all, who would refuse to make money while encountering love?

A fund that has not been praised is not a good fund

Zhang Kun may not have imagined that one day he will become an “eternal god” from a fund manager.

In addition to socialization, the post-90s offensive fund has brought about another phenomenon called fan circleization. Pursue fund managers and buy Internet celebrity funds. Shouting slogans, singing all the way.

The most intuitive benefit of fanning is that you can know which fund to buy without doing too much homework. This is a simple and effective thing for fund Xiaobai, just follow the world’s best Kun Kun Buy E Fund Blue Chip Selection.

On January 25, the mixed net worth of E Fund Blue Chip Selected by Zhang Kun soared by 5.05%, and the “blue chip” was on the hot search in one fell swoop. And it is Zhang Kun, the fund manager who will bring the blue chips into the limelight. As a “top stream” in the fund industry, someone established a fan club for him and applied for a Weibo super chat “Yi Fangda Zhang Kun”, with over 30 million views and over 10,000 fans.

Source: official website screenshot
One month later, on February 26, the net value of E Fund’s blue chip selection dropped 10%. Fans of Zhang Kun called Zhang Kun as the eternal god a month ago, and asked Zhang Kun whether he would trade in stocks a month later.

This scene is like a blitz in the entertainment industry.

In addition to Zhang Kun, Liu Yanchun and Ge Lan are also highly sought after fund managers. But recently, Liu Yanchun’s Invesco Great Wall Emerging Growth fell 16.14%; CEIBS Medical Health A managed by the goddess of medicine Gülen fell 16.02%, and CEIBS Medical also fell into the hot search list in one fell swoop.

Han Tian, ​​like Lieyun.com, said that there are two phenomena in the fund circle, one is to follow the fund manager, and the other is to look for online celebrity funds or sectors. Han Tian belongs to the latter. In Han Tian’s view, fund managers will always miss one day, but they have no ability to resist risks and their fault tolerance rate is too low. But buying liquor and the new energy sector can never go wrong.

After purchasing the fund, Han Tian’s daily life is to discuss the fund and exchange experience with strangers on Weibo, and learn from the profitable Christians. “It’s exactly the same as when I made a list for my idol and asked for photos from Zhanjie.” Han Tian in the discussion area felt very comfortable, feeling that she had not been abandoned by the times and was still catching the wave.

“Usually, I will spit out in the circle of friends.” But spit out. Whenever Han Tianfa’s circle of friends about the fund, it will usher in the attention of his peers, even people who don’t usually have a social relationship. The comment section talks eloquently. This is the charm of funds under the fund trend.

Han Tian, ​​who was at ease a few years ago, has a head start after the new year.

According to WIND data, in the 7 transactions after the Spring Festival, 83 hybrid funds with a scale of more than 10 billion were basically negative, and 39 fell more than 10%. On February 24, liquor-related ETFs also saw significant declines. On the same day, liquor ETFs fell by 5.45%, and food and beverages fell by 4.5%. In the past five trading days, the wine ETF fell by 16.22%, the highest drop among all ETFs, and the food and beverage fell by 13.43%.

Funds have never been a short-term business. Seeing growth to catch up in the short term, the result is destined to be counterproductive. Investment is not a blind thing. Following a popular fund manager without analyzing the investment style and logic of the fund manager is also destined to not get long-term returns.

The Han Tian of Shigekura Baijiu was sold a few days ago. After selling, she opened Weibo, entered the keyword fund, and started a new round of discussions.

KOL promotes the fund in class, and the popular science fund becomes a business

The volume of Douyin financial management topics exceeded 3.6 billion, which was mixed with advertisements such as 0 yuan Xiaobai financial management training camp.

In the past, KOLs who promoted consumer products talked about their financial management experience in the video. The words income after bedtime and freedom of wealth appeared in the video.

They talked about how their income has increased, and after telling their own experiences, at the end of the video, more than ten yuan appeared in the financial management class to learn financial management knowledge. According to a reporter from Lieyun.com, after reading the video, they found that the propaganda was extremely similar. In the videos of these bloggers, there has never been a related financial management video before.

After funds became a trend, online financial education has also become a good business.

According to data, online financial education institutions will see a significant increase in paying users in 2020, and their revenue will increase significantly. Some companies have added paying students in one month to the level of 2019, a year-on-year increase of 600%. There was news that last year, a financial education institution had a turnover of over 1.2 billion in half a year. The institution advertised with words such as 0 yuan and 9.9 yuan. After paying for classes, the group will learn for twelve days in the form of pictures and voices.

The 12-day course is very systematic, and the knowledge for the young people is relatively basic. If you want to continue learning, you need to pay for online courses of several thousand yuan.

At the same time, data from station B shows that the volume of investment and wealth management videos in 2020 will increase by 464% year-on-year. It has also spawned a group of financial bloggers, some of which have high gold content in videos, and some of the bloggers’ information and omission of proper nouns.

Source: official website screenshot
After browsing by a reporter from Lieyun.com, I found that the title shows that there are a lot of videos with a half-year deposit of 100,000 and a three-year deposit of over one million. At the same time, buying funds at station B and Xiaohongshu is like learning makeup, just follow the blogger step by step. The popular science videos of these bloggers are similar, and the recommended ones are still those popular funds.

Han Tian said that during the days when the liquor plummeted, she had looked for a wealth management blogger at station B, hoping that the blogger could explain the knowledge and analyze the trend of liquor. But after browsing a circle, there is no answer. “The same things are said over and over again. These words can be seen on Weibo, and can be seen on Station B, Xiaohongshu, and Douyin.”

Vertical bloggers are the fastest monetizing bloggers. Under the wave of funds, a group of wealth management bloggers came into being. They can monetize through the combination of science and technology courses, and they can go backwards. There is a friend who opened an account by scanning the QR code from the official account of the B station UP, and the securities fee rate for cooperation is 1.3 per 10,000.

Compared with the older generation of Christians, analyze the company’s direction, market trends, and act cautiously. The post-90s Christians closely connected the fund to the Internet, and discussed with strangers on social platforms. However, what the fund needs is never heat, but cold thinking.

When funds became a trend and a large number of new foundations poured in, seeing the market plummeting all the way, did we truly understand what investment needs to be cautious.

Central bank returns 100 billion yuan

The overnight interest rate approached 3%, and the central bank returned 100 billion yuan of funds.

 

In the pre Festival stall where the Central Bank continues to collect large amount of net funds, the market funds are even tighter. On January 27, the weighted average interest rates of overnight repo (gr001) and 7-day repo (gr007) of interbank deposit financial institutions continued to rise, approaching 3%. The overnight interest rate once exceeded 3%, reaching the highest level in six years since 2015. The “upside down” trend of gc001 and gc007 interest rates of reverse repo varieties of exchange treasury bonds continued to expand, with gc001 interest rate rising above 5%.

The central bank's net withdrawal for three consecutive days

Today’s tightening of funds is not only affected by the market demand for funds before the festival, but also driven by the central bank’s liquidity supply contraction. On January 27, the central bank announced that fiscal expenditure increased sharply near the end of the month, and carried out 180 billion yuan of seven day reverse repurchase operation. As 280 billion yuan of seven day reverse repurchase expired on that day, it realized a net return of 100 billion yuan of liquidity.

 

This is the central bank’s net withdrawal of funds for three consecutive days this week, with the total amount of net withdrawal funds reaching 418.5 billion yuan. Tight funds, as well as the central bank’s less than expected liquidity investment, make the bond market continue to fall. However, many analysts believe that monetary policy will not turn too fast, and there will be no systematic tightening. The current reduction of liquidity investment is to stabilize the rapid upward leverage of the bond market in the early stage, and the follow-up market may usher in the warmth across the Spring Festival. The central bank is expected to increase liquidity investment to escort the capital demand across the Spring Festival.

 

The rise of leverage in the bond market led the central bank to tighten short-term liquidity investment

 

The market’s feeling on the tightening of the central bank’s short-term liquidity supply only began last week. During the period from the exposure of individual credit default events in the bond market at the end of last year to the beginning of this year, in order to stabilize the market expectation, the market ushered in a small week of continuous easing of capital.

 

Looking back on the operation of the just concluded round of small easing cycle, the central bank temporarily launched 200 billion MLF on November 30, and continued to do 950 billion MLF in December, and restarted 14 day reverse repurchase to protect the cross-year capital. Under the care of the central bank, the capital side will maintain a relatively loose trend from December 2020 to early January 2021, and the overnight interest rate will continue to drop below 1%.

 

But why did this round of easing end in early January, when the market ushered in the large net return of funds from the central bank for several consecutive days?

 

Liu Deng, investment manager of the financial management department of BOCOM’s financial management special account, told the securities times and China securities company that the fund side was relatively loose some time ago. The overnight repo rate once continued at 1%, and the bull market of stocks and bonds lasted for nearly a month. Such loose fund side led to the transaction amount of inter-bank mortgage repo once climbing to around 4 trillion yuan, indicating that the leverage ratio of the bond market has increased; In addition to the recent sharp rise in the “core assets” of the stock market and the house prices of the first tier cities, the central bank has made a lot of small operations of “5 billion yuan” and “2 billion yuan” in the open market, which is the main reason for the central bank’s recent marginal tightening of liquidity investment in the open market.

 

Wang Yifeng, chief banking analyst of Everbright Securities, also told China Securities Times and securities dealers that under the loose capital environment, the market is more optimistic about the future liquidity expectation, and is more inclined to increase the yield by allocating short-term debt and leverage, which stimulates the leverage behavior in the bond market, resulting in faster downward speed of short-term debt interest rate and steeper yield curve. It can be seen that in the first ten days of January 2021, the daily transaction scale of overnight pledge repo (R001) in the whole inter-bank market continued to rise, with an average daily scale of 4.22 trillion yuan, significantly higher than the average level of 3.11 trillion yuan in the fourth quarter of 2020, indicating that institutions are more willing to allocate bonds through leverage.

The central bank's net withdrawal for three consecutive days

Financial asset bubbles attract further attention

 

In addition to the rapid rise of leverage ratio in the bond market, Wang Yifeng believes that the sharp fluctuation of asset prices is also the main reason for the central bank’s focus. At the beginning of the year, the new development fund was hot, the real estate prices in some areas rose rapidly, the funds silted up in the field of virtual economy, and the asset price risk increased.

 

In January 25th, Ma Jun, a member of the monetary policy committee of the central bank, put forward the “stock market and some regional real estate market bubbles have emerged, and the monetary policy should be moderately shifted”, which triggered the market’s concern about the shift of monetary policy. The stock debt of the following day has been adjusted to a certain extent. But in fact, many analysts say that Ma Jun’s view is personal, not a signal that monetary policy is about to “turn” in an all-round way, but rather a reminder of asset price risk.

 

Interestingly, the market only paid attention to Ma Jun’s statement that “monetary policy should be moderately changed”, but ignored his suggestion that monetary policy should not be changed too fast, and thought that it was reasonable to control the growth rate of broad money (M2) at around 9% this year. Since last year’s base has been very high, it is not a small number for M2 to increase by 8% ~ 9% on this basis.

 

What kind of expectation does the upside down interest rate reflect?

 

Although in recent days, the market generally feels that the funds are tight, but the expectation for follow-up funds is still relatively optimistic. This is reflected in the overnight interest rate approaching the 7-day interest rate, and even the “upside down” capital price trend.

 

Before the press release, the overnight Shibor rate on January 27 was 2.97%, the 7-day Shibor rate was 2.969%, the gc001 rate was 3.955%, and the gc007 rate was 3.785%.

 

“When funds are tight, overnight and 7-day weighted interest rates will be similar, or even more than 7-day weighted interest rates.” Liu Deng said, on the one hand, overnight is the main transaction varieties. Take January 26, 2021 as an example, the overnight trading volume between banks is about 2.53 trillion yuan, while the 7-day varieties are less than 0.50 trillion yuan. Overnight trading volume has always been the main trading volume. When the capital is tight, the overnight interest rate with greater demand is easy to fluctuate. On the other hand, it also shows that the market does not expect the interest rate of funds to continue to rise, so it gives priority to overnight fund transfer.

 

Liu Deng said that today (January 27) morning funds interest rate is still high, but near noon funds eased. It is expected that the overall capital level will fluctuate before the Spring Festival, because the general capital level will be disturbed before the Spring Festival or at the end of the quarter. Especially in this year’s Spring Festival, many residents choose to “celebrate the Spring Festival on the spot”, which will bring some uncertainty to the cash withdrawal before the Spring Festival. However, with the central bank’s subsequent liquidity arrangements for the Spring Festival, the capital level is expected to ease, and there is no reason for the fund interest rate to continue to rise sharply.

 

On January 27, the reverse repo rate of exchange bonds fell at the end of the day, with gc001 falling to 3.925%, reaching a peak of 5.9%.

 

No need to be too pessimistic about central bank’s short-term liquidity investment

 

Looking forward to the subsequent central bank liquidity investment, many analysts believe that the market disorder is too pessimistic.

 

Wang Yifeng believes that there is no need for the market to worry too much about the continued tightening of capital. As the epidemic prevention and control becomes stricter this year, the reduction of the flow of residents returning to their hometown will lead to a drop in cash demand, which is good for the capital before the Spring Festival. Yi Gang, the governor of the people’s Bank of China, has clearly released the policy signal that “we will not withdraw from supporting policies too early”, which may bring warmth to the follow-up market across the Spring Festival.

 

“Just as last week’s response to the impact of tax factors, the central bank increased its liquidity investment. As the Spring Festival approaches, it is expected that the central bank will make arrangements for liquidity. According to the current market situation, it is expected that the investment in the open market will still be the main one. ” Liu Deng said.

 

Mingming, deputy director of CITIC Securities Research Institute, said that from historical experience and logic, if the central bank comprehensively tightens monetary policy, stock and real estate prices will be under pressure, and bonds will not be spared. However, judging from the many signals released by the central bank recently, it is relatively certain that monetary policy will continue to support the real economy and ensure the stability and consistency of the policy without a sharp turn, and the probability of comprehensive tightening is small. In the short term, there is no need to worry too much about the change of monetary policy. With reference to the performance of funds before and after the Spring Festival in previous years and the influence of advocating the Spring Festival to celebrate the Spring Festival on the spot this year, we need to pay attention to the expected difference between the follow-up operation of the central bank and the actual feeling of funds.

Strategic placement fund: from hot sale to class B exit

Ant group IPO derived from another drama, is the five innovative future strategic placement funds. “One yuan can be ant shareholder”, “star manager management” Rare themes, star fund managers and all-round publicity have jointly achieved this grand event of fund circle and become a rare opportunity for public funds to “break the circle”.
From the application, approval to issuance, the speed of the five funds can be described as “lightning”: on September 10, Huaxia, e-fund, Penghua, huitianfu and China Europe fund companies jointly reported the theme fund of “innovative future”, which attracted market attention. In just over a week, the five funds were officially approved.
Late in the night of September 22, five companies issued a prospectus together. At the same time, the official of the prospectus of ant group announced that the five funds will participate in the strategic placement of ant group together with the strategic placement fund previously established.
In the next few days, the fund advertisements were broadcast in the subway, bus station and building elevator in major cities. “You can see advertisements everywhere. It feels like the double 11 has been ahead of schedule.” One investor recalled.
In the early morning of September 25, the five funds were officially put on sale. A group of sales data with strong e-commerce color is: “it will sell 1 billion yuan in 2 minutes. In just one hour, the five funds sold 10.2 billion yuan. ” E-fund innovation, which ranked first in the future, will take the lead in reaching the sales quota of RMB 12 billion, and will close the issue ahead of schedule, “sold out in one day”.
It’s national day, and it’s going to cover the entire holiday season. The five ant strategic placement fund opened 118 live broadcasting projects in Alipay for the new development fund roadshow. It accumulated over 70 million people, and took turns to answer questions for investors during the holidays. The national day of Huaxia Fund was broadcast continuously for 8 days, with 4 hours of live broadcast every day, while huitianfu fund broadcast for 11 hours continuously on September 25. The fund manager also visited the live broadcasting room in person, setting a record for the longest live broadcast of financial management in a single session.
On the evening of October 8, all five innovation future funds were raised. According to relevant statistics, more than 10 million people have subscribed to the five funds, equivalent to 8 people buying every second. According to the total scale of 60 billion yuan, the fund’s per capita investment is only 6000 yuan, becoming the most inclusive new fund in history.
On November 3, the Shanghai Stock Exchange decided to suspend the listing of ant group. As soon as the news comes out, more and more fund investors ask for refund.
Most of the investors come to the ant fund. “If you don’t buy ant stock, the product will lose its core value. If the product has deteriorated, it should be returned.” Some investors have said so.
In fact, the “core value” understood by some investors is not the real “core value” of the fund. In terms of the proportion of the investment portfolio, only 10% of the participants participate in the ant battle, and where the remaining 90% is invested is the key factor that really determines the performance of the fund. And, this batch of fund is the partial stock mixed fund of stock investment not less than 60%. Therefore, they are essentially a high-risk product under the banner of ant strategic distribution.
Industry insiders have commented that looking back on the previous announcements of ant group and five funds, the label of “participating in ant battle allocation” only accounts for 10% of the actual portfolio, which is equivalent to using ant IPO to leverage investors’ expectations. With 10% of the position to pry a national high-risk investment feast, but also buried the expected failure after the hidden danger.
As high as investors’ expectations are, so are losses. According to the “Caijing” reporter’s sample survey of relevant fund investors (the sample number is more than 100), more than 70% of the funders think that the money should be refunded, and about 20% of the funders think that at least the purchase and redemption should be opened.
On the evening of November 5, the China Securities Regulatory Commission (CSRC) made a statement on this issue. Subsequently, e-fund, Penghua, China Central Europe, huitianfu and Huaxia announced the optimization plan: to apply for listing on the stock exchange to facilitate investors to sell on the spot.
It is difficult for investors to be satisfied with the plan of listing and transferring. Market participants believe that the business of custody transfer is strange and complex, which is too difficult for new fund investors to enter the market, and there is a high probability of discount after listing. Some public funders also said that at present, it can only be considered as a compromise scheme, and it is uncertain whether the redemption will be opened in the future.
Late in the night of November 10, five companies successively issued announcements and launched new plans. The new scheme adds class B shares, and investors can withdraw according to the net value of fund shares. At the same time, the five innovation future funds still apply for share listing and trading according to the statement on November 5.
At this point, investors’ withdrawal demands have been resolved, and the dispute about Innovation future fund has come to an end.
Looking from the rearview mirror, the Innovation future fund has not only lost the aura of participating in ant strategic placement, but also experienced a frenzy of “leverage” and pain of “deleveraging”.
After dropping expectations of participating in the ant battle, investors began to re-examine the five funds. Whether to go or not to stay, opinions began to diverge. “Finance and economics” reporter learned that some investors will resolutely redeem, “believe the fund manager’s words, it is better to buy open-end funds directly, there is no need to close for a year and a half.”. Others want to arbitrage, “buy it back after redemption, and you can earn the difference (because the secondary market is probably at a discount).” More people are beginning to realize that making money or not depends on 90%, not the 10% of the propaganda.
At present, the five funds have started to build positions. “As there is a one month exit option period from November 23 to December 22, positions should be controlled to cope with the pressure of redemption.” An analysis of fund practitioners.