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    Many mini-funds have become black horses.

    2019-03-14 01:25:15

    Beijing Business DailySu Changchun

    The warming of the A-share market this year has also made the performance of equity funds stronger, and over 90% of the mixed-share funds have received positive returns. The Beijing Business Daily reporter found that in the performance list of mixed-share funds, many mini-products with a scale of less than 200 million yuan were among the best. However, in the view of market analysts, the reason why mini-funds frequently appear in dark horses is precisely because of the small scale and the advantage of a small boat. However, when selecting the investment, it is necessary to pay attention to the mini-fund's own embarrassment. It cannot blindly invest because of high performance. If there is a decline in the net adjustment of the market and a concentrated net redemption, the mini-fund will have a liquidation risk. This is true for investors. Not worth the candle.

    After the shock adjustment last Friday, the Shanghai Composite Index once again stood at 3,000 points and sprinted to 3100 points.Straight flushAccording to iFinD data, as of March 12, the average income of the partial-share hybrid fund reached 18.15%, and the first-ranked Yinhua domestic demand selection mixed income for the year was as high as 64.87%. The top ten stocks in the mixed stocks including Yinhua's domestic demand selection mix have also exceeded 54% this year.

    However, the Beijing Business Daily reporter found that among the top ten products in the share-based stocks, 8 of them were mini-funds with a size of less than 200 million yuan, which became the dark horses in the first quarter. For example, in the second place, Cathay Pacific's multi-strategy flexible allocation of 57.17% of the year's revenue was mixed, and the scale as of the end of 2018 was only RMB 58 million.

    In addition, the top ten stocks with a size of less than 100 million yuan and Qianhai Kaiyuan Hengyuan flexible allocation mix, the fund's income this year is 55.05%, as of the end of 2018, the scale is only 0.78 billion yuan. It is worth mentioning that, benefiting from the high position operation at the end of last year, and seized the skyrocketing market of brokerage stocks, Qianhai Open Source Fund Co., Ltd. has performed well in this year's equity products, except for Qianhai Kaiyuan's flexible configuration and blending. The fifth-ranked Qianhai Open Source has a small block fund, Qianhai Open Source, which has a comparative advantage. This year, the revenue has reached 55.85%, and its scale is only 191 million yuan.

    Similarly, the Golden Eagle theme advantage mix among the top ten mixed-share hybrid funds, ICBC small and medium-sized mixed, Wanjia growth preferred mixed A/C, Bosch chartered value mixed A, as of the end of 2018, the scale is also less than 200 million Yuan, respectively, was 168 million yuan, 170 million yuan, 143 million yuan and 177 million yuan.

    I have to say that in this round of rising prices since the first quarter of this year, the above-mentioned mini-funds can be described as a strong counterattack. A fund manager in Shanghai believes that this is also due to the small size of the mini fund, the advantage of a small boat to turn around, the stock market style conversion period, the position can be adjusted in a timely manner and flexible jiacang. At the end of 2018, most stock market investors were still immersed in pessimistic sentiment, but in early 2019, the market changed sharply. Many people did not have time to respond. Products with large funds tend to be more scattered in order to avoid risk, but small funds It is possible to allocate funds to a number of optimistic targets, which is more conducive to sprinting high returns.

    Beijing Business Daily reporter also noticed that the above-mentioned outstanding performance of the mini fund in the stock position at the end of 2018, most of them close to or exceed 90%, such as the mixed advantage of Qianhai open source countries, Qianhai open source Hengyuan flexible configuration mix, Wanjia growth preference Mixed A/C, the market value of stocks accounted for 93.62%, 90.36% and 91.36% of the net asset value of the fund, respectively.

    However, in the view of market professionals, when choosing the products, the people should pay attention to the potential risks of the mini-funds, especially those products that are on the verge of liquidation. Although these products may expand in size due to the soaring income, The stock market is changing. Once the style evolves or encounters thunder, the first thing that bears the brunt is the mini-funds that are aggressive. If the redemption is followed by the redemption, it will not be worth the loss for the long-term holders.

    Looking back on 2018, China Post’s China Post has enjoyed a year-round hybrid start-up fund. Although it won 16.31% of its good results near the end of the year, it is in the forefront of the mixed-share fund. The champion is close at hand, but it is close at hand. Due to the establishment of the three-year-old scale of less than 200 million yuan, triggering the liquidation of the sponsored fund, forced to be liquidated, and missed the champion of the partial stock fund.

    Wang Qunhang, head of the FOB of Debon Fund, also pointed out that "in terms of FOF research, the ranking is only a primary election. There are still a lot of quantitative evaluation and qualitative research work to be done. For the mini fund, although some performance is good, But it won't be an investment target for FOF, because we have some fixed default screening rules that can directly eliminate them."

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    Editor in charge: Fu Jianqing RF13564

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