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    You want to buy, I still don't sell! Equity funds suspend large purchases What is the trick?

    2019-03-14 09:10:08

    International financial newspaper

    "The world is bustling, all are profitable; the world is awkward, all for profit." Recently, a lot of funds have actively poured into the stock and fund markets. However, at a time when investor sentiment is on the rise, some fund companies have announced a moratorium on large purchases, including many high-quality equity funds.

    “Protect the interests of fund share holders.” The fund company that chose to close the door said in the announcement.

    Excellent fund concentration limit purchase

    The holiday has not yet arrived, and some fund companies have hanged large-scale purchase orders, which has shut out many high-risk investors.

    The data shows that as of March 13, a total of 120 funds (shared separately) since March have issued announcements such as suspension of large purchases. Of these funds suspended for large purchases, 50 are bond funds, 22 are equity funds, 26 are hybrid funds, and 22 are money funds.

    Generally speaking, the suspension of large-scale purchases refers to the suspension of large-scale purchases and regular fixed-up subscription applications of more than 1,000 yuan, but in this restriction, there are actually some equity funds set to a maximum of 100 yuan or even 10 yuan. According to the announcement, the reason for the suspension of large-scale subscriptions by the above funds is mainly to protect the interests of fund share holders in accordance with regulatory policies.

    Judging from the funds that have been suspended for large purchases, the maximum amount of single-day purchase quotas varies from 10 yuan to 300 million yuan. The maximum period for suspension of large purchases is 1 day and the longest is 28 days. There are currently 34 funds that will resume large purchases after March 14.

    Usually, fund restrictions or suspension of large-value purchases mainly occur before holidays, and mainly occur in fixed-income products such as goods and debt. The main reason is that some ordinary investors are no longer free to redeem after purchasing fixed-income products. The purpose of the quota is to prevent institutional investors' arbitrage and liquidity risks.

    However, the reporter of the International Finance News noted that the protagonist of the fund company's suspension of large-scale subscriptions was the equity fund. According to statistics, 90% of funds with a single-day subscription limit of less than 10,000 yuan belong to equity funds, and 50% of funds with an upper limit of less than 1 million yuan belong to equity funds.

    Among the equity funds that suspended large-value subscriptions, many of the high-quality funds including Huaan Media Internet, Huaxia Economic Transformation, and the Nordic Shenzhen 300 Index, all outperformed the Shanghai Composite Index during the year.

    Among them, benefiting from the market rebound, the net worth of the graded fund, which is worthy of a substantial increase, is limited to a lower amount of subscription. According to the regulatory requirements, the scale of the graded funds in the transitional transition period needs to be limited. Most fund companies limit the subscription amount of such funds to 1,000 yuan and 100 yuan or even less than 10 yuan.

    Is it really beneficial to limit purchases?

    As fund companies become more cautious about their size, performance and market attitudes, more and more high-quality funds are suspended for large purchases, making investors more difficult to buy.

    A public fund investor in South China said in an interview with the International Finance News that under the current market conditions, some fund companies are worried that the difficulty of configuring a large amount of influx will be followed by the large-scale subscription of their excellent products. improve. However, if it is not configured, it will dilute the income of the original fund share holder.

    “Before I saw several high-quality funds, but now even FOF (the fund in the fund) is difficult to buy.” A public funder in charge of FOF in Shanghai told the International Finance News that some funds suspended large purchases. Not only is it difficult for ordinary investors to buy, but it also affects the normal investment operation of the agency's FOF.

    The person believes that equity funds should limit the purchase of written business rules, otherwise it may only protect the interests of a small number of investors. For example, whether the fund company can make a note in advance in the open-end fund letter, and when the parameters such as the size and net value of the equity fund reach a certain condition, they begin to restrict the purchase.

    The market has never lacked funds with short-term performance, but funds that lack long-term performance and stability. Therefore, investors often evaluate historical performance when screening funds.

    The above-mentioned person told the International Finance News that some fund companies have just used the past performance to suspend large-capital purchases of certain funds while releasing other funds purchased by the same fund manager, but often The latter's performance is not as ideal as the former.

    More>; CSI 300 Theme Fund
    Fund code Fund name Nearly three months of earnings Rate operating
    000950 Yifangda Shanghai and Shenzhen 300 20.6% 1.00%0.10% buyFixed investment
    000656 Qianhai Kaiyuan CSI 30 18.92% 1.20%0.12% buyFixed investment
    660008 Agricultural Bank of China Shanghai and Shenzhen 300 14.01% 1.20%0.12% buyFixed investment
    More>; policy dividends, seize the index to increase investment opportunities (stock type)
    Fund code Fund name Nearly three months of earnings Rate operating
    001178 Qianhai Open Source Refinancing Unit 36.7% 1.50%0.15% buyFixed investment
    005106 Yinhua Agricultural Industry Stock 33.93% 1.50%0.15% buyFixed investment
    501016 Cathay Pacific CSI Shen Wan Securities 32.14% 1.20%0.12% buyFixed investment
    More>; policy dividends, seize the index to increase investment opportunities (mixed)
    Fund code Fund name Nearly three months of earnings Rate operating
    161810 Yinhua Domestic Demand Selection Mix 39.81% 1.50%0.15% buyFixed investment
    001480 Caitong growth mix 36.51% 1.50%0.60% buyFixed investment
    002407 Qianhai Open Source Hengyuan Mix 36.05% 1.50%0.15% buyFixed investment

    Hot searchFund suspension Fund subscription fund company

    Editor in charge: Huang Kai RF13494

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