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Original title: The public offering triggered a wave of equity funds from own purchase that accounted for more than 80%
Wind data shows that, as of February 4, a total of 21 public equity institutions have made 33 self-purchases of funds since 2021, with a total scale of 333 million yuan. Unlike the debt base that represented the majority in previous years, equity funds accounted for more than 80% of this year’s self-purchase funds.
In addition, this year, Cai Xiangyang, Yuan Hang, Qiu Dongrong and other prominent fund managers have implemented self-purchase on their own behalf. Analysts noted that fund self-buying shows the investment confidence of fund managers, but investors should not view self-buying behavior as an absolute investment benchmark decision. In the current market environment, investors should pay more attention to the prior judgment of the two key factors of “pooling” and “liquidity” by major fund companies.
The self-purchase scale reached 333 million yuan.
Wind data shows that since 2021, the self-purchase fund scale has reached 333 million yuan, which is basically the same as the public offer and self-purchase scale under the outbreak of the epidemic in the same period in 2020 (371 million yuan), and is significantly higher than the self-shopping scale in the same period in 2019.250 million yuan.
Specifically, in terms of the types of self-purchase funds, equity funds will be the main buyer force in 2021. According to Wind data, 110 million yuan of the 333 million yuan self-purchase scale are equity funds, and 173 million yuan is a hybrid fund. The total scale of self-purchase of the two types of funds is 283 million yuan, accounting for 84.98%; in previous years, it served as a self-purchase. The bond fund, the main force, has self-bought only 50 million yuan this year.
From the perspective of specific companies, in 2021, the company with the highest number of purchases is Tianhong Fund, which has implemented 8 auto purchases. ICBC Credit Suisse has the largest amount of self-purchase funds, which invested 70 million yuan to subscribe to its fixed monthly ICBC Juli18 Mixed A fund.
It should be noted that in addition to self-purchase of funds at the company level, there have been many personal self-purchases by well-known fund managers this year. For example, in January this year, Du Meng, the fund manager of the China International Investment Two-Year Hybrid Participation Fund and JP Morgan Foresight, invested 5 million yuan to subscribe to the fund, and Chen Yuanming, the manager Fund of China International Investment and JPMorgan Anxiang Return One-Year Holding Bond Fund, invested 1 million yuan. Subscribe to the fund. In addition, China Asset Management Cai Xiangyang invested 2 million yuan to subscribe a one-year hybrid fund held by China Xia Ruiyang, and Yuan Hang, the fund manager of Penghua Quality Optimal Hybrid, plans to invest 1 million yuan to subscribe to the fund in the near future. In addition, Qiu Dongrong of China Geng Fund Fund invested 6.15 million yuan to subscribe to Value Quality of China Geng.
Help boost investor confidence
Xiao Feng, a senior analyst at Desheng Fund Research Center, said that the purchase of their own products by fund companies and fund managers is an acknowledgment of fund products, and is also a manifestation of pooling with interests investors and share risks. At the same time, the self-buying behavior of fund managers can be seen as a marketing tool that helps to improve investor confidence.
Wang Bosheng, a senior analyst at the Shanghai Securities Fund Appraisal Research Center, said that there are generally two types of fund self-purchase scenarios: first, when market risks are released rapidly, they are mainly for the purpose of improving the investor confidence and prevent trampling caused by large-scale redemptions, and Scale is shrinking rapidly; Second, when the appetite for the risk of the “bearish end and the beginning of the bull” is sluggish, self-buying is more to reserve ammo for the future market.
Some market analysts pointed out to a China Securities News reporter that there is a certain connection between self-purchase funds and market conditions. Judging from the self-purchase situation in recent years, large-scale fund self-purchase mainly occurs when market conditions unilaterally rise or fall. If the market fluctuates sharply under the impact of the new corona epidemic in early 2020, the funds have established themselves from a wave of self-buying. In a sense, the self-buy behavior is more to show the fund company’s confidence in the future performance of the investment of its funds, but this does not mean that the self-buy funds have a clear return advantage over other funds.
Wind data shows that in the self-buy range, only 6 of the 33 self-buy funds this year have achieved positive returns and 20 funds have received negative returns.
The aforementioned market analysts said that self-buying funds is “real money” behavior, but this does not rule out that some self-buying funds have the purpose of maintaining scale to avoid liquidation or to make the fund meet certain conditions. . Investors must follow the “fundamental” principle when choosing funds. Not only should they avoid mini-funds whose scale has been on the brink of liquidation for a long time, but they should also focus on researching fund manager style stability and historical stability returns.
It should not be considered as an absolute investment reference.
The aforementioned market analysts noted that over the years, there have been a number of underperforming funds in self-purchase funds. Therefore, investors are not advised to consider self-purchase as an absolute investment benchmark. In contrast, the investment and research strategies of the major fund companies are more meaningful for reference. Looking at the current record, special attention must be paid to anticipating the public offering of the two key factors of “pooling” and “liquidity.”
China Merchants Fund pointed out that the liquidity of foreign markets is still in the stage of total relaxation, and my country’s economy will continue the resonance mode on the domestic supply side and on the external demand side. From a medium to long-term perspective, under the trend of “weak US dollar and stable RMB”, Chinese-funded companies in Hong Kong stock market have obvious advantages with high certainty and low valuation. Superimposed on the current high investment price index of Hong Kong shares compared to A shares, southbound funds are expected to continue to generate net inflows. In the long term, we are optimistic about the new asset shortage economic sector in the Hong Kong stock market and the return of China concept stocks to the earnings sector.
Invesco Great Wall Fund said that from the perspective of the sector rotation, the structural characteristics of the market market are very obvious, and the fundamental logic behind the relevant rising sectors is relatively strong, such as the stable performance of the spirits and the good future market prospects for new energies. “In the long term, the phenomenon of institutional participation is the phenomenon of premium over high-quality targets common to mature markets, so don’t worry too much. From a short-term perspective, early-year financing is still relatively broad, and the opening of new funds will bring incremental funds into the market, and northbound funds also maintained a strong entry. “
Regarding the new energy vehicle sector, Qian Jing, a fund manager at Ping An New Energy Vehicle ETF, noted that the profitability of listed companies will be a key factor in determining share price behavior. In the future, new energy vehicles will continue to be a relatively good investment path. Strong confidence. “From a production and sales data perspective, the new energy vehicle industry chain is thriving, and 2021 is a year in which the global new energy vehicle industry resonates just as often. Industrial chains Relevant in Europe, the United States and China are expected to have relatively high growth rates., The industry has a high certainty of achieving high growth. From the industry comparison perspective, it is currently difficult to find industries in the market of A shares that can outperform earnings growth in the new energy sector.
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