Suddenly Disappeared Fund "Hot Season": "Money Maker Departure" Test Incremental Stock Is Difficult To Establish Threshold.

The constant adjustment of the market in March has made the frequent bursting fund of funds disappear.

The cold spell of the new development fund has become a typical example.

According to the twenty-first Century economic report reporter tracking data, since March, as of March 26th, Taikang Ruifu preferred to configure three months holding period (FOF), Ping An science and technology innovation three years closed hybrid fund, Dongxing Xinyuan three years set up fund, GF Hang Lung holding one year mixed base 8 funds announced the extension of the raise period.

Not only has the fund extended the offer, but also the fund has failed to raise the offer.

According to the twenty-first Century economic report reporter combing, since March, Hongta red earth new year regular open hybrid fund and CITIC construction half year Xin bond fund two Fund announcement that the fund contract can not take effect.

Release no longer grand occasion

Every round of the fund's hot selling always leads to the argument of "falling signals". Every argument is thrown behind the crazy capital influx, but the market never loses.

After a big crash, the market turmoil has not changed. Since March, the Shanghai Composite Index has fallen by 4.01%, and Shenzhen stock index and gem index have fallen by 7.52% and 6.97% respectively as of March 26th. In February, the performance of the new fund also fluctuated, and the net value of most of the funds was below 1 yuan.

"The market volatility has had a great impact on the issuance of the new fund. Similar to the release of the Spring Festival after the Spring Festival, the stock market has no longer appeared, and the enthusiasm of investors has dropped very rapidly." In March 26th, a fund raising fund of a brokerage company was inspired by emotion.

"Now there is no money explosion fund, as fund companies are embarrassed to speak." A Beijing public fund market division told the economic news reporter in twenty-first Century.

However, the sentiment in the past few months has changed significantly.

In March 25th, a fund company in Shenzhen announced that in order to fully meet the investment needs of investors, the subscription deadline was extended to May 27, 2020 after consultation with fund trustees and fund sales organizations.

According to the disclosure, the fund was publicly raised in February 28th, and its original subscription deadline was March 27, 2020.

This is not a case. According to the twenty-first Century economic report reporter combing, there are 8 funds announced in March to extend the raise period, compared to February, only the Chuang Jin Xin Xin mixed fund a new fund announced the extension of the raise period.

For example, GF Hang Lung held a mixed fund for one year. The fund was raised in March 12th. The original subscription deadline was March 13th. But in March 14th, GF announced that it would extend the fund raising period to March 17th.

In March 20th, GF Hang Lung's one year holding period mixed fund was set up, and the fund's final issuance scale was 2 billion 381 million yuan.

Meanwhile, the science and technology fund, which has been popular in the market, is also obviously cold.

In March 13th, the Ping An Fund announced that the three year hybrid fund of Ping An technology innovation was launched in March 5th, and the deadline for collection was March 20th. Now it is decided to extend the deadline for the fund raising to April 3rd. It is worth mentioning that the fund also set a ceiling of 1 billion yuan for the first time.

In fact, compared with the issuance of new funds since February, a total of 31 funds have been sold out one day, including 19 active equity products, including investment technology innovation, Jianxin technology innovation, China Post Science and technology innovation, Haitong technology innovation, Chinese business science and technology innovation, win win science and technology drive, Huaan science and technology innovation, and Ping An technological innovation total 8 science creation funds.

There are more fund launches, such as Rui Yuan equilibrium value three year mixed fund, the fund raising ceiling is 6 billion yuan, but the scale of the first day of sale will exceed 100 billion.

"The market is very turbulent recently, and investors who earn money may leave the market. It is not very good for fund managers who have past achievements and generally have new channel funds. A public fund official in Southern China said.

Multiple causes

Earlier this month, regulators' compliance requirements for fund advocacy behavior also suppressed more irrational factors in the market.

For example, the regulatory authorities point out that the arrangements for raising the ceiling of the fund products and the proportional placement can be listed in the promotional materials as risk warning items, but they should not be emphasized in different fonts, such as font size, and so on.

In contrast, a lot of funds have been sold as a publicity stunt before being criticized by the market as "hunger marketing" and inducement of investors.

"Now the compliance of fund companies is stricter, and propaganda and promotion materials are strictly prohibited." A large public fund people admitted.

"In fact, the market is at a low level. The layout of the low position is very good for investors. We basically distribute new products according to the original plan, which is more laborious." The foregoing broker said the fund raised by the public.

According to the twenty-first Century economic report reporter combing, from March 27th to March 30th, there are 19 new funds to be issued; in April, there are 16 new funds waiting to be issued.

The cold spell of the new fund has nothing to do with the recent fall in the fund's performance.

According to the statistics of the reporters, 1504 of the total statistics can be counted in the whole market (the following are the share Statistics). Among the stock open-ended funds, there are 1422 funds whose returns are negative from March 2nd to March 25th, accounting for about 95%, and only 82 of the funds with positive returns, accounting for only 5%.

On average, the average net value of more than 1500 equity funds between March 2nd and March 25th declined by more than 5%. The net value of 706 funds dropped by over 5%, and the largest decrease was over 18%.

Since the establishment of the new fund in March 25th as of February, a total of 169 equity funds and mixed funds have been set up. There are 135 funds in statistics, of which only 26 of the funds have positive returns from March 2nd to March 25th, accounting for only 19%, and the remaining 80% of the funds are negative.

Huaxia new automobile ETF, Haitong Tong card 500 enhanced C, Chuang Jin Xin Xin Yi, Cathay Pacific household appliances ETF is the biggest loss, the loss range is more than 10%.

The three year hybrid fund also showed a loss. From March 2nd to March 25th, the net value of the hybrid A decreased by 3.98%, and the net value of the hybrid A decreased by 3.99% in the three year and three years.

But for investors, they poured too much hope on the company. At present, the net value of Rui Yuan balanced value fund has fallen below 1 yuan.

Fund performance reversal

There are also more than $three of the fund, such as Yong win technology drive, Jianxin technology innovation and Haitong technology innovation. The net value of the funds of the three funds in March 2nd to March 25th exceeded 2%.

Although the market is still in turmoil, but a number of recent agencies also pointed out that the current market adjustment also makes A shares enter a more reasonable valuation range.

Chen Guangming, general manager of Rui Yuan foundation, said in recent internal exchanges that it is time to be optimistic. Although the short-term market is hard to predict, it is easy to see that the impact of short-term impact on the intrinsic value of the company is not as big as it imagined. The epidemic will not change the progress of the world and the rise of China. The epidemic will bring more emotional impact, rather than sustained economic and capital market influence.

Xinhua Fund said, "the overall market risk preference or phased recovery, A shares in the global perspective has relative allocation value. If the market is adjusted due to fluctuations in the external market, it is suggested that the two companies should be actively concerned about the left side. First, the new infrastructure technology sector, which is overvalued by the technology sector and is affected by the epidemic, such as 5G communications, computers, games and cloud computing, and the two is the undervalued blue chip core assets in the direction of stabilizing domestic demand and countercyclical control policies.

"From the overall valuation, the overall market value of the current market is under 50% points in history. We are optimistic about the medium and long-term returns of the A share market, but the risks in overseas markets can not be ignored. Investors are advised to be vigilant against short-term market uncertainties, such as the prevention and control of overseas epidemic, the tight liquidity situation and policy support." The silver river AXA fund was interviewed.

In fact, the accelerated expansion of overseas epidemic is the biggest uncertainty in the current market. A shares are also inevitably affected by emotional swings and the underlying influence of related industrial chains. From the institutional point of view, short-term volatility is inevitable.