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Behind The Scenes Of 100 Billion Level "Hot Money Fund": Whose Outlet And What Is The Risk?

2020/7/10 11:27:00 131

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Driven by the bull market atmosphere, "hot money" has become the key word of this week's new fund issuance. The scale of the first day of public fund raising also broke the record again.

On July 8, Penghua raised nearly 130 billion yuan on the first day of the issue, breaking the record of 120 billion yuan raised by Ruiyuan balanced value fund at the beginning of the year.

Penghua ingenuity selection has changed the original raising period from July 8 to July 21 to one day on July 8, and has set the upper limit of fund-raising at 30 billion yuan. According to the upper limit of the scale of raising, it adopts the method of confirming the proportion of doomsday to realize the effective control of the scale.

On July 6, the huitianfu mid cap value selective hybrid securities investment fund, which was sold on July 6, announced on the opening day that it had asked all sales agencies to stop subscribing at 13:00 on the same day, and eventually had to carry out a quota of 30 billion yuan and a proportional allotment afterwards.

A week, two tens of billion or even more than 100 billion fund, equity fund issue boom again behind, is the support of A-share bull.

Since July, Shanghai stock index has risen by 61% since July. The index also quickly climbed to 3000 points and then to 3400 points in just seven trading days.

Reappear 100 billion level fund

After a round of fund issuance climax in the first quarter of this year, with the adjustment of global stock market in April, the issuance of public funds has been slightly silent.

At the end of the year, another 50 billion funds appeared.

The new climax in July was the market reaction of A-share market.

"Recently, many friends have come to ask whether these funds are worth buying. The enthusiasm of investors is still very high." On July 9, a public fund source told the 21st century economic reporter.

The first surprise was the issuance of huitianfu's mid cap value selection on July 6. The fund announced early on the day of raising that it would end the offering ahead of schedule, which surprised the industry.

Subsequently, at noon on the same day, huitianfu fund also said that due to the enthusiastic subscription, in order to control the reasonable size of the fund, it had asked the sales agencies to stop subscribing at 13:00 on the same day. Finally, we can only set the upper limit of raising scale of 30 billion for proportional placement.

In fact, huitianfu's mid cap value selection did not set a cap on the size of its offering before it was issued, and this is the first case of "after the event limit" for public funds due to the popularity of subscription.

"It was expected that the issuance of this fund would be closed when it was almost finished. However, due to the market is too hot, the announcement to end the raising ahead of time is to hope investors calm down and control the scale from our point of view. " Huitianfu fund told the 21st century economic reporter.

The final data show that huitianfu's subscription application confirmation proportion on July 6, 2020 is 43.320838%. Based on this calculation, the scale of huitianfu's initial offering on July 6 was about 69.25 billion.

With huitianfu's mid market value selection "starting", on July 8, Penghua's ingenious selection of the issue also appears particularly hot.

The reporter of 21st century economic report found that Penghua Fund launched a publicity campaign against this new product a few days ago. The proposed fund manager of the fund is Wang Zonghe, the star fund manager of Penghua Fund. The past performance has also added a fire to the fund sales.

According to the channel data, Penghua's sales volume reached more than 40 billion yuan on the morning of the issue. In the morning of the same day, Penghua Fund also issued an announcement on the early termination of raising and quota.

On July 9, Hongde Ruixing's three-year holding period hybrid fund was also "sold out" and the proportional placement was launched. Some sources pointed out that the fund raised more than 8 billion yuan on that day, exceeding the limit of 6 billion yuan.

"The increase in the frequency of fund explosion reflects, on the one hand, that the popularity of public participation in the capital market has not been affected by the epidemic, and that public financial management has a rigid demand. On the other hand, it shows that investors agree with the idea that professional matters should be handed over to professional people." Shi Jing, executive vice president of yingmi fund, told the 21st century economic reporter.

Securitization assets dance

Shi Jing believes that "from the beginning of 2019 to the present, although there are many" long-term "things, the market has begun to rise gradually at the bottom. The most important thing is that many equity funds have achieved better returns for their holders, thus gaining more investors' attention. The concept of "buying stocks is better than buying funds" is becoming more and more popular. "

"Under the current situation, the transfer of residents' wealth to securitized assets has become an irreversible trend. In particular, this round of stock market surge has attracted a lot of incremental funds." Beijing a public fund market said.

According to the data of the first half of this year, 66 new funds were "sold out in one day", including 39 partial equity funds. Among them, 11 funds, including Ruiyuan's three-year balanced value, southern growth pioneer and e-fund's balanced growth, have raised more than 10 billion yuan.

"The issue of equity funds is hot. On the one hand, the market liquidity is very loose this year. In this environment, funds will naturally pursue the maximization of profits. Under the background of housing speculation, the potential income space of real estate in the future has declined significantly. A lot of funds have turned to the equity market, and it is still the main direction for future real estate funds to gradually transfer to the equity market." Zhang Ting, a senior researcher at GESHANG wealth, said.

In addition, Zhang Ting pointed out that "in the previous bull market, retail investors had a high degree of participation. This year, the growth enterprise market index has increased by more than 50%. The incremental funds are more concentrated in foreign investors, public offering and other institutional investors. After a series of events, such as P2P explosion, trust default, and bank financial management falling below the net value, retail investors are more willing to give their money to excellent foundations Gold manager carries on the operation, participates in the stock market indirectly, obtains the profit

And this fund is more popular.

From the point of view of the star fund manager, as well as the star fund effect.

500 billion new development scale

It is not only the "leading effect" of explosive fund, but also an upward trend in the issuance of equity funds since this year.

According to wind data, as of July 9, this year, 256 active equity products have been issued, of which, at present, the total issuance scale of funds that can be counted is 552.701 billion, accounting for more than 50% of the total fund issuance scale.

"Fund managers with outstanding historical performance are basically managed by fund managers with outstanding performance. In the field of public offering, excellent fund managers account for a small proportion. Therefore, these fund managers become the object of fund competition and become the hot money funds." Zhang Ting thinks.

"The current hot issue of equity funds is actually the result of favorable weather, favorable location and harmonious people in the past." Shi Jing said, "Tianshi is from 2019, after the rapid rise of the market from the bottom, it has been rising in shock, especially a group of fund managers with excellent performance, whose products have a good return. Land interest is the downward trend of risk-free interest rate, the implementation of new asset management regulations, and the scarcity of high-yield just received products. More and more funds find that they can obtain satisfactory returns by assuming certain fluctuations and holding high-quality listed companies. The equity products of public funds can help the general public to realize this kind of investment more easily. "

In addition, Shi Jing believes that the importance that sales agencies attach to the first round, the recommendation of past performance to indicate future earnings and hunger marketing support, at the same time, the crowd psychology of the public buying up but not buying down is also an important "human harmony" factor.

As a matter of fact, while the fund is chasing after the fund crazily, the risk also needs to be clarified.

"The existence of explosive fund has its rationality. But for the public who want to participate in the capital market with public funds as a tool, choosing funds doesn't need to be realized by buying explosive money. " "Investors must understand the importance of making good capital planning before investment, and understand that the volatility of equity funds is often more than 20%. If the holding time of funds is very short, no matter which excellent fund manager management is, it may bring losses to customers."

 

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