On the evening of November 10, five innovative closed mixed funds (hereinafter referred to as "Innovation future fund") under e fund, Huaxia, China Europe, Penghua and huitianfu issued a joint statement to add class B shares, and investors can withdraw according to the net value of fund shares. At the same time, the five innovation future funds still apply for share listing and trading according to the statement on November 5.
For the fund company to give this new exit program, the industry and the foundation of a praise.
"There has never been such an exit scheme for funds before. We should give a compliment to the fund companies, take into account the demands of the foundation people and put the interests of investors first." On November 11, Zeng Linghua, director of Haomai fund research center, said.
A large number of fundamentalists also praised the fund company's new plan in the comment area, saying in succession: "the fund company has loved this wave of operation, which is really the demeanor of a large company." "Full of sincerity." "Responsibility."
Next, will there be a wave of redemption for the five innovation future funds? How can the citizens choose to control risks and maximize benefits? What inspiration does the sudden event bring to the industry?
The old and the new
According to the statement on November 11, on the one hand, the five companies will still apply for the listing and trading of five closed-end fund shares in the next 18 months according to the statement on November 5.
But on the other hand, under the framework of current laws and regulations and fund contracts, five innovative closed-end funds will set up new class B shares in the next 18 months, which can only be used by the holders to apply for withdrawal. The shares now held can be converted into class B automatically.
The exit option period is one month, from November 23, 2020 to December 22, 2020. After that, the fund will no longer accept the application for conversion to class B shares, class B shares will be cancelled, and the holders who do not choose to withdraw will continue to hold the original shares.
In addition, since the establishment of the fund, all the fund management fees will be charged to the investors in accordance with the trust agreement.
According to the statement, investors of the five innovative future funds have two choices: one is to exit, which can be converted to B shares during the one month option period from November 23 to December 22; the other is to stay in the fund and continue to hold closed-end funds for 18 months. When they need funds, these investors can transform lof of funds and sell them on the spot.
Looking back on this incident, on the evening of November 3, the Shanghai Stock Exchange announced that ant group's listing was suspended. Prior to that, on September 25, five fund companies issued five innovative future funds with a total scale of 60 billion, with a total number of subscribers reaching 13.6 million. According to the contract, up to 10% of the assets of the five funds can participate in the strategic placement of ant group, and they have been established after the national day.
After the suspension of the listing of ant group, the expectation of fundamentalists coming from ant strategic placement failed, and some investors demanded to withdraw from the Innovation future fund. The operation of the Innovation future fund has attracted market attention.
On the evening of November 5, five innovation future funds simultaneously issued an announcement, giving the first version of the withdrawal plan, saying that "they will apply to the CSRC and the exchange for listing and trading of fund shares, so that fund holders can trade their fund shares on the exchange floor. After approval, holders with liquidity needs can transfer their fund shares into the market for trading and selling.".
In this plan, the fund companies hope to meet the liquidity needs of investors by transforming lof.
In fact, this is not the first time this has happened. Around July 2018, six strategic placement funds were established. After Unicorn CDR was stopped, these funds also faced the same situation as the five "ant strategic placement funds". At that time, the strategic placement funds adopted the lof mechanism to meet the liquidity needs of some investors.
However, for investors, lof mechanism is not a perfect solution. Lof floor trading requires re custody, which is too complex for most customers and has high operating threshold. In terms of liquidity, lof mechanism is not universal. In addition, another big problem is that the lof mechanism often leads to discounts.
Some Jimin said that the suspension of the listing of ant group was inconsistent with the publicity before the issuance of the Innovation future fund. Originally, the subscription of this fund was aimed at ant strategic placement. Now ant delayed its listing, so investors should freely choose to withdraw or hold it. Many investors asked for a refund, and some suggested that the fund should be wound up.
Investors are dissatisfied with the exit plan of "transferring fund shares into the market for trading and selling" announced on November 5. With 13.6 million investors and 60 billion funds involved, the incident has attracted much attention.
A fund industry person involved in handling the incident said that fund companies heard the voice of investors and responded positively to solve the problem. Recently, the company has been discussing with the group on how to deal with the incident.
Finally, in the middle of the night of November 10, a new version of the scheme was put forward, which provided a more convenient exit scheme - New B shares, and investors could exit according to the net value of fund shares.
"The five innovative futures funds that can invest in ants now offer an exit plan, which was not available in the past." In this regard, Yang Delong, chief economist of Qianhai open source fund, said.
Yang Delong said, "these funds are set up to participate in the placement of ants. The listing of ants is suspended. Some investors want to redeem and some investors want to continue to hold them. According to the announcement of the five funds now, it is still necessary to apply for listing and trading of fund shares according to the normal procedures. If you are not willing to continue to hold funds, you can apply to transfer to B shares and exit. This special scheme is an executable method, which not only meets the requirements of some investors to withdraw, but also gives another part of investors a choice to stay in. "
Go or stay?
After the biggest concern about "liquidity" was lifted, investors began to re-examine the investment value of the five products themselves.
After the new exit plan came out, on November 11, the voice of the five innovation future funds' comment area changed significantly.
In the original discussion, the "refund" is dominant in the discussion of funders. However, at present, more and more people have turned to whether they want to stay or not. Some funders said that they would withdraw, but many funders said that they would not withdraw as long as the fund manager remained unchanged. Some investors even leave messages asking how to increase the share of buying.
As for whether there will be a wave of redemption for the next five innovation future funds, there are different opinions in the industry.
"Many investors bought the five ant strategic placement funds to enjoy the IPO strategic placement income of ant group. Now ant group is suspended from listing, and some investors may choose to redeem them. However, the long-term performance of the fund managers of these five funds is relatively good. At present, most of the fund's holding income is positive. Some investors may choose to continue to hold the fund from the perspective of recognizing the fund manager. Since the initial fund-raising scale of each fund was 12 billion, it is likely that there will be no liquidation. The future rise and fall of funds will be mainly based on market performance and the investment ability of fund managers 。” Zhang Ting, chief strategist of Ge Shang financial management, said.
"This plan generally reflects the strategic placement fund's good response to investors' demands. There may be some redemption, but the redemption may not be too much, the fund managers of these five funds are still good. Personally, I don't think it is likely to turn into a mini fund liquidation. " Zeng Linghua said.
A fund industry person said, "the redemption power of these five innovative funds in the future may be relatively large, because the main purpose of the fund is to participate in strategic placement, and many investors are rushing for it. When the amount of redemption is large, it may make the net value performance of the fund worse, and there may be Matthew effect - the more redeemed, the worse the net value performance of the fund, the negative feedback will be, and the number of people who redeem will increase. "
Some fund people also said that since the five innovative future funds are mainly retail investors, it is unlikely that large-scale redemption of funds will occur, and the managers of these funds are all excellent fund managers, and the star effect of fund managers will still attract a large number of investors.
In fact, most people in the industry believe that choosing funds with active investment management means choosing fund managers. An excellent investment research team and reliable fund manager have the opportunity to bring rich returns to the long-term followers.
The five innovation future funds have a luxury lineup: e-fund Chen Hao, huitianfu Lao jienan, Zhongzhong Zhou Yingbo, Penghua Wang Zonghe, or Huaxia Zhou Keping are all industry leaders with outstanding past performance. New products are often in short supply, and many "hot money funds" have been born.
On November 11, the information on Alipay platform showed that the five innovative future funds that can participate in the strategic placement of ant group were established less than a month ago and are in the process of building a warehouse.
It is worth noting that four of the five funds have a return of more than 1%. Among them, the closed mixed fund of China EU innovation has the highest return of 3.01% in the next 18 months. In addition, the closed mixed funds of innovation under Huaxia, huitianfu and e-fund in the next 18 months will have a return of 1.61%, 1.53% and 1.33% respectively since its establishment. Only one Penghua innovation closed mixed fund in the next 18 months will have a negative return of - 0.01%.
"If investors don't have temporary liquidity needs, they can hold them for a long time, but only if the fund manager who buys the fund has strong investment ability and is recognized by investors," Zhang Ting suggests
When the five innovation future funds will have different options, such as redemption, floor trading and long-term holding, Zeng Linghua pointed out: "if they are carried out at the same time, then there may be the situation of buying floor shares after redemption. If I am optimistic about the fund, in the past, closed-end funds will generally discount, and floor buying has advantages. "