A Shares Soaring Paradox: Equity Funds Suffered Overall Net Redemption

From November 21st to December 10th, the Shanghai Composite Index rose 487 points, or 19.87%, in the 14 trading day. Over the same period, the average growth rate of equity funds reached 9.77%. Among them, 30 funds have an average net growth rate of more than 20%.

However, a reporter's survey found that the earning effect of equity funds is not a net purchase of equity funds, but an overall net redemption.

"During this period, the stock market went up quickly, and the stock fund's redemption was huge and the total net redemption." A general manager of a large fund company responsible for channel sales told reporters that with the stock market warming, the net value of the old fund returned to above 1 yuan.

The reporter investigated the fund purchase and redemption of more than ten fund companies in the industry, and found that among the companies surveyed, more than 80% of the funds managed by the fund companies suffered a net redemption in the past half a month. Only a few companies were attracted by funds after their thematic fund products were in line with the hot spot of the market, and the share of equity funds increased.

From November 21st to December 10th, the average net value of equity funds increased by 9.77%. But this is not a net purchase of equity funds, but a substantial redemption.

"In the past half a month, the market is rising faster, and our equity fund is a net redemption." An insider from a fund company in Guangzhou has revealed that the scale of equity fund redemption has exceeded 5% since November. Among them, the old fund established in the early years is particularly prominent in redemption.

The surge in the market and the redemption of old funds are common in the fund industry.

"The scale of our equity fund is also a net redemption in the fourth quarter, but there will be a difference in the amount of redemption of funds from different banking channels and different performance." The director of the electricity Department of a fund company in Shanghai also revealed that the larger the redemption volume is the growth style fund, and the overall net redemption ratio is about 5%.

Reporters learned that although the rights and interests of the fund as a whole net redemption, but the total amount of subscription and redemption of such funds has also been significantly improved, which reflects the characteristics of the old people holding more than a year in redemption, the new people are pursuing the recent performance of the fund.

"The trading volume of our equity fund is two to three times larger than usual." The head of the electricity supplier of a Southern China fund company monitors the trading data of the direct selling platform. It has found that a group of funds with a net value of less than 1 yuan has returned to the market every day after returning to the 1 yuan face value.

"Some investors came in when the fund split in 2007, and after such a long time, they looked at the books and threw them away." The fund business executives said that such customers were mainly individual investors from the banking channel.

According to wind statistics, as of December 9th, the number of equity funds in the range of 1 yuan to 1.1 yuan has reached more than 100. Many of them are funds that have been operating for two or three years or more than five years.

In addition to the "Redemption" of the redemption of the base people, another factor that caused the huge volume of recent fund trading is the number of institutions and people who have invested the fund as stocks. They chose the Shanghai and Shenzhen 300 Index Fund and the industry thematic fund to do band operation.

"Some individual investors bought equity funds in early November, earning 10% to 20% for redemption. In the rise of more than ten days, the net value of the fund rose to three or four points per day, investors do not care about 0.5% of the redemption fee. " The electricity supplier said.

A person who was good at fund band operation told reporters that he bought real estate, non silver, resources, Shanghai and Shenzhen 300 equity funds in second trading days, and held half month's yield of more than 10%. In December 9th, the Shanghai composite index tumbled more than 5% on a single day, and he redeemed all of it. fund 。

"I will redeem the fund if I drop more than 5% a day. This is my investment discipline. " The person pointed out that in December 9th, its holdings of more than a fund net worth fell more than 5%, he judged that in the future, equity funds will not be outstanding, so they all converted into monetary fund.

Reporters interviewed more than a dozen fund companies found that in this wave of market share, 80% of the fund company's share of rights and interests declined, only a few of the rights and interests scale increased. And the driving force of share growth is mainly because the investment direction of thematic theme products fits the market hot spot.

"ICBC Credit Suisse, Yinhua, Penghua and a few other fund companies are beneficiaries." The general manager of a large fund company, Beijing branch, said that the purchase of financial real estate funds of ICBC's Credit Suisse was huge, and insurance, financial companies and so on all bought 10% of the fund's size.

In this round Skyrocketing In the market, grading fund B is the most dazzling star in the market, attracting the attention of a large number of funds.

Reporters learned that in just a half month, the A and B share of real estate, non silver, defense, information and resources of Penghua Fund increased from 10 billion to 6 billion 900 million, and its growth rate was more than 5 times. Over the same period, the net share of the parent share mentioned above has also increased. The scale of mother share and sub share has increased from about two billion to over 10 billion.

"In November 21st, after the central bank cut interest rates, we judged Bond Market The market has come to an end, and the future excess return is very small, and the attraction of holding bond funds is not big. The investment manager of an investment company in Shenzhen has pointed out that bond funds generally have more than 20% revenue this year. This represents a good expectation of debt market overdraft, interest rate cut and so on, and the volatility of the bond market will enlarge in the future.

The deputy general manager of a fund company in Southern China confirmed to reporters that in the past half a month, many institutional funds have redeemed bond funds and converted to index funds and blue chip funds of large market style.

In addition to the funds of these institutions, employees in the financial circles have also responded swiftly. Some have switched personal asset allocation from low risk bond funds and monetary funds to equity funds.

"The yield of money based funds will be reduced to 3%. The cargo base can only serve as a substitute for demand deposits, and has no investment value. The stock market will be a better investment direction next year as the bond market volatility increases. A fund manager who manages both bonds and currencies in Shenzhen revealed that it redeemed the bond fund in late November and replaced it with equity funds and index funds.