The Scale Of The Classified Fund Has Dropped Sharply. What Kind Of Investment Is It?

Since the sharp adjustment of the stock index in mid June, large net redemptions and up to three rounds of downward trend have led to a sharp decline in the scale of the classified funds.

Last September to mid June this year, the scale of the scale fund expanded from 43 billion 920 million yuan to 384 billion 540 million yuan, an increase of over 7 times.

However, since the middle of June, the stock market downturn has caused the grading fund and other leveraged products to suffer a heavy setback.

In August, with the scale of the fund being hit by an unprecedented scale, the scale of the scale dropped by more than 100 billion in a single month, with a shrinkage of up to 45%.

Data show that as of the end of 8, the 139 stock classification fund two categories of shares totals 121 billion, compared with the end of July 222 billion 700 million, a significant reduction of 101 billion 700 million, the shrinkage ratio of 45.67%.

By the end of 8, the market share of the classified fund had shrunk by nearly 75% compared to the highest level at the end of 6.

By the end of September 23rd, the share had dropped to 100 billion.

The share of the share in the field is B, B, B, NCF, B, B, B, B and gem.

In terms of the overall situation, there were 12 more than 5 billion shares in the field, accounting for 6.77%, and nearly 80% of the share of the classified funds was volatile.

Recently, as the bottom of the policy and the market bottom are steadily improving, once the market rebounded, the increase in net share of B may bring additional space to B share price. Especially the discount varieties have higher leverage, which is a good tool to win the short-term excess returns, and even exclude some of the classification funds.

Investors should grasp several principles on how to copy the bottom grading fund. First of all, it can not be approached to convert the marginal products, that is, the B end of the classified fund with a net value of less than 0.5 yuan, which is not considered for the time being.

At present, the lowest net value is the venture 50B. If the short-term market is irrational, continue to explore, the product can easily trigger the conversion, investors do not want to cut blood.

Next, we need to look at the industry. The rise and fall of the classified fund is closely related to the underlying market.

After the big wash, the gem has been active again, and some related themes have come back again.

Now we are more optimistic about the media, new energy, media B and new energy B and other premium products.

In addition to grading the B end premium rate, we also need to consider the premium rate of the parent fund after the merger, so as to avoid fluctuations caused by capital arbitrage.

Investors continue to leave, making the classification fund B began to appear more extreme phenomenon.

As of September 23rd, there were 27 rating fund B end price discounts, of which the highest discount rate was B, and the discount rate of more than 10% was also health products such as B and B B.

In addition, there are nearly 10 products such as dolly, B, B and so on.

In addition to the discount fund, the net redemption has also led to a marked shrinkage of some of the scale funds, including Cathay Pacific Medical Classification, fidelity financial classification, rich country military classification, China aviation industry classification, Penghua bank classification and other large scale fund.

Taking Penghua bank classification as an example, in June 12th, the total share of A and B reached 20 billion, but as of September 23rd, it dropped to about 6 billion, and the share of the fund has shrunk by nearly 70%.

Several large scale fund companies also therefore.

Obviously, including the rich country fund, Penghua Fund, Shen Wan Ling letter, Cathay Pacific Fund, Fidelity Fund and Qianhai open source fund, and other major managers, the scale of their scale has shrunk dramatically.

Judging from the market capitalization ratio of the single fund, the largest scale Shen Wan securities scale has become the most serious grading fund. The fund has the largest market value in the 12 day of June, ranking 44 billion 100 million.

But after the collapse and the collapse of brokerage stocks, as of 23 days, its market value was only about 3 billion 500 million yuan, with a shrinkage of 92%.

Fundamentally speaking,

The scale was hit because the market continued to callback.

On the one hand, when the market is down, the risk of large B with high leverage is magnified, and the profit of investors has suffered huge losses. Some investors choose to buy the graded A merger redemption and withdraw from the two tier market; on the other hand, the downtrend caused by the fall makes the classified A holders get a large amount of money.

For a relatively conservative class a investor, most people choose direct redemption.

At the same time, the mood of investors on the trading side has also dropped to a freezing point.

Data show that from May 23rd to June, 22 days, the whole market 122 grading B monthly average turnover was 4 billion 392 million yuan, after three months grading B turnover showed 28%, 41%, 68% of the accelerated shrinking trend.

As of September 23rd, nearly a hundred B monthly turnover of less than 100 million yuan.

The minimum or even daily average is only a few hundred thousand yuan trading volume.

In addition, the attitude of regulators to grading funds has also changed, from the previous strong support, product batch distribution to the current grading products suspended approval, support strength has been greatly weakened.

At the same time, the sharp increase in stock index futures opening restrictions also impedes some private placement pactions, which have made a huge drop in trading activity.