24 Million Investors Left "A Shares" Who Hurt Them?

In the latest week, 292 thousand and 700 of new investors are added, and the number of new investment is still relatively low.

Meanwhile, in the third quarter of 2017, the personal investor survey showed that the proportion of Shanghai stock market 50 constituent stocks was not prominent in the positions of individual investors, and did not share the excess investment income in the strength of Shanghai Stock Exchange 50.

In February this year, the number of investors involved in the paction was 11 million 860 thousand, and the active investors were "less than A million" of 1/32400 million investors two years ago.

Facing the "beautiful 50" bull market since 2016

"Flash collapse" interwoven market, retail investors increasingly difficult to adapt to, increasingly difficult profits.

At the same time, in the rush of white horse blue chips, some experts and agencies called for "retail business" and thought retail investors were not suitable for the market.

The typical feature of A shares is retail market. The reason for the prevalence of speculative culture is that too many retail investors should leave retail market as far as possible, and the institutional leading stock market is a sign of mature market.

Going retail does not mean expelling and reaping retail investors, leaving retail investors away from the market.

Going retail should be a win-win situation for individual investors and institutional investors. It is a voluntary initiative of individual investors.

Trust the process of "expert financial management".

In the process of retail, the fund only has strong trust responsibilities, mature investment concepts, in-depth investment research and stable investment returns, so that individual investors can feel relieved by their sense of responsibility, and investors can repay investors with higher and stable investment returns. Investors can safely hand over funds to fund management.

The premise of going retail is to establish the trust responsibility of the fund, especially the public fund.

The total assets of the public offering fund reached 10 trillion and 70 billion yuan in the first half of this year, which increased by 901 billion 900 million yuan compared with 9 trillion and 170 billion yuan at the end of 2016, but most of them were Monetary Fund.

The total size of private placement has exceeded 3 trillion and 500 billion yuan of public funds, up to 13 trillion and 590 billion yuan, but the majority is equity and venture capital funds invested in the primary market.

Indeed, China's fund industry has experienced explosive growth in asset management scale, product innovation and business diversification.

The growth of the fund has become an important force for market institutional investors and has become the cornerstone of the steady development of the capital market.

But in the process of expanding the fund, there are still many needs to be perfected in the trust responsibility of investors, the protection of holders' interests, the governance structure of fund companies and the stability of investment returns.

Specifically, the repeated prohibition of the rat farm, fund retail, public funds, drought and flood protection and collection management fees, and the difficulty of achieving investors' expectations have become the bottleneck of the development of the fund, which discourages individual investors from investing in funds.

Chinese fund companies are contractual.

This kind of organizational structure may lead to the problem of fund company's governance structure, that is, the interests of investors sometimes can't get real attention and protection. Investors, fund managers and management interests may not be unified.

Investors are only clients of the fund and do not have much say in the operation management of fund companies.

Fund managers, regardless of investment profits and losses, take management fees, and lack of incentive mechanism for fund managers.

Under such an organizational structure, there may be problems of trust responsibilities of funds.

In this regard, the US fund industry can give us some inspiration.

The fund of the United States is mainly a company type fund, and the fund holder is the shareholder of the company. The highest authority is the general meeting of shareholders. The board of directors of the company is employed by the shareholders' meeting, and the investment adviser is employed by the representatives to manage the fund. At least 50% of the board is independent directors.

This system specifies that shareholders are the owners of the fund, not just the clients, but the board of directors should represent the interests of the fund holders.

The rampant rat farm is a direct portrayal of the fund's lack of trust.

Since 2014, the CSRC has launched 99 "rat warehouse" illegal clues verification, pferring 83 suspected criminal cases to public security organs, involving about 80 billion yuan.

Fund managers involved in rat trading is not simply a matter of personal character being polluted or illegal. The important thing is that the net value of the trading fund will be reduced, so that the interests of the people can be seriously damaged by the public interests and private interests.

During the period from November 11, 2011 to January 22, 2014, Li Jianchao was the manager of "China post core preferred fund", and the fund's income was -3.33%.

He also served as manager of another fund between June 12, 2012 and July 23, 2013, earning 69.5% in his term.

The difference in fund income of the same trader is different because the former involves a lot of rats, and the income is eaten by the rats.

In order to compete for rankings, the same fund companies are too concentrated on single stock positions, too much emphasis on Trend Investment, chase up and sell losses, short-term trading, and the tendency of retail investment is obvious.

The fund holds together to warm up, or holds a large number of small and medium sized businesses in the name of value growth, or to invest heavily in white horse blue chips in the name of value investment.

This kind of investment, or in the short period of time, gains excess profits, ranking the top in the list of funds, but the collective unconscious of the fund concealed systematic risks.

China post is the 7 largest fund of China Post strategic emerging industries. It has 40 million 900 thousand shares of the music network and 10% close to the red line.

The stock market champion and star fund manager in the same year were disgraced in the fall of the growth enterprise market, and the net value of the fund was substantially reduced.

The sharp fluctuations in the stock market in 2015 were directly related to the large number of high valuations held by institutions.

Only when the trust responsibility is established as soon as possible, the investment efficiency can be increased, and investors can be returned to investors with stable high returns.

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