"Miscarriage Of Justice" Into The Main Reason For The Loss Of Public Offering, The Bottom Of Which Is The Emergence Of Institutional Liquidation Of Retail Investors.

In the double bull market of A share and bond market, public offering also entered bull market in 2019.

According to the twenty-first Century economic report's statistics, the average earnings of common stock and partial stock mixed funds reached 41% and 35% respectively, and the average yield of bond open end funds was 5.88%.

Losing money seems harder than making money.

But there is always a "niche" in the market. In 2019, all funds (A/C, the same below) still had 47 fund losses, including 30 debt basis and 17 non debt basis. Among them, Greenberg made the bottom of -19%, creating a golden debt of -17%, and two oil and gas QDII dropped by over 10%.

Why are these public offerings being dragged behind when the market is soaring?

The loss king is completely wrong.

In 2019, the worst performance of the public offering fund was the Greenspan of the Green fund, which lost nearly 20% in the year, -18.86%.

Greenberg, founded in November 2018, is a flexible allocation hybrid fund. When it was established, the fund was raised to 354 million. However, Wind data show that at the end of the three quarter, the fund's C class A and class A shares were 43 million and 1 million respectively, and it has become a Mini fund.

Greenberg's stock position in the first half of 2019 was 0.

But in the three quarter, the fund changed its strategy. In July 22nd, the company opened its stock market. After that, Greenberg began to buy its stock.

As of the end of the three quarter, the fund's share accounted for 28.38%, the top ten heavily loaded stocks were all of the board, including Hua Xingyuan Chuang, Han Chuan intelligent 10 Chuang Chuang plate stocks.

Of the 10 listed companies, 8 listed on the first day of the stock market fell to the end of 2019, of which 4 fell close to or exceeded 30%.

According to the statistics of the reporters, 6 heavy warehouse stocks fell in the fourth quarter, of which platinum fell 30%, and Hanchuan intelligence dropped 21%.

In addition to the above Greenberg fund, there are 12 funds invested in A shares, which are negative in 2019, including Changsheng strategic emerging industries C-10.36%, Huaan Xintai Li C-5.34% and so on.

In addition to the above risk investment stocks and other high risk stocks to some funds to bring losses, some funds fell in 2019 is helpless, such as infrastructure projects fund, in 2019 the annual return of -3.54%.

This fund is a passive equity fund. In 2019, in the 28 level industries of Shen Wan, only two steel and architectural decorations were closely related to the capital construction industry index, and the infrastructural projects fund was hit by misfortune.

QDII Warburg standard air cushion bottom

In the QDII fund, the QDII stock fund controlled by Zhou Jing, the Warburg standard oil and gas dollar, the Warburg oil and gas RMB, returns in 2019 to -12.39% and -10.87% respectively, which is the bottom of the 2019 QDII performance.

As of the end of 2019, the total return of the two funds was -51.08% and -59.00% respectively. Among them, the total value of the QDII is the lowest since the establishment of the Warburg oil and gas RMB.

The two funds went through a year of ups and downs in 2019. Wind data show that the current Huabao oil and gas RMB fund was established in September 2011, the latest scale is 4 billion 38 million yuan, and the Warburg standard oil and gas dollar was established in June 2015, the latest scale is 571 million yuan.

Taking the Huabao oil and gas RMB as an example, at the end of the first quarter of 2019, the net value of Warburg oil and gas rose 61.86% from the beginning of the year. Since then, the share of Warburg oil and gas has expanded significantly, and the fund shares at the end of the first quarter of 2019 and the end of the two quarter of 2019 were 4 billion 192 million, 7 billion 273 million and 10 billion 98 million respectively.

However, after the sharp rise in the first quarter of 2019, the total return of the second, third and fourth quarter of Huabao oil and gas RMB was -31.71%, -47.70% and 10.29% respectively.

But the price of the Warburg standard oil and gas dollar and the Warburg oil and gas has lost substantially for three consecutive years, but if the time is extended to 2016, their returns will be as high as 34.93% and 44.10%. There is no doubt that the rise and fall of the net value of the two QDII funds are closely related to international oil prices.

Although the two oil and gas QDII funds of the Warburg foundation were bottom of their performance in 2019, a senior fund industry official pointed out that the fund is the main concern for asset allocation of large categories, because at present there are not many such funds, so the fund industry is still pushing these two funds. He believes that investors can pay more attention to the low level of international oil prices and the investment opportunities of the fund.

In addition to the two oil and gas QDII funds of the Warburg foundation, the core value of financing also suffered losses in 2019, with a return of -0.94% throughout the year.

In addition to the above 3 QDII in 2019, the other 231 QDII achieved positive returns with an average return of 20%. In 2018, the average annual return of QDII was -7.67%.

Deficit debt Mini Mini

In 2019, 30 (A/C) bond funds suffered losses. Among them, Chuang Jin and letter Zun Ying are the sole source of debt. What is worth noting is that Chuang Jin and zhe Zun Ying pure debts rose from 12 months in 2018, and the yield rate plummeted. The annual return was -16.78%. Since its establishment in January 2016, the cumulative total return is -4.78%. At present, its fund share has dropped to 80 thousand, and the scale is very small.

The fund manager is Zheng Zhenyuan. At the end of the two quarter, the total share of the fund was 57014.67, which was held by 209 households. The total size of the fund was 53144.09 yuan, and its share increased slightly to 77207.28 in the three quarter, with a total scale of 66903.9 yuan.

The fund accounted for more than 99% of the proportion of the institution before June 30, 2018, but now it is all owned by individuals. According to the statistics of reporters, at the end of the three quarter, the fund accounted for 01 of the 19 treasury bonds, accounting for 97.14% of net worth.

Why does this fund fall? According to the reported data of Chuang Jin and the letter of Zun Ying, the income of the fund was 1254.84 yuan during the year, but the cost was 11564.7 yuan. The 9916.99 yuan in the cost was all the audit fees. It was pointed out that the expenses eroded the fund's income and made the net value fall.

The loss debt base is closely followed by Dong Wu Dingli -8.53%, east Wu Dingyuan double debt C-7.36% and East Wu Dingyuan double debt A-6.64%. They are less than 50 million yuan in size.

In fact, the bond market continued to explode in 2019. The industry believes that some of the debt base performance is not satisfactory.

It is worth noting that the loss of bond funds, more than half of the scale of less than 50 million yuan, or they face the fate of liquidation.