Crude Oil Fund Crazy Month: 10 Billion Share Influx Fund Company Intensive Tips Risk

The crude oil fund once again indicates risk.

In April 29th, Yi Fang Da crude oil, Jiashi crude oil, Cathay Pacific products and southern crude oil and other funds issued a reminder notice of the risk of premium. The announcement referred to the two tier market trading price volatility of the relevant funds. Investors should pay close attention to the net share of the fund and the transaction price is much higher than the net share of the fund. If blindly invest in the fund share of the high premium rate, it may suffer. Heavy losses.

This is not the first time such crude oil fund has issued such a risk warning notice. Since late March, fund companies have already launched intensive risk prompts.

In fact, over the past month or so, crude oil funds in the market, such as roller coaster, experienced investors' rapid pursuit of the bottom, and also witnessed the Risk Spillover of the market.

Recently, many investors are very concerned about crude oil. They are asking whether they can make a copy of the crude oil. In fact, a lot of oil and gas funds have been suspended on the sidelines, and the recent oil and gas fund prices fluctuate in the two tier market and the premium rate is higher. The risk of premium is higher in the field, and investors are not recommended to buy at a high premium. It is expected that the crude oil market will continue to fluctuate in the future, and investors are not recommended to blindly copy the bottom. In April 29th, a chief investment officer of a public fund in Beijing told the business reporter in twenty-first Century.

Gradually rising premium is a key reason for the frequent hints of risk by crude oil funds. - Xinhua News Agency

High premium

Gradually rising premium is a key reason for the frequent hints of risk by crude oil funds.

According to the data in April 27th, the premium of two oil and gas funds of the Yi Fang Da oil fund and the southern crude oil fund has exceeded 100%.

The Wind data show that the closing price of the easy Fonda crude oil fund in April 27th was 0.74 yuan, while the corresponding net fund value was 0.34 yuan on that day, the premium rate of the fund was 118%, the closing price of Southern crude oil in April 27th was 0.73 yuan, the corresponding net value of the fund was 0.33 yuan, and the premium rate of base gold reached 121%.

In the April 29th morning announcement, Yi Fang Da Fund pointed out that as of April 28th, the closing price of Yi Fang Da crude oil fund in the two tier market was 0.724 yuan, significantly higher than the net share of the fund. If investors blindly invest in the fund share with high premium rate, they may suffer significant losses.

According to its April 24th data, the closing price of the easy side crude oil fund in the two tier market is 0.760 yuan, compared with the net share of the fund 0.3725 yuan that day, the premium rate reached 104.03%.

Prior to April 23rd, the premium rate of the oil fund of the Yi Fang Da also exceeded 100%, reaching 106%.

The premium rate also rose in the southern crude oil, also pointed out in the announcement that if the blind investment can cause significant losses, and said that it will open in April 29th and suspend trading at 10:30 that day, and resume normal trading since 10:30 on April 29th.

In fact, many fund managers are not advocating the "bottom up" when they are interviewed for the current premium performance of the crude oil fund.

"The premium of the oil and gas fund reflects investors' judgement of the oil price rise in the future market, but the market is still volatile, and the oil price will fluctuate in the short term." A public fund manager in Shanghai told the twenty-first Century business reporter.

"Oil prices have fallen sharply this year, falling to a record low. Even negative oil prices appear in futures contracts, and many investors continue to copy the bottom. Most of the crude oil funds are QDII funds, because many QDII investors are full of investors and stop buying. As a result, many investors buy crude oil ETF in the two tier market, but the liquidity of crude oil ETF in the two tier market is poor. The influx of a large amount of funds has led to a sharp rise in prices and even a premium of more than 90% of individual crude oil funds. Zhang Ting, a fortune researcher, told the twenty-first Century business reporter.

Zhang Ting said, "if next crude oil prices rise little, crude oil ETF may face rising oil prices and ETF prices fall."

"Under such circumstances, fund companies can only insist on doing a good job of risk warning and asking investors to pay attention to risks." A public fund in Beijing said.

According to incomplete statistics of twenty-first Century economic report, since the end of March to April 29th, the Yi Fang Da crude oil fund has issued nearly 30 risk warning announcements, and the southern fund has released more than 20 risk warning announcements against the crude oil fund since March.

Risk is hard to catch up with.

However, while fund companies are highly threatening the risks, the pursuit of market funds for crude oil funds is still keen.

Quarterly data show that this year, the share of oil and gas fund increased from 11 billion 469 million at the beginning of 2020 to 24 billion 971 million, an increase of 13 billion 502 million, an increase of 118%.

In fact, crude oil prices fluctuated in the first quarter, and many crude oil funds were raised by funds.

The performance in March was particularly obvious. Investors scramble to raise the QDII quota. At that time, a number of fund companies announced that their related products were adjusted to a large restriction, or even issued several times to issue a restricted purchase.

For example, southern crude oil, the fund from March 11th to large purchase and fixed investment restrictions from 20 thousand yuan to 2000 yuan, and then in March 13th announced that, due to foreign exchange quota restrictions, the fund will suspend purchase and fixed investment business from that day, redemption business as usual. The time for the fund to resume its application for purchase and fixed investment will be announced separately.

According to the data at the end of the first quarter of this year, the share of Southern crude oil reached 3 billion 181 million at the end of the first quarter, compared with the 286 million data at the end of last year, the growth rate was more than 1000%; the share of harvest oil at the end of the first quarter was 2 billion 224 million, compared with the 66 million 61 thousand and 100 figures at the end of last year, the growth rate was more than 3200%. There are several times of growth.

But relative performance shows that as of April 28th this year, the returns of several crude oil funds ranked the bottom of the QDII fund of the whole market, and the net value of Cathay Pacific bulk commodities, Yi Fang Da crude oil and southern crude oil all fell by more than 70%.

From the standpoint of holding positions, many crude oil QDII funds hold the largest oil fund USO (US oil fund) in the world, while USO has fluctuated in the near future.

A quarterly report showed that 6 QDII held USO at the end of the first quarter, including Yi Fonda crude oil, southern crude oil, Cathay Pacific commodities, fidelity global commodity theme, harvest oil and South Global Select.

According to the latest disclosure, the US oil fund went up to $725 million 500 thousand in oil contracts in April. Earlier, the US Oil Fund said it would sell all its WTI crude oil contracts in June, and further increase the proportion of forward contracts: 30% in July, 15% in August, 15% in September, 15% in October, 15% in December, 10% in contract.

Once the news came out, the market began to billow again.

"For ordinary investors, investing in crude oil funds should pay attention to the investment direction of the fund, which is to invest in spot, futures or oil companies. Different investment targets will face different risks. If they are futures, they will face larger shift costs. If they are oil companies, there may be risks of company bankruptcy. Individual differentiation may lead to the fund industry. Differences in performance. " Zhang Ting thinks.

?