"Different" Ke Chuang Board Fund Reported The Trend: The Early Adopters "Taboo Talk" Investment Category Constraints Configuration "Drift" Or Consensus.

The real "science creation board fund" has come!

In May 13th, the official website of the securities and Futures Commission showed that Boshi fund, southern fund, Wells Fargo fund and Wanjia fund reported the first batch of closed operation funds of the main investment board.

Approval progress shows material received.

According to the industry feedback, fund companies are very interested in "Ke Chuang board fund", and many fund companies have begun to report such products.

Can the "Chuang Chuang ban fund" reinventing the "theme innovation fund" and its brilliant achievements?

The industry is concerned that the investment scope of the "Chuang Chuang board fund" has narrowed down to the "Chuang Chuang" board, which may be difficult to reproduce the enthusiasm of investors for the "theme innovation fund".

"Many investors preferred to invest in the theme fund of science and technology before, and the more closed investment funds of the science and innovation board were to invest in the field of innovation, and many investors might be worried after the investment scope was narrowed." Zhang Ting, a senior macroeconomic analyst at the grid, said.

However, when interviewed by the relevant fund companies, they refused to respond to the design of the "investment category" in the current fund declaration materials.

A fund manager of the "science innovation fund" said, "if the" science and Innovation Board fund "is the main board, the scope of the selection is still limited, but it should be fine in the long run.

Fund companies "interested"

? ? ? The SFC's official website shows that the 4 science and Innovation Board funds that are currently being declared are: Boshi Ke Chuang board, 3 years of closed operation, flexible allocation of mixed securities investment funds, southern science and technology board, 3 years of closed operation, flexible allocation of mixed securities investment funds, rich country science and technology board, 3 years of closed operation, mixed securities investment funds, and Wanjia creation board, and 2 years of regular opening of mixed securities investment funds. 。

It is worth noting that the names of the four funds mentioned above are basically "X closed operation of the science and technology board".

Previously, the theme of the science innovation fund was "the 3 year closed operation of the theme of science creation". The difference between the two names is the difference between the word "Chuang Chuang" and "Ke Chuang".

So, what's the difference between the two?

The head of the investment department of a fund company said, "this group of reported funds has been the theme of the" science creation board ", not the" science creation theme ", which means that most assets should be invested in the science and technology board. Of course, it depends on the specific contract agreement.

Zhang Ting, a senior macroeconomic analyst at the grid, said that the "3 year closed fund" of the "science creation theme" has broad investment scope, including not only the target of the science and technology board, but also the stock of small and medium sized boards and gem, and the proportion of securities assets invested in the theme of innovation is no less than 80% of the assets of the non cash fund. At present, the "3 year closed fund" of the "science and Innovation Board" is reported. The proportion of most of the funds invested in the science and technology board should be relatively high.

This means that the "Ke Chuang board fund" product reported is different from the previous "Ke Chuang theme closed operation" product, and they will take the stock of Ke Chuang board as the main investment target.

According to reporters, fund companies are very interested in such products.

"Large companies should apply for this product," he said. In May 14th, a fund manager of a large fund company said that it was a fund manager.

"For the fund, it is sure to participate in the science and technology board fund, because closing 3 years is equivalent to 3 years' lock up funds, which is beneficial to the growth of company size and management fees." Yang Delong, chief economist of Qianhai open source fund.

"At present, many fund companies have started reporting such products." Zhang Ting introduced.

In fact, as a new thing, public investment has just started for less than one year.

Wind was officially traded in July 22, 2019. According to the Wind data, as of May 14th, there were 102 listed companies in the company, with a total market value of $100 million.

Guosheng securities, according to the information disclosed by the public offering fund in a quarterly report in 2020, has raised the scale of the public fund to the board of science and technology has reached 9 billion 455 million yuan, accounting for about 1%.

From the perspective of industry distribution, the market value of public offering funds in science and technology board is mainly concentrated in four industries: computer, medicine and biology, machinery and equipment, and electronics. Among them, the computer industry is the largest holder, with a market capitalization of 5 billion 802 million yuan, accounting for about 61%.

From the level of holding stocks, the first quarter of the public fund raised the market value of Jinshan office, stone technology and South micro medical company.

The theme of Chuang Chuang is full.

As a former vehicle division, the path of the "science innovation theme fund" is very useful for the "science innovation board fund" that is being declared.

The first theme innovation fund was the technology innovation fund of Yi Fang Da, founded in April 29, 2019. It has been operating for over 1 years.

Wind data show that as of May 14, 2020, there were 30 science and technology theme funds in the market (A/C share separately calculated), with an average revenue of 31% since its establishment, with an average return of 13% this year.

The first batch of 7 science innovation fund was established in April 29, 2019 to May 7, 2019. Since their inception, their returns have exceeded 30%, with an average return of 53.49%. This year's revenue is 17.31%, and their performance is quite beautiful.

Among them, the South's technological innovation revenue was the highest in May 6th, the class a share yield was 80.69%, and the C class share yield was 79.22%. Closely followed by Yi Fang Da Technology Innovation 65.66%, China Science and technology innovation A55.32%, ICBC technology innovation 42.45%.

Judging from this year's performance, the top 5 are Dacheng Ke's theme of 3 years' closed operation 36.13%, gf's creation theme 3 years closed operation 27.83%, Yi Fangda technology innovation 25.24%, southern science and technology innovation A23.45%, southern science and technology innovation C23.09%.

It is worth mentioning that last year, the first batch of 7 science and Innovation Board theme funds were sold very popular, attracting hundreds of billions of huge sums of money to subscribe, and the final statistics show that 120 billion of the funds scramble for the first batch of science and Technology Fund.

In accordance with the pre-set ceiling of 1 billion yuan for the scale of raising, 7 CCR funds were allocated proportionally, making the final establishment scale of 1 billion yuan, with an average placement ratio of only 5.73%.

In fact, since July of last year, the share of technology stocks of A shares has risen sharply, which has made the issue of theme innovation fund popular, and many funds have been sold out one day and the proportion has been rationed.

Reference to "lessons learned"

It is worth noting that before the "science innovation theme fund" drifted in the actual operation of the original idea.

"Last year, the science and technology board has just been launched. Various fund companies have set up a science innovation fund to express their attitude to support the science and innovation board. The 3 year closed up fund of the science and technology board has originally wanted to make a strategic placement, but in the actual operation, in the end, there are relatively few references to the strategic placement." The head of Investment Department of a fund company said.

It points out that, in the actual configuration process of the science innovation fund, these funds are basically run to fight new shares and become a new fund for the science and technology innovation fund. And in the underlying asset allocation, although it is a science innovation concept fund, but rarely invest in the stock market.

? ? ? ? For the drift in the operation of the science and technology theme fund, the responsible person said, "it should be said that this is consistent with the actual situation at that time, because after all, the risk of the" Chuang Chuang "board was just relatively large, especially after the issuance of the stock price. If the fund could only invest in the board, or it could only invest in the board, the fund would be relatively strong. Risk. "

But it said that after one year's operation in the market, the number of shares of the company has already been relatively large, and the scale is relatively large. On the other hand, after a year, some of the stock prices of science and innovation board are relatively reasonable, with long-term investment value and risk reduction.

According to its logic, the science and Innovation Board fund, which is now closed for 3 years, is mainly composed of Ke Chuang plate stock, and can be realized from the perspective of the underlying assets.

"Now that it is the theme of the science and innovation board, not the theme of science creation, then it means that most of its assets are invested in the science and innovation board. It should be incorporated into the main part of the" Chuang Chuang "stock. It should not be deviated. Otherwise, it will become a group of science and technology theme fund. We must embody our own characteristics.

However, he emphasized that "the risk of the" Chuang Chuang board "fund is relatively high. We should pay attention to the proper management of investors.

For the Ke Chuang board fund, Zhang Ting suggested, "investors should not buy large positions and invest in small positions. After all, the scope of investment and the stock of the selected stocks will be larger, and the investment scope of such funds will be focused on the stock of the science and technology board that has been listed."

?