The Fund Managers Will Take The Initiative To Discourage The Pursuit Of Customers: "Best Not To Participate", The Highest Fear Of Loss Of Over 80%

The graded fund is leaving. Before the final deadline, the B share of the classified fund was hyped up by the fund. The premium of the B share of the 28 tier funds exceeded 10%, and the highest reached nearly 170%.

Recently, a large number of classified B premium announcement of risk premium announcement indicates that the closing price is significantly higher than the net value. Blind pursuit of high risk may cause investors to suffer heavy losses.

"B fund premium should be some investors in the market rebound, there is a lot of bottom B fund phenomenon, because B funds once rebound, elasticity is relatively large." In May 28th, Yang Delong, chief economist of Qianhai open source fund, said.

"But the graded funds must be transformed in a certain period of time, so investing in the B fund should pay attention to risks. If the difference between the purchase price and the net value is relatively large, the B fund may be faced with losses in the future when the fund is transformed." Yang Delong said.

According to the reporter's understanding, the fund company is carrying out the transformation or liquidation of the graded fund in full swing.

The biggest difficulty of grading fund transformation is to hold the voting of holders' meeting. According to the insiders, "the main difficulty is that the holders of the B share will not agree to change." However, whether the obstacle will affect the process of transformation or liquidation of the classification fund is obviously uncertain.

Risks at high premium

Wind data show that there are 113 classified funds in the market at the end of the first quarter, and the scale is 317 billion 500 million yuan.

Data show that a large number of classified fund B is at a premium.

As of May 27th, 113 of the B share of the classified fund, 68 had a premium, of which 28 premium B share premium of more than 10%, the highest premium of Internet banking B has reached 169%, Shen Wan Ling Shen classification index B premium 129%, in addition, merchants high beta B, Shen Wan Ling letter B, ICBC Credit Suisse environmental protection industry B, also have a premium of more than 50%, 78%, 70%, 54%.

Under the high premium, classified funds warn risks.

For example, in May 28th, the Bank of communications Schroder Fund issued a notice of risk premium and stop resumption.

The notice pointed out that recently, the B share of the Internet banking E (abbreviation: E financial B, fund code: 150318) the premium level of the two tier market trading price is higher than that of the fund share reference net value. In May 26, 2020, the closing price of the Internet share of financial B share in the two market was 1.537 yuan, compared with the reference value of the fund share of that day, the premium rate reached 157.45%. As of May 27, 2020, the closing price of B share in the two tier market was 1.537 yuan, significantly higher than the reference value of the fund share. If investors blindly catch up, they may suffer heavy losses.

At the same time, in order to protect the interests of the holders of fund shares, E financial B will open from May 28, 2020 until 10:30 at the same day, and will resume trading at 10:30 on May 28, 2020.

On the same day, more than 10 hierarchical fund B issued a similar risk warning and stop resumption notice.

"Classified B premium is mostly due to scarcity." In this regard, a hierarchical fund managers think.

Recently, some fund companies announced the suspension of the split business. The B premium rate of the classified fund rose and the market was at a premium. However, insiders pointed out that the B with a higher investment premium rate may bring greater losses to investors.

"Better not take part in it." The above classification fund managers recommend.

Many interviewed people told reporters that investment grade B is not high cost performance, and is not suitable for investment.

It is worth noting that, due to its leverage, some of the classified B are close to the "minefield".

In May 28th, according to the South Fund announcement, according to the relevant agreement on the conversion of the fund's non scheduled share in the South China securities industry investment index fund contract, when the reference value of the fund share of the B share of the classified securities investment fund of the South China securities industry index is less than 0.2500 yuan, the South China card high-speed rail share, the South China card high speed rail type a share, and the south central card share. The B share of high-speed rail will be converted to irregular shares.

The announcement said, "as the A share market fluctuates in the near future, as of May 27, 2020 closing, the reference value of the fund share of the high-speed rail B class is close to the non scheduled share conversion threshold stipulated in the fund contract, and investors are invited to pay close attention to the fluctuation of the net reference value of the recent fund share of the B share of the South China Certification high-speed rail."

According to the latest data, the net value of the B share of the South China Certification high-speed rail company was 0.2873 yuan at the close of May 27, 2020, which is close to the 0.2500 yuan below the discount threshold.

Some analysts pointed out that the need to carefully classify the fund's downward risk. In extreme cases, if the market continues to fall sharply, the B class share premium rate may exceed 400% before the discount. If the investor buys B class shares at this time, the loss after conversion may exceed 80%.

Leaving the field

The deadline for grading funds is coming.

In the second half of 2015, the regulators suspended the approval classification fund. In June 2018, the regulators gave the timetable exit schedule: in June 30, 2019, 300 million lower level funds completed the rectification, and the other classification funds needed to complete the rectification before 2020.

In the public fund market, the rectification work of a large number of classified funds is still being pushed forward.

According to the insiders, according to the regulations, the following 300 million grading funds should be completed after June 30, 2019. In fact, the work has not yet been completed.

Since the registration of fund changes on the official website of the SFC, 38 classified funds have been renamed since June 2018, and a large number of them have been converted into LOF funds.

It is worth mentioning that in May 15th, the largest scale investment fund of CSI liquor classification Fund (Note: 12 billion yuan at the end of the season) also applied for registration of change.

In fact, since April, nearly 10 classified fund announcements are being implemented for transformation or liquidation, of which at least 2 have been voted by the holders' general assembly.

The latest announcement of the transformation is that in May 25th, the Boshi fund has issued a notice on the 800 securities and insurance index classification and the Boshi bank index grading fund. It said it would convene the fund share holders conference by way of communication and consider the relevant issues of fund transformation.

The two funds will be transformed into Bo Zhong certificate respectively, referring to the securities index fund and the LOF.

In addition to changing the name of the fund, after the vote of the fund share holder general assembly is adopted, the sub share will be terminated and the classification operation will be cancelled. Meanwhile, the scope of investment and investment restrictions should be amended.

The voting window lasted for more than a month. The announcement indicated that the voting time for the conference was from May 25, 2020 to June 29, 2020 at 17:00.

A hierarchical fund manager said that at the present stage, the transformation of most of the classified funds is still under discussion.

However, from the application of renaming, there are a large number of grading products favored by the choice of LOF products. Regarding this, a fund personage explained to the reporter, "since our grading products can be traded on the market, transformation also needs to arrange products that can also be traded on the market, only LOF can satisfy them."

According to the regulations, the transformation of the hierarchical fund requires that more than 2/3 of the voting rights of the fund share holders or their agents are adopted (including 2/3), so there is no possibility of voting by the general assembly.

A number of fund sources told reporters that the biggest difficulty of grading fund transformation is to hold the voting of holders' meeting.

"The main difficulty is that the holders of the B share disagree." A hierarchical fund manager said.

Then, if there is a final 2/3 which can not get the number of participants, how will the classification fund be transformed?

"Disagree, there is no way. The final arrangement can only be seen." Fund managers of the above classification fund have no choice but to say.

The fund manager is uncertain about whether the grading products can be transformed before the end of this year. "It's hard to say now."

Insiders say relatively small scale funds are easier to transform, while smaller mini scale funds may choose to liquidate the fund contracts directly.

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