Is The Public Fund "Traffic Star" Reliable? It'S Not Always A Good Thing To Rush.

This is one of the series of evaluation of the twenty-first Century Capital Research Institute's public offering fund industry, which is "responsible for people's heart warming, and different in the mid-term exam". In 2020, there was a typical "traffic star effect" in the public fund industry, and a large number of funds were "walking into the homes of ordinary people".

Is it safe to buy a bomb?

Statistics from the research group show that as of June 30, 2020, a total of 753 new funds (A/C class share Statistics) were issued this year.

Of which 66 were sold out one day, of which 39 were partial stock funds.

From the data rule, these funds have had high and low performance in the first half of the year.

Overall, however, the performance of the fund is good this year. Most of the explosions fund has achieved positive returns, and more than 20% of the funds have been earning more than $.

"Most of the funds released this year are still good." Zhang Ting, a senior research fellow in wealth, said.

Behind the excellent performance data, we need to pay more attention to deeper logic.

Explosive fund examination paper

Public fund sales are hot.

In the 39 half stock fund sold out in the first half of this year, the reporter calculated according to the proportion of the announcement and the maximum fund-raising scale, of which 11 funds sold more than 10 billion yuan a day.

The list includes: Rui Yuan equilibrium value three years 122 billion 383 million yuan, Guang Fa technology pioneer 92 billion 160 million yuan, Bank of China core drive 54 billion 234 million yuan, Bank of communications innovation navigation 44 billion 305 million yuan, Yi Fangda high quality enterprise three years holding 34 billion 113 million yuan, South growth Pioneer 32 billion 115 million yuan, Yi Fangda equilibrium into long 26 billion 967 million yuan, CREE silver technology innovation 17 billion 137 million yuan, Yi Fangda research selected 16 billion 589 million yuan, sinks. In the second place, the company actively grew 12 billion 594 million yuan, prospered and made progress for three months and 11 billion 329 million yuan.

In addition, there are 5 funds sold over 9 billion yuan a day.

In addition, in the first half of this year, in addition to the funds sold out one day, there are many billions of fund raising funds.

"Most of the funds released this year are star funds, or fund managers are more famous, or they have done better in the past, or the sales channels of this fund company are good." Yang Delong, chief economist of Qianhai open source fund.

"Generally speaking, there are objective reasons and subjective reasons for the reasons for the explosion. The objective reason is the large transfer of household savings. Most residents enter the market through the purchase of funds, and the subjective reason is that the fund's past performance is better, or the performance of fund managers has been better." Yang Delong said.

In this context, a large number of explosive fund have emerged, and their performance in the first half of this year is generally good.

For example, this year's hottest, selling more than 120 billion yuan a day's Rui Yuan equilibrium value for three years, set the lowest placing ratio of 4.9027% this year, the fund-raising limit of this fund is 6 billion yuan, was established in February 21st, the profit as at the end of the first half of this year was 19.49%.

Last year, Liu Gesong, the GF pioneer of the fund performance champion, raised $92 billion 100 million a day on the first day of the sale, and the placement ratio was 8.6806%. The fund-raising limit of the fund was 8 billion. It was founded in January 22, 2020 and has gained 26.89% in the first half since its establishment.

In addition, a number of explosive fund funds have achieved good results this year. For example, the leading edge of rich countries is 23.32%, GFP's value advantage is 22.39%, Dongfang red Qidong holds three for 21.25% years, Hongde Fengrun holds 21.95% for three years, Hongde Ruize 19.84%, and Bank of communications core drive 17.47%.

However, not all funds can achieve excellent results.

For example, Yong win technology drive was established in February 18th. In February 12th, the 8 billion of Yong win technology driven hybrid began to sell, selling nearly 10 billion a day, and the placing ratio was 82%. Judging from the performance, since its inception, as of the end of June, only recorded 3.25% earnings, lower than the performance of similar funds.

In addition, Yang Delong said: "if the scale of the fund is over 10 billion, it will still be difficult to operate."

It is worth noting that the operation of this year's fund is still short, and the short-term performance is not enough to prove the potential of the fund.

In response, a large fund company official said that his company issued more than one explosive fund this year. The fund's performance is not bad, but it believes that the performance of the fund is mainly determined by the strength of the fund manager and the fund company.

It is not appropriate to blindly pursue detonating funds.

Most of the funds are managed by outstanding fund managers with excellent investment and research capabilities. Due to the serious differentiation of stocks this year, we can get higher Alfa returns through the selection of stocks. Zhang Ting, a senior research fellow in wealth, said.

It believes that this year most of the funds are concentrated in the growth of technology, and this year the style rose larger, gem rose more than 30%, these funds can be very good to enjoy the market style of beta income.

For the people, the pursuit of explosive money seems to be a natural choice.

However, many people interviewed by the reporters said that they should not blindly chase the explosive fund.

Yang Delong said: "we should not blindly pursue the fund. But if we say that the reason for fund explosion is that fund managers have done well in the past, and the scale is limited to less than 5 billion, I think this fund can be concerned.

"From the investment direction, I am optimistic about the three major directions of consumption, brokers and technology. When we choose the fund, we recommend that the fund can consider these three directions." Yang Delong said.

Zhang Ting believes that regardless of the fund or non explosive fund, investors should choose the same standard. They should not buy because the fund is hot. They should focus on analyzing the investment and research ability of fund managers, especially the ability to gain excess returns over a long period of time.

In addition, Zhang Ting pointed out: "investors also need to pay attention to the point of sale and purchase. When the market is high, they should be relatively cautious and try to buy at the lowest market level. Investors should focus on selecting outstanding fund managers to manage the explosive fund, and examine whether the investment style of fund managers is in line with the current market, whether the long-term performance and sustainability are excellent or not.

A Shanghai fund company official said: "for individual investors to buy funds, the core is to choose their own recognized fund managers, trust fund companies, promising investment industry. There is no need to consider whether it is a burst, or even stick to the new product. The old product is also attractive for historical achievement.

A Southern China fund company also disagrees with the blind pursuit of the explosive fund. It points out that "exploding fund is often the result, not the reason."

It is believed that investors choose the fund only by looking at the fund managers of the company's brand and operation, as well as the situation of the market.

Some people in the industry suggested that when the fund was chosen, apart from the strong ability of fund managers, the best fund companies also had strong team investment and research capabilities, so that the fund would have sustained good performance.

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