Gem Strategic Placement Fund First Appeared "Cold" Or Difficult To Replicate The Theme Of The Creative Board Fund Brilliant

The gem index has surged 44% this year. It has become the best performing broad base index in the global market at the same time as A shares. However, unexpectedly, it did not carry the gem strategic placement fund.

In July 7th, the first batch of 3 gem strategic placement funds were launched, with a limit of 3 billion yuan per unit, and the end of the day ration was placed, setting up a closed period for two years.

In twenty-first Century, the economic news reporter was informed that the two countries regularly open the mixed funds for the two years, and the amount raised is close to the upper limit of 3 billion yuan.

Two other funds: Dacheng gem, a two year regular open hybrid fund and a China Europe gem, which regularly open hybrid funds for two years, but are not sold out as expected on the market.

In a restless bull market, this is somewhat surprising.

Gem battle allocation fund first "cold"

From the third party platform, two gem strategic placement fund is still in the state of sale.

"It is not sold out, it will continue to sell tomorrow." After closing the market in July 7th, a person close to the sales channel said.

And in sharp contrast, the day before July 6th, huitianfu mid value growth fund issued, half a day to raise over 50 billion, announced 13 points to stop accepting subscription Commission, the first time in the history of the new fund issue to stop the subscription.

Compared with the 7 major fund offerings that were released a year ago, the first strategic placement of gem could be seen as a "cold shoulder" for the strategic placement fund.

At that time, the science and technology board theme fund was sold for 1 billion yuan per day, all sold out one day, and the proportion was rationed. In April 29, 2019, huitianfu's technology and innovative placement ratio was as low as 3.5993%. According to this calculation, the fund sold 27 billion 783 million yuan a day.

The industry believes that the difference between the two may be born out of the science and technology board, and the degree of concern and market optimism is much higher than that of the stock reform board.

Is it possible to replicate the Science Board fund?

Despite the different positioning of gem and Chuang Chuang board, there is still a certain expectation that the high yield of Ke Chuang board theme fund will be expected before the market.

"Over the past year, we have gained more than 20% of the net new shares in the past year, which is the only institutional reform bonus in the world. It is estimated that there are nearly 100 enterprises in the first batch of gem, and the risk free arbitrage income in the first year should be more than 20%. Xuan Jia financial CEO Lin Jiayi said.

"For the positioning of the science and technology board, most of the listed companies have more imagination. The hot money of the market is willing to pay a premium for them, which leads to capital chasing after the IPO, so as to maintain a good arbitrage space. While the gem is relatively weak in imagination, the market is willing to give a relatively low valuation premium, but it can win by volume. Lin Jiayi said.

Reporters found that the first set up in April 2019 from 29 to May 7th in May 7th, 7 science and Innovation Board theme fund, as of July 6, 2020, since its inception over a year of income interval 65.43%-114.86%, with an average return of 86.19%.

The Wind data show that up to now, there has been a total of 52 science and technology board theme funds (A/C share separately calculated in the market). Among them, fighting new is the most stable source of income.

However, a fund manager of the science and technology theme Fund said there were some differences between the target of the gem and the gem. "At present, the industry limit of the science and technology board is narrow, and the scope of the gem is broader. However, the following two boards will not have much difference in the issuance and trading system. The key is to see which side can attract more excellent companies to go public."

There are also senior investors who believe that Chuang Chuang board has a strong overall attribute and is a new sector. The stock market valuation is less constrained, so the profitability may be better than that of the gem.

However, for the gem strategic placement fund, the Wells Fargo Fund believes that the gem has two bright spots for two years: first, the gem index this year should be the best performing index. Including growth index of gem, gem 50, gem blue chip, gem index, GEM board and so on. This type of fund is mainly based on the gem, which basically invest in the strong index this year, and it may be a strong index in the next 2~3 years.

Second, this kind of fund has the priority of strategic placing right compared to the ordinary gem fund. The gem index has risen a lot this year, and its valuation may not be cheap. If we can participate in the strategic placement, we can get quite a few chips or positions at a relatively low cost.

"At present, this batch of companies, especially the first batch of gem registration system, has good texture in applying for IPO, and there may still be some red chip enterprises coming back from the US. If they can participate, they will be very good institutional dividends." Wells Fargo believes.

For the Jiancang mode, the Wells Fargo Fund said that the gem index performed very well this year. In the current position, the valuation is relatively expensive, and it will take a batching way. First of all, it will not be particularly urgent to select a good company in the original stock. Second, some positions will be actively involved in the strategic placement; in addition, it will actively participate in the offline placement, and will select high-quality leading enterprises in the new listing system under the gem registration system, and hold them for a long time.

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