Irrational Pursuit Of A "Hot Search" Fund: The "Investment Trap" Of Blockbuster Funds?

"What are the things that young people should never touch?"

When you see this question, you may think about drugs and gambling, but in terms of Zhihu, there is another answer under the question with 278000 concerns.

"Noan growth mix", "Galaxy innovation growth" Many users answered this question.

A few years ago, it might have been unexpected that one day a public fund would attract so much attention from the market, and even noan's growth mixed up to be on the microblog hot search list several times.

Let people sigh at this year's public offering fund hot out of the circle degree, and more magic meaning.

Noan growth hybrid is the 9th active equity fund in the market last year, and the annual return of the fund will reach 95.44% in 2019.

Recently, the reason why noan fund has become popular online is that investors suddenly encounter market changes after buying hot money and suffer fund losses and "roller coaster" investment experience. The public fund is not the only one that attracts attention.

Behind the event, on the one hand, is the lack of education of investors, on the other hand, there is "cold thinking" under the boom of public funds.

After the young group has gradually become the main force of market investment, how to correctly understand the fund investment and where is the responsibility boundary of the public offering industry?

Growing up with frequent hot searches

11 out of 12 trading days were in decline. On September 2, noan growth hybrid was on microblog hot search again.

In February, the net value of Noam fell by 13.0% in February. In the past month, the fund has fallen nearly 15%.

In fact, the return of noan growth mix has reached 80.45% as of July 14 this year, and its performance is also in the forefront of the market.

But after hitting a new high on July 14, it fell sharply. From July 15 to September 2, noan's growth mixed income fell by 24.3%.

This decline in earnings ranked first in the market-wide funds during the same period, followed by noan and Xin, also managed by Cai Songsong.

Noan and Xin fell 23.9% in this range.

According to the feedback from netizens on hot search, most investors bought the noan growth hybrid fund when it was close to the high point. In an instant, the market adjusted fund income fell and investors continued to lose money.

According to the data of the second quarter report, the top 10 heavy positions in the growth mix of noan are Shengbang shares, North Huachuang, Zhuo Shengwei, Zhaoyi innovation, Weiwei, Shanghai silicon industry, Sanan optoelectronics, Changdian technology, Zhongwei company and Wentai technology, which are basically concentrated in semiconductor chip stocks.

It is not only the industry concentration, but also the single stock position of noan growth mix.

In the second quarter, the proportion of net asset value of the fund in which noan Growth Mixed held Saint bond shares reached 12.64%; the position proportion of North Huachuang, the second largest heavy position stock, also reached 9.71%. On the whole, the top ten heavy positions of noan Growth Mixed accounted for more than 80%.

The problem brought about by the concentration of shares is that, under the market adjustment and plate rotation, the net value of the fund rises and falls like a "roller coaster".

From the perspective of the second quarter report, the ultimate style of fund manager Cai Songsong has not been shaken.

In its view, pharmaceutical consumption and other industries benefiting from the epidemic have seen a substantial increase. In the second half of the year, the market is optimistic about the growth of science and technology, and the high position will be maintained in the future.

"This kind of fund manager with more aggressive style is not bad, but for ordinary investors, they don't regard investment fund as a long-term investment behavior, and they don't understand that each fund manager's style is different. Investors should choose their own style. Therefore, the investment experience is certainly not good. It's a bit like a roller coaster. " A public fund market person in South China told the 21st century economic reporter.

As a matter of fact, with the growth of noan, the performance of the hybrid fund has gone up all the way, and the growth of its scale is also very obvious.

According to the data, at the end of the second quarter of this year, the scale of noan's growth mix reached 16.1 billion yuan, an increase of nearly 10 billion yuan compared with the fund scale at the beginning of the year.

According to the second quarter report data, the number of mixed holders of noan growth reached nearly 1.15 million, with 92.64% of the shares held by individual investors.

According to the reporter of 21st century economic report, most of them are individual investors from Internet sales channels.

The embarrassment of investor education

The growth mix of noan is wildly sought after by investors, which is just a microcosm of the booming equity market of public funds this year.

According to the data of the fund industry association, by the end of July, the scale of public funds in China was 17.69 trillion yuan. This is the scale of public funds reached a record high of 17.78 trillion yuan at the end of April this year. After a slight correction at the end of May and June, the scale of public funds rose again in July.

Active equity funds with an initial amount of more than 10 billion yuan appear frequently, which are stimulated by the capital market's profit-making effect and attract many investors.

However, there are always fluctuations in the market. Once many novice investors encounter fund decline, events like noan growth mix will appear.

"In the Internet age, many investors discuss fund products on various platforms. We also have fund managers who were scolded when they fell for a period of time, but in the twinkling of an eye, the net worth rose and investors began to boast." A public fund source in Beijing told the 21st century economic reporter.

"Investors don't see investment funds as a long-term investment behavior." The person said.

In fact, many Internet fund sales platforms will display their products by ranking the fund's performance in recent three months, nearly half a year and nearly a year, so many funds with outstanding performance in a period of time will attract investors to pursue.

"It's hard to say whether it's an investor's problem or a fund company's problem. It can be understood as a necessary stage for us to improve the financial literacy of the whole people and guide the anchor of residents' wealth from real estate to the capital market." A large-scale public fund personage said frankly in an interview with the reporter of the 21st century economic report.

In fact, many cases around point out that for investors, the current investor education is seriously inadequate, and there is still a lot of room for improvement in financial literacy.

For example, he didn't know the name and investment style of the fund manager who graduated from the University. For example, he didn't know his investment fund manager's name and investment history. For example, he didn't listen to the fund manager's name and investment history.

"All fund companies that have a sense of responsibility for the industry and have long-term plans for the industry are actually willing to do investor education, so that more people can understand the fund, benefit from the investment fund, and ultimately benefit the whole industry." "However, the biggest difficulty for fund companies to engage in investment and education is that we do not have customer resources and can not directly contact customers. Investment and education can only be carried out online or jointly with channels, with very limited coverage. During this period of time, the industry has been discussing the phenomenon that tail Commission accounts for a high proportion, which actually reflects the weakness of fund companies in terms of customer resources. "

The 21st century economic report reporter found that prior to this, noan fund had also made risk tips for the growth mix of noan and the mixture of noan and Xin managed by Cai Songsong, reminding the investment candidates that the fund should match their own risks.

It is worth mentioning that Zhang Kun, the star fund manager of e fund, taught investors how to choose funds in the second quarter of this year.

"The fund has different styles, how to choose for the holder? My suggestion is to ask three questions: first, is the manager's investment system self-consistent? Second, is the manager's investment system stable? Third, whether my investment system and values match the manager's investment system and values?" Zhang Kun said.

In addition to enhancing the understanding of investors, fund companies and sales channels also need to clarify their responsibilities.

"As far as the fund manager is concerned, as long as his investment behavior is in line with the provisions of legal supervision and the constraints of fund contracts, even if it is highly flexible, there is nothing to blame in fact." "But the key problem is whether the fund company has explained to you that this product is a highly flexible product, and whether it also explains the possible withdrawal risk of the product when listing the performance income; the problem is whether the sales channels fully understand the characteristics of this product and whether it is recommended to the public The right person. "

Shenhua style

The new development fund is wildly popular, but the performance of many popular funds in the past does not seem to be satisfactory.

For example, the once popular model was all suitable, with a total share of more than 32 billion copies, and was the market star of that year. The fund was established in January 2018. Three months after its establishment, the net value of the fund is still less than 1 yuan.

Since the beginning of this year, equity funds have become more popular.

While the market is keen on breaking records, it may also bring hidden dangers to the industry.

As most of the funds are established in the bull market, the short-term fund performance may not be satisfactory once the market adjustment.

For example, funds such as noan growth hybrid and Galaxy innovation growth, which are bought by investors when their performance is growing, may suffer a large loss after adjustment.

"When choosing a fund, investors must understand the fund manager and the style of the fund manager. When you do asset allocation, you can't put all your assets on products with high volatility. You must see whether the fund style is suitable for you. " According to an interview with a public fund in Beijing.

"In fact, for fund managers, managing large-scale funds is also relatively difficult." The investment director of a public fund in South China told the reporter of the 21st century economic report.

He pointed out that "first, it is more difficult to select stocks, and there are" double ten restrictions "on the investment of public funds, that is, the market value of a single stock purchased shall not exceed 10% of the circulating market value of the stock, and shall not exceed 10% of the product scale. If the product scale is too large, subject to this regulation, some good stocks with small market value may be excluded from large-scale funds; second, it is more difficult to adjust positions and buy and sell The meeting will have a certain impact on the price of a single stock, which will increase the trading loss for the fund; thirdly, it is more difficult to pursue the excess return, especially when the fund manager tries to obtain the excess return through centralized shareholding. "

In fact, due to the good performance of the market during the year, many fund managers with top performance last year ushered in a rapid growth in the size of the funds under their management. With the rapid growth of scale, the ability of fund managers is also being tested.

"The outstanding performance of some fund products with distinct growth style in the market has brought about a rapid increase in scale. When the scale exceeds 120 billion, due to the requirements of some laws and regulations, such as the Double Tenth rule, the shareholding concentration of these products will naturally decrease. Scale growth will also force fund managers to expand their own capacity circle, looking for those with greater carrying capacity, in line with their investment strategy and stock selection standards The investment director said.

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