① Remain restrained when crowds are raging; Bao Wuke and Huang Hai are limiting purchases; ② 6 of the 8 products managed by Bao Wouke cannot be purchased for more than 5,000 yuan in a single day; ③ Currently, many fund managers such as Zhang Kun, Qiu Dongrong, Zhou Zhishuo, Fu Pengbo, He Shuai, and Zhou Weiwen are restricting purchases.
Financial Services Association, April 29 (Reporter Yan Jun) The market is getting better, marketing is crazy, and the bad market is being scolded like crazy. The extensive sales model of fund companies in the past is quietly changing.
Recently, the A-share market is gaining momentum, driven by Hong Kong stocks. At the close of trading on April 29, the Shanghai Index stabilized at 3,100 points, and the two markets traded 1.2 trillion dollars. Volume and price have risen sharply, and northbound capital has once again flowed in more than 10 billion dollars. It was at the busiest moment in the market that star fund managers such as Bao Wuke and Huang Hai opened limits.
On April 29, the Jingshun Great Wall Fund announced that veteran Bao Wu can manage the three funds, Jingshun Great Wall, Shanghai, Hong Kong and Shenzhen Select, Jingshun Great Wall State-owned Enterprise Value, and Jingshun Great Wall Value have suspended the acceptance of subscriptions of 5,000 yuan or more per day. In addition to the previously announced Jingshun Great Wall Energy Infrastructure, Jingshun Great Wall Value-driven one-year holding, and Jingshun Great Wall Value Leader's two-year holding, the star fund manager has already imposed strict sales restrictions on 6 funds.
Bao Wuke's management scale for the first quarter of this year was 21.183 billion yuan, an increase of 14.16% in just one quarter compared to 18.556 billion yuan at the end of last year. The reason Jimin is following suit is performance. As one of the 10 billion star fund managers, Bao Wook's performance has always been competitive. Up to now, the return on employment with the products he manages has been positive. Invesco Great Wall Value, a floating rate product established at the end of October last year, found a return of nearly 12% since its establishment.
Such intensive downsizing of subscription quotas and lowering the quota to less than 5,000 yuan is rare. According to the industry, judging from the limit fund theme, most of them are popular industries that have had good gains before, such as energy, central state-owned enterprises, and Hong Kong stocks, or have taken the initiative to lower the quota from a civic perspective. In other words, fund managers are actively limiting scale expansion.
Take action to limit the size of 6 funds in a row, for customers over 5,000 yuan
Three funds, including the Invesco Great Wall, Shanghai, Hong Kong and Shenzhen Select, which cannot be managed by Bao, announced today that in order to protect the interests of fund share holders and ensure the smooth operation of the fund, after May 1st, that is, starting May 6, the fund will suspend all purchases, including transfers, fixed investments, etc.
On April 25 and 26, Bao Wuke already imposed limits on the management of Jingshun Great Wall Energy Infrastructure, Invesco Great Wall Value Drive for 1 year, and Invesco Great Wall Value Pilot for 2 years. Also, the limit is 5,000 yuan, all of which began to be implemented on April 29.
As to the reason for continuously restricting large subscriptions, some analysts pointed out that fund managers may actively limit size based on balance considerations between scale and performance.
Bao Wuke currently manages 8 funds (only counting main funds). The management scale for the first quarter was 21.183 billion yuan, and the return on his best performance was 389.51%. Performance is the test stone. Judging from the products he currently manages, the return rate of all funds has been positive in different assessment dimensions over the past two years. Taking the yield since this year as an example, the best performer was Invesco Great Wall's state-owned enterprise value mix, which was 19.02%. The lowest ranked value found that Invesco Great Wall also had a return of nearly 12%.
In Invesco Great Wall Value Discovery's quarterly report for this year, Bao Wu Ke's overall judgment on the market is that despite challenges in the investment sector, other aspects of the domestic economy have shown a relatively stable trend. This shows that despite the inevitable twists and turns during the transition period, the overall resilience of China's economy cannot be underestimated. At the same time, the current economic restructuring is also laying a solid foundation for future sustainable development.
As a result, operationally, he raised his position level, and there was no significant change in the shareholding structure. Some holdings showed signs of being overvalued due to rising prices and changes in fundamentals. They chose to reduce their holdings in these stocks when prices were higher, and investment in other stocks was increased at the same time.
Reducing positions at a high level also actively restricts the scale at a high level. To a certain extent, it also reflects the change in public funds from being oriented towards past sales and focusing on investor returns. This is also in line with the current regulatory orientation. The new “National Nine Rules” clearly urge fund managers to establish the concept of rational investment, value investment, and long-term investment, from scale orientation to investor return orientation, and place investors' sense of attainment in a more important position.
Among the product limits for many star fund managers
In addition to Bao Wuke, Wanjia Mingxing Fund manager Huang Hai also issued an announcement on April 29 to suspend large subscriptions. The Wanjia Macro strategy he manages suspended more than 1 million subscriptions.
According to statistics from a Financial Services Association reporter, many star fund managers, including Zhang Kun, Qiu Dongrong, Zhou Zhishuo, Fu Pengbo, He Shuai, and Zhou Weiwen, are currently still in a limited state.
Specifically, Qiu Dongrong's Zhonggeng Value has a flexible single-day subscription limit of 10,000 yuan; Zhonggeng Value Quality holds a single-day large subscription limit of 100,000 yuan; Zhou Zhishuo manages Jianxin's new blue chip, Jianxin's small to medium market, Jianxin Zhiyuan Pioneer, and Jianxin's optimized allocation limit of 10,000 yuan; Ruiyuan Growth Value managed by Fu Pengbo and Zhu Yi has a single-day large subscription limit of 10,000 yuan; Yifangda, managed by Zhang Kun, holds a single-day large subscription limit of 10,000 yuan; Yifangda Premium Premium Premium Premium Subscription Limit of 10,000 yuan per day managed by Zhang Kun The limit is 50,000 yuan; the limit is 100,000 yuan for two years, managed by Zhou Weiwen's ingenuity between China and Europe.
In addition, there are 68 funds in the market with a daily subscription limit of 500 yuan or less. Most of them are debt-based and QDII funds. Most of the cross-border funds are popular products from NASDAQ Technology ETFs, India and other regions. There are only products that have always been actively managed, that is, Jinyuan Shunan, and Yuanqi, managed by Miao Weibin. This influencer product is under quota all year round.
The industry said that there are generally three reasons for the limit: one is a cross-border fund, which is limited by foreign exchange limits, and the amount in the fund company's hands may not meet the subscription, and then the limit; second, the strategic capacity is limited, such as the Jinyuan Shunan Yuanqi small cap strategy, which is limited in scale; and the third is the active size limit. This must be based on the considerations of various fund companies and fund managers, such as Bao Wook, Huang Hai, and the current larger debt base, which may be considered from the perspective of scale and performance. To a certain extent, it also avoids high investors' entry into the market and ensures the smooth operation of the fund.