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幸运飞艇信誉群:Many funds such as Industrial Bank were heavily redeemed.

时间:2018/4/27 19:09:09  作者:  来源:  浏览:0  评论:0
内容摘要: Whenever the periodic report of a public fund is disclosed, it can always be noticed that there are some stocks, which account for a partic...

Whenever the periodic report of a public fund is disclosed, it can always be noticed that there are some stocks, which account for a particularly high proportion in the overall position of the fund, even reaching more than 30%. Of course, this over-limit holding is mostly due to passive reasons, such as Encounter huge redemption.

In spite of this, Fuji Finance has found some interesting funds in the first quarter of this year. Some funds have even sold out all the stocks they can sell, and they have not been able to deal with huge redemptions.

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Huge redemption option liquidation

Data show that among the actively managed funds, five stocks accounted for more than 30% of the holdings of seven funds. Specifically, Xingye Juyou flexible configuration hybrid holding Taihai Nuclear Power Although only 29 million shares, but the proportion of the net assets of the fund as high as 65.94%; Penghua Hongteng hybrid A only holds 50,000 shares of Xinwei Group , but the proportion of the fund's net assets as high as 60.11%; Pingda China Quantum Growth Mix A holds only 63,500 shares of , COFCO's , but its share of the fund's net assets is as high as 55.11%.

Looking through these high-limit funds, there is basically the same situation, that is, the case of a huge redemption, of course, there is a reason that some of the stocks are suspended, resulting in unable to trade, such as suspension The Taihai Nuclear Power, Xinwei Group, Shida Group , etc.

Because of the huge redemption, the fund had to sell its positions in the hands, and even sold out all the stocks that were in a tradable state. It is worth mentioning that some funds sold directly to the liquidation after selling all the stocks.

Take Xingye Juyou Flexible Configuration Mixing as an example, the fund holds a share of fund's net assets of , which is as high as 65.94%. However, at the end of 2017, the proportion of positions held by Taihai Nuclear Power was only 7.99%. Note that the fund was redeemed for 66,593,900 copies in the first quarter, leaving the remaining total fund balance at the end of the period of only 11.2282 million copies. Among them, "institution 2" holds 9,778,100 shares, which account for 87.09 of the total share. %.

According to the latest announcement, this institution’s dominant “mini” fund will soon hold a holder’s meeting to review the “Proposal on Terminating the Industrial Bank's Merits and Flexible Deployment of the Mixed Securities Investment Fund Fund Contract”. It may be liquidated.

Managers pay for their own pockets

Even more interesting is that Penghua Hongteng Mix, which is ranked second, is not only redeemed by huge amounts, but the administrator has to make up for it himself. Niu Mei noted that at the end of the first quarter of 2018, Penghua Hongteng Mix also held only one stock. This single stock was a suspension of individual stocks - "Xinwei Group", which accounted for 60.11% of the positions, and by the end of 2017, Xinwei Group's position in the fund accounts for only 0.28%.

What happened to this? Looking through the quarterly report of the fund, it can be seen that there are still 201 million shares of Penghua Hongteng Mix C in the end of 2017, but in the first quarter of 2018, “institution 1” redeemed 201 million copies, while Penghua Hongteng Mix A The total share of the company is only 244,700. Therefore, even if the A shares plus the C share, there are only 937,500 copies.

Interestingly, of the 937,500 copies, 632,200 are still from the fund manager’s subscription on March 22nd, that is, if there is no manager's shot, then the fund's share at the end of the first quarter may be Only about 300,000.

And if only this share is left, then even if it is calculated according to Peng Hua Hongteng Hybrid A's net value of 1.1234 yuan on March 30th, the net asset value of the fund is obviously not enough to cover the holding market value of Xinwei Group (58.40). 10,000 yuan, that is to say, if the manager does not pay for himself, selling other stocks of Xinwei Group will not be able to deal with the redemption of investors.

It is worth mentioning that although Xinwei Group currently has a very high proportion in the fund, and Xinwei Group is in the process of planning a “significant and unprecedented” reorganization, the fund has not suspended the subscription. For investors, for such funds, we must be careful and must not be blindly involved.

Similarly, Tianhong Yuli Hybrid also had 450 million copies at the beginning of the year, but "Institution 1" redeemed 450 million copies in the first quarter, and fund managers purchased 1.851 million copies on March 15. Accounted for 98.52% of the total share at the end of the period.


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