6只战配基金遭战术性遗弃?你要上车吗?

01

昨日,原为独角兽而生的6只战略性配售基金集体挂牌上市。在股票市场一路高歌向3100点进军之际,这批事实上已经沦为债券型基金的产品,至少是遭到了投资者战术性卖出:全部6只基金一上市就跌破了净值,出现了集体折价的情况,而伴随着A股的上涨,这6只基金收盘后的净值均有不同程度的上涨,从而令这6只基金的折价率进一步加大!考虑到目前市场情绪偏向权益类资产,因此,虽然有折价这样的便宜事,短期内,这样的便宜投资者还是不宜去捡!
开盘即破净!
因为这些基金已经封闭了8个多月,加上独角兽企业上市发行的初衷也出现了根本性的改变,而今年以来A股市场不断走强,这6只事实上已经沦为债券型基金的产品,虽然均取得了正收益,但仍然难以满足投资者的需求,因此,当上市给了原始认购者一个改换门庭的机会后,不少投资者纷纷选择了乘机卖出。
因此,一开盘,这6只基金便集体跌破了上市时的净值,集体出现了折价走势。截至下午3点收盘,相较于3月28日公布的最新基金净值,6只战略配售基金平均折价率为1.05%,其中招商配售的折价率最高,为1.72%。从交易量来看,6只战略配售基金的合计成交金额为9.4亿元,其中南方配售最为活跃,成交金额达2.45亿元,嘉实的持有人最为淡定,成交金额最低仅0.96亿元。
由于当天市场大涨,上述6只基金收市后的净值进一步提高,因此折价率也进一步扩大,粗略估计,可以达到1.1%的水平。主要是这些基金股票持仓相当较轻,净值增长不大。从数据上看,截至2018年末,6只战略配售基金仍以固定收益类资产为主,在权益类资产配置上差异不大。其中,华夏战略配售是唯一一只未进行权益仓位配置的战略配售基金,权益投资占比为0;汇添富战略配售基金股票仓位最高,为2.06%。6只战略配售基金去年年末股票资产平均仓位是1.17%。
大多持有人9个月的收益不如货币基金!
当天华夏配售出现了6只基金的最高价1.13元,因此成功在这一价位卖货的持有人过去8个多月的时间实现了13%的收益!添富配售的最高价位居第二,达到1.047元,南方配售是1.04元,其余3只的最高价仅1.03元。这意味着,上述六只基金的绝大部分持有人,期间最高收益均未能超过5%!
考虑到能在最高价上卖出的持有人并不多,可以说,喜欢尝新,看好独家兽概念的认购者,在白白牺牲了近9个月宝贵的流动性后,换来的收益不过与货币基金相当。实在不值得。
所以,平姐姐一直强烈反对投资者去买新基金。尤其是需要封闭的基金,更要慎重。中国基金市场多年来的风格与股票基本一致,喜欢炒新。但事实上,炒新往往成为前浪死在了沙滩上——新基金但凡上市,基本上走不出折价的宿命!
哪怕是陈光明这样的明星人物挂帅的新基金,实际上也不值得参与!你巴巴的毁了定期存款的收益,好不容易凑了10万元去认购,结果7%的中签率,才给了你7000元的份额。就算赚一倍,你拿10万元的本钱一除,收益率也不过7%!因为退回来的9.3万元,估计你一时半会也找不到第二个陈光明,也就只好放活期这些没什么收益的产品上了。
后续折价有望进一步扩大!

02

公告显示,此次上市交易,易方达、南方、招商的战略配售基金在深交所上市;华夏、汇添富、嘉实三只在上交所上市。而从上市交易份额来看,本次6只基金的上市交易份额都相对比较低,南方、汇添富、华夏、易方达、招商、嘉实战略配售基金的上市份额占总基金份额比例分别是:6.99%、6.15%、5.07%、4.65%、3.14%、2.49%。
如果后市转入场内交易的份额不断扩大,那么从供求关系上来看,这批基金的交易价格将面临较大的压力,毕竟总规模有1000亿,这个已经无法改变了。现在上市的份额才不到总量的5%!
此外,从折价率的大小与持仓的关系来看,基本反映了投资者对于战略配售基金参与新股配售的不看好的态度。上市首日,股票仓位最低,且去年11月没有参与中国人保战略配售的嘉实配售和华夏配售,在上市首日的折价率和成交量上均较小,其中折价率最低的嘉实配售也是成交金额最小的一只战略配售基金。而获配中国人保股数最多的招商配售折价率最高(1.72%)。
一个可能的原因是中国人保目前发布了业绩下滑的年报,令投资者对于战略配售要持有3年才能解禁产生了较大的顾虑。

03

目前有消息称,战略配售基金可以参与科创板战略配售。作为战略配置,通常都有一定的锁定期,令此类基金具有了定增基金的风险收益特征,如果科创板市场化发行的股价一步到位,锁定几年后是否能够有收益实在存疑。
所以,一动不如一静,不如再观望一段时间再说,反正以它们现在债券基金的属性,就算踏空,这个空的空间也不会大。
平点金基已关联讯飞快读基金小程序~
双语阅读~

Yesterday, the six strategic placement funds originally born for the unicorn were listed on the market. As the stock market sang all the way to 3100, the batch of products that have actually become a bond fund, at least by the tactical sale of investors: all six funds fell below the net value as soon as they went public, appeared The situation of collective discounts, and with the rise of A-shares, the net value of these six funds after the close has risen to varying degrees, thus further increasing the discount rate of these six funds! Considering that the current market sentiment is biased towards equity assets, even if there is such a cheap thing as a discount, such a cheap investor is not suitable for a short time!
The opening is broken!
Because these funds have been closed for more than eight months, and the original intention of the listing of unicorn companies has also changed fundamentally. Since the A-share market has continued to strengthen this year, these six have actually become the bond funds. Although the products have achieved positive returns, it is still difficult to meet the needs of investors. Therefore, when the listing gives the original subscribers a chance to change their positions, many investors have chosen to take the opportunity to sell.
Therefore, at the opening of the market, the six funds collectively fell below the net value at the time of listing, and the collective appeared to have a discount. As of 3 pm, compared with the latest fund net value announced on March 28, the average discount rate of the six strategic placement funds was 1.05%, of which the discount rate of China Merchants Placing was the highest at 1.72%. In terms of transaction volume, the total transaction amount of the six strategic placement funds was 940 million yuan, of which the southern distribution was the most active, with a turnover of 245 million yuan. The holders of Harvest were the most calm, with a minimum turnover of only 96 million yuan.
Due to the surge in the market that day, the net value of the above six funds was further increased after the market closed, so the discount rate was further expanded, roughly estimated to reach 1.1%. The main reason is that these fund stock positions are relatively light, and the net value growth is not large. From the data point of view, as of the end of 2018, the six strategic placement funds are still dominated by fixed-income assets, and there is little difference in the allocation of equity assets. Among them, Huaxia Strategic Placing is the only strategic placement fund that has not been allocated for equity positions, with equity investment accounting for 0; Huitianfu Strategic Placing Fund has the highest stock position of 2.06%. The average position of stock assets of the six strategic placement funds at the end of last year was 1.17%.
Most of the holders’ income for 9 months is not as good as the money fund!
On the same day, the highest price of 6 funds in China’s placement was 1.13 yuan, so the holders who successfully sold goods at this price achieved 13% of the profits in the past 8 months! The highest price of Tianfu is second, reaching 1.047 yuan, the southern placement is 1.04 yuan, and the other three are only 1.03 yuan. This means that all other holders have not earned more than 5% during the period!
Considering that there are not many holders who can sell at the highest price, it can be said that those who like to taste new, who are optimistic about the concept of the exclusive beast, have sacrificed the valuable liquidity for nearly eight months, but the benefits are not changed. Equal to the money fund. It is not worth it.
Therefore, Ping sister has been strongly opposed to investors to buy new funds. In particular, funds that need to be closed should be more cautious. The style of the Chinese fund market has been basically the same as that of stocks over the years, and it likes to speculate. But in fact, the new speculation is often the death of the former wave on the beach – the new fund, but listed, basically can not get the fate of the discount!
Even a new fund like Chen Guangming’s star figures is actually not worth participating! You Baba ruined the income of time deposits, and finally made up 100,000 yuan to subscribe, the result of 7% of the success rate, gave you a share of 7,000 yuan. Even if you double the cost of your 100,000 yuan, the yield is only 7%! Because of the 93,000 yuan returned, it is estimated that you will not find the second Chen Guangming for a while, and you will have to release the products that have no profit.
Subsequent discounts are expected to expand further!
According to the announcement, the strategic placement fund of E Fund, South, and China Merchants was listed on the Shenzhen Stock Exchange. Huaxia, Huitianfu and Jiashi were listed on the Shanghai Stock Exchange. From the point of view of the share of listed transactions, the share of the listed funds of the six funds is relatively low. The share of the shares of the South, Huitianfu, Huaxia, Yifangda, China Merchants, and Jiashi Strategic Placing Funds is 6.99. %, 6.15%, 5.07%, 4.65%, 3.14%, 2.49%.
If the market share of on-market transactions continues to expand, then from the perspective of supply and demand, the transaction price of these funds will face greater pressure. After all, the total scale is 100 billion, which cannot be changed. The average market share is now less than 5%!
In addition, from the relationship between the size of the discount rate and the position, it basically reflects the investor’s unwilling attitude towards the strategic placement fund’s participation in the new share placement. On the first day of listing, the stock position was the lowest, and in December last year, it did not participate in the PICC Placing and China Placing of China PICC Strategic Placement. The discount rate and transaction volume on the first day of listing were small, and the Casting Placing with the lowest discount rate was also the transaction amount. The smallest strategic placement fund. The highest discount rate (1.72%) was attributable to the largest number of Chinese placements.
One possible reason is that PICC has released an annual report of declining performance, which has caused investors to hold a three-year strategic placement to lift the ban.
There is news that the strategic placement fund can participate in the strategic placement of the science and technology board. As a strategic configuration, there is usually a certain lock-up period, so that such funds have the risk-return characteristics of the fixed-income fund. If the share price of the market-based issue of the science and technology board is in one step, it is doubtful whether it can be profitable after several years of lock-in.
Therefore, if you are not as good as a quiet one, it is better to wait and see for a while, and then, with the attributes of their current bond funds, even if they are empty, this empty space will not be large.

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