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.