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电子游艺网址多少:At the end of the warehouse into a major source of profit to fight the new fund needs to be transformed in the future

时间:2017/12/22 14:16:38  作者:  来源:  浏览:0  评论:0
内容摘要: since 2015, playingnew basegold has become the mainland public fund industry, a popular product, is not this type of fund size, and many mo...

since 2015, playing new base gold has become the mainland public fund industry, a popular product, is not this type of fund size, and many more hybrid / flexible configuration as the main type, the pursuit of new revenue are playing Its main source of profit.

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According to the statistics of the Hongjian Finance Press, this year the fund hit a good overall return of more than 80% of the new fund to obtain a positive return, but most of the profits came from the bottom positions of shares: Among them, Huian Fenghua A performed the best and it deserved Benefit from the white horse-based blue-chip configuration at the end of the warehouse, from the beginning of the year so far yields more than 70%; In contrast, despite the new good results, but Qianhai open source gold and silver jewelry A due to Shigekura's gold, small metal plate in September Since the trend is not good, dragged down the overall net value.

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Looking ahead, after the appointment of Dafa Commission, the IPO rate dropped sharply. In December, only 17 new shares went public. Compared with the monthly release of 52 new shares in the previous year, there were quite a few cases in the industry. According to insiders, the future hit a new rate of return is likely to continue to decline, hit a new fund reform is imperative, hit a new act on the fund's value will be transformed to provide "enhanced" earnings; to obtain high net worth, but also depends on the election of fund managers Stock ability.

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Fight new fund overall performance is acceptable

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Fighting a new fund generally refers to the type of fund that uses a new profit as the main source of profit. According to Guotai Junan small cap team statistics, hit a net new fund in the third quarter net assets of about 500 million yuan scale, playing a total new fund total size of about 3900 billion yuan; in response to the drop hit absolute new earnings, most of the funds Are reducing the size of the product to improve the hit new rate of return.

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In this regard, Zheng Zhiyong said that compared with last year, this year's new rate of return of offline down significantly, C investors 4-5% rate of return in Shanghai, Shenzhen rate slightly more than 2% yield, raised funds as a Class B investors hit a new rate of about 8% offline.

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The figure given by the public offering practitioners is not far behind. An employee from a medium-sized public in Shanghai told this reporter: "This year, the new contribution to our fund's return rate is theoretically between 6% and 7%." She said that due to the fact that the Shanghai and Shenzhen markets need to invest 60 million yuan in the bottom line each year, in response to the fact that the new threshold for raising the line has risen, playing new funds are generally narrowing the scale and raising the stock positions. "The total fund size is at least In more than 100 million yuan, not more than 5-10 billion yuan, in general, the smaller the scale, the better the new revenue. "

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According to the data, the Hongjian Finance Journalists screened more than 800 funds from more than 2000 public funds participating in offline sales after screening the next new fund with a scale of 1-5 billion yuan. Among them, there are 568 partial shares / partial debt / flexible allocation funds with a total amount of over 50, of which 528 receive positive returns and 270 return more than 10%. Specific analysis, these hit a new fund 419 only for the flexible allocation of funds, 118 partial shares mixed type, 29 partial debt hybrid funds ,2 only for the balanced allocation of funds. According to Guotai Junan researchers analyzed, playing the new fund in all suites fund companies in Penghua Fund issued dozen new products total net assets of over 20 billion, a relatively significant size advantage.

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Bottom Position into Major Profit Source

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Of the above 528 hit new funds, the best return is Huafeng Fenghua A, from the beginning of the year to December the yield was 73.2%, the scale of the Fund's quarterly newsletter was 112 million yuan, the success of this year " Captured "74 new shares. From the position announced three quarterly view, stock positions accounting for sinks An Fenghua A was 65%, 18% bond positions, which are heavy plate is Bank, ADB financial, food and beverage , including China Ping An China Merchants Bank , Societe Generale Bank , , Maotai and many more for this year's "nineteen differentiation" in the big bull stock market. In addition, the Changan Xinli preferred A, BOCOM New Life, Qianhai open source Shanghai and Hong Kong Innovation A, Huian Fengze A, Shen Wan Ling letter consumption growth, the Agricultural Bank of China Industrial 4.0 these six funds this year, the yield exceeded 40 %. The fund to the flexible allocation of funds, the fund size of 1-3.5 billion yuan, of which the new line under the most lucrative new pay is the Bank of New Life, as of December 18, the Fund successfully acquired this year, new shares 311 only.

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hit a new fund, the worst performance this year is the former sea open source gold and silver jewelry A, from the beginning of the year loss of 17.50%. The fund, a flexible allotment fund, participated in the offline issuance of 265 new shares this year. However, as the fund size reached 45.7 billion yuan, the new profit hit a serious dilution. From the holding point of view, the fund manager of gold, small metals and other sections of favor, in the first quarter when the fund's top five Awkwardness are gold stocks, and then continue to transfer positions to the third quarter of the top five Awkwardness 4 Only engaged in the lithium / cobalt / molybdenum and other small metals industry listed company, but since mid-September, the concept of decline significantly, leading to a net net fund substantial retracement.

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And the reason why there is such a huge rate of return, the fundamental reason lies in the configuration of the underlying fund positions. If the Shanghai 50, Shanghai and Shenzhen 300 non-bank financial, beverage, food and other white horse blue chip stocks at the end of the warehouse, the general will have a good yield. There have been private equity fund managers to the red journalists said that "to buy 50 stocks + offline + new card + 500 futures hedge" is the best strategy since the second half of 2016 to the market.

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In fact, most of the new funds do make a rational choice. According to Guotai Junan small cap team analysis, the third quarter hit a new fund industry shareholding increase, non-bank financial sought after in the third quarter, holding up, second only to banks and food and beverage, hit a new fund shares of Shanghai stock China Ping An for the and ICBC , compared with Gree electric Shenzhen Ping An Bank and . According to its estimates, from the beginning of the year to mid-November, playing a new fund's median return was 6.16%, "As playing a new fund Awkwardness, the vast majority of Shanghai and Shenzhen 300 constituent stocks, the overall trend of Shanghai and Shenzhen 300 this year, the end of the warehouse Revenues have exceeded the hit new to become the most important source of revenue. "

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How to Redefate the Fighting New Fund

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In fact, the survival of the new fund benefited from a higher IPO circulation speed and a fiery wave of new IPOs. However, there are great uncertainties in both of these two factors in the future.

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First of all, the IPO rate of decline has dropped significantly. The number of IPO meetings in the first half of the year has basically stabilized at about 14 per week, with about 50 new shares listed each month. However, since the appearance of the trial issuance committee in mid-October, the rate of sudden decline has dropped from "6 over 2" "6 over 1", "4 over 1" or even zero, only 17 new shares in December, compared to the grand occasion of the first half of a lot of cool; In addition, the IPO opening time earlier. According to the statistics of the Hongkan Financial Press, 134 new shares were listed in the first quarter of this year with an average of 11.21 daily limit after listing. Since the fourth quarter so far 80 new shares listed, the average daily limit after the listing dropped to 7.96, a drop of 30%.

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From the investor's point of view, the demand of base people for playing a new fund has also been shaken. An employee of Galaxy Fund said that affected by the drop in the new rate of return, "the enthusiasm of the basic public to buy a new fund this year is not as good as before."

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In this regard, Cheng Zhiyong also said that "as the future hit a new rate of return decline, hit a new will be transformed into a revenue-enhancing strategy, the Fund fundamentally or through stock selection to achieve profitability, hit the new only to provide an excess return ".

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电子游艺网址多少:At_the_end_of_the_warehouse_into_a_major_source_of_profit_to_fight_the_new_fund_needs_to_be_transformed_in_the_future

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