Behind the first blockbuster fund of the New Year, these three points are worth Fortune attention

The Zhonggeng Hong Kong Stock Connect, issued on January 9, is worth 18 months of closed activity. The equity fund is capped at 2 billion yuan. This fund is also the first fund product of Qiu…

The Zhonggeng Hong Kong Stock Connect, issued on January 9, is worth 18 months of closed activity. The equity fund is capped at 2 billion yuan. This fund is also the first fund product of Qiu Dongrong, the chief investment officer of Zhonggeng Fund, which invests only in Hong Kong stocks. It is understood that the issue date should have approached or exceeded the maximum limit. In fact, it is not surprising that Qiu Dongrong launched a Hong Kong equity fund at that time, which produced a boom effect. As an industry observer and veteran citizen, I have a few thoughts:

First, Qiu is always excellent and the timing is not bad, but we have to be careful of the 'momentum' of the sales organization to avoid too high expectations and too many disappointments.

Mr. Qiu's excellence, whether it is his high proportion of long-term institutional holders, high institutional recognition, or his ability to create absolute returns for investors in a market environment like last year, can be confirmed. From the beginning of November last year to the present, in two months, the Hang Seng Index has rebounded by 40%, and the Hang Seng Technology Index has risen by 60%. One scene: 'We're always going back and forth in the cycle of avoiding a certain goal in order to run towards it.' At present, although the valuation of Hong Kong stocks is not expensive yet, they are actually facing more and more attention and rush to raise funds, and there are too many people watching them. It is necessary to observe whether the market outlook can continue to ride the dust, at least in a short period of time focusing on the pursuit is risky.

'Star manager + track/area doing well = hot money', this formula has been tried and tested for sales organizations and has often been successful, but right now, this product is the only choice for ordinary investors , or The best choice, years of experience observing explosive bottoms told me to put a question mark. There is hardly an explosion that has not harmed the customers, the problem is not the managers themselves, but the deviation between the expectations given by the customers and the real situation during the advertisement, i.e. the higher the expectations, the greater the disappointment.

There are 3 Ruiyuan Fund products that are far away. Each manager is a big man and only a high percentage of the allotment is issued. The managers' style hasn't drifted, but there aren't a few holders who have opinions; As recently as January last year, more than a dozen outstanding fund managers of the Mesozoic generation launched a group of products. Thanks to their appeal, they garnered good scale, but nobody expected the market that followed. The best among them One has just returned above face value, and the rest of the net value is all below 1 yuan, and the worst fell 23%. Looking back, any so-called explosive product has a 'discount' purchase point after its establishment, so why rush to release it?

Second, if you're optimistic about a manager, you don't necessarily have to buy their new fund—you need to comprehensively consider the position's style, strategic environment, and cost.

Those who have paid attention to Mr. Qiu may find that Mr. Qiu has mentioned his focus and layout on investment opportunities in Hong Kong stocks in every quarterly report last year. One of the four opportunities he has always highlighted are the Hong Kong shares. This can also be seen in the left-hand layout in his current surviving fund holdings. At present, the issuance of a fund specializing in investment in Hong Kong stocks shows that Hong Kong stocks still have good investment value in Mr. Qiu's investment framework. In my opinion, this only proves that the logic Mr. Qiu's investment and system are stable, but can not represent the advantages of the new funds compared with the old funds. Perhaps the cheap bargaining chips accumulated by old funds in Hong Kong stocks are cheaper. Right now, the long-awaited Hong Kong equity opportunity is no longer something this investment institution or fund manager is quietly planning, but it is on the table, where public offerings, private placements and foreign capital are playing The environment and the months Very different from before.

At the same time, the purchase of newly issued funds has a relatively high management fee cost for the general public. It is a rule that the subscription fee is not discounted. Fund companies use all subscription fees as channel incentives, so the sales channel is the most motivated to recommend new funds Favorites Recommend customers to 'redeem old and buy new'. The new fund still has a 1-3 month period to build positions. The specific pace of building positions is unknown to Jimin. For funds established in January, the fastest time to see the quarterly report is to read the second quarterly report at the end of July. It's not good for Christians not to see for a long time how the new fund works.

Indeed, as an investor, as long as the investment manager is reliable and agrees with the investment philosophy and strategy, it is more cost-effective to buy the existing mature products managed by the manager. On the one hand, the underwriting fee is basically 10% on each platform, on the other hand, the quarterly reports of the surviving funds are consistent and searchable, which is more transparent and helpful for us to judge the use of this strategy from part of the manager.

Third, if investors are optimistic about Hong Kong stocks, they will have too many choices in terms of funds.

The first category is passive investment index funds. Index funds (ETFs and ETF-linked funds) that contain words such as 'Hang Seng, Hang Seng Medical XX, Hang Seng XX Internet XX, Hang Seng Technology Index' are all funds that plot the Hang Seng index series. The 'Hong Kong rate included' is 100%, and ETF funds can be traded and traded on the market, just like stocks. Brokers charge transaction fees and there are no entry and exit fees ETF connections are off-premise purchases and there is usually a fee for entry and redemption Preferred, many C share purchases 0 even redemption more than 7 days is 0, so it's more suitable for short-term holding, much more flexible and convenient.

The other type is actively managed funds, which are divided into two types: one is active funds with the words 'Hong Kong Stock Connect' or 'Shanghai, Hong Kong and Shenzhen' in the name and the allocation of these funds to Hong Kong shares depends on the choice of fund manager. , You can't rush just by looking at the name. Some are called 'Shanghai-Hong Kong-Shenzhen Fund', but the actual holdings of Hong Kong stocks account for less than 10%. Buying at will is subject to misunderstanding. The other is that the fund name does not contain 'Hong Kong', but the fund manager, such as Mr. Qiu, recognized the future investment value of Hong Kong stocks during the decline of Hong Kong stocks, and has made a layout on the left side There are many of these types and you need to look at the position report Make the assessment.

In fact, the evergreen old-fashioned star managers have basically made advance arrangements for Hong Kong stocks, so if investors hold a lot of funds, they can also see through each fund's holdings and not blindly chase newly issued Hong Kong stocks. Fund, perhaps the fund you originally held is already sharing this dividend. The dispersal of more resources, more markets, and more variety essentially prevents eggs from being placed in one basket, but unintended overlapping must be avoided.

In short, there is no equity god and that is normal for any fund manager. There is no moment in time that will never be missed, and there is an opportunity at any moment. Clear opportunities are often accompanied by risks, and chaotic situations are often accompanied by rebirths. (Fortune Chinese site)

The author, Chen Yan, is a columnist for Fortune Chinese Network and a researcher on co-evolution with the wealth management era

This content is the independent opinion of the author and does not represent the position of Fortune Without permission, it cannot be reproduced.

Publisher: Liu Lanxiang