Ruiyuan, Xingzheng And Other Hot Funds With "Open Door To Welcome Guests" Indicate That The Wind Direction Has Changed?

On September 16, Ruiyuan growth value Co., Ltd. resumed its subscription and subscription business after closing its subscription business in late July. However, it was also stipulated that the cumulative subscription amount of a single fund account in a single day should not exceed 1000 yuan.

In addition to the growth value of Ruiyuan, a number of funds have recently relaxed the upper limit of large amount subscription.

On the same day, the Xingzheng Global Fund announced that its Xingquan green investment hybrid will resume to accept more than 10000 yuan of subscription and transfer in application from the same day.

This means that after a sharp correction of a shares, there are some new trends in the market.

The background is that some fund managers, especially star fund managers, have closed their doors. Re opening the purchase of its popular products, large amount of purchase and transfer in, etc., has attracted the attention of market people.

This is not a case in point.

According to the reporter of the 21st century economic report, several fund companies, such as southern China, Zhongrong, Central Europe and China Merchants, have resumed the large-scale purchase and transfer in business of some equity funds.

Re opening subscription

Ruiyuan growth value was established on March 26, 2019, under the helm of star fund manager Fu Pengbo. It sold 70 billion yuan a day at the time of issuance, and the planned upper limit of raising was 6 billion yuan.

Four months after its establishment, Ruiyuan growth value lifted the upper limit of large amount subscription, and 10 billion yuan of capital poured into it within one day.

Since then, the fund has had to close its large subscription again.

On July 27 this year, Ruiyuan growth value simply closed the original one-day purchase of 1000 yuan.

At that time, it was a fast bull market. Also in the same time window, the market entered the new fund issuance frenzy period.

"Before many funds stopped accepting funds, the main reason was that the market sentiment was high in the early stage, many stocks had a high rise, especially the valuation quantile of the sectors such as the essential consumption of science and technology and medical treatment was close to the historical high, the market showed a certain degree of structural overvaluation, the difficulty of stock selection increased, and the enthusiasm of investors was very high. If large-scale capital entered, it would increase the difficulty of operation and reduce the fund And the excess return of the company. " Zhang Ting, a senior researcher at GE Shang fortune, said.

However, since the middle of July, a shares have been fluctuating for more than two months.

In the shock market from July to September, according to the order of science and technology leader, medicine leader, consumer leader and poor performance stock, the plate experienced repeated adjustment, and the on-site fund opened the operation of stock swap.

In fact, at this stage, some core assets such as science and technology, consumption and other core assets accumulated a large amount of growth in the early stage, and some funds took profits and transferred to the undervalued sector. And this behavior led to the relevant varieties of callback, the market has been talking about the recent loosening of institutions such as group stocks.

At this time, Ruiyuan's growth value has been open to purchase, which has attracted the attention of the market.

Before the 1000 yuan market was opened up, some people who applied for Ruiyuan continued to buy the market

A fund manager in charge of several equity funds pointed out that "the current allocation time point is certainly better than before. In addition, the market heat is also declining, so the fundamentalists are not so enthusiastic, and there may not be a large-scale subscription when the subscription is opened."

"Recently, many popular funds reopened to apply for purchase. Probably, due to the recent market correction, many stocks before had a large callback, presenting a certain allocation opportunity, and many funds reopened their subscription to accept funds." Zhang Ting said.

Market Trend Discussion

From the data performance, after nearly two months of shock correction, the main indexes of a shares in the market at this time have accumulated a sharp decline: Shanghai Composite Index fell 5.02%, Shenzhen composite index fell 8.01%, gem index fell 11.49%, and Kechuang 50 fell 19.65%.

There is a new trend in the market's prediction of wind direction. After some industries callback, the configuration value began to show.

CITIC Securities believes that looking forward to the second half of September and the first half of October, domestic policy expectations are warmer, and the external game is entering a critical period.

According to Yang Delong, chief economist of Qianhai open source fund, due to the cooling of fund sales during this period of time, the market has fluctuated, the issuance of new funds is relatively low, and new fund subscription and fund subscription are relatively small. Therefore, if the fund is opened now, it will not cause too large growth of fund scale. Some funds will reopen the purchase and redemption in consideration of this point.

As for allocation opportunities, most institutions believe that the future market may be more balanced in the industry, and more inclined to core assets and industry leaders in style.

Yang Delong pointed out that under the new situation, most of the funds still advocate value investment and long-term investment. Therefore, from the perspective of fund companies, most of them still choose to invest in these stocks with good performance, such as consumption of Baima shares, which may regain the allocation value after the adjustment. In addition, some fund companies may allocate some technology stocks.

Zhang Ting believes that in the next period of time, the undervalued and high prosperity plate will be phased dominant. Under the background of gradual economic recovery, there will be marginal improvement in profit expectation, and the cyclical industries with high profit growth rate will have greater upward space.

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