The Zhonggeng Hong Kong Stock Connect, which was issued on January 9, is worth 18 months of closed operation. The stock fund has an upper limit of 2 billion yuan. This fund is also the first fund product of Qiu Dongrong, the chief investment officer of Zhonggeng Fund, which only invests in Hong Kong stocks. It is understood that the issue date should have approached or exceeded the upper limit. In fact, it is not surprising that Qiu Dongrong launched a Hong Kong stock fund at this 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 too bad, but we need to be alert to the “momentum” of the sales organization to prevent too high expectations and too much disappointment.
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 all 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%. A scene: “We are always going back and forth in the cycle of avoiding a certain target to rushing towards it.” At this point in time, although the valuation of Hong Kong stocks is still not expensive, they are indeed facing more and more attention and rush to raise funds, and there are too many people who are eyeing them. Whether the market outlook can continue to ride the dust, needs to be observed, at least in a short period of time to focus on chasing up is risky.
“Star manager + track/area that is performing well = hot money”, this formula has been tried and tested for sales organizations and has frequently succeeded, but at this point in time, is this product the only choice for ordinary investors, or The best choice, years of observation experience on explosive funds told me to put a question mark. There is almost no explosion that has not harmed customers. The problem is not the managers themselves, but the deviation between the expectations given by customers and the actual situation during publicity, that is, the higher the expectations, the greater the disappointment.
There are 3 products of Ruiyuan Fund that are far away. Each manager is a big man, and only a high proportion of allotment is issued. The style of the managers has not drifted, but there are not a few holders who have opinions; Recently, in January last year, more than a dozen outstanding fund managers of the Mesozoic generation launched a group of products. Thanks to their appeal, they raised a good scale, but no one expected the market that followed. The best among them One has just returned to above the face value, and the rest of the net value is all below 1 yuan, and the worst has fallen by 23%. Looking back, any so-called explosive product has a “discount” buying point after its establishment, so why rush to release it?
Second, if you are optimistic about a manager, you don’t necessarily have to buy his new fund. You must comprehensively consider the position style, strategic environment and cost.
People who have been paying attention to Mr. Qiu can find that Mr. Qiu mentioned his attention and layout on investment opportunities in Hong Kong stocks in every quarterly report last year. One of the four opportunities he has always emphasized is Hong Kong stocks. This can also be seen in the left-hand layout in his current holdings of the surviving fund. At this point in time, the issuance of a fund that specializes in investing in Hong Kong stocks shows that Hong Kong stocks still have good investment value in Mr. Qiu’s investment framework. In my opinion, this can only show that Mr. Qiu’s investment logic and system are stable, but It cannot represent the advantages of new funds over old funds. Perhaps the cheap bargaining chips accumulated by old funds in Hong Kong stocks are more cost-effective. At this point in time, the much-anticipated Hong Kong stock opportunity is no longer something that this investment institution or this fund manager is quietly planning, but it is on the table, where public offerings, private placements, and foreign capital are playing games. The environment and months Very different from before.
At the same time, buying newly issued funds has a relatively high handling fee cost for the basic 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. Favorite Advise customers to “redeem old and buy new”. The new fund still has a period of 1-3 months 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 is not a good thing for Christians not to see how the new fund works for a long time.
In fact, as an investor, on the premise that the investment manager is trustworthy and agrees with the investment philosophy and strategy, it is more cost-effective to purchase the existing mature products managed by the manager. On the one hand, the subscription fee is basically 10% off on each platform. On the other hand, the quarterly reports of the surviving funds are consistent and researchable, which is more transparent and helpful for us to judge the manager’s use of this strategy.
Third, if investors are optimistic about Hong Kong stocks, they will have too many choices in terms of funds.
One type is index funds for passive investment. Index funds (ETFs and ETF-linked) that contain words such as “Hang Seng, Hang Seng Medical XX, Hang Seng XX Internet XX, Hang Seng Technology Index” in their names are all funds that track the Hang Seng series of indexes. The “Hong Kong-included rate” is 100%, and ETF funds can be traded and traded on the market, just like stocks. Brokers charge transaction commissions, and there are no subscription and redemption fees. ETF connections are purchased off-site, and there are usually fee rates for subscription and redemption. Preferential, many C share purchase 0 redemption more than 7 days is also 0, so it is 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 their names. The allocation of these funds to Hong Kong stocks depends on the choice of the fund manager. , You can’t rush in 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 prone to misunderstanding. The other is that the name of the fund does not contain “Hong Kong”, but the fund manager, like Mr. Qiu, agrees with the future investment value of Hong Kong stocks during the decline of Hong Kong stocks, and made a layout on the left side. There are quite a lot of such types, and you need to look at the position report for details Do the assessment.
In fact, the evergreen old-fashioned star managers have basically made arrangements for Hong Kong stocks in advance, so if investors hold a lot of funds, they can also see through the positions of each fund, and don’t blindly chase new Hong Kong stocks. Fund, maybe the fund you originally held is already sharing this dividend. The dispersion of multiple assets, multiple markets, and multiple varieties essentially keeps eggs from being placed in one basket, but inadvertent overlap needs to be avoided.
In short, there is no stock god, and he is normal to any fund manager. There is no point in time that will never be missed, and there is an opportunity at any time. Clear opportunities are often accompanied by risks, and chaotic situations are often accompanied by rebirth. (Fortune Chinese website)
The author, Chen Yan, is a columnist of Fortune Chinese Network and a researcher co-evolving with the era of wealth management
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