Third, fund managers may take this opportunity to adjust positions according to the results of market research. As we all know, the E Fund is generally a heavy position or a liquor stock. Since years ago, it has indeed earned huge profits for the people. However, liquor stocks fell sharply after the year, and there was a great momentum of "losing mother's approval". Fund managers should also see the risks of the current ultra-high valuation, and let investors put the income into their pockets through dividends, waiting for opportunities to find better investment opportunities.
Finally, professional people do professional things. In any case, fund managers don't want to smash their own signs. After all, they earn management fees for robots. A top fund manager and team have unparalleled insight into the market, so what the basic people need to do is to follow suit and never become rigid. Since fund managers take this way to let everyone fall into the bag, then don't rush into the liquor sector as the final offer.
The scale of this small and medium-sized mixed fund managed by Zhang Kun in E Fund has reached 40 1 100 million yuan in the announcement issued on February 3, 2020, which belongs to the behemoth of the fund.
After these two months of crazy subscription by citizens, its scale will inevitably become larger. This fund has experienced many purchase restrictions this year, from the daily limit of 6,543,800 yuan to the daily limit of 2,000 yuan. And starting from today, the E Fund will temporarily stop accepting new subscriptions. This shows that the fund manager himself feels that the plate is too big to control. In case of large redemption in the later period, it will force the fund manager to passively adjust the position and disrupt the layout.
At the same time, in order to reduce the operation difficulty, the fund will pay dividends tomorrow. Since its establishment in 2008, the Fund has only been awarded three times in history. The last time was 201October 22nd, 2009165438. At that time, the 0.5 yuan of each dividend and the net value of the day before the dividend were 5.5 1, and dividends accounted for 9% of the net value. The dividend registration date is February 25th, 20021year, with 0.9 yuan per share. It is estimated that the net value of the day is between 9.5 and 9.8, so the proportion of dividends to the net value is between 9. 1%-9.4%, which is similar to the data of the last dividend.
As the dividend of the fund is cash, and considering that the fund has stopped subscription and can only be redeemed, Zhang Kun is bound to distribute some of the shares sold to investors in cash. This has two effects on the fund.
First, actively reduce the size of net assets. To put it bluntly, the only way to limit the subscription amount is to suspend the increase of the fund size. Investors who originally wanted to subscribe for 1 1,000 yuan a day can subscribe for 2,000 yuan a day in five days, but the scale of funds will gradually increase. Even if we stop accepting new subscriptions, if investors still haven't redeemed them, the size of the fund will not decrease. Dividends can instantly reduce the size of the fund. Since dividends account for about 9% of the net value, the size of this fund can be reduced by more than 9% in an instant on February 26th. Why is it more than 9%? Because it is no longer possible to purchase, there will be no incremental funds to enter, and there will be some positive demand for regular redemption every day. Together, the total scale decline will inevitably exceed 9% of the existing net assets.
The second is to take the opportunity to exchange shares for positions. The target of E Fund's small and medium-sized fund is mainly liquor stocks, and Kweichow Moutai and Wuliangye occupy many positions. This is also the core portfolio that has made people who buy this fund make a lot of money in recent years. However, liquor stocks have fallen sharply recently, and Zhang Kun may have seen the risk and wanted to change his position or temporarily lighten his position before buying liquor stocks. Through dividends, investors can lock in a certain income, while fund managers reduce their positions and cash out, waiting for a more suitable investment opportunity.
An excellent fund manager must be able to predict the arrival of risks and make corresponding preparations. The characteristic of retail investors buying stocks is that they don't know when to sell them. The professionalism of fund managers is reflected in timely cashing in the income of high-priced stocks and then looking for new potential growth points in the market. Therefore, I think it is a good thing that Zhang Kun can take the initiative to control the size of the fund and has a tendency to exchange shares for positions. I'm afraid that some fund managers, like retail investors, don't sell stocks regardless of their ups and downs, nor will they adjust their positions and targets according to market conditions.
This is to tell you that in the face of the current market, you are as awesome as Ge Kun, and you don't know what you can buy in the A-share market.
At this stage of the market, the institutional group is in jeopardy, and the market index has hit record highs and may collapse at any time. But in the face of the impact of the epidemic and global water release, where should the stock market go? Faced with such uncertainty, what can fund managers do, return the money to everyone and wait and see.
Let's compare Zhang Kun's two representative works, E Fund's small and medium-sized and E Fund's blue chip. Or can understand a thing or two.
1, the scale, E Fund's blue chip is much larger than the small and medium-sized ones, but the blue chip does not pay dividends. This shows that it is not because of the control scale mentioned on the Internet.
2, performance, whether in the past year or nearly a month, small and medium-sized stocks have not outperformed blue-chip stocks.
3, holder structure and term income, blue-chip institutions hold far more positions than small and medium-sized ones, while retail investors are accustomed to conformity and frequent operations. The term return of small and medium-sized stocks is close to 8 times, which is much higher than that of blue-chip stocks.
It should also be noted that blue-chip stocks can invest in Hong Kong stocks, while small and medium-sized stocks can only invest in A shares.
To sum up, based on the current market, A shares are no longer operational, and Hong Kong stocks may have opportunities. In addition, don't let retail investors smash signs. Go home and have a rest first. Brother Kun will not wait on you.