Author 丨 Yi Yanjun
Edit 丨 Jiang Shi Qiang
Figure source 丨 Figure Worm
Spring Festival holiday justAfter, I saw the bond funds being redeemed for huge amounts, and announced that it improved the net value accuracy of the fund share.At the end of the year and early years, the debt -based dense redeemed occurred.Compared with the past situation, Active equity funds that have large redemptions on a single open date are rare.
According to the 21st Century Business Herald reporter rough statistics, from January 1st to February 9th, 2024, at least 38 funds have occurredRaising, the proportion of bond funds is nearly 90 %.
However, from the analysis of the Tiangxiang Investment Consultant researcher, from the perspective of the debt markets performance since this year, because the overall interest rate is still in the downward channel, the performance of the bond market is better, soThere is no systemic large -scale redemption phenomenon.
Prevent soaring and falling
According to relevant regulations, huge redemption refersApplication exceeds 10%of the total share of the fund last day.
The reporter noticed that the reason why the Nuoan Yuanding Fund had a huge redemption or was related to institutional funds withdrawal.
Noran Yuanding was established on January 23, 2018. As of December 31, 2023, its scale is 396 million yuan.From the perspective of the funds holder structure, the fund is a institutional custom fund.
According to the fund intermediate report and annual report data, from the mid -2018 to the 2023 interim report, the shareholding share of Nuoan Yuandings institutional investors always holds 100%.At the same time, the funds quarterly report data shows that, except for the end of the first quarter of 2020, three institutional investors hold Noon Yuan Ding, and at the end of the other quarters, the fund is all held by an institutional investor.
In terms of performance, as of February 21, 2024, the funds return on June and nearly a year was 2.85%and 6.96%.They were 1.14%and 3.04%, respectively.In other words, in the six -year and one -year dimension, the return of Nuo Anyuan Ding has won the performance benchmark.
In fact, for bond funds mainly based on institutional customers, it is not uncommon for large redemptions to occur at the end of the year and early years.
According to the incomplete statistics of reporters, from January 1, 2024 to February 9th, the Spring Festival holiday, including Penghua Fengning and West Line Joli for 6 months.Caitong Assets Guan Hongxiang rolled short -term bonds for 30 days, and China Merchants recruited for 3 months. More than 30 bond funds with large redemptions occurred.
Among them, many funds belong to the C share or E share of large amounts of redemption.These C shares or E shares are relatively small, and for small -scale funds, even if the absolute share of redemption is not much, it is still possible to reach a 10%upper limit, which constitutes a "large redemption".
"For single funds, huge redemption often appears in bond funds with high proportion of single institutions holders.The holders share accounts for a relatively high share. When the institutional investor chooses to redeem the funds share for some reason, although the redemption amount may not be high, it may cause huge redemption to the fund, which is likely to cause the fund to lead to the fund from the fund’s.The net value is abnormal. "Researcher at Tianxiang Investment pointed out to reporters.
In addition, some people in the industry have pointed out that large -scale redemption of individual mini funds may have a short -term "shipment" operation, which is common in fund C shares or E shares.It is not conducive to the stable operation of the fund portfolio.
As for the reason why the bond fund generally chooses to improve the net value accuracy of the funds share, it is mainly to protect the interests of the remaining holders.
Researchers of Tianxiang Investment Consulting told reporters that for some bond funds with excessive proportion of some single institutional investors, when institutional investors choose a large amount of redemption, huge redemptionsThe redeemed fee incurred merged into the fund assets, or caused a large abnormal fluctuations in the net value of the funds unit.When this phenomenon occurs, the net value accuracy will have a certain degree of impact on the cost of redemption.Fund properly improves the accuracy of net worth, which can often weaken the phenomenon of net worth of net worth, so as to better protect the interests of the remaining holders.
"Specifically, when the fund has a large amount of redemption, the impact of the net value accuracy on the amount of redemption and the interests of the remaining holders alsoIt will be larger, and the accuracy of the increase can relatively weaken the abnormal fluctuation of net worth. "The researcher further explained.
Small -scale fund trigger a large amount of redemption
It is worth noting that in addition to Noon Yuanding,The flexible configuration of CCB and the innovative growth of Huitianfu state -owned enterprises also had a huge redemption after the Spring Festival holiday.
Unlike Nuo Anyuan Ding, it is a bond fund. CCB Xinli flexibly allocate and the innovative growth of Huitian -rich state -owned enterprises are active equity funds.
"CCB Xintongli Flexible Configuration of Hybrid Securities Investment Fund C share A huge redemption occurred on February 21, 2024."
" Huitianfu State -owned Enterprise Innovation Growth Stock Securities Investment Funds Type D share occurred on February 20, 2024. "
It is relatively small, and it is not ruled out that it is mentioned above: Even if the absolute share of the redemption is not much, it may reach the funds large redemption upper limit.
Public information shows that CCB Xinda C was established on August 15, 2023. As of the end of the third quarter of 2023, the net asset value of the grade fund was 7195.84 yuan; as of 2023, 2023On December 31, its net asset value was 5731.28 yuan.
In addition, as of December 31, 2023, the net asset value of Huitianfus innovative growth of state -owned enterprises was 5.1638 million yuan.As of the end of June 2023, the share of individual investors in the hierarchical fund accounted for 100%. Since its establishment on February 14, 2022, the fund is mainly held by individual investors.The proportion of share reaches or more than 20%.
If the performance of the funds performance, as of February 21, 2024, CCB Xinli Cs return since its establishment, Huitian -rich state -owned enterprise innovative growth D. In the past year, Dajin -rich state -owned enterprises have been established.The return rate has not won the performance benchmark for the same period.
Sky Phase Investment Consultant Researchers pointed out that compared with bond funds, stock funds are relatively rare.Because the "large fund redeemed phenomenon mainly appears in a single institutional customized product with higher institutional investors, and most of these products are funds with solid income attributes, there are relatively few cases of stock funds."/p>
He further analyzed, right The phenomenon of large -scale redemption in stock funds may be due Investors have panic, so they choose to redemption , and a large amount of redemption will further force the fund to sell the corresponding combination of stock assets, or make the stock price further fall.
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