reappears funds clusters together to "receive guests behind closed doors". Beijing Business Daily reporters noticed that on November 24 alone, 16 bond funds (share merger calculation, the same below) under a number of fund companies, including E Fund , Huitianfu Fund , and China-Europe Fund , issued an announcement to suspend large-scale subscription and other businesses. If the time is extended to nearly a week, as many as 47 bond funds have announced the suspension of large-scale subscriptions. Some industry insiders pointed out that fund managers are currently intensively suspending large-scale subscriptions for their bond funds may be related to reasons such as the fluctuation and decline of the bond market, which is also a measure for fund managers to protect the interests of investors. However, the bond market adjustment is approaching its end, and the market is expected to return to normal volatility in the future.
bond funds "Xieke" frequently move
more than
bonds are based on the announcement recently stating that they will suspend or restrict large-scale subscription and other businesses. On November 24, Fuguo Fund issued an announcement stating that its Fuguo Huiyuan Pure Bond three-year regular opening bond will suspend large-scale subscription and conversion business from November 28, and will restrict the subscription and conversion and conversion business applications for a single fund account with a cumulative daily amount of more than 500,000 yuan.
According to Tonghuashun iFinD, as of the end of the third quarter, the combined value of the fund's scale was approximately 11.041 billion yuan. Since the fourth quarter, its A and C shares yield has been 0.32% and 0.36% respectively.
In addition to Fuguo Huiyuan Pure Bond three-year regular opening bonds, on November 24, a total of 15 bond funds under a number of fund companies also issued announcements to suspend large-scale subscriptions, including ICBC Bloomberg China Development Bond 1-3 Year Index, GF Financial Year Red Bond, ICBC 21-2 Year Agriculture Bond Issuance Index, Wanjia Enhanced Income Bond, etc.
According to public information, judging from the situation in the past week, in addition to the above products, 31 other bond funds have also issued announcements of suspension of large-scale subscriptions. As for the content of the announcement, the large subscription limit for related bond funds ranges from 1,000 yuan to 50 million yuan. For example, from November 24, the business limit for adjusting investors' single fund account subscription and conversion to funds will be 1,000 yuan. But there are also products such as the 1-3-year index limit for ICBC Bloomberg China Open Bond is 50 million yuan.
As for the reasons for suspending large-scale subscription and transfer, the above-mentioned fund managers all stated in the announcement that this move is to protect the interests of fund holders.
Bond market adjustment is coming to an end
Qianhai Kaiyuan Chief Economist Yang Delong believes that the bond market has fluctuated significantly recently, and the prices of many bond varieties have plummeted, and there has also been a "stampage". Institutional and individual investors have redeemed bond funds, further promoting the decline in the net value of bond funds. It is worth noting that if large-scale subscriptions are made at the current lower net value, the newly invested funds may also dilute the original holder's income, thereby harming the interests of investors who are currently holding. Therefore, in order to protect the interests of holders, some fund managers will adopt the method of suspending large-scale subscriptions.
Researcher at the Securities and Futures Institute of Central University of Finance and Economics and General Manager of the Research and Development Department of Inner Mongolia Bank also pointed out that in this round of bond market fluctuations, the negative feedback of "redemption-selling assets-declining-net value-more redemption" has become one of the factors that amplify the fluctuations. "Generally speaking, the suspension of large-scale subscription of bond funds is a measure taken to break the possible negative feedback of to maintain existing investors' returns, normal product operations and company brand when market expectations are unstable, investment target selection is difficult, and some target assets begin to pull back to ," Yang Haiping explained.
As the above analysts said, bond funds generally performed poorly recently. According to iFinD data from Tonghuashun, as of November 23, as many as 3,634 bond funds (shares are calculated separately, the same below) have negative yields, accounting for 73% of the total number of bond funds. Overall, the average yield of bond funds is -0.34%, of which, the yield of 444 bond funds fell by more than 1%, 16 products fell by more than 5%, and 2 bond funds fell by more than 10%.
bond market has been falling sharply since it has fallen by nearly two weeks. Recently, Huachuang Securities pointed out in a bond daily called "Redification, It's almost over" that the bond market redemption wave has been halfway through and is about to end.In this regard, Yang Delong said that the bond market adjustment is indeed coming to an end, and the market may return to normal fluctuations in the future. However, Yang Delong also bluntly stated, "But if it is in the context of economic recovery, equity funds may be more attractive to investment."
Yang Haiping also explained to Beijing Business Daily reporters: "Considering the cumulative adjustment range in the early stage and the further clarification of the real estate financing policies and the recent guidance of the State Council on expectations, this round of bond market adjustment may be nearing the end."
In the view of industry insiders, the market anxiety caused by this bond market fluctuation should also sound the alarm for fund managers. Yang Delong said that in order to cope with the risk of bond market fluctuations, fund managers must make risk predictions in advance, for example, to implement certain controls on position . "This round of bond market storm shows whether fund managers can have a comprehensive judgment on macroeconomic analysis, policy analysis, and market liquidity analysis. This is also an important aspect of testing fund managers' overall investment capabilities," said Yang Delong.
Beijing Business Daily reporter Liu Yuyang Hao Yan
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