On July 5, 2018, 6 strategic allocation funds were established. With investors' expectations for the strategic allocation of unicorn companies, six funds received hot subscriptions of over 100 billion yuan. Three years have passed, how have these funds performed? What changes will be coming?
enters the transition period of transformation
July 4, 6 strategic allocation funds will end the closed period and enter a transition period of about one month.
According to the previously released announcement of the closed operation period and the transformation-related arrangements, after the transformation, the six funds will undergo major changes in their operation methods, fees, investment, subscription and redemption arrangements. In order to fully protect the interests of investors, this transformation sets up a transition period. After the closed operation period expires on July 4, July 5 to August 2 is the transition period. During this period, the original fund share holders can redeem or sell on-site and off-site.
Many investors expressed their intention to redeem it. In the fund product comment section, someone said: "It has been redeemed, which is higher than the interest rate for bank deposits."
However, some investors have seen changes in the investment scope and operation methods of the fund after the transformation and are willing to continue to hold it. Some people also plan to take it and take a look because they believe in the fund manager. What are the changes in
?
From August 3, 6 funds will be collectively renamed. E Fund 3 closed operation strategic allocation (LOF) will be renamed to E Fund 53 closed operation strategic allocation (LOF), and the on-site abbreviation will be changed from "Yiji allotment" to "Yiji allotment"; 3 years closed operation strategic allocation (LOF) of China Merchants Ruizhi Youxuan Flexible Allocation (LOF), Jiashi 3 closed operation strategic allocation (LOF) ( LOF) will be converted to Jiashishi Industry Select Flexible Allocation Mixed (LOF), the 3-year closed operation strategic allocation (LOF) of the South will be converted to the Flexible Allocation Mixed (LOF) of the South, Huitianfu 3 closed operation strategic allocation (LOF) will be converted to Huitianfu Core Selected Flexible Allocation Mixed (LOF), and Huaxia 3 closed operation strategic allocation (LOF) will be converted to Huaxia Xingrong Flexible Allocation Mixed (LOF).
It is worth noting that after the transformation, the fund portfolio restrictions have changed significantly. For example, E Fund has a three-year strategic allocation. During the closed operation period, stock investment accounts for 0-100% of the fund assets; and after the transformation, the proportion of invested stock assets accounts for 60%-95% of the fund assets, which means that the stock position must not be less than 60%, which will significantly change in stock and bond asset allocation. Corresponding to
, the performance benchmark will also undergo significant changes. Among them, 5 funds have added the weight of the CSI Hong Kong Stock Connect comprehensive index or Hang Seng Index , reducing the weight of the CITIC total index. For example, the benchmark for E Fund’s strategic allocation performance is CSI 300 Index yield × 60% + CBT total index yield × 40%. The transformed E Fund Kerun Mixed is the CSI 300 Index yield × 45% + CSI Hong Kong Stock Connect Comprehensive Index yield × 35% + CBT total index yield × 20%. The benchmark for the transformation of Huaxia Xingrong Flexible Allocation Mixed is the Shanghai and Shenzhen 300 Index yield × 70% + Shanghai Stock Exchange Treasury Bond Index yield × 30%, reducing the yield weight of the Shanghai Stock Exchange Treasury Bond Index yield by 10%. How does
perform during the closed period?
In 2018, when the strategic allocation fund was launched, the market had high expectations for the return of CDR technology giants and the IPO of high-quality innovative enterprises, and the six funds finally received a total of more than 100 billion yuan in subscriptions.
However, the stocks allocated by several strategic allotment funds are mainly Postal Savings Bank of China , China General Nuclear Corporation, Beijing-Shanghai High-Speed Railway and other companies, and the performance of these stocks in the past three years has been unsatisfactory. China General Nuclear Corporation and Beijing-Shanghai High-Speed Railway have fallen all the way, and China General Nuclear Corporation's stock price has fallen by 50% compared with the beginning of its listing.
is also because of this. During the closed period, six strategic allocation funds maintained low positions in stocks and actually became debt-biased mixed funds. As of the end of the first quarter of this year, the lowest ratio of bond investments of the six strategic allotment funds was 57.02%, and the highest ratio reached 74.16%.
Judging from the performance of the past three years, the returns of the six strategic allocation funds are significantly lower than the performance benchmark. For example, according to the fund's first quarter report, as of the end of the first quarter, the net value growth rate of a certain strategic allocation of funds was at 16.10%, while the performance benchmark was 31.51%, underperforming the performance benchmark by 15 points.
As of July 3, the yields of Huitianfu 3-year strategic allocation, Jiasheng 3-year strategic allocation, Southern 3-year strategic allocation, Investment Merchants 3-year strategic allocation, E Fund 3-year strategic allocation and Huaxia 3-year strategic allocation were: 24.53%, 22.22%, 17.14%, 16.71%, 16.61%, and 10.55%, respectively. Such returns are closer to stable fixed income + products, and the overall drawdown is controllable. Among the six strategic allocation funds, the largest drawdown is -6.44%, and the smallest one is -2.45%.
Data source: Wind
Edited by: Ya Wenhui
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