I can only watch it!From the limited purchase of 50 yuan to the suspension of purchases, why are these niche treasure products difficult to find?

China Times (chinatimes.net.cn) reporter Hu Jinhua, an apprenticeship reporter Geng Qian Shanghai reported

A few days ago, a fund called Jin Yuan Shun'an Yuanqi flexibly configured (hereinafter referred to as "Jin Yuan Shun'an Yuanqi") caused heated discussion among shareholders. Some shareholders even complained on the investment platform, "How to suspend the purchase in the scale of only 1.2 billion is a pity, which makes me only see and not buy it."

On August 22, the Jinyuan Shunan Fund Company suspended Jinyuan Shunan Yuanqi's purchase, transition in, and regular fixed investment business. Three weeks ago, the fund had just adjusted the large subscription limit. Jin Yuanshun An Yuanqi adjusted the restriction of the purchase amount to a single -day single -day restricted purchase from August 1.

Why did Jin Yuan Shun'an Yuanqi suspend investors to buy funds? Is this a gimmick or really too hot?

From 50 yuan to stop purchase

According to the previous announcement of the Jinyuan Shunan Fund, in order to ensure the stable operation of the fund and protect the interests of the fund share holder, the company decided to suspend the purchase, conversion transfer, and regular fixed investment of Jinyuan Shunan Yuanqi on August 22, 2022.

As early as three weeks ago, the fund had just adjusted a large purchase limit. On July 25, Jinyuan Shun'an Fund issued an announcement saying that from August 1st, the large subscription (including conversion transfer, regular fixed investment) business of Jinyuan Shunan Yuanqi will be limited, that is, a single -day single fund account is purchased (a single -day single fund account (a single -day account account (a single -day fund account is subscribed (a single -day account account (a single -day fund account is purchased. Including conversion transfer, regular quota investment) Jin Yuan Shun'an Yuanqi flexibly configure the mixed amount of not more than 50 yuan.

In just one month, Jin Yuan Shun'an Yuanqi issued two announcements for purchase restrictions, and even stopped investors to buy? In this regard, Jinyuan Shun'an Fund stated in the announcement that this is to "ensure the stable operation of the fund and protect the interests of the fund share holder."

Our reporter found that this fund is a "niche treasure fund" with a small size but extremely good performance. Public information shows that Jinyuan Shunan Yuanqi was established on November 14, 2017, and the fund manager is Miao Weibin. The fund's latest scale was 1.244 billion yuan, an increase of 148.66%in just half a year. The fund was only 78 million yuan when it was established. The scale has been growing since its establishment and has not yet redeemed any redeemed.

From the perspective of income, Jin Yuan Shun'an Yuan's discussion is a dark horse. According to Wind data, as of August 24, the cumulative income of Miao Weibin's Jinyuan Shunan Yuanqi has been 32.77%, which is higher than the average level of -6.57%of similar funds, and has greatly won 47 points in the same period.

Once a small -scale fund product with a particularly outstanding income is well known by more people, the scale will rise significantly. In the first half of this year, Jinyuan Shunan Yuanqi was influxed by a large amount of funds. This is undoubtedly a big taboo for the scattered and small -scale funds.

Jin Yuan Shun'an Yuanqi was scattered, and all of them were small -cap stocks, with an average of 1%of the positions. It can be found from its heavy positions that the top ten stocks account for no more than 1%of the net value ratio, and the number one of Nanjing Port's net value ratio is only 0.84%. According to industry analysts, if the scale of Jinyuan Shun'an Yuanqi continues to expand, the number of optional companies of Miao Weibin will gradually decline, so in order to continue to gold in small market value stocks, Miao Weibin must suspend purchase.

Wang Pu Xiu, a partner of the wealth management partner of the private equity network, told the reporter of the Huaxia Times that Jin Yuan Shun'an Yuanqi is a small disk style in terms of investment style, the performance is also very prominent, and the short -term scale has increased rapidly. With the continuous influx of funds, it also puts forward higher requirements for the fund manager's further selection of excellent targets, because management of different sizes of funds, fund managers need different abilities, and many fund managers hope to be better. Continue your investment strategy. Therefore, in order to maintain the stability of the investment style and avoid the great fluctuations in the net value of the fund, and protect the interests of the holder of the fund's share, it is common to adopt the purchase restriction of Jinyuan Shunan Yuanqi.

Funding into "small and beautiful" products

It is worth noting that there are still many products on the market's announcement limited to 10 to 100 yuan.

On August 23, the East China Sea Fund issued an announcement saying that the purchase of institutional investors in the East China Sea Xiangli Pure Bond Securities Investment Fund will be restricted from today. The cumulative purchase amount of a single institutional investor will not exceed 10 yuan. On August 15, the value of the Zhong Geng Small Plate Value Fund managed by Qiu Dongrong stated that the large amount of purchase limit was adjusted, and the upper limit was 1 million yuan.

The reporter sorted out and found that the above -mentioned fund products are mostly small and medium -sized. The general scale is not too large but the income is very excellent. The latest scale of Donghai Xiangli pure debt was 387 million yuan, the revenue since its establishment is 3.86%, and 2.35%of the winning similar funds; the value investment style of Zhong Geng small plate is small and medium -sized, with the latest scale of 3.82 billion yuan.

Generally speaking, the main source of income of public fund companies is to charge management fees according to the scale of the fund. The larger the fund size, the more income of the fund company. So why are these funds with good performance and small scale actively restricting purchases? Wang Pu Xiu believes that the main fund manager is based on the consideration of self -management ability.

Wang Pu Xiu said that small -scale funds have the following advantages. "First of all, small -scale funds have fewer restrictions on stock selection. According to the strict position restrictions of public funds, a fund holds the same stock cannot exceed 10%of the fund's funds, and all funds of the same company hold a certain stock cannot exceed more than exceeding the stock. The market value of the stock is 10%. For small -scale funds, they are more likely to obtain a lot of opportunities for small -set growth stocks by betting on single tracks or investing in small -cap stocks. "Secondly, small -scale funds are relatively flexible and flexible. The scope of stock selection and lower transaction costs, facilitating fund managers through active and flexible asset allocation strategies, on the basis of strictly controlling the risk of investment portfolios, realize the steady value -added of fund assets.

For ordinary investors, although this small -scale but very good niche treasure fund is good, there are some potential investment risks. Wang Pu Xiu reminded that many treasure fund institutional investors account for a large proportion, and may even be a institutional custom fund. Such a fund, in case institutional investors choose a large amount of redemption, the fund's net value may fluctuate significantly.

In addition, a small and beautiful fund also has an unavoidable problem, which is the expansion of scale. "When the fund has achieved good results and is sought after by the foundation, the fund size will naturally increase. After the small fund becomes a large fund, whether the grades can continue to" beauty "is what we need to continue to observe. The size of the scale or short -term performance should not be the only factor in our choice of funds. It also needs to comprehensively screen through factors such as the profit logic, long -term performance, and retracement repair of the fund. "Wang Pu Xiu told this reporter.

Editor -in -chief: Xu Yunqian Editor: Gong Peijia

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