Original title: fund “redemption tide” already to? This indicator change may tell you the answer
In recent weeks, A shares fell rapidly, which was ridiculed by netizens as “falling mother does not recognize”, and under the sharp fall, the discussion of “whether the fund redemption tide has come” is in full swing.
After the first finance and economics interviews many insiders to understand, in the short term there is indeed public offering fund under the product redemption quantity far exceeds the application to buy quantity, mainly concentrated in mixed fund, but “redemption tide” some overstatement.
At the same time, the share of the stock ETF has climbed against the trend. On March 8, the share of the stock ETF increased by tens of billions of shares compared with February 10 and March 1, which may mean that part of the base people do not retreat but advance.
Short-term redemptions were high, but the “rush” was exaggerated
Since the Chinese New Year, from February 18 to March 9, the Growth Enterprise Index (GEM) ranked the top of the global stock market with a 22.86% decline, while the Shenzhen Component Index (SSE) dropped 15.58% and the Shanghai Composite Index (SSE) dropped 8.09%.
Equity fund losses, years ago was also “god”, established after the fund manager will be quickly surrounded and suppressed by the base people, also said that the public fund is now facing “redemption tide”, especially the head of the halo of the fund manager management products.
South China a public fund market personnel told reporters that the company recently paid close attention to the redemption of the fund products. As far as the company is concerned, on February 18 solstice 25 day, the omni-channel non-goods based public offering fund subscribed more than the redemption amount of nearly 20%, showing a net inflow state, may also be the market adjustment after some funds admission bottom. It also illustrates the current dichotomy between optimists who see the recent correction as an opportunity to “get on board” and pessimists who see it as a warning sign for the market.
“February 26 solstice March 5, the omni-channel non-goods based public offering fund subscription although greater than the redemption amount, but the range has been converging, some investors choose to leave the market. To March 8, the market has been sharply adjusted, the full channel non-goods based public fund redemption total has been greatly reduced, the amount of redemption far more than doubled the amount of application.” The above – mentioned public fund Marketing Department said.
Another large public fund insider told reporters that at the end of February and the beginning of March, the hybrid fund is the most redemption, followed by bond funds, but said that “redemption tide” is not. But the person agreed that there was a vicious circle between redemptions and collapses.
“This period of time, many investors are deep, this is not easy to cut meat out of the market, but after a sharp drop to the cost line, or near the face value and profit about 5% of the base people easy to redeem.” A web celebrity fund company insider told reporters that when the “circuit breaker” happened in 2015, the fund had suffered a large number of redemptions, but now the market conditions are different and volatility may also be an opportunity.
Stock ETF share bucked the trend to increase
East China a senior public fund told reporters that the dynamics of the base can actually be from the stock ETF share changes to pry one or two.
According to Oriental wealth Choice data shows that the whole market more than 300 stock ETF, on February 10, March 1, the total share was 454.833 billion, 484.656 billion, while on March 8, 495.92 billion, increased by 403.59 billion, 105.36 billion.
Specifically, on March 8, the shares of securities ETF of Cathay Fund decreased by 683 million compared with February 10, the shares of real estate ETF of Southern Fund decreased by 676 million, and the shares of banking ETF of Huabao Fund decreased by 596 million. The shares of the three products decreased by the top three in the whole market. During the same period, the shares of the ChiNext 50ETF of Hua ‘an Fund increased the most, with 4.075 billion shares. The shares of the ChiP ETF of China AMF, the PV ETF of Huatai Berui, the GEM ETF of YiFonda, the healthcare ETF of Huabao Fund, the food and beverage ETF of China AMF, and the non-ferrous metal ETF of South Fund all increased by more than 1 billion shares.
If from the point of the time dimension of a more recent, on March 8, cathay Pacific stock ETF fund owned share reduce from March 1, 1.349 billion, far more than the second, the second is called cathay Pacific fund’s ETF game, at the same time reduce the share of 341 million, warburg funds, bank ETF, huaxia fund owned by the Shanghai 50 ETF, ETF fund of an ancient name for China’s game, huatai BaiRui its dividend ETF share less than the same period of 200 million. The shares of the ChiNext 50ETF of Hua ‘an Fund and the chip ETF of China AMF increased by 1.745 billion and 1.299 billion respectively in the same period.
From this point of view, also have the base people abandon chase up to kill to fall, looking for relatively low entry. However, some public fund insiders believe that ETFs represent only a subset of investors, because the players of exchange funds are usually veteran investors.
(Source: China Business News)