May 14thRussianpokerHuatai Barretto Strategy mix, a high-performing active equity fund managed by Dong Chen, a fund manager, announced the suspension of application for the year.
It is worth noting that since the end of April this year, Ye Yong, Bao Wuke, Yang Jinjin and other well-known fund managers have suspended a large number of active equity products.
With the heavy position layout of resource stocks this year, the above fund managers' products have generally achieved very bright investment results in the market rebound since February 6 this year.
Control the scale "behind closed doors"
On May 14, Huatai Perry Fund issued a notice saying that in order to ensure the stable operation of the fund and protect the interests of fund share holders, Huatai Barrett Strategy mix has suspended applications for purchase (including transfer and regular fixed investment) since May 14.
According to Wind data, Huatai Barrett's current fund manager is Dong Chen, a well-known active equity fund manager of Huatai Perry Fund. At present, the total size of public offerings under his management is close to 30 billion yuan. By the end of the first quarter of this year, the size of the fund was 28.Russianpoker92 million yuan. Since the market rebounded on February 6 this year, it has achieved good returns. As of may 13, the fund's A share rose by more than 25% in the rebound.
Combined with the top ten heavy stocks of the fund at the end of the first quarter, its positions are mainly resource stocks and real estate stocks, including Yintai Gold, Zhongjin Gold, Zijin Mining, China Merchants Shekou, Poly Development, Aluminum of China, Shandong Gold, China Merchants Steamship, China Tungsten High-tech, and Jiuli specialties. Among them, China Tungsten Hi-tech is the fund's new position in the first quarter of this year, with 532 shares.Russianpoker.66 million shares.
In this round of market rebound since February 6, the share price of China Tungsten High-tech has rebounded sharply, and its secondary market price has risen as high as 85.52% as of May 13. In addition, CICC, China Merchants Steamship and Zijin Mining rose about 50% in this rebound, while Shandong Gold, Chinalco and Yintai Gold also rose more than 35%.
In addition to Huatai Barretto strategy mix, the large-scale active equity products managed by Dong Chen, such as Huatai Bradley mix, Huatai Bradley mix and Huatai Barrett mix, have all been restricted since September 2023. The limited amount of business for large-scale purchase (including conversion transfer and fixed investment) is 5 million yuan, 5 million yuan and 1 million yuan respectively. Huatai Baredo strategy mix has also changed from an one-day purchase restriction of 1 million yuan since September 2023 to a moratorium on purchase.
Collective restrictions on the purchase of high-quality products
Recently, a number of high-performing active equity funds have announced the suspension of large applications.
Why are there collective restrictions on the purchase of high-performing products? A number of fund announcements show that this move can stabilize the size of the fund, pursue smooth operation, and protect the interests of existing fund share holders.
Since May 10, the Wanjia twin engine managed by Ye Yong, a well-known fund manager, is flexibly configured with mixed single-day single fund account with a single or multiple cumulative amount per day (including conversion transfer, regular fixed investment business) the limit is 1 million yuan (excluding 1 million yuan).
Since May 6th, the well-known fund manager Bao unmanageable Jingshun Great Wall state-owned enterprise value mixed, Jingshun Great Wall value discovery mixed, Jingshun Great Wall Shanghai, Hong Kong and Shenzhen selected stocks collectively suspended more than 5000 yuan a day for purchase (including daily purchase and regular fixed investment) and converted into business.
Since April 29th, Bao's unmanageable Jingshun Great Wall value pilot has held the mix for two years, and the Jingshun Great Wall value-driven one-year flexible configuration mix has also suspended the purchase and conversion of more than 5000 yuan a day to the business.
The Bank of Communications Qicheng mixture managed by Yang Jinjin, a well-known fund manager, just raised the business limit for large purchase (conversion transfer, regular fixed investment) from 1000 yuan to 50,000 yuan on April 1st this year, and then announced that the business limit for large purchase (conversion transfer, regular fixed investment) would be lowered again to 5000 yuan from May 6th.
According to Wind data, Ye Yong's Wanjia twin-engine flexible configuration hybrid A rose more than 30% from February 6 to May 13, while BoCom Qicheng mixed A, Jingshun Great Wall Shanghai, Hong Kong and Shenzhen selected stocks A, Jingshun Great Wall value-driven one-year flexible allocation hybrid, Jingshun Great Wall state-owned enterprise value hybrid A, Jingshun Great Wall value pilot two-year holding mixed returns are all above 20%.
By the end of the first quarter of this year, the shares of Jingshun Great Wall, Shanghai, Hong Kong and Shenzhen selected stocks, Luoyang Molybdenum Industry, and Zijin Mining, which are flexibly equipped with twin engines, have risen 69.29% and 49.51% respectively since the market rebounded on February 6 this year. Wanjia twin engines flexibly equipped with mixed heavy positions of CICC Gold, COSCO Marine Energy and China Merchants Steamship also rose by about 50%.
The performance of upstream resource products may be differentiated.
In recent market exchanges, Ye Yong said that after 2021, with the establishment of a big inflection point in the commodity cycle, the big style cycle of the market has gradually shifted from growth style to resource stock style. A commodities cycle lasts 8-10 years or more. In this sense, it is still in the early and middle stages of the commodity cycle. Correspondingly, the large cycle of resource stock style determined by the commodity upward cycle is in the early and middle stages.
At the upstream level, Yang Jinjin said in his analysis in the fund's quarterly report this year that the upstream is generally faced with a lack of capital expenditure leading to weak supply growth in the industry, so if demand can grow steadily, there is considerable room for improvement in corporate profits and shareholder returns for a long time. However, the demand may be divided. under the background of energy transformation and carbon peak, the demand ceiling of energy commodities is getting closer and closer, and it will also bring obvious pull to the demand of some metals.
Therefore, in Yang Jinjin's view, the performance of upstream resource products will be obviously differentiated, and static industries with low valuations and high dividends may become value traps. and some commodities may offset the impact of the decline in traditional demand due to the pull of new energy.
Bao Wuke said in the first quarterly report of the Fund this year that he continued to be optimistic about the energy-related resources sector. On the supply side, due to the influence of ESG and other factors, the output growth rate of global energy resource products is relatively low. Even in the context of high product prices, capital investment in crude oil, coal and other industries is still low. In view of this supply and demand pattern, the contradiction between supply and demand of resource goods may be further intensified. As a result, the market may significantly increase forward price expectations for these products.
(original titleRussianpoker"No more for sale! What signal? ")