Low success rate dilution, new fund income transformation is imperative – fund channel-www.szxcn.cn

The low success rate of diluted hit new fund revenue transformation imperative – fund channel last year hit a single day net worth soared more than 70% of the performance, has more than 67% at the end of January this year day net plummeted, some more because the net less than 50 million yuan encounter liquidation…… To the "new", the original sound, low risk hit new fund is "Rainbow Night fund.eastmoney.com" according to statistics, as of February 2nd, in January has allocated shares hit new fund related stock movements of 654, nearly 1 years allocated shares hit new fund totaling 819 in addition, only, there are 654 dozen new funds have been allocated not listed shares. Faced with a large number of performance gap widening the new fund, investors how to choose? The impact of new rules on fund designers? Can these products continue to maintain high profitability? Low success rate diluted earnings in January this year is the first month of the implementation of the new regulations, from the actual situation, to play a new degree of participation increased significantly, while the success rate decreased significantly. According to a third party investment adviser website statistics, 6 new shares from January 22nd to January 29th of the purchase, only the southern media success rate is slightly higher, to 0.133%, the remaining 5 shares the success rate was 0.045%, 0.073% Luyan pharmacy Oriental fashion, shun new material 0.022%, Suzhou 0.023% and 0.023% stake in Gaolan design. Compared to 220 new shares in 2015, the average success rate of 0.492%, the current new earnings is really difficult to optimistic. Cancel the pre payment system is the core of the new regulations change. Due to the threshold liberalization, more investors pour into the Internet, resulting in a very low success rate, diluted earnings, so that the feasibility of purely new to hold the stock market value is reduced." CICC analyst Zhang Jiqiang said. "In the pre payment, cancel the setting and implementation of punishment to abandon the purchase of small cap stocks directly pricing mechanism, the new play is no longer large funds advantage, and become small and medium-sized investors’ first on the bus, after the replacement ticket, Bo luck ‘carnival." Taurus financial network researcher He Fajie believes that the new rules change though, but the shares of the issue price of the low, low earnings, low fund-raising scale of "three low" pattern does not change, and the rhythm is not open, most investors still believe that, after the IPO is still there will be a certain limit. In addition, the new regulations also require online purchase, online according to the market value of the purchase, Yaohao; and the establishment of the online investors purchase restriction mechanism, provisions of the online investors within 12 consecutive months accumulated in circumstances not full payment of the 3 ballot, not allowed to participate in the purchase of new shares within 6 months. For investors under the net, when participating in the quotation, it should hold a certain amount of non restricted shares. Overall, after the implementation of the new regulations, whether online or offline to play new, the success rate is substantially reduced, and the past to hit the new "stable dividend" gradually transferred from large funds or various types of institutions to small and medium investors, the retail participation greatly improved, relatively favorable. According to CICC estimates, in the old rules, the net arithmetic rate of simple arithmetic average is 0.52%, online year to play new.

低中签率摊薄打新基金收益 转型势在必行-基金频道   曾在去年创下过单日净值暴涨70%多的业绩,也曾在今年1月底单日净值暴跌逾67%,更有些因净值低于5000万元遭遇清盘……又到“打新”之时,原本稳健、低风险的打新基金却处于“冰火两重天”   据天天基金网统计,截至2月2日,近1月内已获配新股的打新基金 相关公司股票走势 有654只,近1年获配新股的打新基金达819只,此外,有654只打新基金已获配未上市新股。面对数量众多、业绩差距越拉越大的打新基金,投资者该如何选择?新规则对基金设计者的影响几何?这类产品能否继续保持稳健的高收益?   低中签率摊薄收益   今年1月份是新规实行的首个月份,从实际情况看,打新的参与度大幅提升,而中签率下降较大。据一家第三方投资顾问网站统计显示,1月22日至1月29日申购的6只新股中,仅南方传媒中签率稍高,为0.133%,其余5只新股中签率分别为鹭燕医药0.045%、东方 时 尚 0.073%、 海 顺 新 材0.022%、苏州设计0.023%和高澜股份0.023%。相比于2015年220只新股0.492%的平均中签率,目前打新的收益实在难言乐观。“取消预缴款制度是此次新规变化的核心。由于门槛放开,更多的投资者涌入网上打新导致网上中签率很低,摊薄收益,使得纯粹为打新而增持股票市值的可行性降低。”中金公司分析师张继强说。“在取消预缴款、设置弃购惩罚和实施中小盘股直接定价等机制后,打新不再是资金大户的优势,而成为中小股民‘先上车、后补票、博运气’的狂欢。”金牛理财网研究员何法杰认为,打新规则虽然改变,但目前新股的低发行价、低市盈率、低募资规模等“三低”模式并未发生质变,加上发行节奏未放开,大部分股民仍然相信,新股上市之后依然会有若干个涨停。   除此之外,对于网上申购,新规还要求网上按照市值申购,摇号中签;并建立了网上投资者申购约束机制,规定网上投资者连续12个月内累计出现3次中签后未足额缴款的情形时,6个月内不允许参与新股申购。对于网下投资者来说,网下参与报价时,应当持有一定金额的非限售股份。   总体看,新规实行后,无论是网上还是网下打新,中签率都大幅降低,而过去打新的“稳定红利”逐渐从资金大户或者各类机构转移到中小股民身上,散户参与度大幅提升,相对利好。据中金公司测算,在旧规则下,网上中签率的简单算术平均为0.52%,网上年化打新收益率为13.5%,实际调研区间是10%至20%。但在新规之下,预计网上打新的年化收益率在6%至12%区间,对投资者的吸引力降低不少。   业内人士表示,由于传统意义上的打新基金收益由债券收益和打新收益组成,债券部分的年化收益率相对稳定,一旦打新部分年化收益率下降,整个打新基金的年化收益率势必下降。   转型势在必行   新规之下,除纯债基金之外的各种基金品种都能打新,过去以打新为核心策略的基金,打新收益逐渐摊薄。随着市场环境变化,不少基民产生了靠打新“吃饭”的基金是否值得继续购买的疑问。   同花顺iFind统计显示,截至目前,累计获配新股数量超过200只的开放式基金共有41只,基本能确定这批基金仍然延续打新策略。今年1月份,这41只打新基金平均跌幅为11.81%,虽然跑赢同期大盘,但业绩分化严重。其中,14只基金跌幅超过22.59%,占比超过30%。包括历史获配新股指数合计达272只的富国天博基金,1月份跌幅为30.43%。此外,东方龙、华夏优势等多只获配新股只数合计超过200只,1月份净值跌幅均超过25个百分点。   1月份共有3只打新基金逆势上涨超过10%,即银华汇利历史获配新股48只,1月份逆势上涨12.12%;光大保德信欣鑫A历史获配新股 23只,1月份上涨11.00%;兴业聚利历史获配新股66只,1月份上涨10.69%。但是,有专家表示,部分打新基金1月份逆势上涨,可能与赎回导致打新资金占比相对增加有关。   到底投资者还能不能买打新基金?支持一方认为,规模在20亿元左右且费率较低的产品,值得低风险人群关注。钱景财富CEO赵荣春表示:“虽然打新收益不断降低,但在年底这段时间,由于市场中不确定性因素增加,配置其他资产的风险有所上升,因此打新基金仍可作为短时间的配置产品,只是需要投资者降低收益预期”。   反对者也不乏其人。济安金信基金评价中心主任王群航表示,由于种种原因,打新基金一直身处没有名分的灰色地带,未来将会如何发展,目前的形势并不明朗。随着新股的中签率大幅下降,打新基金仅靠“蚊子肉”收益显然难以为继。但是,灵活配置也给了打新基金较大发挥和转型的空间。打新基金无论转型与否,仍然需要暂时考虑整体回避,直至行业有明确的发展方向和转型方式。   也有投资者建议,今后应把打新作为偏债混基增强收益的手段,促使现有的打新基金转型为增强版的二级债基。这样的转型考虑实际上也是为了能让机构资金留在现有基金公司。未来,打新基金的策略有可能变为大量配置债券或干脆谋求向权益类产品转型,打新基金与债券型基金的差别可能缩小。   针对如何选择市场上存量打新基金的问题,上海证券基金评价研究中心分析师李颖建议,投资者需要综合考虑多方面因素,基金的打新意愿和打新能力是一个重要的考量因素,但不是唯一的因素。除此之外,基金仓位、基金费率以及基金规模等,投资人也需要加以关注。相关的主题文章: