news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

Securities Times reporter Zhu Tingwu

According to Securities Times Data, as of August 9, 65 public funds had purchased shares for themselves for a total of 2.907 billion yuan (excluding money market funds and alternative investments). To a certain extent, the self-purchase behavior of public funds reflects their judgment on industry trends and sector rotation.

Fund companies have been intensively purchasing their own shares this year

Since the beginning of this year, public funds have actively purchased their own shares. Specifically, in January, the market fell irrationally and investors lacked confidence. Public funds increased investor confidence through self-purchase. In February, due to the unilateral upward trend of the CSI 300 Index, the rebound of the market and the Spring Festival holiday, the amount of self-purchase by funds was low. In March, public funds' confidence in the market increased significantly, and the total amount of self-purchase by public funds reached a monthly peak this year, with an amount of nearly 750 million yuan. From April to July, the amount of self-purchase by funds remained above 300 million yuan, and the CSI 300 Index consolidated above 3,300 points.

In terms of the number of self-purchases, Tianhong Fund has made the most purchases this year, with 24 purchases; China Asset Management, E Fund, and Huitianfu Fund have purchased shares 23, 19, and 14 times, respectively. In addition, Southern Fund, Fullgoal Fund, and Huaan Fund have also purchased shares more than 10 times.

In terms of the amount of self-purchase, China Asset Management ranked first with 441 million yuan, followed by E Fund with 285 million yuan. China Universal Asset Management, Southern Fund, Tianhong Fund, Fullgoal Fund, Huaan Fund, Shanghai Guotai Junan Asset Management and GF Fund all purchased more than 100 million yuan.

In terms of product yields, as fund products for self-purchase, the funds with the highest yields are mostly semiconductor and gold theme funds. Among them, the China Europe CSI Chip Industry Index Launch A, Yongying CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF Launch Connection A, and China Merchants CSI Semiconductor Industry ETF Launch Connection A have yields of 17.1%, 16.27%, and 14.76% respectively, ranking the top three.

In addition, many QDII stock funds such as Huaan Hang Seng Internet Technology ETF Initiated Connection (QDII) A, Hua Xia CSI Hong Kong Mainland State-owned Enterprise ETF Initiated Connection (QDII) A, and Huatai-PineBridge Southeast Asia Technology ETF Initiated Connection (QDII) A also have good yields and are ranked at the top.

Equity Funds

Become the "main force" of self-purchase

Among the products purchased by public funds this year, stock funds led with a self-purchase amount of 1.38 billion yuan, followed by mixed funds, which reached 565 million yuan. At the same time, FOF, bond funds and QDII funds also received net purchases from public funds, which were 390 million yuan, 347 million yuan and 130 million yuan respectively.

Sector rotation in the market is the norm. By purchasing their own stock funds, public funds can flexibly respond to the investment opportunities and risks brought about by sector rotation.

Since the beginning of this year, the high ranking of stock funds in self-purchase is related to market conditions.

Industry insiders pointed out that this year, stock funds were affected by the decline of the stock market, and their overall performance was poor. Investors lacked confidence, which led to obstacles in the issuance of stock funds. In this context, public funds strive to enhance investor confidence and reduce fund redemption pressure through self-purchase, while also facilitating the issuance of new funds.

11 fund products

Obtained large amount of self-purchase

According to Databao statistics, from the perspective of fund products, 11 fund products all received large-scale self-purchases of over 15 million yuan.

The largest single and the largest self-purchase amount this year came from China Asset Management's China Asset Management's China Asset Management 2060 Five-Year Holding Mixed Fund (FOF) A, with a self-purchase amount of over 200 million yuan. It is worth mentioning that when the fund was established on March 28 this year, the fund company used its own funds to subscribe for more than 200 million shares, accounting for 100% of the total fund shares.

Secondly, the self-purchase amount of Guotai Junan China Bond 0-3 Year Policy Financial Bond A, an asset management product of Shanghai Guotai Junan Securities, was 61.0127 million yuan, ranking second. In addition, the self-purchase amounts of Shenzhen Gao REIT and CSI A50E under E Fund Management both exceeded 50 million yuan.

In the past ten years, fund companies' large-scale self-purchases of equity products have mostly occurred at the market's periodic bottom, with an obvious "support" effect.

Industry insiders believe that large-scale self-purchases by public funds will, on the one hand, inject incremental funds into A-shares, and on the other hand, deeply bind the interests of fund companies and fund managers with the interests of investors. It is a way for them to convey confidence to the market and help stabilize market sentiment. Although the scale of self-purchases by public funds is not equivalent to a buy signal, when the market falls to a certain extent or for a period of time, the public funds start a wave of self-purchases, which is often one of the signals that the market has bottomed out.

In this regard, Qi Yanran, an analyst at Everbright Securities, pointed out that this will help improve the consistency of risks and interests with investors, boost investor confidence and stabilize market expectations; on the other hand, it can use self-purchase funds to supplement and stabilize the size of fund assets. When market sentiment is low, fund self-purchase waves usually appear as a positive signal that the market may stop falling and stabilize. Self-purchase funds tend to favor stable assets with higher safety margins. When the market tends to bottom out, equity funds are more likely to purchase more intensively.