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recently, the a-share market has continued to fluctuate, and the net value of equity funds has fluctuated greatly. a number of equity funds took the lead in taking action to relax the purchase limit, and some funds even cancelled the purchase limit and resumed large-amount purchase business.

china securities journal reporters noticed that since august, many funds have issued announcements to resume large-scale subscriptions, including some funds that have suspended large-scale subscription business for as long as 4 years.

most of the funds that have been under large-scale purchase restrictions for a long time are high-performing funds. choosing to relax the restrictions on large-scale subscriptions at this moment means, on the one hand, that fund managers' attitude towards the market has changed from cautious to positive. on the other hand, it will attract more funds to flow in, providing opportunities for fund managers to find high-quality investment targets.

multiple funds open to customers

since may this year, the a-share market has continued to fluctuate, and the equity-oriented mixed fund index has wiped out its year-to-date gains, with its year-to-date losses widening to 10.69%, falling into the bottom range of the year.

under the pessimistic mood, some equity funds have chosen to resume large-amount subscription business and cancel the large-amount purchase restrictions that were once taken to protect the interests of investors. does this mean that fund managers have changed their attitude towards the market?

anxin stable focus one-year holding period fund announced that it will resume large-scale subscription, large-scale conversion and large-scale regular investment business of class c shares of the fund from august 30, 2024.

the fund previously announced that in order to protect the interests of fund shareholders, it will suspend large-scale subscriptions, large-scale conversions and large-scale regular investment businesses of class c shares from may 22, 2024, and the limit amount will be no more than 10,000 yuan.

the suspension of large-scale subscription of class c shares of anxin stable jushen one-year holding fund coincided with the historical high of the fund's net value. as of may 22, the fund's net value increased by 12% this year. after the large-scale purchase restriction, the a-share market continued to fluctuate, and the fund's net value also fell. the latest cumulative increase in net value this year has shrunk to 1.63%. the fund is a debt-biased hybrid fund. since the end of 2023, it has continued to increase its stock position, and its stock position has increased from 31.53% at the end of 2023 to 37.82% in the middle of this year. judging from the action of continuously increasing stock positions, fund managers are becoming more positive about the market.

the large-scale purchase restriction measures adopted by the anxin stable focus one-year holding period fund are of a relatively short duration, which also complements the fund manager's style of being good at short-term timing.

recently, many funds under china merchants fund announced the cancellation of the purchase restrictions that had been in place for many years, which may better reflect the change in the fund managers' long-term judgment.

in order to meet the needs of investors, china merchants fund has decided to resume the large-amount subscription and conversion business of china merchants ruiqing hybrid fund from august 28, 2024, and cancel the limit of 50,000 yuan for class a and class c shares. china merchants fund issued an announcement on october 13, 2021, adjusting the limit of large-amount subscription business of china merchants ruiqing hybrid fund from october 13, 2021, with a purchase limit of 50,000 yuan. it is worth noting that the historical net value high of the fund happened at the time when the large-amount purchase limit occurred.

the china merchants anyuan flexible allocation fund, which had been limited to 50,000 yuan since july 14, 2020, recently announced that it would resume large-amount subscriptions from august 19, 2024. china merchants xingfu hybrid fund, a subsidiary of china merchants fund, announced on the same day that it would resume large-amount subscriptions from august 19, 2024 and cancel the 10,000 yuan purchase limit that had been in effect since july 15, 2020. the large-amount purchase limit for china merchants anyuan hybrid fund and china merchants xingfu hybrid fund is as long as 4 years.

some high-performing funds that rank among the top funds of the same type have gradually lifted restrictions on large purchases. on august 26, chunhou xinrui mixed fund was the first to resume restrictions on large purchases of class a shares. the fund had previously limited large purchases of class a or class c fund shares to less than 100,000 yuan since may 14. the fund has performed well in recent years, and its cumulative performance in the past three years has been among the top funds of the same type.

helps reduce holding costs

in addition, some equity funds that were newly established this year and were subject to large-scale purchase restrictions have also gradually cancelled the purchase restrictions.

huatai-pinebridge csi a50 etf initiated linkage fund announced measures to restrict large-scale subscriptions at the beginning of its establishment. the company has now decided to resume normal subscription business of the fund from august 26, 2024.

the gf theme leading fund managed by feng hanjie added class c shares on july 25, 2024, with a purchase limit of 100,000 yuan at the beginning of its establishment. the fund recently announced that in order to meet the investment needs of investors, the subscription limit for class c fund shares will be cancelled from august 16, 2024.

compared with past measures to gradually relax purchase restrictions, this year many equity funds have chosen to directly cancel large-scale purchase restrictions.

talking about the fact that equity funds are flocking to cancel restrictions on large subscriptions, many people in the fund industry pointed out that the recent market fluctuations have caused a large correction in fund net values. for fund managers, picking up cheap chips at the bottom of the market will help reduce holding costs and make full preparations for the next round of market conditions.

"removing purchase restrictions on equity funds can replenish ammunition for the funds, help fund managers make counter-trend investments, and also protect fund performance from the impact of redemptions." a fund observer told reporters that equity funds have seen large redemptions this year, and the scale of many products has shrunk significantly, some even becoming mini-fund products and on the verge of liquidation. canceling large-scale purchase restrictions at the bottom of the market can also maintain product scale.

some third-party fund evaluators also pointed out that since the end of may, the a-share market has been in a state of turmoil. even this year's high-performing funds have experienced a large pullback. the current a-share market is already at a relatively low level in recent years. some restricted purchase funds have achieved their goal of maintaining performance by controlling scale, and large-scale purchase restrictions are no longer necessary.

look for structural opportunities

during periods of market excitement, fund managers often adopt large-scale purchase limit measures to control the size of the fund and avoid funds "standing guard" at high levels of the fund's net value.

so, can the intensive measures taken by public funds to relax restrictions on large-amount purchases be regarded as a signal of the market’s staged bottom? the fund managers who have relaxed restrictions on large-amount purchases generally believe that there is limited room for the a-share market index to move further downward.

the fund manager of anxin steady jushen one-year holding fund said that the current valuation level of the equity market has already fully reflected the challenges facing the fundamentals. the fund manager of china merchants ruiqing hybrid fund recently said that considering the negative expectations implied by the current market valuation level are relatively sufficient, the index has limited room for further downward movement.

most fund managers recommend looking for structural opportunities.

looking ahead to the second half of 2024, the fund manager of chunhou xinrui mixed fund believes that the corresponding structural bottoming force in the domestic demand direction will be stronger than in the first half of the year. after continuous structural adjustments, the capital market has been able to have better structural opportunities.

the fund manager of huatai-pinebridge csi a50etf initiated linkage fund said that under the macro paradigm shift, the financial cycles of china and foreign countries are differentiated. combined with the active steady growth policy and medium- and long-term reforms, economic momentum is expected to continue to improve moderately, and the market style may continue to have relative returns. it is recommended to look for structural opportunities. in the medium term, with the chinese economy ushering in a new round of profit cycle and the misalignment of the economic cycle between china and the united states entering the second half, the valuation of the a-share market is relatively attractive, with outstanding cost-effectiveness, and the allocation opportunities outweigh the risks.

"the overly consistent and extreme mainstream expectations currently reflected in the market for multiple assets may at least pose a periodic risk of recurrence." feng hanjie of gf fund analyzed that, on the one hand, as long as there is a sufficient scale of structural development in the economy, the equity market will naturally capture these opportunities through methods such as adjusting index components, that is, the performance of the mainstream index can be partially decoupled from the overall economic performance of the economy; on the other hand, the cyclical swings of human nature are eternal, and the market will always have opportunities to give away money through extreme overvaluation and undervaluation, which also constitutes a very important source of income.