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◎reporter zhao mingchao fund managers or fund managers purchase their own shares and use real money to be bullish on the future market, which can undoubtedly give investors confidence. however, some fund companies make a big fanfare when they purchase their own shares, but they are silent when they redeem. the funds for high-profile self-purchases are actually the funds for redeeming old funds. this kind of "redeeming the old and buying the new" in secret has turned self-purchase into a marketing tool for fund companies. for fund companies that mainly rely on management fee income, since management fees are directly related to scale, fund companies have a natural motivation to expand their scale. in addition to using real money to be bullish on the future market, fund companies' self-purchase behavior also considers stabilizing the scale. generally speaking, when the market's money-making effect is insufficient, investors will continue to redeem, and the fund size will continue to shrink. fund companies' self-purchase can convey to investors the confidence of being bullish on the future market, which can not only attract new investors to buy, but also prevent holders from redeeming. therefore, fund companies often make a big fanfare when they purchase their own shares. correspondingly, they often become silent when redeeming funds. some fund companies continue to send out signals of bullish outlook when redeeming. when investing in their own funds, fund companies, except for newly issued fund products, do not have mandatory regulations for immediate disclosure of purchases or redemptions, and investors can only see it in the fund's periodic reports. generally speaking, fund companies usually actively promote self-purchases, but keep silent when redeeming. this asymmetry in information disclosure leaves room for "redeeming the old and buying the new". take a fund company in shanghai as an example. when issuing new funds, the company always uses self-purchase as a marketing selling point, but the information disclosed in the fund's periodic report shows that the funds for these self-purchases are basically brought by the redemption of old funds. from the historical market situation, buying when the market fluctuates is often easier for investors to get returns. the self-purchase behavior of fund companies often occurs at this time, and it is undeniable that the fund companies are optimistic about the market outlook. however, judging from the behavior of individual fund companies, whether it is self-purchase of "redeeming the old and buying the new" or the behavior of claiming self-purchase but redeeming more, they are all malicious marketing behaviors purely based on their own interests to attract investors. using "self-purchase" as a fund marketing tool has deviated from the principles of the asset management industry. for fund companies that rely on investor trust as their cornerstone, it is necessary to better tie together the interests of investors, managers and fund companies. when the above interests conflict, investors' interests must be put first in order to achieve sustainable development. although this behavior of fund companies can bring scale growth in the short term, it will definitely undermine investor trust in the long run. building trust is not easy, especially in the asset management industry. how can we betray the trust of investors and let self-purchase become a marketing tool?