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the first product in the public offering industry that does not charge management fees even if it loses money has entered its open period again, and the management fees for the second closed period will be fully refunded as agreed in the contract.

china securities journal reporters noticed that the southern ruihe fixed open fund, which had achieved a high return of 80% in the first closed period, ended its second closed period, which was from september 16, 2021 to september 5, 2024. this highly-watched star fund issued an announcement stating that the open period is from september 6, 2024 to september 24, 2024, and will enter the fund closed period again on september 25. according to the contract of the southern ruihe fixed open fund, the fund suffered a small loss of about 9% in the second closed period, and its management fees during the closed period were fully returned to the fund assets. the management fees involved in the second closed period exceeded 30 million yuan, involving about 30,000 households.

if there is a small loss, the management fee will be fully refunded within the second closed period

the southern ruihe fixed-term fund, led by a star fund manager, has once again attracted the market's attention.

southern ruihe fixed open fund recently announced that the product will enter the third closed period. the open period is from september 6, 2024 to september 24, 2024, and the fund will enter the closed period on september 25. after the fund contract takes effect, subscription and redemption will be open once every three years. the starting date of each open period is the annual corresponding day of the fund contract effective date every three years (if the day is a non-working day or there is no corresponding date, it will be postponed to the next working day). the open period is not less than 5 working days and no more than 20 working days. the specific time is subject to the announcement of the fund manager at that time. during the open period, investors can subscribe and redeem fund shares according to relevant business rules. the first closed period of the fund is the period from the effective date of the fund contract (including that day) to the first day of the first open period (excluding that day), and the subsequent closed period is the period between each adjacent open period. the fund does not handle subscription and redemption business during the closed period.

the specific rules for subscription and redemption during the open period shall be subject to the announcement of the fund manager at that time. if force majeure or other circumstances occur after the closed period or during the open period, making it impossible for the fund to open subscription or redemption on time, the open period time will be suspended and the open period time will continue to be calculated from the day after the force majeure or other circumstances are eliminated until the open period time requirements are met.

the fund prospectus shows that after verification by the fund manager and the fund custodian, on the last day of each closed period, if the net value of the fund shares at the end of the period is less than or equal to the net value at the beginning of the period, the management fees for the closed period and the previous open period (if any) will be returned in full to the fund assets; otherwise, the fund custodian will automatically make the payment within 5 working days after the end of the closed period in accordance with the designated account path based on the financial data verified and consistent with the fund manager, and the fund manager will no longer need to issue a fund transfer order.

china securities journal reporters noted that the fund's closed period that expires this time is the second closed period, from september 16, 2021 to september 5, 2024. since the net value at the beginning of the second closed period was 1.7456 yuan, and the net value at the end of the second closed period was 1.5799 yuan, the loss in the second closed period was about 9%, which means that the management fees collected in the second closed period will be fully returned to the fund holders, involving a total of about 29,500 fund holders, of which individual investors hold 95% of the shares and are the main investors of the fund.

in addition, according to multiple semi-annual and annual reports released by southern ruihe fixed-term fund during its second closed period, the management fees collected by the product during its second closed period exceeded 30 million yuan, of which 4.12 million yuan was collected in the first half of this year.

the fund manager who created over 60% high-yield fund in six years emphasized free cash flow

it is worth mentioning that the return rate of southern ruihe fixed-term fund exceeded 80% in the first closed period. although there was a small net value loss in the second closed period, the fund still had a high return of 61.8% since its establishment in september 2018.

currently, the southern ruihe fixed open fund is jointly managed by star fund managers shi bo and yun lei. as of the end of june this year, the fund had an asset size of 750 million yuan. when reviewing the operations in the first half of this year, fund manager shi bo believes that as the "tide receded" in the second quarter, economic data showed signs of weakening, and the market returned to pessimistic pricing of equity assets. although the a-share market index seemed calm on the surface in the first half of the year, looking at the market from another angle, the average stock price of all a-shares fell by 22.89% in the first half of this year, the median decline of a-shares was about 23%, and more than 800 of the more than 5,000 companies in the market achieved positive returns in the first half of the year. on the contrary, the valuation level has been significantly lowered in the past three years, and the hong kong market, which has been more thoroughly cleared, has performed better than a-shares. the market liquidity of the a-share market has gradually decreased in the first half of the year. in such an environment, the market tolerance rate is getting lower and lower, and certainty has become scarcity, becoming the only consideration for the dominant market.

regarding how to invest beyond the dividend strategy, shi bo believes that the investment strategy that can truly surpass the dividend is the investment strategy based on free cash flow. the underlying logic is also easy to understand. whether it is the sustainability of dividend growth or the sustainability of cash returns to shareholders in the current period, it all stems from the free cash flow created by the company. the dividend strategy is essentially a sub-strategy of the free cash flow strategy. chinese investors believe that the us index has a good wealth effect. in fact, the underlying reason is that these indexes contain more cash cows. therefore, fund managers have always believed that the chinese market can learn from the experience of mature markets and compile a golden bull index, and also hope to obtain better returns in the medium and long term. of course, this is a great challenge for all actively managed fund managers. just like in the us stock market, there are very few actively managed funds that can outperform the s&p 500 and nasdaq indices in the long term.

in the overseas industry chain that public funds pay close attention to, shi bo believes that companies with the logic of going overseas have achieved relatively good performance in stock prices in the first half of this year. under the macro background of the domestic market demand ceiling showing and the slowdown in growth, domestic companies hope to continue their own growth or improve their overall economic returns through the demand of overseas markets, and avoid falling into the infinite spiral cycle of involution brought about by domestic homogeneous competition. at present, we divide domestic companies that are actively exploring overseas demand into two categories:

first, the proactive overseas expansion type: the company has encountered a bottleneck in its domestic development and cannot break through it in a short period of time. it hopes to complete the company's self-evolution and achieve further development through overseas acquisitions or building a "base" overseas;

second, passive overseas expansion: domestic demand is relatively weak, and overcapacity has dragged down the company's overall economic returns. however, overseas demand has suddenly exploded, driving the domestic industrial chain to rise rapidly. companies have full orders, and the domestic "involution" has been released overseas in a short period of time. the commonality of the two overseas expansion methods is that whether the company is going overseas with its brand, product or production capacity, the underlying logic is to go overseas with capital, and to obtain higher capital returns in an environment with a better supply and demand structure.

therefore, in terms of selecting targets for going overseas, shi bo emphasized that due to the current lack of domestic demand, companies that achieve low-price competition through exports do not meet the "aesthetics" of fund managers. he hopes that the chinese companies he invests in can rely on their higher quality standards to have the ability to sell at higher prices in overseas markets, and even help local governments build factories to solve the employment problems of local employees in the process of chinese companies' globalization, and become value creators under the global free trade system. companies with the ability to go overseas are not export-oriented companies that rely on cost competitiveness (energy costs and labor costs), nor are they companies that simply transfer low- and medium-end production capacity directly to southeast asia, but companies that truly have global management capabilities.