Unlimited purchase in three years

Unlimited purchase in three years

Source: Erniao said Original title: Unlimited purchases and no snap-ups. These high-quality funds discount and pick up the goods. The model began in Dongfanghong’s “three-year fixed opening” model, and all fund companies followed suit.

These two years have successively issued colonial closed-end funds.

  Some of them are not listed for trading. They are closed for three years and can only be redeemed when they expire.

Some can be listed and traded, providing investors with an opportunity to cash in liquidity.

These listed and traded funds are affected by factors such as liquidity and trading sentiment, and most closed-end funds are discounted on the market for a long time.

This gives us a chance to pick up the goods cheaply.

  If these funds are bought at a discount, they can be redeemed at net value after the closure is terminated, which is actually an arbitrage opportunity.

It is just a time constant. There is a certain degree of uncertainty in the fluctuation of the net value.

If the net value at maturity is lower than the purchase price, the investment will fail.

  To invest in such closed-end funds, three factors must be considered: one is the size of the fund itself, the other is the discount situation, and the third is liquidity.

After research and selection, we provide several good foundations for the management of excellent fund managers for your reference.

  I. Guangfa Ruiyang is scheduled to open in three years (501070) Source: Wind. As of September 18, 2019, the following Tongguangfa Ruiyang was established in January 2019. The fund manager is Fu Youxing.

As of September 18, the net worth was 1.

21 yuan, closing price is 1.

1 yuan, the remaining closed period is 2.

4 years, discount 9 on the market.


  Fu Youxing, who has 17 years of experience, is currently the backbone of the GF Fund.

He is good at judging market trends from the top down and selecting stocks from the bottom up, and has achieved control over retracement.

The open-end fund under his management, Guangfa, has a steady growth trend, a stable drawdown, and a new high net worth, which is a classic.

From the position held at the end of the second quarter, GF Ruiyang holds 55.

73% of the stock, 22.

87% of bonds, 16.

With 30% of financial assets being resold, the fund’s operating style is similar to that of Guangfa’s stable.

  Second, Yifang Dakshun will be opened in three years (161132). Yifang Dakshun was established in October 2018. The fund manager is Xiao Nan.

When the fund was established, A shares were tumbling, and they continued to rush to open positions.

In January 2019, the net value increased significantly after the increase in positions, and the discount rate in the market gradually narrowed.

As of September 18, the net worth was 1.

26. The closing price is 1.

19. The discount rate is 5.


  Xiao Nan’s reputation has become famous because he has managed Yi Fangda’s consumption soaring in recent years, and his ability is widely recognized by the market.

However, he maintained an ordinary mind, and even said that such a result was only a “survivor deviation.”

It can be seen that Xiao Nan is a humble and cautious person.

From the second quarterly report, Yifangda Keshun’s investment style is very close to Yifangda’s consumption, mainly focusing on white horse stocks such as consumption, and concentrated in holding liquor stocks.

But the stock position is only 73%, and the volatility is much less than the extra.

Judging from the operation of the past year, Xiao Nan has made this fund according to the goal of absolute returns, and attaches great importance to the control of retreat.

  3. Dongfanghong Hengyuan will be opened in five years (501066). Dongfanghong Hengyuan is the first (and only) equity product in the market that is closed for five years.As of September 18, the net worth was 1.

32, closing price is 1.

27. The discount rate is 4%.

  Although Dongfanghong Hengyuan has a closed period of up to five years, the fundraising ended early in just three days when it was issued.

The top discount rate of the Topix Hengyuan has not been high since its listing, and it was only 8 at its highest.

36%, it can be seen that the market recognizes Dongfanghong and Lin Peng themselves.

Top Securities Hengyuan shares the same investment style with Dongfanghong, mainly holding long-term leading ROE stocks with high ROE.

And with up to five years of investment time, fund managers can more easily plan.

The stock position for the second quarter is 85%, which is already a high level.

  Fourth, CEIBS Vision is open regularly for two years (166025). CEIBS Vision was established in April 2019. The fund managers are Zhou Yingbo and Cheng Yuxuan.

The discount rate in the market was relatively small at first, and then gradually expanded.

As of September 18, the net worth was 1.

15, closing price is 1.

07, discount rate 7.


  Zhou Yingbo is the China-Europe’s signature fund manager. He manages the China-Europe era pioneer, China-Europe Mingrui New Normal and other funds rank among the top funds of the same kind, and is favored by institutional investors.

Bobo is good at digging into growth stocks, which is a typical growth style.

CEIBS Foresight is similar to the investment style of open-end funds such as Times Pioneer. At the end of the second quarter, 59% of stock positions were held. Most of the top 10 positions were technology stocks such as ZTE and Huiding.

Judging from the period of operation for nearly half a year, this fund has changed more than it has done in accordance with the goal of absolute returns.

  V. Xingquan Heyi Mix (163417) Xingquan Heyi was established in January 2018 with a two-year closed period. The fund manager is Xie Zhiyu.

At the time of establishment, the scale reached 30 billion yuan. In 2018, under the influence of factors such as the downturn in the stock market and the “magic of scale” sentiment, the discount rate after listing was not small.

In 2019, the converted net value rebounded, the maturity date continued, and the discount rate began to narrow.

As of September 18, the net worth was 1.

11. The closing price is 1.

07, discount rate 3.


  Xingquanheyi had very few reviews when it was first established due to its super-large scale. Both fund companies and fund managers were under pressure to block.

Judging from the time of the year in which it has been in effect, the overall performance is impeccable.

Last year’s drop in the market was 17%, well below the broader market.

This year’s rising market seized the opportunity, and the increase was higher than the broader market.

Although the time of establishment is not good, it has accumulated a 21% excess return on the CSI 300 Index and achieved an absolute return of more than 11%.

Its stock selection ability prediction, long-term holding, and attention to the control of retracement are very typical prosperity styles.

  6. CEIBS Hengli will open regularly for three years (166024). CEIBS Hengli was established in November 2017. The fund managers are Cao Mingchang and Lu Bosen.

As of September 18, the net worth was zero.

980, closing price is 0.

900, discount rate 7.


  CEIBS Hengli has 南宁桑拿 been operating for nearly two years. At present, the net value is below 1 yuan, and it is still in a state of floating losses, which is difficult to satisfy investors.

This has led to a long-term discount rate in the market.

The current expiration date is 13 months and it is still 7.98% discount rate.

From the second quarterly report, the stock position is 99.

31%, close to full, is extremely rare.

Lao Cao is already in a desperate state. He will return a profitable profit to investors when it expires, and his determination is very firm.

  Lao Cao’s investment system is relatively complete and its level is recognized by developing countries. Do not question this.

The poor performance in the past two years is initially inconsistent with the market style.

It is also a value investment. In the past two years, the market has presented a style of “Hengqianghengqiang”.

Lao Cao relatively expected the estimated security, many of which are undervalued stocks, which have not risen much in the past two years.

He also captured some large bull stocks (such as Shun Xin Agriculture), but sold it when he reached an estimate he approved, and did not eat it in the second half.

Hengli’s holdings have a high margin of safety, and many are in a state of “no fall”.

There are still 13 months to expire, 8% discount, relatively uncertain factors, and obvious investment opportunities.

  Seven, Nanfang Ruihe set to open hybrid (LOF) (501062) Nanfang Ruihe was established in September 2018, with a three-year closed period, which opened a precedent of “no money and no fees.

Fund manager Shi Bo is one of the most senior fund managers of Southern Fund.

Since the listing of Ruihe, the discount rate in the market has been at a high level until September 18, with a net value of 1.

12, the transaction price is 1.

007, the discount rate is 11.

5% is currently the highest discount rate of these funds.

  After the termination of the second quarter, Nanfang Ruihe held 50% of its shares, 44% of its bonds, and a small number of Hong Kong stocks.

On the whole, it is a more typical style of equity and debt equilibrium, and it operates according to the idea of absolute returns.

The holdings focus on the biomedicine, information industry, liquor and other sectors, and the withdrawal control is better.

When the fund was raised, internal practitioners subscribed for more than 18.5 million copies and stipulated that after the closed period, the positive accumulation of earnings was required before the fixed management fee was recovered (1.

5 years).

  The above funds, I will give you a summary source: Wind, as of September 18, 2019, investment in closed-end funds, in addition to the fund’s own position, discount rate, liquidity is also an important factor to consider.

If the market is not active, it will be difficult to buy and sell.

As far as individual investors are concerned, Yiji Keshun, the liquidity indicator in the above picture, must pay attention to the fact that sometimes the daily turnover is only tens of thousands of yuan.

The investment amount of such funds should not exceed 50,000 yuan.

The nominal ★★ Guangfa Ruiyang and Top Securities Hengyuan have daily turnover of several hundred thousand yuan, and most individual investors should have no problems.

  At the time of the finalization of the article, Hong Chuanyan’s Hongde Fengze (501071) was also listed yesterday, and it was discounted on the first day of listing.

17% (2 remaining.

5 years), everyone can also pay attention.