4hw.com.cn: only 30% of the public funded national team's 200 billion fund shares left
In the past two years, with the smooth operation of the A-share market and the promotion of the blue chip structural bull market, hundreds of billions of rescue funds started in the era of stock disaster have been gradually withdrawn.
After the market rescue funds of securities companies returned to their respective accounts one after another last year, the 200 billion securities companies invested in public funds began to transfer their capital from the fund accounts. According to the latest fund quarterly report, as of March 31, 2018, the publicly disclosed shares of five national team funds, including Huaxia new economy, were reduced to 12.01 billion for the first time from 40.01 billion since its establishment. That is to say, in the past quarter, each fund has redeemed 28 billion shares, accounting for 69.98%.
Although the whereabouts of the fund assets corresponding to the 140 billion fund shares are not clear, in the view of the industry, this should be due to the 'exit' behavior of the rescue funds. The website of the development research center of the State Council once published the "operation of rescue funds and suggestions for orderly launch" in January this year, saying that at present, the rescue task has been completed, the market has returned to normal, and the rescue funds have such problems as interfering with the market operation, competing with the people for profits, and the funds are divorced from the reality. Other market experiences also show that after the rescue is successful, the rescue funds should be withdrawn as soon as possible and prudently.
National team fund net redemption of 7 components
With the release of the first quarter report of 2018 by China Merchants Fengqing on April 22, 2018, the first quarter report of all five national team funds was released. In the two and a half years since its establishment, the national team fund has changed significantly for the first time. However, the 'exit' of national team fund assets seems to have been anticipated by the market. As early as the public fund products, since last year, the funds invested by securities companies based on the proportion of net assets have been returned to their respective accounts.
During the stock disaster in 2015, securities companies invested more than 200 billion yuan in the A-share market by way of income swap. Among them, on July 6 of that year, the first 21 securities companies invested more than 128 billion yuan to invest in blue chip ETFs. After that, the A-share market did not get effective control. As the market plummeted again and further lost liquidity, the means of market rescue upgraded. In September, the number of rescue securities companies expanded to 50, and raised 100 billion yuan with 20% of the net capital as of July 31, 2015, and continued to be put into the equity market by the securities fund company.
Although the public fund is a light asset company with limited capital, it was also entrusted with the task of saving the market at that time. In July 2015, when the stock market was ravaged by the stock disaster, Zhengjin company invested RMB 200 billion to subscribe five public funds, namely, E-Founder Ruihui, Jiashi new opportunity, China Merchants Fengqing, southern consumer vitality and China new economy, which are therefore called the national team fund. The five national team funds are set up in the form of sponsorship, with each fund company investing 10 million yuan.
At the beginning of its establishment, the five funds all adopted the strategy of reducing positions actively in order to alleviate the market liquidity crisis. At the end of the first quarter after its establishment, i.e. on September 31, 2015, positions were increased to more than 50%. At that time, the lowest new opportunity position of Jiashi was 59%, and the highest one of Yifang Darui Hui was 91.85%. With the smooth and normal operation of the A-share market and the continuous promotion of the structural bull market with blue chips in the market, the five funds have gradually come to an end and shrunk their investment in the A-share market. As of the end of last year, the positions of the five funds have been reduced to a new low at the end of the quarter since their establishment in 2015. Among them, China Merchants Qingfeng a has reduced its position to 7.47% at the end of last year, and E-Founder Darui Hui to 9.28%.
According to the report of the development research center of the State Council, in 2015, the A-share market fluctuated abnormally, and the large-scale funds mainly from securities and gold companies directly entered the market, which played a key role in stabilizing confidence and resolving risks. At the end of September 2017, the market rescue fund still holds more than 1.2 trillion yuan of market value shares, accounting for 2.7% of the circulation market value of a shares. At present, the stock market, especially the blue chip stock, has experienced a large increase, and the conditions for the withdrawal of the rescue funds are initially available. It is suggested that the tolerance of normal fluctuation of stock market should be improved, and the function of stabilizing the market should no longer be given to the rescue fund; the goal of withdrawing the rescue fund should be defined, the operation of the rescue fund should be standardized, the withdrawal plan should be started in time, the operation platform of the rescue fund should be merged gradually and the individual stock position should be turned into index fund, and the scale of the market capital should be reduced orderly through various channels on the premise that the market can bear.