The First Anniversary of GEM Fund Investment Trap Dilemma
GEM GEM to open the year, executives of listed companies the opportunity to bring rich overnight, but this lucky at least not yet implemented to fund investments.Ugg Boots Sale
According to incomplete statistics, the first landing of the GEM 28 companies a total of 19 executives to resign, the resignation of time is only an average of 5 months after the listing. Market participants believe that the reasons behind the resignation of senior executives received the 'wealth effect', given the GEM listed company executives, venture capital institutions, while the wealth effect, as the representative of the Fund's financial capital in the area still did not get GEM substantial returns.
Ugg Knightsbridge SaleMore to the East wealth fund investments (47.620,0.06,0.13%), clean water source (91.020, -0.73, -0.80%), for example, as of the end of the second quarter of this year, two stocks of the top ten list of shareholders of tradable shares almost all seats for the fund, fund managers show a preference for stocks, but the real investment effect is striking. Clean water source in its listing to the end of the second quarter of this year, during which 35% decline, while the June 30-October 8, clean water source is still a 5% decline, which means get together to buy clean water source for most of the Fund the misfortune of facing the quilt.
East Fortune in March 19 after the listing of funding was being sought after, but peaked in April 7, the stock price began to fall sharply, April 7 to June 30 fell more than 44% of the period, the share price since July went down more than 12%. This trend also will invest in the stock ICBC Credit Suisse, E Fund, Industrial, etc. all of its funds caught. Fund densities of another listed company million Banda (88.800, -0.90, -1.00%) has yet to bring the wealth of fund managers. If a fund manager to buy million Banda no band operation to lock the income, then the investment is also now not much real benefit.
GEM investment fund managers in addition to the risk faced by the valuation, the performance of listed companies on GEM face also had to watch out for. To ChinaNetCenter (15.720,0.23,1.48%) as an example, the company said in its semi-annual report of the first three quarter results will not be less than 20% reduction. Bad under the company's share price decline since August has been more than 20%.
At least now, the GEM quality stocks in mining is much more difficult than other sections. GEM stocks and sluggish performance compared to a number of new shares the field of small plates, sub-IPO performance very strong. Which UOB shares (76.80,0.25,0.33%) listed more than 200% increase since the rich Anna (45.83, -0.28, -0.61%) this year, the gain was more than 50%.GEM stocks accounted for the low percentage of net assets of the Fund. Fund managers cautious early GEM seems to have been verified. In fact, the fund manager's allocation of the GEM stocks from the absolute amount is very rare. The GEM stocks a larger decline in prices or the doubling of performance rankings do not give contribution from fund managers.
cheap Ugg BootsTo invest more in China Universal Growth Enterprise Fund, for example, China Universal Balanced Growth Fund's investment portfolio, the GEM stock fund assets accounted for less than 2%. Clean water sources account for about one end of the second quarter, the net assets of the Fund the proportion of 0.9%. In fact, China Universal Fund, the major fund companies in the country has been considered a more generous GEM investment fund companies, as for domestic and public fund asset allocation ratio of GEM will be far more less than 2% of average.
'Dish is too small, we can not buy a lot, slightly larger amount to go up by.' One fund manager admitted that the domestic, the GEM stocks no matter how serious ups and downs, the impact on the fund portfolio is not large, even if the business board stocks there fell, the top ten stocks in the portfolio slightly the performance of one or two strong, they can completely eliminate the impact of GEM stock's decline, the GEM stocks substantially strengthened the impact is similar.
These people said that several hundred million raised funds are generally more than ten scale, so one or two or a larger decline in the GEM rally appears difficult to influence net asset value, but the scale is generally in 50000000-1 million account between financial products, a larger decline in GEM stocks may have a negative product of the net. 'But the account products are very flexible, there are limitations period, usually a stock in one or two months do not make money, investment managers are usually cut and decisive.' The source told reporters.
GEM stocks in the lifting of the ban before some of the GEM stocks held by fund managers generally take reduction strategy. Related statistics show that the first batch of 27 companies on GEM together, there were 1,194,000,000 shares of restricted shares will be lifted October 30, while the existing number of outstanding shares is only 1.02 billion shares. If the closing price in recent days, which 1,194,000,000 shares lifted the market value will exceed 300 billion yuan. In addition, small-cap stocks in the second half of the other risk factors faced by some small plate lifted stocks.
Stocks because the market often are in the various segments of domestic industry, and the chips have been funding a number of high-quality lock held. Peng Ji Hongtao, general manager of China Fund Research, said the future there will be more and more theme-oriented, industry-based fund products, which means that future chips will make these related industries will be increasingly in short supply. Future Fund will be increasing differentiation, and the gradual breakdown of funds will be locked in some specific industries. Market participants also speculated that if the future appears to GEM fund products as the main investment targets itself to a smaller market capitalization are more likely to show the GEM chips crisis. So it seems some fund managers, the GEM lifting of the ban under the pressure of making cash, stock prices will drop slightly, the release of part of the valuation of risk, but can also bring sufficient funds to institutions of chips.
After the influx of funds or large-scale entry ban
Classic Tall UggsGEM for the upcoming peak lifting of the ban, Cinda in the small cap fund manager Huang Jingdong believe that the overall valuation of the GEM will bring greater pressure, but a truly high-growth start-board companies, but there will be a good buying opportunity. The next period of time, his policy will focus on three main factors and find the structural opportunities: the 'second Five-Year Plan'; the second is the system of social redistribution of income or new ideas in the field; third countries emerging industry specific policies. Industry, in addition to a large consumer focused industries, he also optimistic about the decoration, garden, home textiles and so has the 'big industry, small companies' characteristics of the field; sharp fall in the dollar situation, some resource stocks are also in the short term expected to have better performance.
Similar to the above point of view, the investment fund account Miao Yang, deputy director of investment not only concern about the opportunities the GEM lifting of the ban, but also for 'small companies, big business,' the characteristics of a soft spot. This seems to indicate that the fund manager's intention to increase more and more chips on the field.
'Because of the GEM stocks are mostly small plates associated with macroeconomic policies is low.' Miao Yang told reporters that such a listed company itself, although of a small company, but its relatively large sub-industries, small companies appear big market special phenomena, including film, home textiles, garden, decoration, security, fire and other industries have reflected the small companies, large market characteristics.
He told reporters that the company once the industry more certainty of future growth, even if the short term to maintain a high valuation of the object can also be bought. Yang extremely vague point is that the stock market is efficient, if the subject is really good stock, it will be very low probability of becoming cheap.
Chief Investment Officer of INVESCO Great Wall Wang Penghui also the 'Shanghai Securities News', said the impact of GEM will be temporary lifting of the ban, and will provide investors a good opportunity to buy good companies, the market will not change the long-run trend of lifting the ban.
Wang Penghui emphasized the next phase of the investment will pay more attention to emerging industries, and these include some of the GEM stocks. 'China has become the new industry is the pillar of power in such a process will emerge a lot of investment opportunities.' He believes that in order to promote the financial support of the GEM, you can expect there will be a lot of money and personnel into new industries in the past, and the formation of the positive role of positive feedback.
Lifting of the ban against the wave of GEM, Dacheng Fund Manager Zhou Jianchun return policy that the market for short-term small-cap stocks will continue to continue, the fundamentals may even continue to improve, but the small-cap stocks faced a major risk is that the fourth quarter of GEM tide lifting of the ban. 'October, I think, including the GEM, including the risk of small-cap stocks is quite large.' Zhou Jianchun said so.
Concerned about the core staff, industrial capital movements
For the fourth quarter lifted the GEM in a prudent attitude hold tide there are some few people, while at the same time lifting the ban on the GEM, some fund managers are concerned about the possible movement of industrial capital, the internal staff of listed companies is also very separation attention.
Miao Yang, China Merchants Fund believes that the threshold for started by technology companies, the key core technical personnel largely determines the competitiveness of listed companies. 'Some of the companies listed on GEM, the core technical staff to two or three, or even one or two people.' Yang Miao said that if access to the wealth effect of such persons and left have a negative impact on the company. He stressed that his study of the investment, the movement of such personnel has remained relatively high sensitivity.
Boshi Fund Vice President, but also to the social security fund managers Dongliang Hong, 'Shanghai Securities News' said, 'After the lifting of the ban, there could be a wave of GEM callback.' From the current valuation, the risk is greater than the opportunities, industry the existence of capital in terms of the GEM relatively large pressure on lifting of the ban.
Domestic investment in a fund account director also told reporters that the lifting of the ban on the GEM of the pressure in the small cap sector is unsuspecting, 'industrial capital will certainly sell, because most of them are ten times more than two years of profits.' Chief Investment Officer, said the special account, the cumulative risk factors GEM has been great, and the tide lifted the GEM market, there may be some impact, which is the fourth quarter of this year, a major uncertainty.
The timing of intervention, Dongliang Hong pointed out that intervention depends on whether the price of the GEM stocks are consistent with the fundamentals, if there is value, even if you can not lift the ban to buy, and some more reasonable prices, stock prices lifted the ban because of the substantial correction stock would be a good time to intervene.