See also popular style fund!

Just this week, the whole market is looking forward to "waiting for the wind"-products by Dongfanghong Zhang Feng and Gao Yi and Deng Xiaofeng. On May 28, Dongfanghong Qiheng, which is managed by Zhang Feng, opened its application for the fund held by Dongfanghong for three years, and the fund was really hot in the market. From 10 billion, 20 billion in the morning, to 30 billion at noon, finally or reach 40 billion, showing a market boom.

Precisely because of the hot fundraising, Eastern Securities Management reacted quickly, showing that the industry had issued a relatively rare announcement that it had stopped accepting applications in intraday trading, and set the deadline at 13:00 that day. After 3 p.m., there was an announcement that proportional placement would be launched, setting the upper limit for the increase in Class B shares at 15 billion.

Industry insiders believe that the products of the "professional households of popular style" have become popular style funds that have not been seen for a long time in the market, which is related to the recent recovery of the market, the excellent long-term performance of the fund, and the strong enthusiasm of the channels. There may also be popular style funds coming out one after another in the future.

The market reappears tens of billions of "solar base"

The market stood at 3600 points, and after more than three months, the fund issuance market reappeared the $10 billion "daylight base" that had not been seen for a long time.

On May 28, Dongfanghong Qiheng opened its application for class B shares of the mixed fund during the three-year holding period. In fact, as early as a week ago, major Internet channels such as Alipay and Tiantian funds have preheated Dongfanghong Qiheng as a key consignment product in the near future, and the product introduction of Dongfanghong Qiheng can be seen in the key promotion position.

China Merchants Bank, Bank of Communications, Construction Bank and other major banks, brokerage channel financial managers have also warmed up for the product launch in moments.

When trading opened on the morning of May 28th, news came from the channel that Dongfanghong Qiheng had raised more than 3 billion yuan. With the continuous influx of purchase funds, the scale of purchase application on the first day soon exceeded 10 billion yuan at 10:30, becoming the first fund in the last three months to raise more than 10 billion yuan in a single day.

As of 12:00 in the afternoon, a source revealed that the application scale of the fund has been close to 25 billion yuan, and the data has been updated to 30 billion yuan at 13:00 in the afternoon. The above-mentioned sources said that because of the large number of channels for this issue, the current statistical scale has exceeded 37 billion, and some channels are not included in the statistics, which are expected to reach the level of 40 billion.

Dongfanghong Qiheng is transformed from the original Dongfanghong No. 4-active growth aggregate Asset Management Plan. Dongfanghong No. 4 was established on April 21, 2009. the cumulative net value of Dongfanghong Qiheng Class A share has reached 12.2633 yuan, by contrast, the CSI 300 index rose 88.00% over the same period of 12 years.

During the 12 years of product operation, successive investment managers of Dongfanghong 4 include investors with industry appeal, such as Chen Guangming. Zhang Feng, the current fund manager of Dongfanghong Qiheng, began to take over Dongfanghong 4 in June 2018. He has entered the securities industry since 1999, engaged in investment research, has 22 years of securities experience, 13 years of investment management experience Currently serves as Deputy General Manager, Chief Investment Officer and Chairman of Investment decision Committee of Dongfanghong Asset Management.

In the investment, Zhang Feng believes that the investment should focus on finding targets in rich mines. He divides investment opportunities into four quadrants according to "poor ore", "rich mine", "traditional" and "emerging". He wants to look for investment opportunities in rich mines, that is, the so-called "choice is more important than effort." Zhang Feng also stressed that rich and poor minerals change with the economic structure, and investment is to buy the future rather than the past.

It is reported that the end of Dongfanghong Qiheng's purchase to a certain extent reflects the overall recognition of the fund industry by the market, the continuous ecological optimization of the fund industry, and the widespread acceptance of the long-term investment concept. In fact, it is not easy for fund products to achieve long-term sustainable performance. Historically, fund performance in a single year has greater randomness. From a long-term point of view, only funds with sustainable investment logic can create long-term sound performance. Excellent fund managers usually have excellent research ability and risk control ability, carry out long-term in-depth research on investment targets, and can get long-term sustainable and reasonable returns through the bull-bear cycle.

The history of the development of the capital market shows that value investment is a long-term and effective investment method, but the implementation of value investment needs long-term companionship and sufficient time to realize value return.

People related to Dongfanghong asset management said that Dongfanghong Qiheng set a three-year holding cycle in order to guide investors to avoid chasing the rise, kill or fall, achieve long-term holding, and strive to turn the product income into investors' actual income more completely; at the same time, it also gives investors the opportunity to apply for purchase and increase their positions, making it convenient for investors to accumulate fund shares and smooth investment costs.

It was issued during the day to stop accepting applications for purchase.Urgently set a ceiling of 15 billion fundraising.

Precisely because of the hot offering market, East Securities Capital Management quickly issued an announcement to stop accepting purchase applications. This is another example of an early offering announced in intraday trading after Huijianfu, and the deadline was set at 13:00 that day.

According to the announcement, Dongfanghong Qiheng held Class B share of the mixed fund for three years and opened its daily purchase (including transfer) business on May 28. Due to the enthusiastic application on the day of opening the purchase business, in order to protect the interests of investors, control the reasonable scale of the fund and ensure the stable investment operation of the fund. Fund manager direct selling centers (including direct selling counters and online direct selling platforms) will stop accepting applications for purchase (transfer) at 13:00 on May 28, 2011. it has been asked to change the fund Class B shares of the consignment agencies to stop accepting applications (transfer) at 13:00 on May 28th.

This is a very rare intraday suspension in the fund industry. Prior to this, in July 2020, when the launch of the new equity fund was hot, Huidianfu announced the early end of the offering in the midmarket offering process, and announced that the fund company's online direct marketing system would stop accepting subscription applications at 13:00 on the same day.

This time, from the perspective of channels, some banks and brokerage channels still set the final time of raising at around 3: 00 p.m.

After the close at 3 p.m., Dongfanghong Capital Management issued a notice on Dongfanghong Qiheng Class B share application to adopt the method of "proportional confirmation". The announcement said that the manager decided to increase the maximum scale of Dongfanghong Qiheng Class B share to 15 billion yuan on May 28, 2021, as the new scale on that day had exceeded 15 billion yuan. The fund manager will use "proportional confirmation" to partially confirm the purchase application on May 28, 2021, and the unconfirmed portion of the application will be refunded to investors in accordance with business rules.

Zhang Feng in the first quarterHeavy positions in brand consumption, new energy, high-end manufacturing, great health

According to the data, Zhang Feng managed Dongfanghong 4 with a return of 54.84% and an annualized return of 16.55%. While he managed Dongfanghong No. 8 for a long time, his service return from February 8, 2012 to March 28, 2021 was 594.12%, with an annualized return of 23.6%, which also created a very considerable profit.

Zhang Feng is a senior investment veteran in the asset management industry. he entered the securities industry in 1999 and engaged in investment research. He has 22 years of experience in securities industry and 13 years of investment management experience. He is currently deputy general manager, chief investment officer and chairman of the Investment decision Committee of Dongfanghong Asset Management.

The first quarterly report from Dongfanghong No. 4 also shows Zhang Feng's resume.

In investment management, Zhang Feng believes that investment should focus on finding targets in rich mines. Rich and poor mines change with the economic structure, and investment buys the future, not the past. In the rich mines with thick snow in Changpo, look for excellent companies with absolute competitive advantage, buy them at the right price, and hold them for a long time.

In fact, Zhang Feng's investment ideas were also revealed in the quarterly report released by Dongfanghong 4.

According to the first quarterly report, Dongfanghong 4 currently accounts for 91.98% of the total assets of the collective plan and 84.31% of the net asset value of the collective plan.

From the perspective of the previous five major stocks, Zhong Cang shares Guizhou Moutai, Wuliangye, tasteless food, Ningde era, Longji shares and so on.

Speaking of operation, Zhang Feng wrote in the first quarterly report that the equity market fluctuated sharply again in the first quarter of this year. Before the Spring Festival, Maotai as the representative of the growth stocks rose sharply at the same time, accumulated a large short-term risk. Affected by the rise in interest rates on the Fed's long-term treasury bonds after the Spring Festival, such stocks began to pull back, triggering a small deleveraging shock, and the forced clearance of speculative funds for margin trading and over-the-counter funding led to a continued sharp fall in such stocks. By late March, with the end of the deleveraging process and the completion of the decline in valuations, corporate fundamentals regained dominance, and such stocks bottomed out. Throughout the first quarter, stocks in the undervalued category (represented by real estate, finance, steel, etc.) fluctuated relatively little. Throughout the period, there was little difference in the performance of each index. The CSI 300 and SSE 50 fell by less than 3%, while the gem fell by about 7% and fluctuated, reflecting the impact of rising interest rates and stock deleveraging.

Zhang Feng looks forward to the second quarter, and the views and statements in the annual report have not changed much. Overall, there is limited room for interest rates and inflation to rise. In 2021, there will be strong domestic real estate regulation and control, while external demand will face an unfavorable environment such as the recovery of overseas supply chains, the appreciation of the RMB and the deterioration of terms of trade in developed economies, so domestic monetary policy is expected to be tight before and loosened later, and there is little room for tightening and loosening.

Moreover, the expression of "no sharp turn" also reflects the tangled state of multiple objectives of the policy. So there is little chance of a repeat of 2018 or 2019-2020. Whether it is the monetary environment or the performance of the stock market, there may be a top and a bottom. The biggest structural change may be the long-term impact of carbon neutralization on various industries, for which the degree of market research and reflection is still in a very early stage.

The product continues to focus on brand consumption, new energy, high-end manufacturing, big health and other areas of high-quality leading enterprises, the portfolio has not changed much.

Zhang Feng wrote in the annual report that the situation in the equity market in 2021 is expected to be weaker than that in 2020, and the quality requirements for holding companies will be higher. The products will focus on the long-term trend changes of population structure and economic structure, pay more attention to the pricing power of enterprises in the difficult business environment, and focus on investment in high-quality assets.

Recently, the market for new fund issuance has picked up.

Data show that, as of May 28, a total of 647 new funds have been established this year, with a total issuance share of 1.325364 trillion, with an average single fund issuance share of 2.048 billion. This is mainly due to the booming launch of new equity funds in the first quarter of this year, which became the highest level of new fund raising in history.

However, under the adjustment of the A-share market after the Spring Festival, the issuance of new funds that rely on heaven for a living is not as expected, not only popular style funds are very difficult to see, but also frequently failed to raise products. However, recently, there have been some fund companies with greater market influence and fund managers with excellent long-term historical performance, which have achieved good results against the market.

Better new funds have been issued since April:

For example, Huitianfu Consumer Select, managed by Hu Xinwei, was established on May 11, raising nearly 8 billion yuan; Yi Fangda Yuexin, managed by Wang Cheng, held 10 days a year to raise 7.683 billion yuan; the Guangfa core managed by Lu Jingchang preferred to hold three days for six months to raise 6.97 billion yuan, and ICBC Credit Suisse's strategic vision managed by du Yang, an excellent fund manager, also recently raised more than 6 billion yuan against the market. In addition, fund products such as Fu Guo's 12-month return, Hongde Ruiyuan's three-year holding, Guangfa Hengxin's one-year holding, and Castrol's value improvement are all deserted in the market, and the issuance of new funds has still achieved good results.

And because the Prev has recently reached 3600 points, in addition to the popular issue of Dongfanghong Zhang Feng, the "Gao Yi Xiaofeng Shengze Series Collective Fund Trust Plan" managed by Deng Xiaofeng, which will be put on sale on June 1, starts at 1 million yuan. it is reported that there is a high probability that it will only be issued for one day, with a lock period of 3 years (1080 natural days).

It is reported that it is mainly sold in China Merchants Bank, CITIC Securities, Ping an, Societe Generale and other channels. It is reported that the appointment system is adopted, and all major channels are scrambling for quotas. At present, there is no limit in China Merchants Bank and less than 2 billion in other channels.

A sales manager told the reporter that Deng Xiaofeng only gave them a quota of 1.7 billion of the channel, and from the point of view of the subscription situation, Deng Xiaofeng's reservation is very popular at present, and 1.7 billion is not enough to sell at all. "We have at least three times the reservation. He told reporters that at that time, the quota can only be allocated to customers. From the point of view of the channel, it is no problem for Deng Xiaofeng to raise more than 10 billion yuan a day.

According to a channel source, with strong strength and good channel capacity, the product issuance of large and medium-sized fund companies and high-performing fund managers is still good, but it is difficult for some small and medium-sized fund companies to issue. On the whole, the heat of the market is much lower than that of the previous period, and only the fund managers who really have the brand appeal can have better issuing results. Do not rule out the possibility that some popular products will appear sporadically in the follow-up, which should be the products of fund managers with excellent medium-and long-term performance.

Next Monday (May 31), the first batch of nine public offering REITs will begin to subscribe, judging from the current heat, various funds have been arranged in advance, is expected to trigger another wave of sales boom.