defending 50 million worth of "wound up wards" for nearly two months, the a-share market a wave decline trend, Shanghai composite fell all the way from the stage at the high point of the April 18 3067.46 point until June 17, closed its 2642.82 point this round a new low. Super 12% decline more than 400 points in just 2 months, funds have also been diminished, there are 12 Fund $ 100 million less, bordering the winding up of a $ 50 million "red line"; and one to many accounts, sunny private is resolutely defending wound up line of 0.7-0.8. Nevertheless, there are up to 10 private equity took the lead in liquidation. Under the plunge, Fund into a worst situation since the financial crisis of 2008. Recommended reading 
· fengji Forum investment real disc week summary · Index Fund concentrated discussion posted this year Pocket Fund frequency out unit base first half of performance first and last difference 30% shares break into bargains Fund discount buy first half of only has 5 only unit base make money (list) 2011 second half: use lever Fund Hing full hold mission killed into BYD shares deciphered fuck disc password master main trends old Fund or and are "redemption tide" if stock index further fell, not excluded old Fund also appears a wave redemption tide.
While in redemption before the outbreak of the tide, has many of the small size of the original Fund with the shrinking of the net, net asset value threatened with liquidation "red line".
Under Morningstar data, ended June 15, only Peng China value, and South Lung Yuan, and great wall brand, and rich days Ding in the card enhanced, and Bo Shi theme (160,505, Fund 's) (160,505), and Ka real fundamentals 50 and Huaxia policy, 7 only stock direction Fund still keep are proceeds, proceeds rate respectively for 4.09%, and 3.8%, and 1.42%, and 1.01%, and 0.87%, and 0.34% and 0.32%, remaining public raised Fund full fell, average decreases over 10%, more has part Fund decreases over 20%. This reporter learned from some fund companies, face the plunge, now Christian Democratic redemption of more stable as a whole, because the market is in turmoil since last year pattern, most nearly a year income of the Fund is negative, the Christian Democratic cover more select wait. However, the establishment of new Fund was not so lucky this year. Statistics show that as of June 10, in May this year 40 stocks Fund set up by the end, almost all, of which only dropped by more than 8 10%. In the micro-State, these new funds have Christian democratic collective redemption.
Exchange information display, recently listed on the Shanghai Stock Exchange new SSE aperiodic ETF and ETF NET redemption of 217 million and 54.3 million, respectively, than the 912 million and the scale of first raise 652 million compared to net redemption ratio reached around and 23.8%, respectively. However, also pointed out that, if the stock index fell further, does not exclude older waves of a wave of redemption of the Fund. While in redemption before the outbreak of the tide, has many of the small size of the original Fund shrinking as net worth, net asset threatened with liquidation "red line". Giant spirit according to financial data, as of June 10, more than 20 yuzhi Fund net asset value fell below billion.
Among them, tianhong yongding (420,003, funds) (420,003), the Eastern policy of growth grow (400,007, funds) (400,007) and day treatment trend 3 funds assets below $ 80 million from the winding up of a $ 50 million "red line" only one step away; River at net asset value of the double engine is dropped to $ 48 million, face the risk of liquidation. However, according to open-end Fund contract, wound up two main conditions: first, the Fund holders for 60 consecutive days fewer than 100 people, two consecutive 60 day fund net asset value less than RMB 50 million Yuan, the Fund Manager, after approval by the Commission, to declare the termination of the Fund.
That is, dual-engine will be wound up or you want to see market afternoon trend, as long as a wave of backlash, slightly increase the net value of the Fund, the net asset back more than $ 50 million, Fund to avoid a robbery; bad again, funds will pass since the purchase of the company or "help fund" tide to avoid liquidation. A fund analysis company Marketing Director pointed out that public-fund liquidation is highly unlikely. "First, Fund related regulations does not made similar wound up provisions, so-called wound up of said has not been seen Yu some Fund of contract in the, and has additional conditions; second, although scale too small of fund management fee is enough support operations cost, but because old Fund continued marketing to than made new Fund easy, plus wound up caused of negative effect larger, therefore fund company mostly not select wound up; last, even to has must held holds people Assembly of point, also almost impossible appears hundreds of a, and thousands of a holding was while agreed wound up of situation.
"However, the people believed that, if the law allows in the future, of a similar style of small fund you can consider the merge operation. One to many account: defending 0.8 Yuan wards decreased net value of the current one to many Central, important because of heavy bunker under the market for small caps in this round will plunge sharply.
Net worth hit $ 0.8 clearance to avoid one to many product lines/stop line, part of the special investment fund company seeks the investment manager in net product unit fall to $ 0.85-0.9 force jiancang even during cleaning, so that the net worth above $ 0.8. Near misses with the public placement Fund compared to target the performance royalty pursuit of excess profits charged account of one to many products there are surprise also has risks.
Because of such products similar to sunshine private, holder structure is relatively simple, such as the loss is too large is a high probability of liquidation in advance. Journalists published Professional Edition from China Merchants Bank online bankingUnit net worth seeing, as of June 9, with 1 unit net worth is $ 0.813 one to many products, losing near 20%, another 3 units for one to many products only net between $ 0.87 to $ 0.88; CCB channels with 1 unit of one to many products over the net worth at $ 0.8 "low-level" lingered. It is learned that the majority one to many products in clearance or stop line was set in the design, $ 0.7-0.9 interval, average 0.8 million.
If dropped below clearance or stop-line, to wind up the advance. Many net focus of this round a pair of fall, it is important because small caps in this round of heavy bunker plunge plunge in the market. Unexpected plunge, Fund for unanticipated product design staff. "At the clearance or stop-line will be a pair of sets in the vicinity of $ 0.8, is on the stock market's performance was too optimistic, underestimating the risk.
"A fund company's product designers. Net worth hit $ 0.8 clearance to avoid one to many product lines/stop loss lines, many fund companies have a more product cleaning problems urgently convene a meeting to discuss countermeasures. It is learnt that some special investment fund company seeks the investment manager in product unit net worth fall to $ 0.85-0.9 force jiancang even during cleaning, so that the net worth above $ 0.8. A local head of the company accounts of the Fund said, May the market just when there is a trend of decline, vote in Committee will meet to discuss strategy and decide on its force jiancang clearance even one to many products, to lock in gains, control risks. Currently, its positions generally less of one to many products, and even some short positions, market clearly bottomed out gradually after gallon.
There are also special account management team changed the characteristics of specialized investment growth and small-cap stocks in the past, more emphasis on the balanced configuration, increases the low valuations of blue-chip configuration to reduce the volatility of the product, increase the defensive. Near half stock fund net negative growth Qian ten name (ended on June 16, 2011) Fund code fund name Fund type near half net growth 161,810 silver China domestic demand stock type -26.75%410001 China rich optimization (410,001, Fund 's) partial unit mixed -23.60%290004 Thai letter quality (290,004, Fund 's) stock type -22.06%161706 merchants growth (161,706, Fund 's) stock type -20.87%240011 China Po Market (240,011, Fund 's) stock type -20.49%410006 China rich policy (410,006, Fund 's) configuration mixed -20.44%233006 Damo leading stock type -20.40%159902 Huaxia Junior (159,902 The Fund)-ETF index value equity -20.30%290002 -20.33%420003 tianhong Thai policy-unit mixed-19.99% (source: de Santa Fund Research Centre) rebounded sharply as soon as companies look to the future of the Fund in addition to control net worth fell further, psychological counselling fund companies have embarked upon the customer.
It is learnt that some fund companies scheduled a special customer service staff to communicate with customers, explain this year's stock market fell sharply, and fund causes of household net worth plunged one to many products, and looking to the future possible trends for it, ask them if net worth fell by more than 20%, are willing to wound up exiting, or continue waiting to recoup their losses. Overall, the Fund still look to the future of the company rebounded sharply as soon as possible. Analysis of a special investment fund company director, 2010 and 2008 is currently in the stock market may refer to the year.
If the stock market as much as the 2010, years after the end of study period in a clear rebound, then nearly $ 0.8 per cent of households still have a chance to stand up to more than $ 0.9 but if equities continue to fall to the end like a 2008 even showed a significant rise in the first half for the second year, a pair of still greater crises may occur. On afternoon trend, a spot households investment manager think market bottom has gradually appeared, June late is expected to enterprises stability, seasons of appears a wave rebound quotes, index is expected to heavy back 3,000 point above; and another a spot households investment manager said, even market check fell enterprises stability, rose range also will limited, late trend still required concern recent macroeconomic data, if data of deterioration degree over market expected, not excluded stock index further fell.
