Why buy Public Offering of Fund products?

Why buy Public Offering of Fund products?

In recent years, funds from all walks of life have poured into Public Offering of Fund. By the end of July 2022, the scale of Public Offering of Fund had exceeded 27 trillion yuan, a record high. So Bian Xiao is here today to sort out why you want to buy Public Offering of Fund products. Let's have a look!

Private placement and public offering are also "idolized"

Similar to most investors, private equity funds also like the active equity products of star fund managers when buying Public Offering of Fund.

For example, according to Wind statistics, by the end of June, Ningquan Assets, founded by Yang Dong, had nine Public Offering of Fund, all of which were masterpieces of well-known manager Public Offering of Fund, including Bank of Communications Ruisi managed by Shen Nan for three years, Jiashi Ruixi and Jiashi Ruihong managed by Liu Hong for three years, Bo Shi Kechuang managed by Xiao Ruijin for three years, Bo Shi Select managed by Cai Bin, Nanfang Kechuang managed by Wang Bo for three years, and Huitianfu managed by Zhao Pengfei.

Among them, Ningquan Assets began to buy a large number of Bank of Communications Ruisi in Shennan in the first half of 20021. At first, only Ningquan Zhiyuan No.20 and No.56 held heavy positions, but as of the latest data, Ningquan Zhiyuan No.20, No.39, No.45, No.56 and No.58 all appeared in the list of the top ten holders in Public Offering of Fund, with a total holding share of more than 8.7 million.

In the fund industry, Yang Dong is highly respected. He was the general manager of Xingquan Fund (now "Xing Zheng Global Fund"). It is famous for persuading investors to redeem funds at 6000 points in the stock market in 2007 and publicly reminding investors of risks in 20 15 years. Yang Dong, who has been deeply involved in public offering for many years, has never forgotten his preference for Public Offering of Fund. In recent years, his Ningquan assets have frequently bought Public Offering of Fund, so that it often appears in the list of the top ten holders in Public Offering of Fund.

Another relatively low-key private investment of tens of billions of platinum aristocrats plays an important role in Zhu Shaoxing's masterpiece "Rich Country Qiang Bing". According to the semi-annual report, Boshen No.4 Private Equity Fund entered the list of the top ten holders of Guo Fu Tianhui in the first half of the year. By the end of June, * * * held about 2,654,380+copies, making it the tenth largest holder of Guo Fu Tianhui.

In addition, Platinum Investment also bought Jin Zicai's Caitong Multi-strategy Fuxin, and its products Platinum No.7 and Platinum 10 ranked the third and tenth largest holders of Caitong Multi-strategy Fuxin respectively. Since the beginning of this year, Jincai has made outstanding achievements by relying on heavy breeding animals. As of September 13, the annual return rate of Caitong Multi-strategy Fuxin was 8.47%.

At the same time, the private equity fund of Ma Yun Public Welfare Foundation Education Fund 1 managed by Enbao Asset Management increased its housewarming business model in the first half of this year, and now ranks as the second largest holder of the fund; Yongan Guo Fu holds Li Xiang's Oriental Red Ruihua Shanghai-Hong Kong-Shenzhen, Tongrui Huijin holds Xie Zhiyu's Xingquan He Run, and Yize Investment holds Huitianfu, the old street south, to innovate the future? Many products of public star fund managers have been purchased by private equity funds.

Yisi private jiacang science and technology innovation board fund

In addition to the above-mentioned all-market funds, it is worth noting that in the first half of this year, under the constant turmoil in science and technology innovation board, a number of private equity funds increased their positions in science and technology innovation board through public offerings.

For example, according to the semi-annual report, among the nine Public Offering of Fund whose assets in Ningquan are heavily stocked, three are science and technology innovation board funds. In the first half of this year, Ningquan Zhiyuan No.39, No.56 and No.58 all added positions to Bo Shi Kechuang managed by Xiao Ruijin for three years, of which Ningquan Zhiyuan No.39 added positions of about 5.3 million, ranking the fifth largest holder of the fund; In addition, Ningquan Zhiyuan No.39 has increased its holdings of Great Wall Technology Co., Ltd. managed by Chen for two years, with an increase of about 210.6 million, ranking the sixth largest holder of the fund.

Boshen Investment also likes science and technology innovation board Fund, but compared with Ningquan Assets' support for active equity funds, Boshen Investment prefers passive science and technology innovation board ETF products.

According to the statistics of Wind, by the end of June, Boshen Investment's private equity product * * * Public Offering of Fund 10, two of which are technology innovation board ETF products, namely ICBC SSE Technology Innovation Board 50ETF and Huatai Bairui SSE Technology Innovation Board 50ETF. In the first half of this year, Platinum VI, a subsidiary of Platinum Investment, significantly increased its position in Huatai Bairui SSE Science and Technology Innovation Board 50ETF, increasing its holdings by about 2 1.8 million; In addition, Boshen No.6 and Boshen No.7 increased their positions in ICBC-SSE science and technology innovation board 50ETF by190,000 shares and18.63 million shares respectively.

Why buy a public offering?

Regarding the situation that the above-mentioned private equity funds have stepped in to buy public offerings, Lai Haizun, general manager of Zhang Jia Investment, said frankly that apart from a few large-scale private placements, the investment and research strength of many domestic private placements is still relatively weak, and there are not many private placements that really have the ability to invest in the secondary market. Many private placements also purchase investment and research services by purchasing publicly issued funds.

"Many private placements are not fully covered in investment research. Public offering can provide complementary capabilities for private placement, which makes private placement consider allocating some strong public offerings in industries that are not covered by its own capabilities; In addition, there are many passive broad base classes and industry ETFs in public offerings. Private placement can grasp the opportunities of size, style and industry by purchasing such funds issued by public offering. " Some analysts pointed out.

Chaoyang Yongyong, a wealth management organization, explained in a report that private placement and public offering are mainly considered from the perspective of portfolio allocation. On the one hand, the stock selection ability and industry allocation ability of excellent public offerings are relatively strong; Secondly, public offering positions are usually relatively high, so in the context of a bull market or a structural bull market, it is easier to create excess returns by allocating excellent public offerings. However, considering that public offering positions are usually inflexible, Public Offering of Fund's private placement needs to match its timing ability.

The above analysts also pointed out that there are essential differences between private placement and FOF investment. The purpose of FOF is to obtain income through portfolio investment funds, but the purpose of public offering and private placement is to allocate investment portfolios. Investors must not blindly "copy homework".

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