Chapter 334 Fund Ex-Righ
When it comes to stock trading, the most important thing is actually the confidence in holding the shares. It is very important to stay calm during the rising process and to be able to keep a steady mind during the falling process.
As for when to buy and when to sell, there is no fixed standard. Every investor has specific reasons for buying and selling.
No matter whether the buying and selling decisions made by investors are correct or not, they are all things he must go through. Only by truly establishing his own trading system through trading can he truly survive in the stock market.
This kind of survival is not only reflected in profitability. Perhaps some investors are not very good at choosing sectors and individual stocks, but they are able to stop losses in time and thus reduce losses.
A few years later, looking back on my own transactions, although I didn’t make much money, I didn’t lose much money either. I was still able to be active in the stock market for a long time, regardless of bull or bear markets.
Although this sounds meaningless and like a waste of time, even so, there are not many ordinary investors who can actually do this.
On November 4, after two trading days of correction, the market had gradually digested the negative impact brought by Gu Junhao's fellow villager, and the sentiment of most investors began to stabilize.
According to the recently released securities investor confidence survey and analysis report, with the rebound in October, the investor confidence index has clearly stabilized and recovered , increasing by 7.8% month-on-month.
In the overnight foreign market, the Dow Jones Industrial Average fell 0.28% and the Nasdaq fell 0.05% yesterday as the US Federal Reserve Chairman hinted that there might be an interest rate hike in December.
As for A-shares, after two trading days of adjustments, the three major indexes of the Shanghai and Shenzhen stock markets all opened slightly higher today, shaking off the influence of overnight foreign markets.
However, it was still a bleak day for Xu-related concept stocks, with some stocks still opening above the lower limit today.
A-shares have been in a cycle of how crazy it was in the past and how bleak it is now.
After the official trading started, the securities sector, which had been dormant for a long time, moved unusually today, and the financial sector led the stock index to rise unilaterally.
After Maotai Liquor Industry opened higher in the morning following the index, it began to rise. At 10 o'clock, the stock price was 212.23 yuan, up 1.20%.
Another liquor stock, Wuliangye, also performed well in the morning session, opening high and closing high. It was now trading at 24.45 yuan, with a share price increase of 1.58%.
"The market is rebounding. Today is a good opportunity to reduce holdings." Looking at the rising stock index and stock price, Gu Junhao said with a smile.
Benefiting from the big financial sector, the blue-chip stocks with the largest weights performed well today, and Maotai Liquor has also been rising steadily. However, Maotai's trading volume has dropped to an average of about 700 million yuan per day, so it is still impossible to sell it in one trading day.
Gu Junhao expected to reduce his holdings in Maotai Liquor Industry by 10,000 lots. Based on the current trading volume and price, this is close to one-third of Maotai's average daily trading volume. The consequence of reducing all of it within one day would only be a market crash.
Although the stock market crash has passed, it is still a sensitive period. In addition, due to the accident of that predecessor, it will take a few more trading days to sell the 10,000-lot position.
However, Gu Junhao still hopes to complete the position reduction after the end of trading on Friday. If he cannot reduce all his positions due to the shrinking trading volume, then so be it. He will reduce as much as he can.
This is the advantage of big funds. Even if Maotai was severely trapped before, as long as you seize an opportunity to increase your position at a relatively low level, and then reduce your position in a rebound, even if the price of the reduction is average, you can still make a lot of profits, thereby reducing your holding costs.
However, some ordinary retail investors with relatively small amounts of capital do not have this convenience, and their funds are insufficient to support long-term large-scale coverage.
What's more, although money is not omnipotent, once everyone's wealth reaches a certain level, they will be able to accept a certain degree of loss.
Take stocks for example. They are relatively low-risk products in the financial market. If you are stuck, you can just play dead, let alone low-weight stocks.
However, it is relatively inconvenient for large funds to ship goods, as they do not have the flexibility of small funds. But at the same time, they must be relatively cautious in their operations , which can reduce losses.
Therefore, for ordinary investors, the operation of small funds has its unique flexibility. At this time, as long as they are cautious and try to reduce the number of mistakes, the opportunities to make profits will naturally increase.
Once you have made a profit, maintain this trading system model over and over again, and the compound interest will make your funds grow more and more.
With a cautious trading attitude, the transition from a small-capital trading model to a large-capital trading model will naturally not be that difficult.
At 11 o'clock in the morning, Maotai Liquor reached a high of 216 yuan, an increase of 3%, basically recovering the losses of the previous two trading days.
Although the market trend in November started with a decline in two trading days, it is generally safe judging from today's strong rebound.
The transaction continued until 1:24 p.m., when the largest outflow of the day appeared on the Maotai Liquor Industry time-sharing chart, with a transaction volume of more than 21 million yuan and nearly 1,000 sell orders.
"It's not you who did it, right? Such a large selling volume?" Gu Junhao asked hurriedly. According to Gu Junhao's request, today's selling volume should be based on the median sell order of the Maotai, that is, 100 lots or less.
"No, our transactions are normal." Wang Ruoyu said after looking at the monitoring system.
"Well, that's fine. Try not to attract attention when selling it. At least you can still sell it at a good price." Gu Junhao nodded.
At the end of the day's trading, Maotai closed at 214.98 yuan, up 2.51% on the day. A 2.51% increase may not be a big deal for other stocks, but for Maotai, it is definitely a big increase.
Wuliangye also achieved a big rebound today, with its share price soaring 5.86% to close at 25.48 yuan.
The profit effect of the Shanghai and Shenzhen stock markets was very good today. The Shanghai Composite Index soared more than 100 points, with a daily increase of 4.31%. The stock index has hit a new high since the rebound on September 16, at 3459.64 points.
A big bare-headed and bare-footed positive candle runs through all the support positions of the daily line. The trend is very beautiful. Only four stocks in the Shanghai and Shenzhen stock markets closed down today.
On Thursday, the Shanghai and Shenzhen stock markets continued their upward trend, breaking through the 3,500 point mark to close at 3,522.82 points. The Shanghai Composite Index's trading volume increased significantly to 678.7 billion yuan today, and trading volume in the two markets once again exceeded one trillion yuan.
On Friday, both the Shanghai and Shenzhen stock markets closed in the green again. The Shanghai Composite Index maintained its 20-day weekly line position with a weekly increase of 6.13%. The stock index also closed at 3590.03 points. It may launch an attack towards 3600 points next week.
Maotai Liquor also closed at the same price in the last two trading days, closing at 218.42 yuan, with a weekly increase of 2.13%. The slightly increased trading volume of Maotai in the last two trading days also allowed Gu Junhao to successfully reduce his holdings.
During the three trading days, Gu Junhao sold a total of 10,000 lots of Maotai Liquor at an average price of 220 yuan, recovering 217 million yuan in funds. At the same time, he also reduced the holding cost of Maotai Liquor to 172.06 yuan, with a floating profit of 26.94% at today's closing.
The reason why the price was nearly 2 yuan higher than this week's closing price was due to the substantial increase in volume of Maotai Liquor on Thursday.
This Sunday, Maotai Liquor Industry surged nearly 4% at one point, with the stock price reaching a high of 223.28 yuan, and the trading volume on the day also exceeded 1.09 billion yuan.
Wuliangye also reported three consecutive positive days in the following three trading days this week, temporarily ending the compensatory decline after the resumption of trading. The stock price finally closed at 25.92 yuan, a slight increase compared to the suspension price of 25.73 yuan before the resumption of trading.
As for Vanke A, benefiting from the impact of the new real estate policy, it officially returned to the weekly five-day line position with a 3.93% increase this week, and the stock price closed at 13.23 yuan.
As of this week, the market value of Junshi No. 2's holdings was nearly 1.706 billion yuan, with cash in the account as high as 2.252 billion yuan. The overall scale reached over 3.957 billion yuan, and the net value ratio was 7.9151.
7.9151 is also the final net value of Junshi No. 2 before the end of the closed period. Compared with the more than 22 times return of Junshi No. 1, it is somewhat overshadowed, but no one, including fund people and ordinary investors in the industry, dares to underestimate this net value rate.
Although he avoided the stock market crash, the two cities have experienced more than 10 times of thousands of stocks hitting the daily limit since the rescue in July. In such an environment, Gu Junhao was still able to maintain efficient profits, which is much more genuine than the 22-fold return of Junshi No. 1.
Only after the tide recedes can we know who is swimming naked; before the stock market crash, both private and public funds had very good returns, with many doubling or even multiplying their returns.
However, after a round of stock market crash, most funds showed their true colors. Publicly offered funds could still shirk their responsibilities by saying that they had to hold positions and could not go short.
But this is not the case for many private equity funds. Nearly 70% of the private equity funds in the entire market were brought back to their original state by this round of stock market crash, and their net asset value ratio returned to near the initial net asset value. Some private equity funds even faced the risk of forced liquidation after a round of stock market crash.
Gu Junhao is also quite satisfied with Junshi's performance since the second stock market crash. In the past three months, it has been able to maintain positive growth, and most of its holdings are in .
Although it is a bit regrettable that the overall size of the fund has not reached 4 billion yuan and the net asset value ratio has not reached 8, it is nothing serious now.
Based on the final overall scale of Junshi No. 2 of 3.957 billion yuan, plus management expenses, the actual profit attributable to Junshi Capital will reach 1.859 billion yuan, and this 1.86 billion yuan will belong entirely to Junshi Capital.
After the ex-rights, that is, removing the 1.859 billion yuan, the overall scale of Junshi No. 2 dropped to 2.098 billion yuan, and the net asset value ratio returned to 4.196. However, even with a net asset value ratio of 4.196, Junshi No. 2 still firmly occupies the top position.
The two funds, one in closed operation for ten months and the other in formal operation for twelve months, contributed a total of 2.297 billion yuan in net profit to Junshi Capital. This is the rate of return brought by the two funds in the one and a half years since Junshi Capital was established in June 2014.
Although Junshi No. 1 was liquidated two months in advance, it lost part of its management rate and income and only obtained a net profit of 438 million yuan. However, overall, apart from considering the impact of the stock market crash, the early liquidation was also quite beneficial to the specific operations of Junshi Capital.
In addition to supplementing the company's cash flow, Junshi's proprietary trading is currently profitable. Tianqi Liye surged 33.64% this week, with its share price closing at 108.76 yuan. This stock alone has brought the company more than 220 million yuan in revenue.
Nvidia has not opened today due to the time difference, but its closing price yesterday reached US$25.42, and its floating profit reached US$6.42 million, equivalent to nearly RMB 40 million.
These two floating profits alone amount to 260 million yuan. This requires a huge amount of management expenses to achieve this. I wonder how many years it will take for Junshi No. 1 to achieve this level.
On Friday, November 6, 2015, at 5:30 p.m., along with the first performance announcement of Junshi No. 2's 11 net results, there was also an announcement on its official website.
"As of next Monday (November 9), the closed period of Junshi No. 2 has expired. Junshi No. 2 will be temporarily suspended for one day from the opening of the market next Monday to conduct ex-rights operations, and will officially resume trading on November 10. And since the resumption of trading, Junshi No. 2 will be open for free subscription and redemption operations for one week, with an upper limit of 20 million yuan and a lower limit of 5 million yuan."
Along with the announcement, the Junshi No. 2 investor group also received a formal notice and a written email from Gu Junhao’s office.
After a one-year investment period, investors finally received the returns they deserved, and it was even more difficult after experiencing the stock market crash. Everyone was filled with emotion at the same time.
In addition, many investors have begun to get excited, as Junshi No. 2 is finally officially open for subscription!
