Chapter 368: The Nuclear Button
Up to now, some investors have subscribed to Junshi Value Mixed Growth. The subscription rules are the same as other public funds. After the reorganization is completed and before the subscription, the total funds of Junshi Value Mixed Growth are more than 68.5 million yuan.
But even if it is 100% fully invested, the 68.5 million yuan of funds still needs to buy 10 stocks, because the holding of a single stock should not exceed 10%. Gu Junhao has already experimented with this on Junshi No. 2 and was mentally prepared.
In other words, Gu Junhao's maximum purchase amount for each stock today must not exceed 6.85 million yuan. It is as if he has returned to the initial period of building a position in Junshi No. 1, which is quite an interesting thing.
The funds subscribed today cannot be used to buy stocks, but they will have a great impact on the positions after T+1. Assuming that the amount subscribed today is also 68.5 million yuan, Junshi Price Investment, which is fully invested today, will immediately drop to 50% tomorrow, and Gu Junhao will need to fill up his position again.
The situation where funds lie idle in the account like in private equity is not allowed in public funds. Similarly, if the amount of redemption on a certain day is too much and has seriously affected the existing holdings, the fund manager must choose to sell stocks to meet the redemption.
According to the China Securities Regulatory Commission's requirements for the holding ratio of public funds, the minimum position of bond funds must not be less than 80%, while the minimum position of stock funds is 60%. Under normal circumstances, it must not be less than 65%.
This is to prevent large funds from frequently and drastically adjusting their positions, which would lead to buying high and selling low, which would easily lead to fund style drift and exacerbate capital market volatility.
To use a simple analogy, if a public fund has even just 10,000 yuan, there are at least 6,000 to 6,500 yuan of it that you cannot use frequently. There is only 3,500 to 4,000 yuan of space for normal use, and you also have to prevent the risk of large-scale redemption by investors.
Unlike private equity funds or retail investors, with ten thousand yuan I can buy whatever I want, go all in if I want, and cut losses in a snap.
According to the practice of domestic public fund market, most public funds maintain their positions at around 95%. It is very rare to find public funds that can maintain a low position for a long time. When they reduce their position in one stock, they will buy another stock accordingly.
Maintaining a 5% cash ratio not only ensures fund liquidity, but also meets the redemption needs of some investors.
It was almost 9 o'clock when Gu Junhao arrived at the trading room. Liu Tingting and the new traders were already in the trading room . After a simple renovation, the security of the original trading room had been further upgraded.
Excluding Liu Tingting, there are three traders in total. Except for one trader who was selected internally, the other two are new employees. Although only one employee was promoted through the internal employee selection, it also gives everyone hope.
The main reason is that the requirements are too strict. In the bull market of 2015, few employees of a private equity company could resist the temptation and not participate in specific stock transactions.
Trading is addictive, and most people are hesitant to give up their accounts. What's more, some people are still stuck with their stocks, which is equivalent to being forced to sell at a loss. Therefore, very few employees are eligible.
After passing the internal competition, they went through a series of training and were led by Xu Jianqing to experience the transaction. The same was true for the two new employees. They did not have the same treatment as Liu Tingting, who could take a week off.
On the contrary, they have been under much greater pressure during this period of time, especially for the trader who was promoted through internal competition. This is his first time to transfer to this position, so the pressure can be imagined.
These three people were also relatively young, about the same age as Liu Tingting and others. When they saw Gu Junhao come in, they seemed a little nervous, staring at the market trends on the screen, not daring to move.
He had to hand in his cell phone before entering the trading room, cut off all contact with the outside world, and install cameras on his workstations. These were all experiences he had never had before, and while they were fresh and exciting, he also felt a little scared.
In addition, the entry rules that require him to report the ID numbers of his immediate family members for reference before joining the company seem very novel.
"This is a very interesting job." The new trader thought so, and was very satisfied with the treatment. In addition to the generous basic salary, there was also performance commission, which was much better than the fixed salary before.
What he didn't know was that the development of the Internet and current supervision have led to the introduction of big data technology. Combined with the real-name system, the regulators can see all the details of all trading accounts in the entire capital market, and no transaction can escape detection.
Gu Junhao has always believed that the China Securities Regulatory Commission is the most powerful association in the country, and every public letter issued by the Shanghai Stock Exchange and the Shenzhen Stock Exchange is of far-reaching significance.
At 9:15, today's bidding officially began. The market has rebounded for four consecutive trading days and the index has approached 2,900 points. In fact, today is not a good time to open a position.
There is still a certain risk in choosing to resume trading at this time, but there is no other way. You can't suspend trading indefinitely and wait for the index to pull back, which would seem a bit deliberate.
Fortunately, the current amount of funds is relatively small, so Gu Junhao can make some adjustments to the style and name the fund Junshi Value Investment Mixed Growth. The overall style of the fund is naturally based on value investment.
Judging from Gu Junhao's recent review, the liquor sector is clearly better than other blue-chip sectors, and there are signs that it will be launched first.
Even though Maotai’s stock market crash was caused by the circuit breaker, the price only temporarily fell below 200 yuan during one trading day, and its stock price trend was very strong.
As for some second-tier liquor companies, the rebound was even more powerful, with some even hitting the daily limit. It is clear that big funds have also seen the value of liquor.
Although the liquor sector has seen a certain increase nowadays, it is still at a low position. Entering the market at this time may result in some short-term losses, but with daily subscriptions, there will be additional funds coming in, which means that there is an unlimited replenishment flow for positions.
As for whether there will be blocking of funds in the market after the positions are exposed, there is obviously no need to worry about it. As far as the liquor sector is concerned, it is impossible for there to be an absolute main force.
If there is, it is the national team. It is obviously impossible for the national team to do such a thing as blocking a certain group of funds. Gu Junhao is not qualified.
All the big funds have joined forces and naturally welcome the entry of fund managers like Gu Junhao who have a certain reputation in the market.
From the beginning of the acquisition, Gu Junhao defined Junshi Value Investment as a liquor stock fund; of course, it cannot be all liquor stocks, and some other industries that are relatively strong nowadays can also be allocated among them.
In addition, since the amount of funds is relatively small at this stage, the purchased positions will not cause much changes. You can even allocate some secondary new stocks or the monster stock that was lurking last year at a certain stage.
In fact, Gu Junhao is not completely oblivious to this year's monster stocks. Among them, there are two that he remembers very clearly, namely Shuangma Group and Sanjiang Group.
However, both of these monster stocks started in the second half of the year, especially Sanjiang Group. Shuangma Group still left some soup for the market, but Sanjiang Group seemed a little unique.
Due to significant positive news, Sanjiang Group's stock price has been rising continuously and reaching the daily limit since its resumption of trading. In less than a month, the stock price rose from around 12 yuan to over 50 yuan, and the increase was once close to 5 times.
After one round, it started to directly launch traps into the market, which was really ugly. It was exactly the same style as the companies that acquired it. In the end, the acquired companies gradually disappeared.
But this is just right. Gu Junhao can roughly remember the time when he started it, but he can't remember the exact time. But it doesn't matter.
As long as you avoid the time period when the fund announces its holdings and secretly build up a position, the public fund's holdings do not appear in front of the public in real time but are announced on a quarterly basis.
Generally speaking, according to the relevant regulations of the China Securities Regulatory Commission, the fund quarterly report needs to be published in designated newspapers and on the fund website within 15 working days from the end of each quarter.
There is a certain lag in holding stocks, and the two monster stocks can be defined as quick in and quick out, especially Sanjiang Group, which took less than a month from start to end, and could have been done without anyone noticing.
However, at present, we must first quickly sell off those junk stocks bought by the previous fund manager, especially stocks like Baofeng Technology and Leshi.com.
At 9:20, the first 15 minutes of bidding ended, and Gu Junhao began to issue his first instruction : "Place an order one minute before 9:25, and sell 30% of the position at the lower limit price. After the market opens, sell another 30% of the position, also at the lower limit price."
The current amount of funds is only 68.5 million yuan, which averages out to 7 million yuan for one individual stock. A 30% position with a lower limit price is only a position of more than 2 million to 3 million yuan, which is not much.
As for whether the nuclear button will trigger unusual movements in individual stocks, Gu Junhao has no control over that. Today's task is to adjust the portfolio and change stocks. In Gu Junhao's opinion, there are not many stocks worth looking at among the current holdings, and he doesn't know his holding logic.
When buying junk stocks, you must be prepared to be trapped, and you must also expect that some institutions will take advantage of channels, volume and information to escape early.
If you want to speculate, you must accept the consequences of speculation.
If the conditions allowed, Gu Junhao would have wanted to press the full-position button all at once for fear of triggering the short position standard.
After all the constituent stocks held are replaced, the funds recovered will naturally be used to buy new constituent stocks, and then the remaining part will be sold, so that the overall position of the fund can always be maintained above a standard.
On his first day as a public fund manager, Gu Junhao's operation of the nuclear button really shocked the four people in the trading room, including Liu Tingting.
