In 2020, The China Daily Reported A Significant Investment Effect.

This is one of the series of evaluation of the twenty-first Century Capital Research Institute's public offering fund industry, which is "responsible for people's heart warming, and different in the mid-term exam". In the first half of 2020, the fund made a significant profit. After making money, should they see it well?

Take the general equity fund as an example, the research team statistics show that the average yield in the first half is 23.27%.

A typical contradiction lies in the face of investors: institutions need to scale, and banks want traffic. When financial planners advise you to redeem funds, how should they choose?

Yang Delong, chief economist of Qianhai open source fund, said: "in the first half of this year, it belongs to a local bull market. The money making effect is not bad. The fund income is good recently. But in the second half of the year, I think the market will turn to a comprehensive bull market and start a slow bull market. It is suggested that the fund can be held for a long time."

In fact, many people in the industry interviewed by the economic news reporter in twenty-first Century said that they should hold funds for a long time instead of making money in the short term.

Zhang Ting, a senior research fellow in wealth, said that banks like to recommend new funds to clients. On the one hand, many investors generally believe that the purchase of new funds is more cost-effective than buying old ones, but in fact, there are differences in fund positions between active management funds and funds managed by the same fund. On the other hand, banks can sell new funds. The subscription fee and the fee paid by the fund company are higher.

From the point of view of the foundation, it is suggested to buy at a relatively low market level, and hold excellent active stock selection funds in the concussion period to obtain excess Alfa returns. If there is a relatively large bull market, we can choose a safe market at high market points to avoid profit roller coaster. Zhang Ting said.

Those who sell funds have counted accounts for journalists. The subscription / subscription rate of stock funds is generally 1.5%, and the redemption rate is 0.5%. A round-trip is 2% of the cost. Most of the cost is returned to the channel, and the fund turnover is three times a year. The purchase fee is only 6%.

"The fund can only earn money by reducing turnover and holding for a long period of time. When it is frequently traded, it can not earn money." Those who sell the Fund said.

However, in order to get more purchase and redemption fees, the above fund salesperson said that the bank staff had the power to persuade the customer to make working capital, and the two or three fund turnover in one year is a common phenomenon. This made the capital people make money because they kept paying the service fee, but the general phenomenon of losing money was the foundation.

Many people from the fund company also told reporters that from the perspective of fund companies, fund companies mainly rely on management fees, and the larger the scale stock, the more money they can earn. Therefore, they are not willing to frequent capital turnover.

"The KPI of the bank determines that they are most concerned about the new fund. The charging mode of the bank determines that they can only continue to earn money through continuous redemption, which is a mechanism problem." A fund company of Shanghai said, "what the fund company can do is to keep its fund performance well, and spare no effort to continue to do investor education well."

A Shenzhen fund company also said that fund companies certainly do not want investors to operate frequently, because it is difficult for investors to make money, and for fund managers, the rapid change of scale is not conducive to the operation of fund managers.

A Southern China fund company also pointed out that "from the perspective of fund companies, it is certain that they will tend to see the stock of the fund scale. If they buy new funds and then quickly redeem them, they will have little significance to fund companies and interfere with the investment operation of fund managers. A relatively stable fund will be more efficient for fund managers."