The Road to Rebirth Finance

Chapter 373

So far, some investors of Junshi Value Mixed Growth have subscribed. The subscription rules are the same as other public offering funds. After the reorganization is completed and before the subscription, the total funds of Junshi Value Mixed Growth are more than 6850 million yuan.

But even if the position is 100% full, the funds of 6850 million yuan still need to buy 10 stocks, because the wrong position of one stock exceeds 10%. Gu Junhao has already experimented on Junshi No. Mental preparation.

That is to say, Gu Junhao’s largest position buying volume for each stock today should not exceed 685 million yuan. It seems that he has returned to the time period of opening positions in the early days of Junshi No. [-], which can be regarded as an interesting thing.

Today’s purchase funds cannot buy stocks, but it will have a great impact on the position after the T+1 day. Assuming that the purchase amount today is also 6850 million yuan, today’s full position is invested at a real price, and tomorrow’s position will immediately drop to 50%, Gu Junhao needs to fill up the position again.

It is not allowed in public funds to keep funds lying on the account like before in private equity. Similarly, if the amount of redemption is too large on a certain day, which has seriously affected the existing positions, then the fund manager will You must choose to sell the stock to satisfy the redemption.

According to the requirements of the China Securities Regulatory Commission for the position ratio of public funds, the minimum position of bond funds shall not be less than 80%, while the minimum position of stock funds shall be 60%, and under normal circumstances, it shall not be less than 65%.

This is to prevent large funds from frequently and substantially adjusting their positions, resulting in chasing ups and downs, which can easily lead to fund style drift and aggravate capital market volatility.

To use a simple example, if there is only 1 yuan in the hands of a public offering fund, there will be at least 1 to 6000 yuan in the 6500 yuan. You cannot use it frequently, and there is only 3500 to 4000 yuan for your normal Use, but also to prevent the risk of mass redemption by Christians.

Unlike private equity funds or retail investors, I can buy whatever I want with 1 yuan, stud if I want to stud, and just shiver if I want to cut meat.

According to the practice of the domestic public offering fund market, the position of most public offering funds is maintained at about 95%. It is very rare for a public offering fund to maintain a low position for a long time. If you reduce your position in one stock, you will buy another accordingly stock.

Maintaining a cash ratio of 5% not only ensures the liquidity of the fund, but also meets the redemption needs of some Christians.

It was almost 9 o'clock when Gu Junhao came to the trading room. Liu Tingting and the newly recruited traders were already in the trading room. After the original trading room was simply renovated, the security was further upgraded.

Excluding Liu Tingting, there are three traders in total. Except for one trader who passed the internal selection, the other two are new recruits. Although only one employee is in the top position in the internal staff selection, it also gives everyone hope.

The main reason is that the requirements are too strict. In the big bull market of 2015, as employees of a private equity company, very few were able to withstand the temptation and not participate in specific stock transactions.

Trading is addictive, and most people are hesitant to ask them to give up their accounts, not to mention that some people's stocks are still locked up. Isn't this equivalent to being forced to cut their flesh, so qualified employees Very few.

After passing the internal competition, they went through a series of training, and experienced the transaction led by Xu Jianqing, including the two new employees. They didn't have the treatment of Liu Tingting, and they could take a week off.

On the contrary, during this period of time, their pressure has been much greater, especially the internal trader who is competing for a higher position. This is the first time he has transferred to this position, so the pressure can be imagined.

These three people are also relatively young, about the same age as Liu Tingting and the others; when they saw Gu Junhao coming in, they seemed a little nervous, staring at the market trend on the screen, not daring to move.

Handing in his mobile phone before entering the trading room, cutting off all contact with the outside world, and installing a camera above the workstation, these are all his first experiences. While fresh and exciting, he also feels a little scared.

In addition, there are also entry rules that require him to report the ID numbers of his immediate family members for inquiries before he enters the job, which is very novel.

"This is a very interesting job." The new trader thought so, and was also very satisfied with the treatment. In addition to the generous basic salary, there is also a performance commission, which is much better than the fixed salary before.

What he didn't know was that with the development of the Internet, the current supervision has led to big data technology, coupled with the real-name system, the supervisory level can see all the details of all trading accounts in the entire capital market, and there is nothing to hide from every transaction .

Gu Junhao has always believed that the China Securities Regulatory Commission is the most powerful association in China, 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 started. The market has rebounded for four consecutive trading days, and the index has approached 2900 points. In fact, it is not a good time to open a position today.

There is still a certain risk in choosing to resume trading at this point in time, but there is no way to do it. You can’t just suspend trading indefinitely and wait for the index to pull back. That would seem a bit deliberate.

Fortunately, the amount of funds is relatively small at present, and Gu Junhao can adjust his style to a certain extent, and named it Junshi Value Investment Mixed Growth. The overall style of the fund is naturally based on price investment.

Judging from Gu Junhao's recent review, the baijiu sector is obviously better than other blue-chip sectors, and there are signs of a priority start.

Even if Maotai suffered a stock market crash caused by a circuit breaker, it only temporarily fell below the 200 yuan price in one trading day, and its stock price trend was very strong.

However, some second-tier liquor companies have rebounded even more strongly, even showing a trend of daily limit. Obviously, big money has also seen the value of liquor.

Although the liquor sector has increased to a certain extent, it is still at a low position. At this time, entering the market may suffer some short-term losses, but every day through the daily purchase, there will be additional funds coming in, which belongs to the unlimited position replenishment flow up.

As for whether the position will be blocked by the funds on the market after the position is exposed, there is obviously no need to worry about it. As far as the liquor sector is concerned, it is impossible to have an absolute main force.

If there is, it is also the national team. It is obviously impossible for the national team to do this kind of thing of blocking a certain channel of funds. Gu Junhao is not qualified.

With the joint efforts of all the big funds, the group naturally welcomes the entry of a fund manager like Gu Junhao who has a certain reputation in the market.

From the very beginning of the acquisition, Gu Junhao defined Junshi Investment as a liquor-type stock fund; of course, it is impossible for all of them to be liquor stocks, and some other industries that are relatively strong today can also be allocated.

In addition, due to the small amount of funds at this stage, the positions purchased will not cause much change, and you can even allocate some sub-new stocks at a certain stage or the same as the demon stock that was lurking last year.

In fact, it's not that Gu Junhao doesn't remember all of this year's monster stocks, but Gu Junhao remembers two of them very clearly. These two are the Shuangma Group and the Sanjiang Group.

However, these two monster stocks were launched in the second half of the year, especially Sanjiang Group. Shuangma Group also left some soup for the market, but Sanjiang Group seemed a bit independent.

Since the resumption of trading, Sanjiang Group’s stock price has continued to go up and down. In less than a month, the stock price rose from about 12 yuan to more than 50 yuan, an increase of nearly 5 times.

After one round, he began to direct the market. It was a bit ugly, and it was exactly the same as the style of the company that acquired him. The merged companies eventually 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, you can build positions secretly. The holdings of public funds do not appear in front of the public in real time, but are announced quarterly.

Under normal circumstances, according to the relevant regulations of the China Securities Regulatory Commission, within 15 working days from the end of each quarter, the fund quarterly report needs to be published on designated newspapers and fund websites.

There is a certain lag in holding stocks, because both monster stocks can be defined as fast in and fast out, especially Sanjiang Group, whose start time is less than a month from the end, and it can be done without anyone noticing.

However, in today's world, the junk stocks bought by the former fund manager must be sold quickly, especially stocks such as Baofeng Technology and Leshi.com.

At 9:20, the first 15 minutes of bidding ended, and Gu Junhao began to issue the first order since he took office as a public fund manager: "Put orders one minute before 9:25, sell 1% of the position at the limit price, and open the market. After that, 30% of the position is sold out, which is also a lower limit.”

Now the amount of funds is only 6850 million yuan, and the average price of a single stock is only 700 million yuan, and the limit price of 30% of the positions is only between more than 200 million and 300 million yuan, which is not too much.

As for whether the nuclear button will cause changes in individual stocks, then Gu Junhao can’t control it. Today’s task is to switch positions and swap stocks. In Gu Junhao’s view, there are few individual stocks in the current holdings, and he doesn’t know his holding logic.

To buy junk stocks, you must be prepared to be locked up, and you must also think that there will be organizations that will take advantage of channels, volume, and information to escape in advance.

If you want to speculate, you must accept the consequences of speculation.

If it weren't for the conditions not allowing, Gu Junhao would have wanted to press the full position button all at once for fear of triggering the short position criterion.

All the holdings of constituent stocks are replaced, and the funds that will be withdrawn next will naturally buy new constituent stocks, and then sell the remaining part, so that the overall position of the fund has been maintained above a certain standard.

On the first day of working as a public fund manager, Gu Junhao's operation of the opening check button really surprised the four people in the trading room, including Liu Tingting.

(End of this chapter)