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Index fund "stepping on thunder"

May 15, 2019 06:46
Author: Zhao Ultra
source: Shanghai Securities News
edit:Eastern Fortune Network

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[Index funds "stepping on the thunder" The industry is hotly discussing the countermeasures] The stock prices of Kangmei Pharmaceutical, *ST Kangde and other companies have plummeted recently, making investors afraid to avoid it. However, for index funds, since the above companies are still in the sample stocks, they can only be passively held. How do index funds respond to the above-mentioned “explosive stocks”? Should it be removed before the sample stocks are adjusted? These issues have attracted close attention from investors. (Shanghai Securities News)

  Kangmei Pharmaceutical,*ST KangdeWhen the company's stock price plummeted in the near future, investors are afraid to avoid it. However, the indexfundIn fact, since the above companies are still in the sample stocks, they can only be passively held. How do index funds respond to the above-mentioned “explosive stocks”? Should it be removed before the sample stocks are adjusted? These issues have attracted close attention from investors.

InKangmei PharmaceuticalAfter the thunder,Guotai Fund,Shen Wan Lingxin Fund, Huabao Fund, etc. have been loweredKangmei Pharmaceuticalshare price. according toKangmei PharmaceuticalRegular reports and public fund quarterly reports, as of the end of the first quarter, there are 8 public funds heldKangmei PharmaceuticalAnd all are index funds.

Public data shows thatKangmei PharmaceuticalIs the SSE 180,Shanghai and Shenzhen 300Sample stocks of multiple indices such as MSCI China and Shanghai Securities, most of which are bought through the relevant index. In theory, if the relevant fund is a passive tracking index rather than an enhanced operation,Kangmei PharmaceuticalThe fund can only choose to continue holding before it has been adjusted.

The market has evaded the "explosive stocks", but the index funds are still held, which has caused some market participants to question. inShen WanhongyuanGui Haoming, chief market expert of the Securities Research Institute, seems that the index stocks of the index fund are exploding and the situation is serious, which makes the company have great uncertainty in the future. According to the general investment logic, such stocks are obviously not suitable for value investors to participate, but according to the current According to the rules, only after the explosive stocks are excluded from the sample stocks, the index funds can be sold. "In the current development of index funds, it is necessary for public funds to bypass the problem stocks and effectively protect the interests of these fund investors. The current index fund adjustment system urgently needs to be revised."

Gui Haoming suggested that in order to prevent being dragged down by “explosive stocks”, a simple arrangement could be added: after the investigation by the Securities and Futures Commission or the possibility of serious impact on the company, the necessary procedures can be used to suspend its qualification as an index stock. If you prove that there is no problem afterwards, you can resume your qualifications.

Regarding Gui Haoming's suggestion, many fund managers think that it is not easy to operate, and some issues need to be discussed.

A fund manager in Shanghai said that the target of the index fund is the passive replication index, which cannot be actively selected. It cannot be eliminated because of problems in the sample stocks. "The key question is whether the index can be sold in time after the problem is kicked off. If the limit is continued, the problem stocks will still be in the fund portfolio, and the index fund will be difficult to outperform the index," the fund manager said.

In the view of Liang Xing, the manager of Guotai Fund, the index fund is a passive tracking index. If the index does not remove the problem stock, the fund can only passively continue to hold. From an operational perspective, the index can be temporaryannouncementAfter the problem stocks were removed, but the stock continued to fall, the tracking error will further widen. Liang Xing said: "The Index Foundation has been "locked" because of the continuous falling of the problem stocks, but this situation is rare."

In the opinion of the industry, although the above transactions seem to be feasible in theory, for index funds, the single sample stocks have little effect on the index.Kangmei PharmaceuticalFor example, although it is a sample stock of multiple indexes, its weight in the relevant index is at most less than 0.2%. Even if the “explosive stocks” continue to fall, it will not have much impact on the net value of the index funds.

From the operational level, how to define "explosive stocks" is also a problem. TakeZTEFor example, in June 2018, due to external factors, its stock price continued to fall.ZTEThe stock price has fallen about 60% in the short term. But since then, as the situation has improved, in more than half a year,ZTEThe stock price has soared twice, and if there is a problem, it will decide to eliminate it, but it will affect the index fund.Performancewhich performed.

(Article source: Shanghai Securities News)

                                (Editor: DF380)


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