No one expected that the fund with the best performance yesterday was a bond fund. The net value of RONGTONG Zengxiang’s three-month fixed bond rose 14.62% yesterday!
It is worth mentioning that the sharp rise of the fund’s one-day net value is not due to large redemption, but because RONGTONG Zengxiang has opened a heavy debt position for three months and holds Salt Lake shares. In fact, the surge was also a divine turning point. As the defaulted bonds in the position became the soaring stocks in the portfolio, the fund fully interpreted the whole process from sadness to joy yesterday.
On August 10, Salt Lake shares resumed listing, with a final increase of 306.11%. RONGTONG Zengxiang’s three-month fixed bond also attracted the attention of investors, because it was the only fund with heavy positions holding Salt Lake shares by the end of the second quarter. Many investors go to the daily fund, Alipay and other three party fund sales platform discussion area to watch the fund. Some investors said: “come and watch what you can meet and what you can’t ask.”
As early as a few days ago, some investors asked, “why can’t you buy it? The listed fund of Salt Lake shares will soar.” However, this arbitrage opportunity does not exist, because the three-month fixed bond of RONGTONG Zengxiang is a regular open fund. According to the announcement, the seventh closing period of the fund is from June 2, 2021 to September 1, 2021.
In fact, only a few individual investors enjoyed the sharp rise in the net value of RONGTONG Zengxiang’s three-month fixed bond fund yesterday. From the second quarterly report of the fund, as of the end of the second quarter, the share of inherent funds held by the fund manager accounted for 3.8% of the total fund share, and the share of funds held by another institution reached 96.15%.
Combing the fund positions, it is found that from the second quarter of 2020, Salt Lake shares began to become a heavy position stock of financing Zengxiang’s three-month fixed debt. Why is a debt base heavily holding Salt Lake shares?
RONGTONG Zengxiang’s three-month fixed bond is actually helpless to hold the stock. Because this part of the stock is converted from bonds according to the salt lake share restructuring plan. It was a defaulted bond that stepped on thunder. As a result, it was successfully restructured and finally made a lot of money.
Bond fund managers also commented publicly on this matter on Weibo. Luo Weiqing, manager of harvest dolly income bond fund, replied to netizens: “the public debt base can retain the salt lake bonds before the debt to equity swap, which is much more difficult than buying this debt. This base is not easy.”
From the perspective of the organization’s attitude towards Salt Lake shares, organic organizations shipped a large number of goods through the sharp rise, and some organizations took advantage of the situation to enter. Yesterday’s Dragon and tiger list data showed that the largest amount of buying was institutional seats, with a net purchase of 1.08 billion yuan, and the largest amount of selling was institutional seats, with a net sales of 3.507 billion yuan.
article links：God turns! The fund that originally stepped on thunder
Reprint indicated source：Spark Global Limited information