On 14 september, the penghua foundation issued a bulletin in which it offered to alert investors to the downside risk of grade b. As of 14 september, the net defence b value was 0. 237 dollars, meaning that the penghua defence grade had triggered a decomposition threshold. At the same time, the closing price in the defence b-ii market is significantly higher than the reference net fund share, and investors may suffer significant losses if they invest blindly. At the same time, professionals have indicated that the reduction does not result in additional losses for the parent fund holder and that the net value of the parent fund is still calculated on the basis of the increase or decline in the index tracked。
The journalists were informed that the relevant transactions during the processing of the penghua defence classification operation were as follows: on 15 september 2015, the pfd sub-foundation suspended daily transactions such as application, foreclosure, etc., defence a, defence b renewed transactions after 10:30 (for example, when there was a large b share on the same day, the exchange would be asked for b share for one hour in the afternoon); on 16 september 2015, the pfd sub-foundation suspended routine transactions such as application, foreclosure, etc., defence a, defence b suspended transactions in the field; on 17 september 2015, defence a, defence b resumed daily transactions such as application, foreclosure, and defence a, defence b resumed transactions after 10:30。
In the case of a grade b that triggers a discount or is about to trigger a discount, and in order to avoid a lower discount with a higher premium loss, pyramid micro-tempo signals also provide knowledge of the transaction of a graded fund for investors who already hold the relevant grade b. For investors holding the corresponding rating b, the preferred option is to sell the rating b in the direct secondary market. Some investors tend to “buy a to save b” operational strategies when they do not sell grade b when they are locked down. Plum has a micro-tempo, since the investment logic of “buying a to save b” is in fact to compensate for part of the loss of the investment portfolio with a downside of grade a, which is derived from a share of about 75 per cent. The substance is two distinct investment strategies, and the purchase of a grade a does not change the contingent losses resulting from the fall of a grade b premium. Level a has emerged from a strong upward trend since the crash, and there is currently little room for discounts, no longer substantial under the theory of buy-in at current prices, and the need to assume the risk of realising a net parent fund volatility increases risk exposure. Before the discount was triggered, the “buy-a-save-b” investment strategy was no longer feasible for grade a of the premium transaction。
At the same time, whether the ranking a of market concern is in the investmentable value range. In this regard, pbf operations stated that the three core price drivers of level a include bond values, down options and rationing values, which are, of course, affected by reduced interest rates, supply-demand relationships, etc. At present, ranking a is characterized by higher risk and lower expected return, whether in terms of discount arbitrage, lower discount gains or debt value. It is recommended that investors holding grade a settle in a timely manner and that investors without grade a continue to wait patiently for the price of grade a to be reversed to a relatively reasonable range。
Ppf indicated that, as the first top-down and bottom-down fund company in the industry, the cases and risks of top-down and downgrading of grade b are described in a comprehensive manner in the context of investor education activities and risk tips, aimed at promoting basic knowledge of graded funds and enhancing investor education, but because of the complexity of the transaction structure of graded fund products themselves, product design, trading rules and common equity-type funds, there are still many customers who do not understand the relevant elements of graded products, business rules, or half-aware, or who simply see the counter-offer gains that high-bars can bring when they come down, ignoring the risk of downfall, leading to the erroneous investment of a large number of clients who still buy a large share of graded fund b during the downgrading period. In the future, the penghua foundation will further enhance investor education。
