Securities Times reporter Zhu Jingfeng

In June, tiered funds ushered in a intensive wave of listings. As of Thursday, there will be as many as 11 tiered funds listed this month. After the fund was established, it has become the mainstream. Judging from the investor structure of listed tiered funds this month, individual investors are still the main force in subscribing. Some funds have experienced individual investors spending over 100 million yuan to subscribe to tiered funds. Although the scale of institutional participation in tiered funds is limited, it has also occurred. Some professional institutions with large investment scale of tiered funds.

Following the hot May, the June tiered funds ushered in another boom, with the number of tiered funds listed on June 5 alone reaching as many as 5. Since the beginning of this week, 6 tiered funds have been listed and traded, among which Huabao CSI Medical Grading and Changsheng CSI Shenwan Belt and Road Grading made their debuts on Monday and Tuesday respectively. On Wednesday, Shenwan Media, a subsidiary of the tiered fund tycoon Shenwan Lingxin Fund, entered the Shenzhen Stock Exchange in a tiered manner. E Fund’s three hierarchical funds, E Fund’s merger and acquisition restructuring, E Fund Biotechnology grading and E Fund Bank grading, will be listed on the Shenzhen Stock Exchange at the same time on Thursday. It is rare for the same company to have three hierarchical listed in a centralized manner.

After its establishment, the lightning listing has become the mainstream practice of current tiered funds. Taking the three tiered funds under E Fund that will be listed on Thursday as an example, all three funds were established on June 3 and listed on June 11, with only After 5 trading days, other tiered funds listed this month also chose to quickly list shortly after their establishment. Due to the short establishment time and the position building period is still in the establishment period, many tiered funds have relatively light positions when they are listed.

Compared with futures indexes and financing transactions, the B share of the tiered fund with a lower threshold is the most convenient leveraged investment tool for ordinary investors, and individual investors have also become the main investment force of tiered funds. Statistics show that the total size of the 11 tiered funds listed this month is 8.344 billion shares, the individual investors hold 6.421 billion shares, and the individual holding ratio reaches 77%. Among them, 5 individuals with tiered funds account for more than 80%.

The largest E Fund M&A restructuring and grading A shares and B shares are listed at 2.463 billion shares, with individual investors accounting for as much as 91.55%. The two big bulls, Luo Xiangbin and Huang Gang both spent 100 million yuan to subscribe to the E Fund M&A restructuring and grading fund. The shares of M&A and M&A B both reach 50 million. Another large-scale grading fund, Changsheng CSI Shenwan, has a 444 million shares listed in the Belt and Road Initiative, and the individual holding ratio reaches 98.76%. Individual investors are enthusiastic about investing in tiered funds.

Although the overall subscription ratio of institutions is low, the strong money-making effect has attracted the participation of some professional institutions. Securities Times reporters found that among the 11 graded funds listed and traded in June, Shanghai Dazheng Investment Co., Ltd. invested 6, namely Shenwan Media Grading, E Fund Merger and Acquisition Restructuring Grading, E Fund Biotechnology Grading, and Penghua New Energy The total investment of the grading, Penghua High-speed Railway Grading and China Merchants Biomedical Grading has reached 141 million yuan.

Regarding the current low proportion of graded fund institutions, Wang Yonghui, general manager of Penghua Fund's Quantitative and Derivatives Investment Department, said that on the surface, institutional investors are not enthusiastic enough to participate in grading. In fact, a large number of investors are only aware of grading. Regarding the aspect of graded B, a tiered fund is essentially an index fund, especially a parent fund. Institutional investors still attach great importance to participating in the investment of Penghua tiered fund parent fund, and have gradually become an important product of asset allocation.