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打新基金收益走低 但仍受机构资金青睐

2017-08-28 06:50:48   中国经济网

在次新股震荡、新股收益缩水的背景下,打新基金前途堪忧。

但业内人士表示,虽然打新基金收益率走低,但其低风险的特征依然受到银行委外等机构资金的偏爱。

对中小投资者来说,打新基金风险偏低,投资者对其收益不宜抱过高期望,如果想选择打新基金,需挑选规模适中的产品。

不闻新人笑,还见旧人哭。对打新基金来说,近期的日子颇不好过。

8月24日,连续多日涨停的“次新妖股”中科信息(300678)临时停牌,当日次新股板块剧烈震荡,20余只个股振幅超过10%。次新股“蹦极”也不罕见,此前,杭州园林(300649)、英联股份(002846)、哈森股份(603958)等多只次新股都发生过惊心动魄的“闪崩”。次新股板块风险正在上升。

此外,新股上市后涨停板越来越少,对打新基金冲击也不小。上海一位资深基金投资者告诉《国际金融报》记者:“以前新股上市后,动不动就一拉十几个板,今年这种情况几乎没有了。”据记者不完全统计,2017年以来,发行后能连续涨停超过3个交易日的新股不足20只。

在次新股震荡、新股收益缩水的背景下,打新基金还能赚到钱吗?这类产品前路何在?

业内人士表示,虽然打新基金收益率走低,但其低风险的特征依然受到银行委外等机构资金的偏爱。

今年打新基金收益靠底仓

从新股发行来看,今年可谓是IPO“大年”。数据显示,2017年以来已发行新股308只,超过了2016年全年共发行新股227只的水平;累计发行规模约1554亿元,已经比去年全年的募资规模高出约4%,创2011年来最高纪录。

供给多了,价格自然下行。从单只新股收益来看,下滑趋势颇为明显,打新收益也随之下滑。

国泰君安中小盘分析师按照7月份的开板新股计算了A类、B类和C类账户的单月打新收益,并据此估算出其单只新股收益,分别为2.5万元、2万元和0.79万元。这意味着,从全年来看,A股账户的2017年全年收益约为1100万元,因此,预估A类2亿、5亿规模基金的打新增强收益将回落到5%和2%。

“我们对比了2017年二季度和2016年四季度打新基金的份额数据,超过85%的打新基金被净赎回。”华宝证券分析师李真认为,打新基金遭遇赎回,正是因为打新基金收益率不断下降。

“打新基金的收益主要分为三部分:打新收益、股票底仓的投资收益,以及债券类资产的收益。”上海一位基金公司相关负责人告诉记者,为了获得打新资格,打新基金一般会配备适量的蓝筹股底仓,剩下的仓位则配置大量债券。

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