多只明星QDII基金闭门谢客

Core Viewpoint - The recent surge in QDII fund market has led to a wave of purchase restrictions, primarily driven by tight foreign exchange quotas and saturated strategy capacities, prompting investors to be cautious of high premium risks and consider alternative investment channels [2][10]. Group 1: QDII Fund Purchase Restrictions - Since November, numerous QDII funds have announced purchase limits, with several popular products opting to stop accepting new investments [2][6]. - Notably, QDII products focused on U.S. indices have been heavily impacted, with major fund companies announcing limits on large subscriptions for several funds, including the 富国全球消费精选混合 (QDII) and 摩根标普500指数 (QDII) [4][5]. - As of November 20, over 80 announcements regarding adjustments to QDII product subscription limits have been made, indicating a widespread trend of limiting or halting large subscriptions [6]. Group 2: Performance and Premium Rates - Many of the restricted QDII products have shown strong performance, with some funds achieving returns exceeding 20% over the past year, leading to significant interest and inflows [7]. - Premium rates for some QDII funds have surged, with certain products experiencing premiums over 10%, and some even exceeding 20%, as investors shift to secondary market purchases due to restrictions [7][8]. - The 富国全球消费精选混合 (QDII) fund has reported a remarkable return of 44.31% this year, highlighting the performance-driven demand for these products [4]. Group 3: Reasons for Purchase Restrictions - The primary reasons for the current purchase restrictions include the limited quotas set by the State Administration of Foreign Exchange (SAFE) and the strategy capacity constraints faced by fund managers [10][11]. - Fund companies aim to prevent rapid scale expansion that could dilute investment returns and avoid performance degradation due to excessive inflows [10][11]. - The total approved QDII quota as of June 2025 was $170.87 billion, with a significant concentration among leading institutions, leading to a structural shortage of available quotas [10]. Group 4: Alternative Investment Channels - In response to the purchase restrictions, investors are increasingly turning to alternative investment channels, such as Hong Kong mutual recognition funds and cross-border wealth management programs, which offer more flexible quotas and a wider range of products [11]. - Experts suggest that the current wave of purchase restrictions may continue until mid-2026, indicating a need for investors to diversify their portfolios and consider products with more lenient subscription limits [11].