The overall scale of the grading fund’s exit countdown has grown against the trend
Our reporter Wang Siwen
After all the capital preservation funds withdrew from the public offering market arena, tiered funds are also facing the fate of a comprehensive "closing".
With only more than two months left before the deadline for rectification and reform, the fund company is accelerating the transformation or liquidation of its tiered funds.
After the regulatory authorities finalized the deadline for tiered funds, especially in 2018, the scale of tiered funds has shrunk rapidly.
However, a reporter from the Securities Daily recently discovered that the overall scale of tiered funds is showing a trend of "increasing against the trend."
As of October 15, the latest scale of tiered funds was about 118.3 billion yuan, an increase of 9.5 billion yuan from the beginning of this year, an increase of over 8%.
What is the reason?
"Securities Daily" reporter interviewed a number of public fund tiered fund managers and industry insiders, and explored those things before tiered funds "closed".
19 tiered B funds
The return rate during the year exceeds 100%
Looking at the past announcements of graded funds since this year, careful investors can keep a glimpse of the leopard-in this year's market turbulence and upward market, the most issued by graded funds are no longer about "risk warning announcements that may occur irregular share conversion" and "restrictions." Announcement on large-value subscription business” is one of the most common announcements of tiered funds: “Class B premium risk warning and announcement of trading suspension and resumption”.
Since the beginning of this year, the successive announcements of classified B premium risk warnings and trading suspension and resumption announcements mean that the return rate of classified funds during the year is very impressive. This is also true. In order to prevent investors from blindly following the trend and speculating, fund companies have urgently reminded risks.
As of October 15, the cumulative increase of the Shanghai Composite Index this year was 9.25%.
According to incomplete statistics from a reporter from the Securities Daily, the average return rate of the 96 tiered B funds during this period was as high as 53.96%, which was more than 5 times the increase of the Shanghai Composite Index during the year.
Among them, the highest rate of return during the year was Shenwanlingxin Shenzhen Component Index B. Since the beginning of this year, the rate of return has reached 235.2%, which is 25 times the increase of the Shanghai Index during the same period.
In addition, there are 19 tiered B funds with annual returns exceeding 100%, including China Merchants Zhongzheng Baijiu B, Penghua Zhongzheng National Defense B, National Thai Certificate Food and Beverage B and other star products in tiered funds.
Overall scale of tiered funds
"Grow against the trend"
The substantial increase in the net value of most tiered funds has also driven the overall scale of tiered funds to "grow against the trend."
According to statistics from Wind Information, the overall scale of tiered funds at the beginning of this year was about 108.8 billion yuan. As of October 15, the latest scale of tiered funds was about 118.3 billion yuan, an increase of 9.5 billion yuan from the beginning of this year. Yuan, an increase of over 8%.
It is worth noting that the scale of tiered funds has shown an upward trend for several consecutive quarters.
According to Wind data, the overall scale of tiered funds in the same period last year was about 102.6 billion yuan, and the latest scale during the year increased by 15% over the same period last year; the overall scale of tiered funds at the beginning of 2019 was about 87.9 billion yuan, falling out of the "100 billion yuan era". The scale increased by 34.58% from the beginning of last year.
A fund manager of a large-scale public offering fund grading fund in Shenzhen told a reporter from the Securities Daily: "The biggest impact on the changes in the scale of tiered funds is the market ups and downs. When the overall share changes little, the size of the fund of funds will naturally increase."
The investment director of a large public equity fund in Guangzhou has the same view, "The structural market continues to interpret upwards this year, and the market rise has led to an increase in the overall scale of tiered funds."
However, in addition to the net value, the factors that determine the overall size of the tiered fund include changes in share.
"Securities Daily" reporter noted that as of October 15, the overall share of tiered funds has increased compared with the beginning of this year, but the overall share of last year has changed little.
In response, a tiered fund manager told a reporter from the Securities Daily: “At present, the main source of the increase in the scale of tiered funds is indeed the increase in net worth, not the expansion of share. The current share of the market must be gradually reduced, and the market is still The continued marketing is also the off-market fund of funds shares."
This is indeed the case. As of October 15, the latest share of tier b funds has dropped significantly from the beginning of this year.
A senior public equity analyst pointed out to the "Securities Daily" reporter: "At present, the scale of tiered funds is mainly concentrated on the stable operation of the fund of funds. The tiered b funds with their own leverage are small in scale and have liquidity problems. Investors should not According to the short-term performance of tier b funds, blindly follow the trend and speculate to prevent major investment losses."
In fact, there is a saying in the market recently that in the grading fund rectification period of only more than 2 months, various fund companies are intensively holding the holders’ meeting of their tiered funds to vote on the fund’s rectification plan, but in reality During the rectification process, some ordinary investors did not approve the liquidation or transformation arrangements, making rectification difficult.
"Although the return rate of tiered b funds is considerable under the promotion of market conditions, some investors in the market still have the'after-warm' of tiered funds. However, from the perspective of the long-term development of the asset management industry, tiered funds have withdrawn from the historical stage. The pace will not stop." The public fund source said frankly.
(Securities Daily)