Outstanding performance of public offering funds in the first half of the year——

  Promote incremental expansion of direct financing

  Our reporter Zhou Lin

  In the first half of 2021, the overall performance of public equity funds was outstanding. The 6640 funds included in the statistics had an average return of 4.65%. After two consecutive years of sharp increases in 2019 and 2020, the third outstanding half-year "transcript" was handed over; stocks Funds, hybrid funds, and QDII funds have all achieved substantial excess returns, and a number of themed fund products focusing on technological innovation, manufacturing development, and consumption upgrades have been well received; the total scale of newly issued public funds raised 1.61 trillion yuan, a record The highest fund-raising amount in the fund industry over the same period in history; the investment advisory business pilot of public funds continues to expand, and the first batch of public REITs are listed and traded, providing new businesses and new options for both investment and financing; especially private equity funds in supporting the real economy A lot of contributions, in the first half of the year, more than 110 A-share IPO companies benefited from early investment by private equity funds and successfully landed in the capital market.

  Chen Dong, director of the financial products department of Luen Thai Funds under Investment Technology, said that this very eye-catching “transcript” reflects the continuous improvement of the fund industry’s ability to enrich the residents’ wealth management market, serve the real economy, develop direct financing, and promote residents’ savings. Good results have been achieved in the conversion to investment.

With the continuous improvement of the investment side of the capital market, investors are expected to usher in more new businesses and new products.

  Enriching the residents' financial management market

  In the context of the implementation of the new asset management regulations for more than 3 years, public funds continued to be issued in the first half of the year, which greatly enriched the residential wealth management market.

The total fundraising scale of new funds increased by 52% year-on-year, and equity funds continued to exert their strength, with the issuance scale exceeding 1.303 trillion yuan, accounting for 81.58%.

  The product design of the fund issuance market is also colorful, with various types of ETFs emerging, and more innovative products are issued and listed on public offering REITs.

In particular, the issuance of both offensive and defensive "fixed income +" funds continued their hot trend. A total of 198 partial debt hybrid funds and secondary debt bases were issued in the first half of the year (based on the statistical caliber of the initial fund), with a total scale of 320.043 billion yuan. This is a significant increase of 182.42% over the same period last year.

  In terms of performance, public funds provide more investment tools for the conversion of household savings to investment.

Luen Thai Fund statistics show that benefiting from the performance of the stock market in the first half of the year, equity funds and hybrid funds rose by 7.75% and 7.59% respectively in the first half of 2021, both outperforming the Shanghai Stock Exchange and the CSI 300 Index during the same period, of which 85.8% Of equity funds and 91.1% of hybrid funds achieved positive returns.

  In terms of bond funds, bond funds rose by an average of 1.94% in the first half of the year, of which 95.3% of products achieved positive returns in the first half of 2021; the average increase of QDII funds was 8.42%, of which 73.9% of QDII funds achieved positive returns. income.

Driven by crude oil prices, QDII funds that invest in commodities and energy themed performed outstandingly in the first half of the year. However, due to the repeated effects of overseas epidemics, medical and medical themed funds also rose at the top; alternative investment funds fell by 0.01% on average in the first half of the year, achieving positive results. The probability of return is 57.1%.

  Dividends are another important manifestation of fund revitalizing the wealth management market.

In the first half of the year, 1,716 public funds (different shares are calculated separately, the same below) have distributed 2,458 times of dividends, and distributed a total of 129.913 billion "red envelopes" to investors, an increase of 47.80% over the same period last year.

  Jinniu Financial Network analyst Gong Manlin believes that the enthusiasm of fund dividends, the hot new fund market and the booming equity fund performance are closely related to the stock market trend this year.

In the first half of the year, the Shanghai Composite Index rose 3.40%, the CSI 300 Index rose 0.24%, the CSI 500 Index rose 6.93%, the Shenzhen Component Index rose 4.78%, and the ChiNext Index rose 17.22%.

Judging from the index’s characteristics of large and small cap styles, the first half of the year was the GEM index, followed by the CSI 500 index. The Shanghai and Shenzhen 300 index was basically flat, while the Shanghai 50 index fell, continuing the science and technology innovation board in the second half of 2019. The strong trend of the technology startup sector after its launch.

Some equity funds in industries such as Shigekura semiconductors, new energy vehicles, food and beverages have achieved good returns, and the new fund market has also shown a strong demand.

  "Whether it is the continued hot new fund issuance market or the performance trend of stock funds, it shows to a certain extent that publicly offered securities investment funds have become an important option for wealth management. Under the background of the regulatory authorities calling for vigorously developing equity funds, publicly offered funds It is expected to continue to be one of the destinations for the conversion of household savings to investment." said Jia Zhi, executive general manager of the fund research team of Ping An Securities Research Institute.

  "Come on" to serve the real economy

  Supporting companies to be listed on the capital market, providing direct financing to unlisted companies, and making suggestions for companies as shareholders are important ways for private equity investment funds to serve the real economy.

According to statistics from the China Investment Research Institute, more than 110 A-share IPO companies received support from private equity funds and venture capital funds in the first half of the year.

The industries penetrated by private equity funds are mainly concentrated in investment fields such as high-end manufacturing, healthcare, and public utilities.

  Judging from the existing private equity funds, this kind of products and services to the real economy are constantly increasing.

According to statistics from the China Association of Fund Industry, as of the end of May 2021, there were 29,889 surviving private equity investment funds with a scale of 10.12 trillion yuan, an increase of 0.35% from the previous month; 11,749 surviving venture capital funds with a scale of 1.87 trillion yuan.

  "Although affected by the new crown pneumonia epidemic, some private equity investment funds have encountered a certain degree of funding difficulties, but the fundraising of new technologies, new industries, new formats, and new models of the "four new" projects has always been popular among fund managers. There are also many private equity funds in the NEEQ listed companies, reflecting the support attitude of private equity funds and venture capital to the technological innovation industry, as well as the unabated support of the multi-level capital market for non-listed companies." Said Wang Wenxin, an analyst at the Academy.

  Compared with private equity investment funds, public offerings and private equity funds serve the real economy in a relatively "tactful" way. They generally support related listed companies or infrastructure projects indirectly through themed funds, public REITs, and commodity futures funds.

  According to the 26 thematic fund categories divided by Luen Thai Funds, 22 themes rose in the first half of the year, while only 4 themes fell.

Among them, GEM theme funds rose 18.5%, resource cycle theme funds rose 17.7%, pharmaceutical and medical funds rose 16.5%, auto funds rose 15.6%, and environmental protection funds rose 14.9%.

Benefiting from the recovery of the global economy, the chemical, mining, and non-ferrous sectors rose sharply in the first half of the year, and the resource cycle theme funds rose at the top. The new energy theme funds performed well under the high prosperity of the new energy sector, and the pharmaceutical theme funds also continued. Last year’s upward trend.

In contrast, due to the poor performance of military industry, non-bank financial and other sectors in the first half of the year, themed funds such as military industry (-3.6%), Shanghai Stock Exchange 50 (-1.5%), and financial real estate (-1.5%) fell at the top.

  In terms of private equity investment funds, Wind Information statistics show that there are a total of 150 private equity funds in the range of 50% to 100% during the year. In the first half of the year, nearly 70% of the stock long private equity products achieved positive returns, with a scale of 10 billion private equity. More than 90% of fund institutions achieved profits in the first half of the year.

  "Re-lighting the old" problem to be solved

  Compared with the impressive performance, the Matthew effect in the fund industry has intensified. Some small and medium-sized fund companies have difficulties in issuing new products, and the scale of asset management continues to shrink.

From the perspective of fund managers, as of the end of June this year, the total scale of management of the top ten companies with fund net assets reached 9439.60 billion yuan, accounting for 42.3% of the total market, and industry concentration has increased.

Among them, E Fund’s scale topped the list, followed by Celestica Fund, GF Fund, China Universal Fund and China Southern Fund. According to the scale of non-monetary fund management, E Fund, GF Fund, China Universal Fund, China Asset Management, The scale of management of Wells Fargo Fund ranks among the top five.

  In addition, money market funds, which account for about 40% of the total asset management scale of public funds, are in an embarrassing situation. The average return rate of money funds in the first half of the year was about 1.09%. Among them, the average return of the top ten funds exceeded 1.44%. Investors “dislike”; while most private equity funds have achieved high returns, 3,695 private equity funds have suffered losses, accounting for 28%; the difficulty of fundraising for private equity investment funds has not been significantly alleviated, and some fund managers are pursuing short-term gains. Earn quick money, even at the risk of rushing to buy shares in a company to be listed, suspected of illegally "making wealth".

  "Some fund agency agencies attach great importance to newly-issued funds, only to obtain sales rebate commissions, and ignore the operation and marketing of the existing'old funds', resulting in an incomplete match between fund performance and scale. Some new funds with poor performance are only due to agency sales channels.' The loud yelling's voice has led to a dramatic increase in the scale of fundraising. However, some of the “old funds” with good performance suffer from insufficient channel strength and unsatisfactory sales." Chen Dong believes that to solve these problems, we still need a full scale. The industry has returned to the original intention of asset management to "receive financial management on behalf of clients", improve active management capabilities, and practice the internal skills of asset allocation to truly create a fair, just and open development environment for more outstanding fund managers.