Inject confidence into the shocking market!

The fund's self-purchased 5.2 billion in the first 11 months of this year hit a record high

　　In 2021, the A-share market as a whole maintains a turbulent pattern, but the investment enthusiasm of fund companies has not diminished, and even out-of-pocket use real money to express confidence in the market.

　　According to data from Orient Wealth Choice, in the first 11 months of this year, 88 public funds purchased their own funds 393 times, with a cumulative amount of 5.2 billion yuan, and both the number and amount of self-purchases hit a record high in the same period.

30% of self-purchase funds have a negative yield

　　According to data from Eastern Fortune Choice, in terms of the number of self-purchases, 88 public offerings have accumulated 393 self-purchases, far exceeding 305 in 2020.

Among them, there are 10 public offerings that have self-purchased more than 10 times, and Tianhong Fund has self-purchased 47 times, becoming a "generous" fund company; Cathay Pacific Fund and Huabao Fund have also self-purchased 23 times and 20 times respectively.

　　In terms of monetary value, the self-purchasing amount of 18 companies exceeded 100 million yuan.

Among them, the "biggest party" of the Cathay Pacific Fund paid 390 million yuan for self-purchase.

Immediately afterwards, ICBC Credit Suisse, CCB Fund, and Tianhong Fund's self-purchasing amount also exceeded 300 million yuan.

　　In terms of specific funds, the CCB Yufeng interest rate bond under CCB Funds will regularly open bond A for three months, which is the "most attracting" product. It received 270 million yuan of self-purchasing, and Southern Furui Foster Pension (FOF) also received 200 million yuan. Yuan’s self-purchase.

　　Among the stock funds, China Universal MSCI China A50 Interconnection ETF is the stock fund with the largest self-purchasing amount by fund companies this year, with the self-purchasing amount close to 184 million yuan.

　　A fund manager told reporters that fund companies buy a certain fund by themselves, often to convey optimism to the market, and they are more optimistic about the purchase of a specific fund.

　　It is worth noting that Choice data shows that among all self-purchasing funds of fund companies this year, about 30% of the funds had negative returns in the first 11 months of this year.

　　For example, the two funds purchased by Tianhong Fund this year have an interval return of more than 80%.

　　Tianhong China Securities New Energy Vehicle A purchased by Tianhong Fund on April 7th, because the fund has heavy stocks in Ningde Times, BYD, Yiwei Lithium Energy and other stocks, as of December 1, the purchase interval income was as high as 64.55%.

　　However, the Tianhong Hang Seng Technology Index (QDII) A, which was self-purchased on July 6, due to investment in Hong Kong stock Internet companies, Shigekura Meituan, Tencent, Kuaishou, Alibaba and other stocks, as of December 1, the gains from the purchase range were only -21.73%.

Fund purchases have limited impact on performance

　　Caixin Securities collected statistics on fund self-purchase data in 2018, 2019, 2020 and the first quarter of 2021, and divided it into 11 different stages.

　　It turns out that most of the self-purchasing products of fund companies are new funds under its own; old funds are less self-purchasing.

In the above range, the self-purchasing behavior of the larger fund companies is mainly the self-purchasing of the 200 million yuan old fund of China Universal Fund in February 2020.

　　Statistics have found that there is no direct relationship between market conditions and the size of fund self-purchase, and whether it is a self-purchased product has no direct relationship with fund performance. Fund self-purchase has limited impact on market conditions and fund performance.

　　The structure of self-purchasing products has changed. The proportion of self-purchasing products such as hybrid and other active products has increased significantly since 2020H2 and has remained relatively stable; based on factors such as market conditions and the expected decline in yields during the year, self-purchasing of bond funds after the holiday in 2021 Proportion is increased; from the perspective of split, fixed income + varieties such as partial debt mixed types have higher weights.

　　In the short term, the self-purchase ratio of bond funds and fixed income + mixed products is likely to remain relatively stable; in the medium term, the self-purchase ratio of active equity products may not necessarily increase, mainly due to the expansion of the fund market and the number of active equity new fund products issued. And the overall scale of fundraising has increased, and the necessity of self-purchasing has decreased.

　　Choice data shows that in 2018, the scale of self-purchased products of fund companies totaled 3.268 billion yuan, of which equity funds reached 461 million yuan, hybrid funds were 1.018 billion yuan, and bond funds were 1.768 billion yuan.

　　In 2019, the scale of self-purchased products by fund companies totaled 2.867 billion yuan, of which equity funds were 491 million yuan, hybrid funds were 762 million yuan, and bond funds were 1.449 billion yuan.

　　In 2020, the scale of self-purchased products of fund companies totaled 4.142 billion yuan, of which equity funds were 465 million yuan, hybrid funds were 1.592 billion yuan, and bond funds were 1.884 billion yuan.

　　Author: Xu Yu