During the year, 1,847 new funds were established, setting a record high and nearly three trillion yuan of funds flowed into the fund issuance market
Our reporter Wang Siwen
Since the beginning of this year, the net value of the fund has suffered a severe setback, and the mutual fund industry has subsequently ushered in a huge test.
In the face of the "big test", the public fund industry has risen to the challenge, and the total scale of asset management has reached a new level of 25 trillion yuan.
According to the "Securities Daily" reporter, as of December 27, 1,847 fund products were newly established in the public offering market during the year, an increase of 466 from last year, setting a record high; the total fundraising scale was as high as 2.95 trillion yuan, which was only The difference is 172.7 billion yuan.
22 tens of billions worth of funds were born
Explosive models come with three characteristics
Since the beginning of this year, although investors' enthusiasm for new fund subscriptions has been fluctuating, the overall trend has continued to be hot.
During the year, as many as 141 new fund products were ended early and the proportional distribution started.
Most of these hot products are mainly promoted by leading fund companies, which have not only channel and word-of-mouth advantages, but also fund managers' long-term good performance as a "moat".
In addition, the scale of initial offerings of such products is also relatively large.
Among them are the familiar tens of billions of new funds such as the one-year holding value of Southern Xingrun, GF Balanced Selection, and E Funda's competitive advantage enterprises.
Statistics show that there were 22 fund products with an initial offering scale of more than 10 billion yuan during the year, fewer than 40 in 2020 and 26 in 2019.
It is worth noting that the tens of billions of billions of hot funds during the year mainly exhibited three characteristics: First, it was still gathered in the head fund companies such as GF Fund and E Fund. Under the background of strong investment research capabilities and sales, there was even one fund. The subscription amount of the new fund exceeded 100 billion yuan (the competitive advantage of E Fund issued in January, and the subscription scale reached 239.857 billion yuan); second, the debt base has emerged one after another, under the background of the "fixed income +" strategy welcoming funds, tens of billions of yuan within the year Forty percent of the funds' products are debt-based; the third is that 90 percent of the 10 billion yuan funds were born in the first half of the year.
An industry insider revealed to reporters that this is related to the fact that the fund company intends to control the scale of the initial offering to no more than tens of billions of yuan when the product is set up and reported, and the purpose is to protect the interests of investors.
Looking back on the number of new funds issued in the public offering market over 10 billion yuan in the past ten years: 40 in 2020, 26 in 2019, 14 in 2018, 8 in 2017, 12 in 2016, 20 in 2015, There were 5 in 2014, 3 in 2013, 13 in 2012, and none in 2011.
It can be seen that 2021 will still be regarded as the "big year" for the issuance of tens of billions of new funds.
A public fund manager in Beijing told a reporter from the Securities Daily, “Fund companies that issue new funds of the order of 10 billion yuan have obvious advantages in terms of investment and research capabilities, channels, and word-of-mouth. But investors also have to Avoid excessively high income expectations for such products. At present, the industry generally believes that the size of a fund is proportional to the difficulty of operation. A fund with a scale of more than 10 billion yuan means that the fund has more investment targets and requires higher investment and research capabilities. Investors When choosing a fund, the primary logic should be'risk adaptation'."
1847 new funds established this year
Set an annual record high
It is not comprehensive enough to evaluate the popularity of public fund issuance by closing the offering in advance and starting the proportional allotment. The scale of the establishment of a new fund is also one of the important reference standards.
Since the beginning of this year, the public offering market has continued the "bargain hunting" rhythm, intensively issuing new fund products.
According to data from Wind Information, a total of 1,847 fund products were established in the public fund market during the year, an increase of 466 from last year, setting a new annual record; the total fundraising scale reached 2.95 trillion yuan, which was only 172.7 billion yuan last year. Yuan.
However, the size of the first fundraising of a single new fund has dropped significantly from last year.
"Securities Daily" reporter combed and found that the average single newly established fund raised this year was about 1.6 billion yuan, which was a large difference from the 2.262 billion yuan in 2020, but it was higher than the average annual fund raising from 2016 to 2019. The issued shares of 1.039 billion yuan, 935 million yuan, 1.147 billion yuan and 1.386 billion yuan are all higher.
Looking back on the history of fund issuance, we can find that 2015 was the source of the rapid growth of fund issuance, reaching 1.29 trillion yuan.
Prior to this, the average annual fundraising scale remained at around 300 billion yuan.
According to industry insiders, the surge in the number of fund issuances is mainly due to the joint promotion of the staged opportunities in the stock market and bond market, the implementation of the reform of the fund issuance system, and the emergence of a large number of innovative products.
In addition, the regulatory authorities have also issued several "new regulations" for industry-specific management in 2021 to ensure the standardized development of new fund products such as index funds.
Equity funds take the lead
A variety of innovative products boost the issuance
The scale of equity fund raising still provoked the backbone of the new fund issuance market this year.
According to data from Wind Information, a total of 1,353 equity funds were established in 2021, accounting for 70% of the total number of newly established funds; the scale of fundraising reached 1.68 trillion yuan, accounting for 60% of the total scale of new funds raised.
Under normal circumstances, the opening time of a new fund is between 1 month and 2 months, which means that if the stock assets account for about 60% of the fund’s assets, as the new fund continues to open positions and enter the market, investors will Bring about 1 trillion yuan of "fund ammunition" to the stock market.
It is worth noting that the multiple breakthroughs in product innovation of public funds this year have greatly assisted the new fund issuance market.
The first is the trillion-yuan capital market reform and innovation achievement-infrastructure public offering REITs.
On June 21, the first batch of 9 infrastructure public offering REITs were officially listed, and they have been running smoothly since then. Now public offering REITs have entered a normalized issuance, with a total of 11 products, with an initial offering scale of 7.6 billion yuan.
Followed by index funds.
This year, many of the first batch of innovative index fund products came into the world, such as MSCI China A50ETF and feeder funds, "double innovation" index funds, wind power, rare earth, non-ferrous metals and other related sub-industry ETFs.
At the same time, enhanced ETF funds and ETF feeder funds have also come strongly.
In the context of the rapid development of the ETF fund issuance market, the scale of domestic equity ETFs broke through the trillion yuan mark for the first time.
Then there is the public offering of FOF funds.
This year can be described as the first year of the rapid development of public FOF funds.
The number of newly established publicly offered FOF funds reached 91 throughout the year, with an initial offering of more than 116 billion yuan, which also marked that publicly offered FOF funds have officially entered the "fast lane" of issuance.
In addition, with the support of the issuance of similar new funds, the scale of "fixed income +" funds has repeatedly hit new highs; the first batch of pension wealth management products are popular... The curtain will begin in 2022, and the public equity fund industry is about to enter a period of development opportunities.
Some voices in the industry believe that the new fund issuance market should focus on the main investment business and continue to improve investment management capabilities under the trend of capital enthusiasm.
And how to balance the relationship between fund size, structure and development quality?
How to truly become the backbone of serving the real economy and wealth management of hundreds of millions of families?
It is an important issue that needs to be solved urgently in the public fund industry.
(Securities Daily)