Compared with the hot new fund sales at the beginning of last year, the new fund market at the beginning of this year can be described as "dismal".
On January 4, the first working day of this year, 17 new funds were launched for the first time. Among them, there are some star fund managers at the helm, and the industry is expected to even sprint the potential explosive products of the "Sunlight Foundation".
However, under the market volatility, the issuance of new funds encountered waterloo. On the day, only two fund products raised more than 1 billion yuan through omni-channel, and the others were mostly "single digits".
Wind data shows that in the first week of 2022, a total of 31 new funds entered the fundraising period. No fund announced the end of fundraising ahead of schedule, and the issuance of products such as equity and fixed income + was lower than expected.
In contrast, last year, 8 "Sunlight Funds" were born within 5 trading days in the first week of 2021, and the 5 funds attracted more than 10 billion yuan.
Generally speaking, the beginning of each year is an important preparation point for fund companies to issue new funds. Most fund companies will actively plan for issuance a few years ago, and increase their pre-heating in various sales channels such as banks and securities companies, hoping to win a "good start" in the new year. .
What are the reasons for the cold start of new fund issuance in 2022?
Industry experts generally said that the recent market fluctuations, the decline of the profit-making effect, and the increased wait-and-see mood of investors are the main reasons for the cold fund issuance.
Chen Li, chief economist of Chuancai Securities, believes that there are three reasons for this: First, the overall market trend in the beginning of the year fluctuated greatly, especially in the early hot tracks, such as the retracement of the new energy sector, which made investors' optimism about the fund. There are concerns about expected yields.
Second, under the influence of the epidemic, the economy is under great downward pressure. From the perspective of capital flow, investors will be cautious.
Third, the current market is highly concerned about whether the United States will raise interest rates in March, and whether the loose monetary policy in the world will turn to be the focus of discussion, which will also directly affect whether new investment increments will enter the market.
Xu Jianjun, general manager of CSI Jinniu, also said that the sales of public funds have always had this feature. On the one hand, when the market is in the stage of adjustment and the index is falling, the profit-making effect is significantly reduced, which leads to the lack of confidence of fund investors, and the investment is more cautious. New fund subscriptions will be more bland.
On the other hand, a survey shows that in 2021, 53% of fund investors will lose money, and only 11% will have a profit of more than 10%. In 2021, the average return of equity funds will be 8.19%, which will outperform the Shanghai Stock Exchange as a whole. Indices, CSI 300 and other mainstream indexes, it can be seen that "funds make money and basic people do not make money" is still one of the factors affecting the long-term development of the fund industry, which also affects investors' enthusiasm for fund purchases to a certain extent.
A fund company official also admitted that in addition to the adjustment of the A-share market at the beginning of the year, which suppressed market sentiment, in the structural market with a large overall differentiation last year, the returns of fund investors were greatly differentiated, and some chose the right track. Investors' returns have even doubled, and some investors are still struggling to make money. The products traded by some star fund managers are not ideal, which led to a serious wait-and-see attitude among investors at the beginning of this year.
In addition, as of January 10, a total of 60 new funds (combined A/C shares) in the whole market have started raising this year, of which 27 are closed-end funds, accounting for as high as 45%. one of the reasons.
A person from the marketing department of a large fund company said that under the current environment dominated by open-end funds, it is still challenging to issue closed-end funds, especially three-year closed-end funds. Fund companies need to have a good long-term performance reputation and reputation. Only brand advantages can be recognized by investors.
Regarding the recent market adjustment, Luan Tianhao, general manager of Snowball Fund, suggested that investors: First, think with reverse thinking.
There has always been a law in the investment circle that "it's hard to do well, and it's hard to do well".
The new hot market often means that the market is hot, the valuation is higher, and the future investment is more difficult.
When the new issue is in a downturn, it is often more suitable to enter the market for investment; the second is to suggest that fund investors should not be too concerned about short-term fluctuations, and should use a long-term attitude to hold.
Historically, holding funds has yielded better returns than stocks.
As the holding time increases, the fund's profit-making effect will be more reflected; the third is to invest with the idea of allocation.
At present, the number of publicly offered funds has exceeded 9,000. In addition to the differentiation of market conditions, the difficulty of selection is increasing. This requires investors to use allocation ideas to diversify risks and maximize returns.
Our reporter Ma Chunyang