The fund products managed by "top-tier" fund manager Ge Lan and long-term "topping the list" have been "hidden" by Alipay recently, which is a portrayal of the current "traffic investment" encountering backlash.
Since 2022, the market has continued to adjust, and the track investment is the "hardest hit area".
Fund companies and channels “only sell funds that sell well”, while the net value of track investment funds bought by investors following “traffic” has retreated significantly, which shows the “chronic illness” of the fund sales side, with “tags” and “traffic” as the core. The sales model is unsustainable.
Industry-wide issues are triggering industry-wide thinking and looking forward to systemic change.
This involves the long-term assessment of fund performance, rational distribution of benefits in the sales system, investor education and guidance, and many other fundamental issues in the development of the industry.
Signature fund "stealth"
Many investors who buy funds on Alipay are no strangers to "China-Europe Medical and Health Hybrid C".
This fund is the signature fund of the star fund manager of China Europe Fund, Ge Lan, and is very popular in Alipay.
However, the latest list shows that the various dimensions of Alipay's gold selection list have "hidden" this fund.
In response, Ant Wealth replied that the "Weekly Sales Ranking" in the Ant Wealth Gold Selection List is based on objective data on purchases by investors with a weekly dimension.
Recently, with market volatility, investors have begun to allocate more stable fixed income and "fixed income +" products.
Grant's signature product was "hidden" this time, and "traffic" and "track" may be two important factors.
The 2021 Fund Quarterly Report shows that Ge Lan manages a total of 5 funds and ranks among the 100 billion club with a total management scale of 110.339 billion yuan. fund manager.
Gulen continues to enjoy the highlights of "traffic": the previous Alipay Fund's weekly sales list showed that the "China-Europe Healthcare" managed by Gulen ranked first, and many Christians made up the more they fell.
In addition, the investment in the product "China-Europe Healthcare" managed by Gelan is a relatively pure track investment.
Among pharmaceutical stock investments, Gülen is a rare fund manager with a medical doctorate background, which makes the pharmaceutical funds he manages more attractive to investors.
Even after the success of Gelan, a number of investment giants with a composite background of "pharmaceutical + investment" emerged in the industry.
The "label" and "traffic" sales model is unsustainable
Wang Shi (pseudonym), the channel director of a fund company in South China, was hit when he saw that the products of the Gelan Fund were "invisible".
He is running the bank channel in Xiamen City, Fujian Province in order to arrange the channel arrangement of the company's new fund.
This newly issued fund is still a themed fund focusing on the "high prosperity track". The fund manager is a newly-appointed powerful fund manager in 2021, with outstanding annual performance.
In previous years, when new funds were communicated after the Chinese New Year, and there were double “blessings” from the prosperous track and blue-chip fund managers, the communication between fund companies and channels would generally be smoother.
However, things have changed this year.
Communication data Datayes counted the current fund products managed by the industry's tens of billions of fund managers (calculated separately for different shares) and found that as of February 13, the average yield of these "top-class" fund managers' products under management this year was -9.87% .
The fund products managed by these "top-notch" fund managers focus on investment in the booming track, and in the differentiated market in 2020 and 2021, their performance and scale have achieved "double harvest".
"Funds that sell well" is a common practice in fund sales.
The problem that Wang Shi is facing now is that the two "selling points" of the boom track and blue-chip fund managers can no longer be advertised with great fanfare.
The embarrassment encountered offline is also staged online.
After interviewing the person in charge of the e-commerce department of a fund company in Shanghai, a reporter from China Securities News learned that the sales model centered on "tags" and "traffic" is unsustainable.
The person in charge said that at this stage, there have been many situations that are difficult to control in the ways and methods of fund drainage and sales such as live broadcasts and road shows: "Investors no longer accept the original logic, and they talk about performance without saying a few words. It's hard to communicate."
Of course, fund sales are based on "flow" and other models. On the investor's side, affected by performance publicity, the practice of "investing with flow" is very popular.
Once on the live broadcast platform, looking at the face, looking at the volume of hair, etc. became a standard for investor funds to invest.
Resist short-term temptation and make long-term investments
"When everyone is doing live broadcasts and using short-term results to drive traffic, you don't say this, what do you say?" Wang Shi asked back.
Regarding the "chronic illness" of fund sales revealed by "flow-based investment", in Wang Shi's view, the industry-wide problems are causing the whole industry to think, and he expects to usher in systemic changes.
Zheng Yuan, FOF Investment Director of Nord Fund, said bluntly that in general, themed funds are mainly fund products that invest in a single industry or track.
Because the assets held by such funds are relatively single, the number of individual stocks is relatively small, and the weight of individual stocks is relatively concentrated, such funds are often the most volatile among all equity funds.
"When ordinary investors invest in such fund products, they should have sufficient anticipation of large fluctuations and awareness of risk prevention, and should reasonably plan the proportion of the investment target in the entire portfolio according to their own risk appetite. Before the characteristics are fully understood, we do not recommend that ordinary investors hold high positions in thematic products."
There is also a clear tendency to "chasing stars" and "chasing hot spots" in the foundation of CDB's layout funds, and they are keen on the trend of traffic. Recently, such investors often face the problems caused by the backlash of "traffic-based investment".
A Shanghai public fund manager bluntly said that fund companies and sales agencies should resist short-term "temptation", strengthen investor guidance, avoid one-sided publicity of performance during marketing, especially avoid short-term performance publicity, and focus on risk warnings and fund sales.
It should focus on digging into the scientific and correct investment philosophy of the management team and avoid excessive "star-making".
Industry insiders pointed out that, from a larger perspective, to change the current situation, the long-term investment concept needs to penetrate deep into the hearts of fund institutions and investors.
"Public offering fund products should be a long-term asset allocation tool, but the current industry positioning of fund companies is diverse. In the face of the sudden increase in scale in recent years, are fund companies ready to be friends of time? At present, no It is difficult for a few fund companies to maintain their strategic focus, and under the guidance of industry rankings and shareholder assessments, there are many transformations." Huabao Securities Fund analysts said.
Also on the investor side, it will take time for such a concept to develop.
"In the face of nearly 10,000 fund products in the market, most customers have difficulty in choosing. In addition, investors' psychological duration is generally short, and their tolerance for fluctuations and withdrawals is limited, so they frequently trade and switch funds, and eventually many It is difficult for people to make money through investment funds. Therefore, I think the easiest way for investors to invest money with confidence is to choose a reliable manager, choose products with clear style and continuous good performance, and then extend investment. long-term, and ultimately achieve the profit target." said Zhang Hui, general manager of China Universal.