In 2021, dragged down by the sluggish equity market, the overall profitability of the public fund industry will decline sharply.
According to Tianxiang Investment Consulting data, the overall profit of public funds in 2021 will be 717.189 billion yuan, which is significantly lower than the nearly 2 trillion yuan in the 2020 annual report, a year-on-year decrease of 63.73%.
From the perspective of different fund types, the six categories of bonds, currencies, hybrids, stocks, FOF, and closed-end funds achieved profits, while commodity funds and QDII funds suffered losses.
2020 profit champion and runner-up fell out of the top ten
As of March 31, 2022, a total of 147 public fund companies have disclosed their 2021 annual fund reports. From the perspective of time, the profits of public funds in the first half of 2021 will be 648.526 billion yuan, and the market volatility will intensify in the second half of the year. The annual profit only increased by 68.663 billion yuan over the first half of the year to 717.189 billion yuan, which was significantly lower than that of 2020, a year-on-year decrease of 63.73%.
It is worth noting that the decline in total profits in 2021 is almost a collective phenomenon in the industry. Among the 147 companies, only 39 have achieved positive profit growth, accounting for only 26%, and most of them are small and medium-sized fund companies.
Specifically, the top ten fund companies in the 2021 annual report product total profit have changed significantly compared with the 2020 annual report. Only GF Fund, Wells Fargo Fund, Southern Asset Management, and Industrial Securities Global Fund remain in the top ten profit list.
Among them, the total profit of GF Fund's products is 33.445 billion yuan, ranking first; the company's profit in 2020 is 99.954 billion yuan, ranking third in the industry's profit list.
It is followed by Tianhong Fund, with a profit of 32.758 billion yuan in 2021; the company will achieve a profit of 40.495 billion yuan in 2020, ranking 19th in the industry's profit list.
Wells Fargo Fund ranks third, with a profit of 29.663 billion yuan in 2021; the company will achieve a profit of 40.495 billion yuan in 2020, ranking fifth in the industry's profit list.
The fourth to tenth largest profit in 2021 are Bosera Fund, Cathay Pacific Fund, ICBC Credit Suisse Fund, China Southern Asset Management, Huaan Fund, CCB Fund and Industrial Securities Global Fund.
The first and second runner-up in profits in 2020, E Fund Fund and China Universal Fund, achieved profits of 16.191 billion yuan and 7.399 billion yuan respectively in 2021, and their rankings dropped to the 13th and 34th places. Compared with 2020, The net profit of the two companies changed by 89.93% and 93.37% respectively.
In addition, in 2021, it can be seen from the TOP10 average profit ranking of fund companies' products in the past three years that Zhonggeng Fund, Ruiyuan Fund and Industrial Securities Global Fund will remain in the lead, with an average profit of about 989 million yuan and 326 million yuan respectively. yuan and 310 million yuan.
Fixed income products become profitable "ballast stones"
In terms of fund types, Tianxiang Investment Consulting data shows that in 2021, bond-type and currency-type funds will play the role of profit "ballast stone" in the volatile market. 61.52% and 30.68%.
Among them, in 2021, 3,966 bond funds realized a total profit of 228.724 billion yuan, accounting for more than 30% of all fund profits; 696 currency funds realized a profit of 215.942 billion yuan.
In addition, in 2021, 5,676 hybrid funds realized a total profit of 186.804 billion yuan, a decrease of 83.02% compared with 2020; 2,387 stock funds realized a profit of 118.672 billion yuan, a decrease of 76.51% compared with 2020; 253 FOF funds made a profit of 5.632 billion yuan Yuan, a year-on-year decrease of 49.41%.
Commodity funds and QDII funds have turned from profit to loss, with profits of -1.245 billion yuan and -39.115 billion yuan respectively in 2021.
Fund management fee income exceeds 140 billion
Although the overall profitability of products has declined, due to the increase in the management scale of fund companies in 2021, the total management fees earned by the top ten fund companies in 2021 will increase significantly compared with the previous period.
According to data from Tianxiang Investment Consulting, the management fee income of fund companies in 2021 will exceed 141.6 billion yuan, a substantial increase of 52% from 93.1 billion yuan in the same period last year.
It is worth noting that the Matthew effect of the industry is further highlighted, and the advantages of leading companies continue to expand.
The top 20 fund companies with management fee income in 2021 will have a total management fee of 96 billion yuan, accounting for about 67% of all fund companies' management fee income.
The total management fees earned by the top ten fund companies in 2021 will increase significantly compared with the previous period. Among them, E Fund Fund will continue to hold the first place in the management fee income of fund companies in 2021, reaching 10.6 billion yuan, a year-on-year increase of over 87%, far more than other fund companies.
The second and third places are GF Fund and China Universal Fund. The management fee income of the two companies in 2021 will exceed 7.3 billion yuan and 7 billion yuan respectively.
In addition, 31 fund companies including Wells Fargo Fund, China Asset Management, Southern Asset Management, China Europe Fund, Harvest Fund, and Industrial Securities Global Fund will have management fee income of more than 1 billion yuan in 2021, and companies with management fee income of the order of 1 billion yuan will be more than 2020. An increase of 7 over the same period.
In addition, judging from the ranking of the average management fees of funds under the fund companies, Ruiyuan Fund and Industrial Securities Global Fund are stable at 380 million yuan and 104 million yuan respectively.
Especially for Ruiyuan Fund, with the number of funds remaining unchanged, the average management fee in 2021 will increase by 95.23% compared with 2020.
Tianxiang Investment Consulting believes that the top ranking of Ruiyuan Fund and Industrial Securities Global Fund is due to the large proportion of equity funds of their two companies.