Yangcheng Evening News reporter Hu Yan

　　Recently, the public fund's first quarterly report for 2022 has been released.

Affected by the violent fluctuations in the stock market, the overall loss of funds in the first quarter exceeded 1.3 trillion yuan, which may become a new record for a single-quarter loss in the history of the fund industry.

Is this a weather vane for "buying the dips"?

Investors also need to be rational.

　　Partial stock fund scale down

　　According to data from Tianxiang Investment Consulting, as of April 25, 148 fund companies have disclosed their fund reports for the first quarter, and the size of the fund market has decreased slightly. %, and the total fund size last year exceeded 25 trillion yuan.

If money market funds are excluded, the total size of the fund market totals 14.82 trillion yuan, a decrease of 5% from the previous month.

　　Among them, the scale of stock funds was about 2.26 trillion yuan, down 10.78% month-on-month; the scale of mixed funds was 5.23 trillion yuan, down 12.67% month-on-month; the scale of bond funds was 6.81 trillion yuan, up 3.51% month-on-month.

　　The month-on-month decrease in the total size of the fund was partly due to the large fluctuations in the A-share market this year, with a large loss in the first four months of the year, which affected the performance of equity funds with a large proportion and affected the fund holders’ performance. confidence.

　　The decline in the total size of funds during the first quarter can reflect the current situation in terms of the number of fund liquidations, fund issuance failures, and fund redemptions.

Data show that the number of funds liquidated during the first quarter of this year was as high as 41.

The phenomenon of fund issuance failure and issuance difficulties has become increasingly prominent. In the first quarter of this year, a total of 386 new funds were established, raising a total of 273.8 billion yuan, and the issuance scale decreased by 74% year-on-year. .

　　Large scale but negative returns

　　According to data from Tianxiang Investment Consulting, as of the end of the first quarter of this year, quarterly return statistics were conducted on 148 publicly offered fund companies (weighted by fund size after excluding currency funds).

There are 134 fund companies with negative returns in the first quarter, and only 14 companies with positive returns. Most of these fund companies with positive returns in the first quarter are small and medium-sized public offerings with less funds under management.

　　Specifically, the overall performance of fund companies with a management scale of over 100 billion yuan was poor, with negative returns.

Among them, Industrial Fund's quarterly yield reached -0.79%, ranking first.

Among the fund companies with a management scale of less than 100 billion yuan, Caitong Fund topped the list with 0.89%.

　　The expansion of the fund company's scale can generally strengthen the profit advantage.

However, in the weak market environment in the first quarter of this year, the difficult operation caused by the large scale has become an important factor for many fund companies to lag behind in the income ranking.

　　Is it possible to invest at this stage?

　　The market's pessimistic expectations are reflected in the stock market and fund market.

However, recent policies have continued to release good news, and some bottom features have appeared.

　　In addition, since the beginning of this year, public funds and brokerage asset managers have started self-purchasing models, which is conducive to attracting market attention, stabilizing market conditions, and enhancing investor confidence.

As of April 26, 63 companies have self-purchased 114 fund products, with a cumulative amount of more than 1.8 billion yuan, of which 6 companies have self-purchased more than 100 million yuan.

Since April, the amount of self-purchased by public funds and brokerage asset management has increased by 229% year-on-year.

　　The emergence of "self-purchasing tide", can it be regarded as a signal of bargain hunting?

Chen Li, chief economist of Chuancai Securities and director of the research institute, previously told the media that the emergence of institutions' "self-purchasing tide" is often regarded as one of the signals that the market is approaching the bottom, but it cannot be used as a basis for bottom-hunting.

Compared with institutional investors, retail investors have lower tolerance for stock price fluctuations and poor anti-risk capabilities. It is not the best choice to participate in transactions at the bottom-grinding stage too early.

Investors are advised to proceed from the macroeconomic and industry fundamentals, conduct full research and judgment, and wait patiently for a clear right-hand signal before considering whether to participate.