In the turbulent market this year, the issuance of funds has presented a situation of "ice and fire".
On the one hand, the second batch of interbank depository index funds launched at the end of April has been sought after by investors, and the long-lost tens of billions of funds have once again appeared in the fund market.
On the other hand, the issuance of funds as a whole was cold, especially the issuance of equity funds was sluggish, and some fund issuances even failed.
Two funds raised tens of billions, who is popular with investors?
The issuance of interbank certificate of deposit index funds is hot
After the first batch of interbank depository index funds tested the waters at the end of last year, they were launched rapidly this year. The second batch was issued by 6 fund companies including China Merchants Fund, China Asset Management Fund, CICC Fund, Xingyin Fund, Ping An Fund and Chunhou Fund.
At present, 4 of the 6 funds have completed their raising, and the total raised scale of the 4 funds is nearly 27 billion yuan.
Among them, the issuance of China Merchants and Huaxia's interbank depository index funds are relatively popular, and the scale of fundraising may be close to 10 billion yuan.
China Merchants Fund's interbank depository fund reached the upper limit of the 10 billion fundraising scale in just two days, so the fundraising ended ahead of schedule.
According to the announcement, the fund raised 10 billion yuan, and the number of effective subscribers reached 33,000.
Huaxia's inter-bank certificate of deposit index fund is nearly full.
According to the announcement of the fund contract coming into effect issued by the fund on May 11, the fund's final fundraising scale reached 9.982 billion yuan, which is close to the upper limit of the 10 billion yuan fundraising scale.
The fund has more than 46,000 valid subscribers.
Both CICC and Xingyin's interbank depository index funds ended their fundraising on May 9, with a fundraising scale of 3.657 billion yuan and 3.325 billion yuan respectively.
In addition, Ping An and Chunhou's interbank depository index funds are also currently raising.
The fundraising scale of the interbank certificate of deposit index funds ranks high among the new funds in the whole market.
According to wind data, among the newly established funds in the whole market in April, the China Merchants Interbank Depository Index Fund ranked first in terms of fundraising scale; among the funds newly established in May as of May 11, the interbank depository certificates of Huaxia, CICC and Xingyin ranked first. Index fund raising scale ranked the top three.
In May, in addition to these three interbank depository funds, only two pure bond funds raised more than 3 billion yuan.
In fact, the first batch of interbank depository index funds were also popular with investors when they were issued at the end of last year. 4 of the 6 funds ended their fundraising ahead of schedule. The fundraising scale of the southern interbank depository fund exceeded 8 billion yuan.
Which Celgene releases cool down?
The pace of equity fund issuance slows down, and the proportion of debt-based funds increases
While the issuance of inter-bank certificate of deposit index funds is hot, other Celgene issuances have been cold, especially equity funds, and investors are less enthusiastic to subscribe.
In April, the public fund issuance market cooled sharply, and both the number and scale of newly established funds declined significantly.
According to wind data, according to the statistics of the fund's establishment date, the number of newly established funds in April was only 94 (excluding transformation funds and post-grading funds, the same below), with an issuance scale of 83.512 billion yuan.
Compared with March, the number of new funds launched in April fell by 46%, and the size of issuance fell by 31%.
This year’s hot fund issuance market is not the same as last year’s. In 2021, the average number of newly established funds per month will exceed 150, and the average monthly issuance scale will exceed 200 billion yuan.
Since May, fund issuance has continued the downturn in April. As of May 11, the number of newly established funds was 34, with an issuance scale of 33.675 billion yuan, with an average of less than 1 billion yuan per fund.
From the perspective of fund types, among the new funds issued this year, the proportion of equity funds has declined, and debt-based funds have begun to increase.
Among the 94 new funds established in April, 37 were debt-based funds, exceeding the number of equity-based and hybrid funds, accounting for nearly 40% of all new funds, and 76% of the issuance scale.
This situation reversed last year's situation in which equity funds accounted for the bulk of the issuance market.
Among the newly established funds in 2021, the number of equity-based and hybrid funds accounted for more than 73%, and the share accounted for nearly 70%; the number of debt-based funds accounted for less than 20%, and the share accounted for only 25%.
At the same time, the pace of fund issuance has slowed down significantly, and the subscription time for new funds has been extended.
According to the statistics from the beginning of the subscription date to May 11, the average subscription days for new funds this year are 30.99 days, which is significantly longer than the average level of last year.
More and more new funds have been subscribed for more than 1 month, and some funds have been subscribed for 3 months. Since the beginning of this year, 54 funds have subscribed for more than 90 days (including 90 days), which is the number of all new funds. It accounted for more than 10%; while last year, the proportion was less than 5%.
There are also fund issuance failures.
On May 9, Wells Fargo Fund announced that its hybrid fund, Wells Fargo Steady Hengyuan, was held for three years until the fundraising period expired and failed to meet the fund filing conditions, so the fund contract could not take effect.
Since the beginning of this year, 11 funds have failed in issuance, of which 7 are equity funds and the remaining 4 are pure debt funds.
How should the Christian Democrats choose at this time in a volatile market?
Why did Celgene issue "The Fire and Ice"?
A fund industry insider said that the cold issuance of Celgene in April was related to the recent market conditions in the domestic market. The Shanghai Composite Index fell below 3,000 points at the end of April, and the epidemic prevention and control and economic situation were under greater pressure, and the market sentiment was depressed.
The returns of equity funds are generally poor, and many investors who have purchased equity funds face losses, so they prefer stable products and want to stay away from market volatility, and the layout of fund companies has also shifted accordingly.
The interbank certificate of deposit index fund mainly tracks the CSI interbank certificate of deposit AAA index. More than 80% of the fund's assets are invested in the interbank certificate of deposit. The level of risk and return of this type of fund is between monetary funds and short-term debt funds, taking into account the advantages of safety and liquidity. Can be used as a cash management tool.
Judging from the returns of the first batch of interbank depository index funds established in December last year, as of May 12, all six funds have achieved positive returns since their establishment, with an average return of 1.16%.
Among them, the highest yield is the Wells Fargo Interbank Deposit Index Fund, which has a yield of 1.30% since its establishment.
Judging from investor feedback, Youjimin regards the interbank deposit certificate index fund as an alternative to currency funds, believing that it has a higher yield and little difference in liquidity compared with currency funds.
There are also Christian Democrats who believe that the income of interbank deposit certificate index funds is not as good as that of bank wealth management.
However, Christian Democrats have more complaints about equity funds. In a fund discussion forum recently launched by a star fund manager, one Christian Democrat said: "What has happened to Laoji?
Chi Yunfei, a senior fund analyst at the Shanghai Securities Fund Evaluation and Research Center, pointed out that in recent years, the income of currency wealth management products has been declining year by year, and investors are also eagerly looking for another low-risk and low-volatility alternative that can provide relatively high returns. tool.
The currently issued interbank depository index funds track the CSI Interbank Depository AAA Index, which has the characteristics of high overall credit rating and highly dispersed constituents. Therefore, it has very low long-term risks while ensuring higher returns and is widely accepted by the market. welcome.
Under the need to control the scale, the first batch of interbank depository index funds have adopted different levels of purchase restrictions.
Among them, the Southern Interbank Depository Index Fund lowered the single-day purchase limit from 1 million yuan to 100,000 yuan from May 9.
Since the size of the fund will reach the upper limit, the subscription of the Wells Fargo Interbank Certificate of Deposit Index Fund will be suspended from May 12.
The fund's fund scale as of the end of the first quarter was 8.11 billion yuan. The announcement information shows that if all valid subscription applications on May 11 are confirmed, the fund's net asset value will exceed the upper limit of 10 billion yuan. Adopt proportional confirmation, the confirmation ratio is 67.74%.
How should investors choose funds at this time?
China Merchants Fund pointed out that under the volatile market, it can choose interbank deposit certificate fund products for idle money management and wait for the opportunity to enter the market.
When the policies related to stable growth are introduced in the later period, the implementation of the prudent monetary policy is further strengthened, and the downside risks of the economy will be effectively hedged, and then enter the market to invest.
Beijing News Shell Finance reporter Gu Zhijuan