Sales of personal pension funds are exposed for the first time! The total scale has reached 2 billion

　　The past 2022 can be described as the first year for personal pensions to sail. On November 28, personal pension funds were officially launched for sale. Major banking channels ushered in a battle for account opening for pension accounts. The fund industry also took active actions. Added exclusive Y-type fund shares for personal pension investment funds, expanded new channels, and offered the lowest fee rate "0% discount". Many fund companies have also officially announced "good start".

　　Now, with the disclosure of the public fund's 2022 quarterly report, the first month's sales of personal pensions are also freshly released.

According to statistics from Wind, as of the end of last year, China AMC’s nine pension target fund Y shares had a total size of more than 390 million yuan, and it is currently the only fund company with a personal pension size of more than 300 million yuan. The personal pensions of the three fund companies of Securities Global and ICBC Credit Suisse have also exceeded the 200 million yuan mark, and the personal pensions of the three fund companies of Central Europe, South China, and China Merchants have also exceeded 100 million.

　　From the perspective of a single pension target fund, Huaxia Pension 2040 for three years and Xingquan Antai Active Pension Target for five years are currently two funds with a net asset value of more than 200 million yuan in Y shares. Since the establishment of the above two funds, Y shares have ushered in 180 million and 210 million net purchases.

The first batch of Y shares in the fourth quarter purchase data released

The scale of 7 fund companies broke through 100 million first

　　At the end of 2022, the implementation of the personal pension system can be described as the top annual event of the fund industry, and the "big era" of the third pillar of pensions has also officially opened.

　　After going through a series of preparatory work such as the launch of the system and the addition of Y shares, on November 28, personal pension funds were officially launched for sale, and many pension target fund Y shares continued to receive net purchases. During the intensive disclosure period, the sales data of the first batch of Y shares is also made public for the first time.

　　Wind data shows that as of January 20, except for the four pension target funds under Tianhong Fund that have not yet disclosed their quarterly reports, the data of 129 funds under the other 40 fund companies that have added Y shares have been disclosed.

　　Judging from the overall situation of these 40 fund companies, as of the end of last year, China Asset Management’s nine pension target fund Y shares received a total of 306 million net purchases in more than a month after their launch, and the overall scale was close to the 400 million mark. It is not only the fund company with the largest number of personal pension funds, but also the only fund company with a personal pension fund of more than 300 million yuan.

　　E Fund, Industrial Securities Global, and ICBC Credit Suisse's three top fund companies also performed well. E Fund and Industrial Securities Global's pension target fund Y share net purchase exceeded 200 million shares, and the scale also successfully exceeded the 200 million yuan mark. ICBC Credit Suisse's Y share net Subscriptions approached 200 million copies, and the overall scale reached 233 million yuan.

　　In addition to the above four fund companies, three fund companies including China Europe, South China Merchants and China Merchants have also reached the level of 100 million yuan in personal pension management at the end of last year.

　　Looking at the overall situation, although the order of increasing Y shares is different, each fund company achieved zero breakthroughs in the first month of sales, and the overall net subscription shares ranged from 34,400 to 306 million.

Xingquan Antai Active Pension, Huaxia Pension 2040, etc.

Five Y's shares exceeded 100 million

　　In addition to the exposure of the sales of individual pension funds under the overall fund company, the sales of individual Y shares also surfaced.

　　From the perspective of a single fund share, according to the disclosed public offering fund's 2022 quarterly report, the total share is 1.71 billion shares, and only two fund shares exceed 100 million yuan. In three years Y, the total shares reached 210 million and 180 million respectively.

　　In addition, Huaxia Pension 2045 three-year Y, China Merchants Heyue Steady Pension One-Year Y, CEIBS Foresight Pension 2050 five-year Y, E Fund Huizhi Balanced Pension (FOF) Y, and E Fund Huicheng Pension 2043 three-year Y also had a share of more than 70 million.

　　According to the data, the overall sales of Y shares show "two heavens of ice and fire". Behind the total shares of 2 funds Y shares exceeding 100 million shares, there are also 9 Y shares whose total shares were less than 100,000 shares at the end of last year, or even the lowest one. There are only about 2300 copies.

　　From the perspective of the scale of Y shares, the total scale of Y shares of the five funds exceeds 100 million yuan. Currently, the largest scale is Huaxia Pension 2040 Y, with a scale of 219 million yuan.

The fund manager of this fund is Xu Liming, who also took the lead in purchasing Y shares of the personal pension fund under his management when it was launched.

At the end of last year, the fund's fund position was 83.23%. The focus was on the Huaxia Hang Seng Technology ETF, Huaxia Hang Seng Internet Technology Industry ETF, Cathay Pacific China Securities Military Industry ETF, and Fuguo China Securities Military Industry Leading ETF.

　　It is closely followed by Xingquan Antai’s five-year active retirement goal Y, with a current scale of 204 million yuan. Its fund manager Lin Guohuai is one of the FOF fund managers who have attracted the attention of Christians.

At the end of last year, the fund held 85.65% of the fund's positions, focusing on Xingquan Wentai bonds, Guofu small and medium-cap stocks, E Fund Creat flexible allocation mix, Dacheng high-tech industry stock A, ICBC high-quality selection mix, etc. .

　　In addition, the scale of Huaxia Pension 2045 three-year Y, CEIBS Foresight Pension 2050 five-year Y, and China Merchants Heyue Steady Pension One-Year Y also exceeded 100 million yuan.

Other large-scale ones are E Fund Huicheng Pension 2043 three-year Y, ICBC Pension 2035 three-year Y, E Fund Huizhi Balanced Pension (FOF) Y, ICBC Steady Pension Y, China Europe Foresight Pension 2035 three-year Y, etc.

　　In fact, since the opening of personal pension funds, many fund companies and sales channels have made great efforts and achieved good results. On the first day of listing, it was reported that the subscription fee for Y shares of a few fund companies exceeded 20 million.

At present, the general action of fund companies is to cooperate deeply with major banks, securities companies, and third-party platforms to vigorously promote personal pension fund products and provide personal pension investment services.

　　In this regard, industry insiders commented that thanks to the coordinated promotion of various institutions in the industry, the number of accounts opened through major banking channels has achieved relatively good growth and maintained a certain growth rate.

However, on the whole, personal pension is an emerging business and a long-term business, and investors' understanding and trust still need a longer period of accumulation.

With the gradual deepening of business, the scale of personal pension funds will grow steadily.

More optimistic about the equity market in 2023

Gradually increase the allocation of growth funds

　　With the recovery of the A-share market, most pension target fund Y shares have achieved good gains since their establishment. According to Wind data, as of January 20, a total of 129 pension target fund Y shares have achieved positive returns since their establishment, accounting for nearly 97%.

　　A number of fund managers of pension target funds also talked about the outlook for future asset allocation in the newly disclosed Four Seasons Report. In addition to continuing to be optimistic about the investment value of the equity market, they are expected to increase the allocation of growth funds in terms of style.

　　Xu Liming, a mixed FOF fund manager with a target date of 2040, said that in the fourth quarter, he maintained a relatively high position in equity varieties, and his style was inclined to small market value and growth style.

Overall, I am more optimistic about the equity market in 2023, and have increased my position in some Hong Kong stock assets.

In the future, according to market fluctuations and changes in the risk tolerance of the entire portfolio, the proportion and structure of portfolio equity positions will be dynamically adjusted.

　　Xingquan Antai’s active pension target five-year holding period FOF fund manager Lin Guohuai also increased the proportion of growth style funds in the fourth quarter. He said that the fund gradually reduced the proportion of value funds in the portfolio in the fourth quarter and moderately increased growth funds. proportion.

In terms of portfolio style, the current equity part still maintains a slightly overweight value style, but with the substantial adjustment of growth stocks, the future portfolio will continue to increase the proportion of growth funds, maintaining the consistent "slightly left" and " Moderately balanced" configuration strategy.

　　ICBC Credit Suisse pension target date 2035 three-year holding period FOF fund manager Jiang Hua'an mentioned when looking forward to asset allocation in 2023 that it is advisable to take advantage of low-absorbing opportunities in 2023 and actively deploy equity.

Tend to maintain a relatively high equity position, while paying attention to the strategic opportunities of Hong Kong stocks.

In terms of equity assets, the growth rate of corporate profits is expected to rebound moderately after bottoming out in the first quarter. It is expected that A-shares will fluctuate upwards in the medium term, with limited downside space.

　　Structurally, the strategic over-allocation of consumption, technology + manufacturing growth sector, the rhythm of the first balance and then growth.

In terms of fixed-income assets, under the background of a moderate economic recovery and overall stable prices in 2023, interest rates are expected to fluctuate in a range, with little room for upside and downside. Wait for the interest rate to enter the allocation value range before increasing allocation.

　　The target date of Huaan Pension is 2040. The three-year holding period FOF is also optimistic about the investment opportunities in the A-share market in the future.

"The valuation level of the current A-share market is at a historically low level, and the market's risk appetite is low, which fully reflects the pessimistic expectations for the economic outlook. In the medium and long term, the A-share market already has a high allocation value. In terms of style allocation, In general, we adhere to a balanced allocation idea. In terms of industry allocation, focus on the financial and real estate industry chain with strong performance restoration certainty, such as finance, construction, building materials, home furnishing, etc., and growth industries that are closely related to safe development, such as semiconductors , military industry, medical equipment and other industries, as well as new energy-related industries that are conducive to the upgrading of the manufacturing industry and have a high degree of prosperity.” The fund analyzed in the Four Seasons News.

　　In addition, the Huaan pension target date 2040 fund is also optimistic about the opportunities of gold and silver precious metal commodities after the U.S. dollar index peaks and falls and U.S. real interest rates weaken.