The fund is "slow-selling" again: Celgene issuance has suffered the most "cold" moment in nearly 8 years

Per reporter Li Lei Per editor Zhao Yun

The public fund industry has always had the saying "good hair is not good to do, good work is not good to do". In the context of market turmoil and rapid style rotation this year, the fund issuance market has also fallen into a freezing point.

Wind data shows that as of May 5, a total of 25 new funds were established in May, with a total of 5.24 billion shares issued, a new low in nearly eight years. Even in March and April this year, which was regarded by the industry as the recent trough of new funds, there were still 191 and 66 newly established funds, with a total share of 8.3 billion and 4.108 billion shares.

Some channel sources frankly told the "Daily Economic News" that it is indeed quite difficult to sell new funds this year, and "even the products of some well-known fund managers and large companies cannot be sold." Some insiders also pointed out that the money-making effect of public funds in the past two years has not been obvious, and the stock market style rotation since this year has made the basic people "very hurt", etc., which are all important factors affecting fund sales.

Fund issuance has fallen into a freezing point: the number and scale of new issuances have hit a new low in nearly 8 years

The fund is "slow-selling" again.

According to Wind data, as of May 5, there were only 25 newly established funds in May this year, with a total issuance size of 5.24 billion shares and an average issuance size of 191 million. These data are not only at the bottom in the months since this year, but also hit a new low in the past 66 years.

Looking at the fund issuance data in the past eight years, the only time in August and September 8 was when the size of new funds was smaller than in May this year, when the market had just experienced an "epic" crash. This shows how light the fund issuance market is today.

Among the different types of funds, the issuance of hybrid funds is the most dismal, with only 5 newly established hybrid funds since May, with 7 million shares issued, accounting for only 3.45%, which is also the bottom in the past eight years. In contrast, while equity and bond funds are also less than ideal, they are far better than hybrid funds.

From the specific fund issuance details, almost all of the top 20 initial issuance sizes are bond funds and public REITs, among which Huisheng China Bond 0-3 year policy financial bond A and TEDA Manulife Tianying two-year fixed opening A both ranked first in this year's new funds with an issuance scale of 80 billion yuan.

Only one active equity fund squeezed into the top 20, that is, Hu Yibin's Hua'an Prosperity Navigator, with a consolidated issuance scale of 54.53 billion yuan.

Another high-profile "explosive" fund is the investment social responsibility management managed by Zhu Hongyu. The fund is known as the first explosive active equity fund of the year, which attracted more than 4 billion yuan when it was issued at the end of April, and it is a "sunshine base" that ended its fundraising early in just one day of issuance. After the opening of the "doomsday ratio confirmation", the initial offering size of the fund was 100 billion yuan, and 30,5 households were effectively subscribed.

In addition, the E Fund State-owned Enterprise Theme managed by Fu Hao and Bosera Balanced Preferred managed by Zeng Hao led the active equity funds with an initial offering size of 30.87 billion yuan and 29.95 billion yuan, respectively.

On the whole, active equity funds with a debut size of more than 20 billion yuan this year are leaders in the industry. In previous years, the "grand occasion" of popular active equity funds issuing tens of billions of yuan at every turn no longer exists.

The performance of active equity funds is sluggish, and channel people frankly say that "they can't sell"

Such a dismal fund issuance is closely related to this year's market and fund performance, especially the performance of active equity funds, which has caused many people to be "very hurt".

When fund issuance is cold, it is often also a time when the market continues to be in a large swing. For example, in August, September and October 2015, the scale of fund issuance was at the bottom in the past eight years, and this time was when the market experienced a sharp rise to a sharp decline and a sharp retracement, and investors' enthusiasm for the subscription of the new fund was also quite low.

At the beginning of 2017, although there were some structural markets, due to repeated sideways market fluctuations in the market and affected by the sequelae of the 2015 bull market, the entire fund issuance market has always been in a relatively cold state, and the total size of new funds has been hovering around 200 billion yuan.

The above-mentioned industry insiders pointed out that in this case, it is usually after the market goes bullish again, the fund issuance market will heat up, that is, the top of Celgene issuance basically corresponds to the top of the market. Otherwise, it will fall into a kind of glued downturn, and it will be difficult to improve.

The weakening of the fund's earning effect also has a crucial impact on fund issuance. As the person told every reporter, the fund's money-making effect has weakened in the past two years compared with before, so even the scale of the "explosive fund" is shrinking.

Wind data shows that as of May 5, the average return of 24 ordinary equity funds with only performance in the whole market (calculated separately for shares, the same below) is -888.1% this year, and the average return of 48 hybrid funds is -7572.1%, which shows the holding experience of the people.

Since the beginning of this year, the rapid rotation of market sectors has also made many fund managers uncomfortable. From the rebound of the new energy sector in January, to the sharp rise in the artificial intelligence industry chain triggered by ChatGPT from February to April, and then to the popularity of computers, media, communications and other sectors, some active equity funds either did not have time to get on the car, or did not adjust positions in time to "be beaten at both ends", and some people just had some income due to hot changes and suffered a retracement, seriously affecting investor confidence, and new fund sales have also become a problem.

Some channel people frankly told every reporter that even the products of some well-known fund managers and large companies can no longer be sold, not to mention the funds of small and medium-sized companies, "we basically will not push."

However, we also see that under this market situation, there are still fund companies actively deploying equity funds. There are still 92 active equity funds in the pipeline, while nearly 20 common equity, equity-biased hybrid and debt-biased funds are awaiting issuance. The issuance of new funds at the current point may be in line with the historical law of "good and not good", and it also poses greater challenges to fund companies.