[ad_1]
Original title: During the year, the scale of the new fundraising exceeded 700 billion yuan, and 18 funds were issued intensively in the first week after the Spring Festival.
Our reporter Wang Siwen
Since the beginning of 2021, the market for issuing new funds has been extremely active and the scale of issuing new funds has increased rapidly. The data shows that, as of February 17, the total new fund issuance scale has crossed the 700 billion yuan mark, which is equal to 22% of the new fund scale last year.
Statistics from “Securities Daily” reporters found that at least 18 funds entered the fundraising period in the first week after the Spring Festival. These new types of funds are primarily hybrid partial stock funds and ETFs. Hot “one-day base” and “tens of billions” funds have often fueled the excitement of the fund issuance market, and the biggest driving force behind this is partial capital hybrid funds.
Hybrid background
Become the greatest driving force
According to Wind Information statistics, compared to the same period in 2020, 215 funds were established as of February 17 this year, with a total of 707.511 million yuan raised. The number of newly established funds has decreased by 26.37% year-on-year. year, and the scale of fundraising has increased by 37.08% year-on-year.
According to the “Securities Daily” reporter observation, the biggest driving force for the establishment of new funds this year to quickly exceed 700 billion yuan is hybrid funds. The data shows that hybrid funds currently represent the largest share in terms of the number and scale of fundraising. A total of 134 hybrid funds were established during the year, raising 554.206 billion yuan in funding. There were 56 equity funds with a raised capital of 90.026 million yuan, ranking second. 23 bond funds raised 54.61 billion yuan, and recently another 2 QDII funds were established, raising a total of 8.67 billion yuan. New funds have not yet been established for other types of funds, such as currency funds and alternative mutual funds.
In general, the main reason for the strong increase in the scale of public funds raised this year compared to the same period in 2020 is the rapid increase in the scale of the new hybrid funds. Since this year, the scale of the newly established hybrid funds has increased 80% year-on-year. While the issuance of hybrid funds has accelerated significantly, the scale of issuance of stock funds and bond funds has decreased year over year, by 6.1% and 57.77%, respectively.
Since the beginning of this year, the average fundraising scale of all new publicly offered funds has been 3.291 million yuan, which is significantly lower than the average fundraising scale at the beginning of the year. Among them, the average fundraising scale of capital funds was 1608 million yuan, and the average fundraising scale of hybrid funds was 4136 million yuan. The average fundraising scales of these two types of new funds also had a significant downward trend. funds raised shares Was 2.374 billion yuan, a slight increase from January.
Some experts analyzed the “Securities Daily” reporter: “Due to the frequent news of new fundraisers in the opening of 2021, the average scale of fundraising of new funds in January was relatively high, reaching around 4.5 billion yuan. With the new fund market in the normalized issuance stage, the average fundraising scale of new funds has decreased. “
10 billion yuan kind of mixed partial shares
New funds have reached 8
Driven by the money-generating effect, the new funds issued by high-quality fund managers have been enthusiastically received by investors, and the number of new funds with a scale of more than 10 billion yuan during the year is also growing rapidly. According to the journalist’s understanding, Huaan Tianli’s 6-month portfolio fund issued by adopting the “fixed income +” strategy was formally established recently. The fund eventually raised a total of 11,551 million yuan, which is the first bond to exceed 10 billion yuan in 2021. New fund. By this calculation, the number of tens of billions of “Big Mac” funds established this year has reached 14, which is 35% of the number of tens of billions of funds last year.
Zhao Qiang, director of Xinhua Fund’s capital investment department, said in an interview with a Securities Daily reporter: “Since last year, fund subscriptions have a remarkable characteristic, that is, the fund managers of major Fund companies have been widely recognized by all. This group of bosses With their outstanding historical performance, fund managers have won the favor of most funds, and their management scale generally exceeds tens of billions of yuan , even more than 100 billion yuan. “
According to the journalist’s observation, these tens of billions of new types of funds are primarily partial stock hybrid funds. Among the 14 tens of billions of funds, 8 new funds are partial stock hybrid funds and the others are flexible allocation and enhanced index funds. Balanced hybrid funds, funds, etc.
Today, the management companies of tens of billions of funds are still dominated by large public funds. Among them, GF Fund has established the most tens of billions of new funds, a total of 4, and there are 2 Boshi Funds, Huaan Fund, China Southern Fund, E Fund and Wells Fargo Fund, Penghua Fund, Yinhua Fund , China Universal Fund, Qianhai Kaiyuan Fund established a new 10 billion yuan fund in January.
Since the beginning of the year, although the scale of new issues of public funds has grown rapidly, some equity funds continue to be repaid.
Zhao Qiang bluntly said: “To cope with short-term, large-scale fund purchases and redemptions, fund managers have to ‘bundle’ large-market-cap, highly-liquid stocks to reduce shock costs. Incremental fund inflows will further fuel the fund’s strong holdings. This type of positive underwriting and net worth return cycle has endogenous fragility. Once it encounters a systemic external shock, it will degenerate into a negative cycle, which can aggravate market volatility. “
“Industry pooling is a rational choice under unanimous expectations. You can generate positive feedback with short-term public offerings, but the key is whether the fundamentals can continue to beat expectations. It is necessary to monitor closely and blindly pursuing is not recommended. the climb, “said Zhao Qiang.
