2.35 trillion! The new fund is on fire, and the Big Five take the lead

From the perspective of types, equity funds are still the main force for the rapid development of public funds this year. In the first three quarters of this year, equity funds and hybrid funds issued 380 and 686 respectively, with the issuance amount of 297.349 billion yuan and 1.48 trillion yuan respectively. Equity funds accounted for more than 75% of new funds. , The proportion of equity funds is still in the early 60%, in 2019, this proportion is less than 35%.

It is worth mentioning that the annual issuance scale of public funds has also achieved explosive growth in the past 20 years, from only tens of billions of issuance in the first year to a maximum of 3 trillion, an increase of more than 20 times. Specifically, in addition to this year and last year,In history, the number of new fund issuances exceeded 1 trillion in 2019 and 2015, which were 1.40 and 1.30 trillion respectively.

ice and fire

tens of billions of explosions and issuance failures

From the perspective of the size of a single fund, there were 21 tens of billions of explosions in the first three quarters of this year. payment. Among them, Liu Gesong helmed the Guangfa industry carefully selected for three-year holdings mixed with an issuance scale of 14.87 billion yuan, ranking first among the newly issued funds during the year; Shibo’s Nanfang Xingrun value holdings for one year, Wang Mingxu’s GF balanced selection Hybrid and Feng Bo’s E Fund ’s mixed issuance scale of enterprises with competitive advantages also exceeds 14.8 billion yuan. In addition, Boshi Huixing returns one-year holding, China Merchants Financial Bond is scheduled to be opened for 3 months, and E Funda Yue’an holds one-year issuance. The scale is above 14 billion yuan.

In addition, Yinhua Xinjia has a two-year holding period, Yifangda Yuexia holds one year, GF Xingcheng, Bosera Growth Leader, Penghua Huizhi Optimal, GF Growth Selection, Huaan Tianli held 6 months The issuance scale also exceeded 11.5 billion yuan.

From the perspective of type, there are 12 of the 21 tens of billions of active equity, accounting for more than 57%; fixed income + (including partial debt mixed, secondary debt base) has 5, accounting for more than 23%. , 3 pure bond funds and 1 index-enhanced fund.

It is worth mentioning that in the first three quarters of this year, new fund issuances were extremely hot and cold. While celebrity fund managers frequently burst out funds, many new funds have encountered fundraising failures or extended fundraising situations.

statistics show that since this year, 24 funds have failed to raise funds. For example, Huatai Baoxing, Debon Fund , Jiutai Fund , CICC Fund and other small and medium fund companies have failed to raise two or more products. In addition, as of October 8,There are also 194 funds that have extended the fundraising period.

Matthew effect significant

The top 20 companies accounted for more than 65% of the issuance scale

In the booming new fund issuance, the Matthew effect in the industry is also intensifying. Statistics show that for the top 20 fund companies in the first three quarters of this year, the total new issuance scale accounted for more than 65% of the total issuance scale. This is evident in the weight of the top fund companies in the newly issued market.

Specifically, as of September 30, a total of 5 fund companies issued more than 100 billion yuan in the first three quarters of this year. Among them, GF Fund ranked first, close to 180 billion yuan. In the first three quarters of this year, the company established 51 new funds, of which 5 were tens of billions of funds.

E Fund ranked second, with an issuance scale of more than 150 billion yuan, and a total of 46 new funds were established. In addition, China Southern Fund, China Asset Management , China Universal Fund issued a scale of 100 billion in the first three quarters. In addition, Harvest Fund , Wells Fargo Fund issued more than 90 billion in the year, and China Merchants and Bosera issued more than 80 billion. In addition, Huaan Fund , Penghua Fund , ICBC Credit Suisse , and Invesco Great Wall issued more than 50 billion in the year.

At the same time, in the first three quarters, a total of 25 small and medium-sized fund managers issued no more than 1 billion yuan, with a minimum of only 210 million yuan. There are even a few managers that have not yet opened during the year, forming a distinct relationship with leading companies. Compared.

Top 20 fund companies issued within the year

11 new companies issued more than 40

The highest average weekly issuance of 1.5

From the number of issuances, there are 21 fund companies during the year The number of newly issued funds is more than 20, 11 of which have newly issued more than 40, and 3 have more than 50, and the highest is even more than 60. This means that the average number of funds issued per month is more than 6 and every week. More than one new product is released.

The number of new funds issued during the year is more than 20 fund companies

However, the frequency of new funds does not bring about effective increase in scale. For example, Cathay Pacific Fund, Tianhong Fund all have 40 new funds during the year Only the above are 43 and 40, but the total issuance scale is only 19.092 billion yuan and 27.097 billion yuan respectively. There are also companies that have a small number of new issuances during the year, but the overall issuance scale is considerable, such as China Industrial Securities Global and Bank of Communications Schroder Fund.

Some of the top fund companies in terms of average issuance size

multi-party joint efforts

The phenomenon of focusing on initial launches and neglecting holdings is expected to alleviate

In the eyes of industry insiders, the demand for wealth management is growing too fast In this context, the market's demand for excellent management and investment management capabilities is also continuing to expand. Therefore, behind the industry Matthew effect is the difference in professional ability. However, with the efforts of all parties, the continued marketing of stock funds has received more and more attention, and the phenomenon of fund companies sparing no effort to frequently issue new funds is expected to be alleviated.

In response to the significant head effect in the current public offering industry, an executive of a fund company said that in the past few years, the fund industry has developed extremely fast, the total volume has grown rapidly, and the requirements for professionalism are getting higher and higher. In this process, large companies Behind the development differences with small companies is the difference in professionalism.Now there are some companies that are not very large in relative scale, but have very characteristic companies that have grown rapidly in the past two years.

"With the rapid increase in financial demand, the market has a particularly large demand for good investment management capabilities. Now sales channels represented by banks, brokerage firms and third parties are becoming more and more effective in mining investment management capabilities in the entire industry. The sensitivity of excellent investment management capabilities is also particularly strong." The executive said.

Although the phenomenon of homogeneity in the emerging market is obvious, many companies still spare no effort to rush to issue new funds. In the eyes of the above-mentioned executives, the root cause of this phenomenon is that the demand for wealth management is growing too fast. The continuous exploration and continuous coverage of investment management capabilities will in turn encourage many companies, especially leading companies, to better match their investment management capabilities across different channels.

The above-mentioned executives do not think there are many problems at this stage. "If we extend the time a little bit, we will find that this industry is developing at a speed far exceeding everyone's expectations. The entire industry is now at a level of more than 20 trillion yuan. After a few years, it will be a larger magnitude again. Looking back at the actions of many companies at this stage, you may not have such doubts."

In the view of the marketing director of a fund company, for the sales channels represented by banks, the initial fund’s mid-income incentive And trailing commissions are much higher than the ongoing marketing of stock funds, which is the main reason why new fund issuance is more valued. However, as , China Merchants Bank and other channels have taken the lead in increasing the emphasis on holding operations, as well as the regulatory authorities’ restrictions on the number of star fund management funds, more and more fund companies have begun to increase their holdings. More and more.

“On the one hand, fund companies that take the boutique route represented by Ruiyuan Fund, Xingquan Fund, etc., have a limited number of new funds issued each year and high-quality products are scarce. An inevitable choice; on the other hand, in the context of wealth management, as the most universally applicable product, funds are increasingly becoming an essential asset allocation direction for investors. It is also necessary for everyone to guide investors in fixed investment and long-term investment. In addition, with the gradual maturity of investors, the phenomenon of redeeming the old and buying the new will gradually decrease.

According to the above-mentioned investment director, the current phenomenon of banks focusing on initial launches and neglecting holdings has been greatly improved, and the proportions of the two in the sales market are becoming more and more balanced. Many banks will not only have corresponding supervision and mid-income incentives for initial launches , Holding camps have also begun to have corresponding supervision and incentives. In his view, new funds and old funds are not distinguished by advantages and disadvantages. They are more based on market conditions for joint allocation. For example, in a shock adjustment market, it is more suitable to allocate new funds. Funds are suitable for the allocation of old funds in the rising market.

This article is derived from China Fund News