Photo by Derek Liang on Unsplash
Faced with a sharp drop, old funds still have the returns of the past two years to digest, but a batch of new funds generally set up positions faster last year, and their net value encountered a sharp pullback. According to statistics on the second half of 2020, it was found that many funds with an issuance scale of over 10 billion yuan fell below the "face value" of 1 yuan. At the same time, the second-generation funds are under pressure, and fund companies have begun to "fancy" customers, such as adjusting the structure of "selling" funds. In contrast, in terms of returns, the net value of some FOF products in the market has increased against the market. The overall average return of public FOF fund products with record performance since the beginning of this year is 5.77%. In addition, with the help of incremental funds, the market value of ETFs listed on the Shanghai Stock Exchange has officially exceeded 1 trillion yuan, achieving a new milestone in the history of domestic ETF products development.
htmlOn March 29, the new fund issuance market did not reappear "Super Monday". Among them, Jiutai Fund Management Co., Ltd. (hereinafter referred to as "Jiutai Fund"), Huatai Securities (Shanghai) Asset Management Co., Ltd. (hereinafter referred to as "Huatai Securities (Shanghai)"), and Ping An Fund Management Co., Ltd. (hereinafter referred to as "Ping An Fund") each issued a mixed fund.1. Fund industry trends
1. Many new funds with scale exceeding 10 billion yuan are under pressure, and fund companies have begun to "fancy" customers
. The market continues to adjust, and the fund manager feels distressed. On March 25, Gui Kai, investment director of Jiashen Growth Strategy Group, whose management scale exceeds 50 billion yuan, apologized to investors and shared methods to control drawdowns and countermeasures. Gui Kai is not the only one who apologized. Previously, Hui'an Fund apologized to investors twice because of its rapid position building and its net value retreating sharply. Faced with a sharp drop, old funds still have the returns of the past two years to digest, but a batch of new funds generally set up positions faster last year, and their net value suffered a sharp pullback. According to statistics on the second half of 2020, it was found that many funds with an issuance scale of over 10 billion yuan fell below the "face value" of 1 yuan.
new funds are under pressure, and fund companies have begun to "fancy" retain customers, such as adjusting the structure of "selling" funds. For example, a leading fund company in Shanghai has long shifted its marketing focus from growth-style fund products and fund managers to long-term and stable product and fund managers. On the official website of this fund company, words such as "long-term excellence", "good foundation experience", and "treasure foundation" are placed conspicuously, becoming the keywords for new funds and continuous marketing.
2. Foreign private equity has gone through four years in China. The "money-absorbing effect" of those with excellent performance has gradually become apparent. In January 2017, Fidelity (Shanghai), a subsidiary of Fidelity International, registered as a private equity fund manager with the China Securities Investment Fund Industry Association, and the first wholly foreign-owned securities private equity manager was born. So far, foreign private equity firms have gone through more than four years in China. Although foreign private equity firms are still unable to shake the status of leading private equity institutions in China. However, their characteristics in risk management and other aspects have attracted widespread attention from the industry.
Statistics from the China Securities Investment Fund Association show that as of March 28, foreign private equity institutions with management scales of 1 billion to 2 billion yuan include Tengsheng Investment Management (Shanghai), Huili Investment Management (Shanghai), and Qiaoshui (China) Investment Management; foreign private equity institutions with management scales of 2 billion to 5 billion yuan include UBS Asset Management (Shanghai), Yuansheng Investment Management (Shanghai), and Deshao Investment Management (Shanghai). The management scale of other foreign private equity institutions is less than 1 billion yuan.
3. The net value of some FOF products has increased against the market, and 52 public FOF funds have achieved positive returns
. Against the background of the adjustment of the A-share market, the net value of some FOF products has increased against the market. FOF has reduced portfolio volatility by diversifying investments in managers of different assets and strategies, and has attracted more and more attention from investors.A review of FOF products on the market found that in terms of returns, public FOF products have relatively considerable returns compared to ordinary funds, and long-term returns continue to outperform the market index, which is more attractive to investors who pursue returns; in terms of risk, public FOF products can smooth product net value fluctuations without sacrificing too much investment returns, achieving better risk-adjusted returns, and their stability is significantly higher than other fund products.
Against the backdrop of a violent shock in the securities market, the net value of some FOF products has grown against the market. Data shows that the overall average return of public FOF fund products with record performance this year was 5.77%, of which 52 public FOF funds achieved positive returns, accounting for 28.11%, while the yield of the Shanghai and Shenzhen 300 Index during the same period was -17.4%. FOF has attracted more and more attention from investors by diversifying investing in managers of different assets and strategies to reduce portfolio volatility.
4. The issuance scale of ETF products in the first quarter exceeded the same period last year. More than 14 products were "sold out in one day"
. With large companies laying out sub-track tracks and small and medium-sized companies striving to catch up, ETF products performed quite well in the new fund issuance market in the first quarter of this year. Data shows that as of March 25, 65 ETF products have been announced this year, most of which are equity ETFs, with a total issuance scale of 53.707 billion yuan, not only exceeding the 44.133 billion yuan in the first quarter of last year, but also nearly half of the 114.621 billion yuan issued throughout the year.
Specifically, the largest equity ETF issued this year is Huaxia Hang Seng Internet Technology Industry ETF, with an issuance scale of 7.555 billion yuan; followed by China Life Security CSI Shanghai-Hong Kong-Shenzhen 300 ETF, E Fund CSI Biotechnology Theme ETF and Fuguo CSI Subdivided Chemical Industry Theme ETF, with an issuance scale of 3.936 billion yuan, 2.814 billion yuan and 2.256 billion yuan respectively. In addition, the issuance scale of Southern CSI New Energy ETF, Penghua CSI Subdivided Chemical Industry Theme ETF, Huatai-Prudential CSI Rare Earth Industry ETF and Yinhua Photovoltaic 50 ETF are all around 2 billion yuan. Judging from the issuance speed, the subscription days of more than 50 ETF products are less than 10 days, and more than 14 products are "sold out in one day".
5. The market value of the Shanghai Stock Exchange ETF exceeded 1 trillion yuan, and the equity ETF types have been established.
. The market value of the ETF listed on the Shanghai Stock Exchange has officially exceeded 1 trillion yuan, achieving a new milestone in the history of domestic ETF product development. It is reported that in 2020, the 48 ETF managers in the Shanghai Stock Exchange listed a total of 260 ETF products, with a market value of ETF products reaching 900.4 billion yuan, an increase of 51% from the end of 2019, accounting for 81.9% of the total domestic ETF market. A large number of innovative ETFs were issued and listed in 2020, including the first batch of 4 Science and Technology Innovation Board 50 ETFs, the first batch of 4 Shanghai Gold ETFs, and the first ETF in China that tracks the French CAC40 index.
From the perspective of established equity ETF types, there are not only traditional medical care, securities, food and beverages, but also popular chemical, nonferrous, photovoltaic new energy and other varieties in the market, as well as more segmented products such as forward-looking layout of big data, rare earths, and animation. Judging from the new varieties, automobiles, low-carbon economy, machinery, Internet of Things and other varieties have appeared in large numbers, showing the institutions' keen grasp of long-term themes and market hotspots.
2. Fund company dynamics
1. Yingshiman, the world's largest listed hedge fund company, "receives customers behind closed doors", and its CTA products were suspended from subscription
A few days ago, a third-party sales platform issued a notice of "receives customers behind closed doors". Although it is common for private equity to suspend subscription, this time it is different. The suspension of subscription is a private equity product under a foreign-funded institution. The third-party platform announced that it has received a notice from the administrator that the platform's Yingshiman CTA products will be suspended from subscription from March 23.
Yingshiman is the world's largest listed hedge fund company. The subscription for its private equity funds issued in China this time is suspended. It is reported that Yingshiman hopes to leave a part of the amount for overseas funds to invest in this product. The person added that this shows that the scale of the product has reached a certain order of magnitude, so that Insman must consider the issue of strategic capacity. Similar to Yingshiman, after several years of hard work, many foreign institutions have ushered in the field of product sales. The attractiveness of products to investors is getting bigger and the scale of private equity institutions is gradually increasing.
2. After posting a reply to investors, Liang Hong, founder of Shiva Asset, apologized
On the evening of March 27, Liang Hong, founder of Shanghai Shiva Asset, posted a message on a social platform to apologize for his previous remarks. He said, "I have become a model of disrespectful investors. This is not OK. I am just targeting individuals. Most people support me, and many people send me WeChat to support me. I am very moved. Thank you for your support. I apologize to you here. Yesterday I was too rude and respectful enough. I will adopt reasonable suggestions. I want to turn 180 degrees, but I am wrong. Please forgive me."
htmlOn March 26, Liang Hong posted a post on the forum to replies to investors: "All the things you do are blocked, even if you are an investor. Don't point fingers at me. If you have the ability to redeem yourself and trade stocks yourself." Liang Hong then deleted the post by himself and said that after reflection, he thought his behavior was inappropriate.3. Yuan Fang, the invisible heavy holdings of ICBC-RIC Fund, was "out of", with the annual profit of the fund under his name nearly 4.4 billion
htmlOn March 27, ICBC-RIC Fund disclosed its 2020 annual report. According to the annual report data, ICBC Cultural and Sports Industry A, managed by Yuan Fang, had a profit of 4.393 billion yuan in 2020, a significant increase from 651 million yuan in 2019. From the perspective of specific holdings, invisible heavy holdings include Zijin Mining, Mango Super Media, WuXi AppTec, Yiyuan Communications, Hang Oxygen Co., Ltd., etc.Yuan Fang pointed out in his annual report that he is relatively cautious about the whole year of 2021, and the valuation of growth stocks has been at a relatively high level. At the same time, the marginal friendship of the macro liquidity environment in 2021 is likely to be weaker than in 2020, and it is expected that there may be rhythmic differentiation in the first and second half of the year. Specifically, high-quality growth stocks are still the direction of the main allocation, and the sector is relatively optimistic about the direction related to overseas demand.
4. China Construction Bank Fund's net profit in 2020 fell by 9.61% year-on-year, with an asset scale of 1.36 trillion yuan at the end of the year
htmlOn the evening of March 26, the 2020 annual report released by China Construction Bank showed that its subsidiary China Construction Bank achieved a net profit of 1.119 billion yuan in 2020, a year-on-year decline of 9.61%. As of December 31, 2020, China Construction Bank had total assets of 7.941 billion yuan and net assets of 6.852 billion yuan. Construction Bank held 65% of its equity.At the end of 2020, the total scale of assets managed by CCSC Fund reached 1.36 trillion yuan, of which the scale of public funds was 465.529 billion yuan; the scale of special account business was 446.914 billion yuan; and the scale of assets managed by its subsidiary CCSC Capital Management Co., Ltd. reached 451.129 billion yuan.
5, 60% of Snowball users hold ETFs. Snowball CEO Li Nan believes that China's ETF industry has nearly 4 times growth space
On March 27, the "2021 Snowball ETF Fan Festival" was held in Shanghai. Li Nan, co-founder and CEO of Snowball, said that China's ETF industry is still in its early stages of development and there are huge development opportunities in the future. In the long run, the demand for ETFs in the Chinese market will eventually surpass that of the United States. Li Nan said that compared with the proportion of Chinese ETFs in public funds, China's ETF industry still has about 4 times the growth potential.
At present, the number of people on Snowball paying attention to ETF products exceeds 5.5 million, and the total exposure of ETF content exceeds 460 million, and 60% of Snowball users hold ETFs. Li Nan said that he hopes that in the future, Snowball can serve as a participant and witness to contribute value and strength to the development of China's ETFs.
3. New fund issuance
1. Jiutai Fund launches a new mixed fund. Li Xiang serves as a product. The unit net value of a product fell below 1 yuan. "Perfect value"
On March 29, Jiutai Fund launched a mixed fund, which is the Jiutai Quantitative Emerging Industry Mixed Securities Investment Fund (hereinafter referred to as "Jiutai Quantitative Emerging Industry"), and the fund manager is Li Xiang.Public information from
shows that Jiutai Quantitative Emerging Industry takes "using a quantitative multi-strategy model, mainly investing in securities related to emerging industry themes, and effectively controlling portfolio risks. On the premise of striving to control portfolio risks, pursuing long-term and stable appreciation of net asset value" as its investment goal. The investment scope includes stocks issued and traded in domestic law (including main board, SME board, GEM and other stocks approved or registered by the China Securities Regulatory Commission), bonds (including treasury bonds, financial bonds, local government bonds, corporate bonds, corporate bonds, central bank notes, medium-term notes, short-term financing bonds, ultra-short-term financing bonds, subprime bonds, convertible bonds (including separate transaction convertible bonds), exchangeable bonds and other bonds allowed by the China Securities Regulatory Commission), asset-backed securities, bond repurchase, bank deposits, interbank certificates of deposit, money market instruments, treasury bond futures, stock index futures, and other financial instruments allowed by laws and regulations or funds allowed by the China Securities Regulatory Commission.
Li Xiang joined Jiutai Fund in June 2015. He has served as an investment manager and fund manager of the Absolute Returns Department. He is currently a fund manager of Jiutai Jiuxing Flexible Allocation Hybrid Securities Investment Fund, Jiutai Hongxiang Service Upgrade Flexible Allocation Hybrid Securities Investment Fund, Jiutai Jiuyuan Quantitative Driven Stock Securities Investment Fund and other fund managers. Before joining Jiutai Fund, Li Xiang worked for Bose Fund Management Co., Ltd., Bank of Communications Schroder Fund Management Co., Ltd., and Southern Fund Management Co., Ltd.
Since March 19, 2021, Li Xiang began to manage Jiutai quantitative emerging industries. As of March 29, 2021, Li Xiang was managing 5 mixed funds and 2 stock funds. Among them, as of March 26, 2021, the unit net value of Mixed Ji Jiutai Tianfu Reform Mixed A was 0.91 yuan, falling below the "face value" of 1 yuan.
2. Huatai Securities (Shanghai) new mixed fund is on sale. Wei Hao has changed his "join" many times and served as the first fund manager
On March 29, Huatai Securities (Shanghai) issued a mixed fund, which is the theme of Huatai Zijin Information Technology 6-month regular opening mixed initiated securities investment fund (hereinafter referred to as "Huatai Zijin Information Technology 6-month fixed opening A"), and Wei Hao serves as the fund manager.
public information shows that Huatai Zijin Information Technology has a 6-month fixed-term A-based investment goal of "on the basis of strictly controlling risks and maintaining asset liquidity, strive to achieve long-term and stable appreciation of fund assets, and achieve returns beyond the performance benchmark for investors." The investment scope is financial tools with good liquidity, including stocks issued and listed in China (including the main board, small and medium-sized board, GEM and other stocks approved or approved by the China Securities Regulatory Commission) and the Mainland China Stocks and bonds listed on the Stock Exchange (including treasury bonds, central bank notes, financial bonds, corporate bonds, corporate bonds, medium-term notes, short-term financing bonds, ultra-short-term financing bonds, subprime bonds, convertible bonds, exchangeable bonds), bond repurchase, money market instruments, bank deposits, interbank certificates of deposit, asset-backed securities, stock index futures, treasury bond futures, and other financial instruments allowed by the China Securities Regulatory Commission to invest in funds.
Wei Hao joined Huatai Securities (Shanghai) in June 2016 as an investment manager, and also managed the A-share and QDII overseas stock collective asset management plan. He has served as the head of the equity investment department since July 2018. Previously, Wei Hao had worked in industry and company research at Haitong Securities Research Institute, A-share and Hong Kong stock industry and company research at KGI KGI Securities, worked as an investment manager at China International Finance Co., Ltd. and managed the national social security fund and corporate pensions, and served as the investment director of the company's secondary market stock investment and research team at Huaqin Investment Management Co., Ltd. Management Company.
Since March 17, 2021, Wei Hao has begun to manage Huatai Zijin Information Technology's 6-month fixed-opening A. As of March 29, 2021, Huatai Zijin Information Technology has opened A for 6 months as the first fund managed by Wei Hao, and there is no return information yet.
3. Ping An Fund launched a new mixed fund, and Zhang Heng's four funds achieved a "substantiable" growth in the past year
On March 29, Ping An Fund launched a mixed fund, which is Ping An Xinrui Mixed Securities Investment Fund (hereinafter referred to as "Ping An Xinrui Mixed A"), and the fund manager is Zhang Heng.
public information shows that Ping An Xinrui Mixed A takes "pursuing a high rate of return while controlling risks and ensuring good liquidity of fund assets, and striving to achieve long-term and stable value-added fund assets". The investment scope is financial instruments with good liquidity, including stocks issued and listed in China in accordance with the law (including the main board, SME board, GEM and other stocks and depositary receipts allowed by the China Securities Regulatory Commission to invest in), derivative instruments (stock index futures, treasury bond futures, stock options, credit derivatives, etc.), bonds (including treasury bonds, etc.), bonds (including treasury bonds, etc.), and treasury bond futures, stock options, credit derivatives, etc.), and bonds (including treasury bonds). , central bank notes, financial bonds, corporate bonds, corporate bonds, medium-term notes, short-term financing bonds, ultra-short-term financing bonds, subprime bonds, government-backed institutional bonds, government-backed bonds, local government bonds, convertible bonds, separable trading convertible bonds, exchangeable bonds and other bonds allowed by the China Securities Regulatory Commission), asset-backed securities, bond repurchase, interbank certificates of deposit, bank deposits (including agreement deposits, time deposits and other bank deposits), money market instruments, cash, etc., as well as other financial instruments allowed by laws and regulations or funds allowed by the China Securities Regulatory Commission.
Zhang Heng joined Ping An Fund in November 2017. He has served as an investment manager of the fixed income investment department, Ping An Enxiangbaobao Mixed Securities Investment Fund, Ping An Xinrong Mixed Securities Investment Fund, Ping An Dahua Huiyi Pure Bond Bond Securities Investment Fund and other fund managers; he is currently a fund manager of Ping An Hezheng Regular Open Pure Bond Bond Bond Securities Investment Fund, Ping An Hui'an Pure Bond Bond Securities Investment Fund, Ping An Ji Tianying Three-month Regular Open Bond Securities Investment Fund and other fund managers. Previously, Zhang Heng had worked in Huatai Securities Co., Ltd., Morgan Stanley Huaxin Fund, Invesco Great Wall Fund, and First Entrepreneurship Securities.
Since March 18, 2021, Zhang Heng has begun to manage Ping An Xinrui Mixed A. As of March 29, 2021, Zhang Heng has held 1 mixed fund, 1 bond index fund, 2 fixed-term bond funds and 6 bond funds. There are 5 funds managed by Zhang Heng for more than one year. Among them, as of March 26, 2021, Ping An Hui'an Bond, Ping An Ji Tianying Fixed Open Bond A, Ping An Huihe Pure Bond, and Ping An Huitian Pure Bond Bond have increased by 2.17%, 0.4%, 1.86%, and 2.44% in the past year, respectively, both of which are inferior to the same average and the Shanghai and Shenzhen 300 gains during the same period.
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