The Scale Of The Fund Expanded By 200 Times &Nbsp In Ten Years, And Only Ten In The Ten Year.

1998 10 billion 700 million yuan, 2001 about 23000000000 yuan, 2006 about 850000000000 yuan......

For more than ten years,

Although the public fund industry has been developing rapidly in recent ten years, the basic people have not enjoyed the stable income that the fund company has advocated.

It is not only a net change of "seven ups and downs" but also a meager income in accounts.

On the contrary, the fund company's scale management fees are basically unrelated to the performance. The public offering fund has gone through more than ten years.

As the fund scale continues to rise and achieve a leap, the fund company acts as a professional financial institution.

Is the holder's interests the most or the interests of shareholders?

Is the fund a stabilizer of the market or an investor's financial tool?

Short term excess returns or long-term stable returns?

The experts interviewed by the economic reference daily believe that the fund companies only focus on the scale and do not pay much attention to the performance. They only focus on shareholders who are not heavy holders, and lack the concept of long-term investment return. The "rat farm", insider trading and other cases frequently erupt, and management changes frequently and fund managers lose. This series of problems expose the lack of governance structure of fund companies.

"In the current emerging and pitional market environment, the fund development still faces many challenges. The fund industry needs to carry out a profound reform. The interests of the small and medium investors in the fund industry should not be attached to the seller in the capital market. He is an independent buyer power.

We should exercise the pricing power and voting right in our own hands, and urge the listed companies to create value for the society, which is the mission of the whole industry.

In a speech at the seminar, Hong Lei, deputy director of the Securities Regulatory Commission of the SFC, had a clear attitude.

According to the data from the good buy fund research center, since the establishment of the first open-end fund in September 2001, by the end of June 2011, the total cost of the Chinese stock investment fund raised by the Chinese people is about 6 trillion and 180 billion yuan (the first issue + continuous purchase), and the total income of the investors in the past 10 years has been around 348 billion 760 million yuan.

In this way, the cumulative return of partial equity funds in ten years is only 5.66%.

Now, the current annual deposit is 3.5%, and the five year is 5.5%.

If the annual interest rate is 3.5% in a one-year period, the ten year return of bank savings is about 41.06% based on compound interest.

"When you say that I am QDII or a finger, when can I turn over?

It's been a few years, and now it's just a quick return of the net value. It's not easy to touch the fund.

A fund investor complained to reporters.

"Public funds have long been in the margins of overall small profits or even losses, unable to make tens of millions of ordinary investors achieve stable expected returns, which is the source of dissatisfaction with public funds."

Yang Wenbin, the executive director and general manager of micro-blog, pointed out in his previous column.

Statistics show that from 2001 to 2010, a total of 10 statistical units, this interval has four statistical interval partial equity funds are losing money, respectively, in 2002, 2005, 2008 and 2010.

Among them, the huge losses in 2008 amounted to 1 trillion and 240 billion yuan.

In the more than 10 years,

The calculation results from the good buy fund research center show that since the establishment of the first open-end fund in September 2001, by the end of June 2011, the total cost of the private equity fund raised by the Chinese people is about 6 trillion and 180 billion yuan (the first issue + continuous purchase). The market value of the withdrawal is about 5 trillion and 90 billion yuan (redemption amount + dividends, dividends divided into cash in cash), and the net input cost of the base is about 1 trillion and 90 billion yuan.

By the end of June 2011, the total market capitalization of partial equity funds was 1 trillion and 550 billion yuan, and the difference between total market capitalization and total cost is the total investment profit of the fund, which is about 458 billion 760 million yuan.

According to the calculation of the rates of subscription, purchase and redemption of partial stock funds at 1.2%, 1.5% and 0.5% respectively, investors paid 110 billion yuan (minimum subscription amount).

After deducting the fees, Chinese investors have invested about 348 billion 760 million yuan in the past 10 years.

Good buy fund research center said that the size of partial equity funds has expanded significantly in the past 5 years, and most of the profits have been obtained during this period. If a simple calculation is done, the average annual yield will be between 4%-5%.

Although the level of yield is only two to three percentage points higher than the fixed rate of return, it should be noted that the yield is only the average return of all partial stock funds, but the differentiation is quite serious. The fund's long-term return rate varies several times, while the difference between the low and high position funds is even greater.

At present, the number of funds is increasing. The time when funds can help investors make money is gone forever.

Hundreds of millions of management fees are no match for "landslide"

In the US, equity investors paid an average of 2% of the fund's assets in 1990.

By 2010, this figure was 0.95%, down by more than 50%.

At present, the domestic common stock fund management fee plus purchase rate is 3%, bond funds are 1.4% up and down, 13 years has remained unchanged.

Although the average income of the capital lost CPI, it paid a very generous management fee to the fund company in the past ten years.

Wind statistics show that from 2001 to 2011, the 836 open funds (non currencies) included in the wind statistics collected 135 billion 990 million yuan in the past ten years.

A total of 25 funds were generated from management fees of more than 1 billion yuan, among which the top ten products were Yi Fang Da's value growth, growth and development, China Post's core growth, China's dividend, Noah's stock, Hui Tianfu's balanced growth, China's global selection, Castrol's robust, burgeoning growth, and Yi Fang Da's Shanghai stock certificate 50.

It is worth noting that in the above 10 products, the core growth of China Post and the global selection of China have been charged 1 billion 517 million yuan and 1 billion 329 million yuan in management fees since their inception, but the net return of investors is more than -20%.

Established in August 2007, the total net value of China Post's core growth is only 0.5917 yuan. The net growth rate of the reinstated unit is -40.8359% from the date of its establishment.

As of June 30, 2011, the total share of China Post's core growth was 30 billion 109 million, compared with 673 million in the first quarter of 2011 (8 million in the quarter and 680 million in redemption), with a net growth rate of -8.63% and a growth rate of -1.82% over the same period.

For the first half of the year, the fund manager explained that during the reporting period, the fund reduced the stock positions and adjusted the structure, reduced the allocation of automobile and accessories, insurance, telecommunications, medicine, commerce and other industries, increased the proportion of investment in food and beverage consumption, upgraded consumption of hotel tourism, and benefited from the construction of affordable housing, such as building materials, real estate and other industries, and maintained the allocation ratio of high-end equipment manufacturing industry, and increased the proportion of bond allocation.

The adjustment of the position structure is helpful to the investment performance, but the cyclical industry with a combined key configuration has a larger adjustment in the two quarter, which has a certain negative impact on the fund performance.

China's global selection was also set up in the second half of 2007. At present, the total net value is 0.759 yuan. Since its establishment date, the net growth rate of the unit has been -24.1%.

As of June 2011, 30, the total share of China's Global Select end was 19 billion 819 million, compared with 791 million at the end of last quarter (146 million copies this season, and 937 million Redemption).

By contrast, some of the funds, such as the selection of China market, the growth of Jiashi and the blending of resources of the big Molo, have increased the net value of the net value since the establishment of the fund, which is greater than 400%, while the collection of their management fees is only one digit.

In terms of dividends, the statistics show that in the past ten years, the cumulative dividends of the open ended funds amounted to 516 billion 500 million yuan, of which the dividend was the largest in 2007, reaching 228 billion 500 million yuan.

Judging from the total dividends, this year partial stock fund is still the main force of dividends, but there is also the existence of "iron chicken".

Excluding funds established since the second half of last year, there are still 132 funds that have never been implemented since they were established. Even if the allocation of unit fund shares can be allocated, the profits will be considerable.

However, Wang Qunhang, micro-blog general manager and research director of the Huatai Securities Fund Research Center, believes that dividends are meaningless to ordinary investors.

He said that for the initial investors, dividends may still have some "meaning". Dividends have nothing to do with the fund itself, and usually dividends are only marketing means.

When choosing funds to invest, investors must pay close attention to the growth rate of the net value of the fund, and the ranking of the growth rates in all kinds of time scales in the same fund, and choose the funds with comprehensive performance as their investment targets.

Statistics show that as of the end of June, there were 66 fund management companies and 810 funds in China, with an asset management scale of 2 trillion and 900 billion yuan.

Among them, the public offering fund is 2 trillion and 350 billion yuan, the specific account is 550 billion yuan, and the market value of the stock held in the Shanghai and Shenzhen stock market accounts for 8.10% of the market value of the two cities, accounting for 6.10% of the total market value.

As one of the most important institutional investors in China's securities market, the public offering fund has not been able to get the right to speak with its own scale while expanding its scale. It has not been able to participate in the governance of listed companies extensively and deeply, thus giving play to the role that institutional investors should play in "capital feeding" in the capital market.

As a matter of fact, Huang Xiangping, a securities association of China, said in the first half of last year that China's capital market is in a period of profound change brought about by financial innovation. The association should focus on doing well in various institutional innovations, including promoting fund management companies to participate in the governance of listed companies.

"Fund management companies should be pformed as soon as possible, guided by the interests of investors, from simple trading stocks to IPO pricing power. They should participate in the governance of listed companies extensively, promote healthy competition among listed companies, form a regular dividend policy for investors and give full play to the role of institutional investors."

Hong Lei, deputy director of the fund supervision department of the China Securities Regulatory Commission, has made similar statements at a recent fund forum.

As a institutional investor, the fund should participate in the governance of listed companies, and supervise and promote the healthy development of listed companies.

Exercise their rights and safeguard their own rights and interests.

A fund company official said.

Trillions of "impulses"

In 2007, the fund industry ushered in the most brilliant moment in the development period.

Before that, the public fund as a nascent industry has always been the fastest growing financial market.

In the middle of 2007, the scale of the fund industry has doubled, and the total size of the fund has risen from 856 billion 500 million yuan at the end of 2006 to 1 trillion and 800 billion yuan in just half a year.

In 2007, the asset scale of the fund industry once expanded to 3 trillion and 280 billion yuan.

Such explosive growth also makes the fund become the largest institutional investor in the A share market at a time.

Data show that in 2007, the stock market held by the fund accounted for 19% of the market value of circulation, and its position in the financial market continued to improve.

A financial crisis has made the rapidly developing fund industry regret its past glory.

However, thanks to the "Fundamentals" of previous years, the industry gained huge profits in 2008.

However, up to now, the total assets size of 2 trillion and 350 billion yuan has been lingering for nearly three years, and the scale of the development of the fund industry has been in a predicament.

The data from the Huatai joint fund research center showed that the net profit of the entire fund industry remained close to 10 billion yuan by the end of 2010. The most profitable top ten fund companies were Huaxia (1 billion profit in 2010), Yi Fang (790 million), GF (660 million), harvest (640 million), Bo time (630 million), South (540 million), Dacheng (510 million), noan (510 million), Bank of Communications (Schroder) and Yinhua ().

"This way of extracting management fees by scale is intentionally or unintentionally driven by the fund to focus more on scale than on performance.

What are the driving forces to innovate?

A fund researcher sighed.

Gui Haoming, director of marketing research at Shenyang Wanguo Securities Research Institute, pointed out that in order to pursue the scale, many funds promised brokers to increase the volume of pactions, even to a hundred times the amount of fund sales.

In order to complete such a volume, the operation of the fund is naturally short - term and keen to make a small price difference, and intentionally or unintentionally abandoning the idea of value investment. This kind of behavior has also become a factor in the decline of the fund performance objectively.

The fund industry has been caught up in such a strange circle. In order to enlarge the scale and continuously issue new products, in order for the new products to be released smoothly, they must make more turnover as the consideration of the broker dealers, and the volume of pactions can hardly avoid damage to the interests of the owners. After the loss occurs, the holders will redeem the fund so that the fund will have to issue new products again.

In this cycle, the sole interest is ignored and the loss side is the fund holder.

Fund governance structure is missing and heavy shareholders are not important.

Is the holder's interests the most or the interests of shareholders?

Short term excess returns or long-term stable returns?

Is it a stabilizer in the capital market or an investor's financial tool?

Why are rat farms and insider trading cases erupting frequently?

Although the number of domestic fund companies has increased from "old ten" to 67, the total asset management scale of the fund has reached a maximum of 3 trillion.

However, the lack of governance of fund companies is still a constraint to the development of the industry.

"In the current emerging and pitional market environment, the fund development still faces many challenges. The fund industry needs to carry out a profound reform. The interests of the small and medium investors in the fund industry should not be attached to the seller in the capital market. He is an independent buyer power.

We should exercise our own pricing power and voting power, so that the listed companies can create value for the society. This is the mission of the whole industry and the reason for the existence of the industry. "

In a seminar speech, Hong Lei, as a regulator, remained clear.

Changxin Zhou, director of Jianxin fund management company, believes that in the public fund industry, the company's shareholder structure is particularly important.

Shareholders play a very important role in the development of fund companies. Different types of shareholders may have different expectations for the company.

The shareholders of the fund company should have expectations and requirements for the long-term development of the company, especially the shareholders can respect the highest pursuit of fund managers' interests for fund holders.

Hu Lifeng, general manager of Galaxy Securities Fund Research (micro-blog) center, micro-blog, said that in order to form a good interaction between the fund industry and the stock market, we should advocate a quality investment culture.

He believes that strict supervision, in the long run, can ensure the fundamental interests of investors and control the overall risk of the fund industry, so as to achieve better results.

As the responsibilities of the fund increase, supervision should be tighter.

"Unable to afford" the vote based vote "vote with feet"

Reporter Wei Xiayi reports from Beijing

"4 years, there's nothing to count on," Mr. Wang, a fund investor, sighed.

He told reporters, "I started investing in the fund in 2007. The first fund to purchase is the southern global selection recommended by the bank account manager.

At that time, the manager was very good, and I had no experience, so I believed her story.

But 4 years later, the net value has shrunk by 40%, and today's southern global selection has become a "60 Fen" fund.

"Another colleague who asked me to buy at the same time felt that there was no hope in it again, and 25% of the previous period was" Redemption ".

At the end of August last year, Ms Lu applied for one hundred thousand yuan of agricultural and silver wholesale blue chips, but a year later, the net value shrank by more than 10%, but the account was more than 10000 less.

"Originally came to the Bank of China for regular deposits, and the staff of the Agricultural Bank said that the fund was stronger than the regular deposit," she said discontentingly. "Our small principal investment is mainly to preserve value.

We do not have the level of professional investment, we believe that their irresponsible recommendations, sold to us when we talk about it, sold out.

In the past ten years, the "injured" people are far more than Mr. Wang and Ms. Lu, and quite a number of investors have poured into the ranks of the fund's fixed investment.

"Fixed investment for 30 years, everyone is a millionaire", "make use of the fund compound interest, help the child to get through every step of life".

Slogans like this are everywhere in the fund's investment promotion.

In fact, since the market has continued to decline since last year, most of the fund's fixed investment accounts are in a state of loss, and quite a few people begin to choose "cut off".

Recently, it is reported that the fund's actual "cut off" situation is very serious. Some fund companies whose earnings are relatively poor have been increasing in the past three months in the past 60% months.

"When we do investor education, we will make clear to our clients that the fixed investment is a long-term investment. It can not be seen in 3 or 5 years, but many investors still can't afford to lose more than a year."

A joint venture fund company said.

Desheng fund research center estimates show that if investors choose the partial equity fund from the beginning of 2009, the stock index will increase by 600 points as of June 1st of this year, but over 30% of the fund has fixed investment losses.

In May, nearly half of the 256 partial stock funds entered the zero return area. That is to say, after 1 and a half years of fixed investment, there was no harvest.

Recently, with the stock market dropping, most of the accounts are facing Book losses.

A survey on the basic situation of open end fund investors in the third quarter of 2010 shows that the proportion of funds accounts for individual investors is 99.87%, and the proportion of effective accounts of individual investors is 99.95%.

From the perspective of investment quota, the vast majority are investors such as Ms Lu, who are less than 100 thousand yuan.

As of September 30, 2010, about 97.02% of the fund investors who had net assets of the fund were less than 100 thousand yuan.

From the age of investors, as of September 30th last year, the largest proportion of the number of individual investors accounts was 40-50 years old, accounting for 31.62% of the total account of individual investors, followed by 30-40 year old investors, accounting for 28.84% of the total account of individual investors.

The individual investors who hold the most net assets of the fund are 40-50 years old, accounting for 34.51% of the total net assets of individual holding funds, followed by 30-40 year old investors, accounting for 23.26% of the total net assets of individual holding funds.

It is worth noting that investors over 60 have the highest net worth per household.

Statistics show that the highest net worth per household is investors who are over 60 years old. The average net asset value of each household is 27 thousand and 400 yuan, and the larger the age is, the more the net asset value of each household holds.

The average net asset value of households in each age group increased slightly compared with the end of last quarter.