When The "Winding Tide" Encountered "Burst Money Troubles": Channel Induced Hunger Marketing? Fund Selling Ice And Fire

According to twenty-first Century economic report reporter statistics, the total number of new funds set up in the first three quarters of this year has been over 800 billion yuan.

But under the banquet, "frustrated" is still there.

A few days ago, Xingtai and Thailand sold 50 billion of the day's grand occasion still in sight. In the meantime, the winding up of the Shanghai and Shenzhen 300 enhanced index fund of Anxin fund made the market feel cool in the heat.

In October 14th, the Anxin Fund announcement said that the fund of the Shanghai and Shenzhen 300 index enhanced fund was terminated, and the fund entered the liquidation process in October 13th.

Compared with this year's big development of index products, the trust fund's experience is somewhat special.

"Since the beginning of this year, most of the fund's distribution has been better than most medium-sized or large fund companies. As a whole, the competition pattern of the industry is strong and strong. To a certain stage, large and medium-sized fund companies must have formed certain barriers. In October 17th, a large public fund company in Beijing told the business reporter in twenty-first Century.

Obvious difference between cold and heat

According to our correspondent statistics, a total of 8 funds have been raised over 10 billion this year.

Among them, the largest scale raising was the 1-3 year debt issuance of the people's livelihood plus silver, and the issuance scale was 22 billion 400 million. The second is the innovation driven ETF of the central enterprises and the innovation driven ETF of the cashcard central enterprises, and the first raising scale of the two ETF funds was 16 billion 735 million and 13 billion 250 million respectively.

"This year, the equity market has performed better, and most A share index returns have exceeded 20% or even 30%. Investors are accelerating the entry with the stimulus of money making effect." The aforementioned public fund people said.

Just as Zhou Xingquan and Hetai issued, the market was once again amazed by the influx of 50 billion funds a day.

Due to the size limit of 6 billion, the placement ratio of the fund was only as low as 12.12%.

"At present, many outstanding fund managers are widely concerned by the market. Such as Xingquan and Thailand and the growth value of the former Rui Yuan Yuan are all new development funds, but the funds previously managed by their fund managers are excellent long-term performance and high stability. In the public interest market, excellent fund managers are particularly sought after by the market. An industry researcher told the twenty-first Century business reporter.

In fact, the brand effect brought by Xingxing fund superimposed by star fund managers has already appeared in the earlier collection of suitable and suitable collection. In many industry insiders, this can be called the "high light moment" of the public fund's brand effect.

"There are three main reasons for the explosion. The first point is that fund managers are excellent enough, and their historical performance is bright enough and robust. They are recognized by the market. The second point is that the fund will limit the number of investors, and investors will buy more shares to get more shares. Third, the equity market is better this year and investors' enthusiasm has been improved." The above pointed out.

However, some people in the industry do not like it.

A public fund in Southern China has also pointed out that "in addition to the good performance of the fund companies and the brand effect, on the other hand, China Merchants Bank as a main channel also provides a powerful help behind it."

However, although the overall market heat has warmed up and the frequency of the explosion has been frequent, the contrast is still evident from the current situation.

Wind data show that, as of October, 16 public funds were liquidated this year, and 57 of the liquidation funds were terminated by the trigger fund, accounting for more than half of the total 57.

The recent announcement of the liquidation of the Shanghai and Shenzhen 300 index enhanced fund is triggered by the termination of the terms of the fund contract: if the fund assets net value is less than 200 million yuan, the fund contract will automatically terminate on the corresponding day when the fund contract has been effective for 3 years.

"The reason for the liquidation is probably that the fund's performance is weak, and it continues to run the Shanghai and Shenzhen 300 index. There is no relative Shanghai and Shenzhen 300 gain, which is redeemed by investors. And since this year, the Shanghai and Shenzhen 300 index has performed well, especially the leading stocks. It is difficult to get the proceeds beyond the Shanghai and Shenzhen 300 index through quantifying the selected stocks. Zhang Ting thinks.

The fund semi annual report data show that during the reporting period, the fund fund share growth rate was 22.68%, but the same period performance benchmark yield of 26.58%, obviously did not win the benchmark performance.

"Index funds show a phenomenon of head concentration. Strong Heng Qiang, head funds occupy most of the fund scale, most of the funds are small. Therefore, once the fund's performance is poor, it is easy to trigger liquidation. Beijing, a large public fund index investment director pointed out.

There are also worries behind the explosion.

It is worth noting that although Xingquan and Thailand detonated the enthusiasm of investors for purchase, the boost force behind the 50 billion, and the sales mode similar to hunger marketing, has attracted the attention of some people in the industry.

According to the twenty-first Century economic report reporter, as mentioned in the industry mentioned above, it is one of the reasons why Xingquan and Thailand raised its popularity. The way of placing quotas on the quota has artificially pushed up investor expectations.

"Channel selection of excellent companies and excellent fund managers and strong advocacy of past performance is understandable, but for Xingquan and Thailand, products are limited to total amount, which will lead investors to purchase more shares in order to get more shares, making the purchase scale bigger and bigger." Jia Zhi, head of the research center, pointed out.

A Xingtai Hetai investor told the twenty-first Century business news reporter, "the customer manager will have some guidance when he recommends, such as telling investors that the product will be very large, so how many shares you want to share must be doubled."

But in this investor's opinion, a similar recommendation is acceptable for the recognition of the fund's brand.

"The intention of channel to do so can also be understood. It is to mobilize the enthusiasm of investors and highlight the scarcity of products. But for the financial sector, the scarcity of hunger and hunger marketing are not worth promoting. Jia Zhi said.

In its view, "especially the rights and interests of products, we recommend when we must be based on long-term investment, we can not let everyone feel that this is a burst of money, buy it can make money. This approach is to turn the fund into a scarcity product, artificially pushing up the expectations of the holders, and will not be conducive to market development.

"What is wrong with the market in the future when these products are open for purchase, but there will be fluctuations," he said. Jia Zhi told the twenty-first Century economic news reporter, "for investors, whether there is a reasonable price to buy in the future or really missed the opportunity is not fixed. Whether this fund is to be grabbed or not, and what kind of mentality and expectation the owner is going to grab is worth the attention and thinking of the market.

"The need to remind the channel is that such a practice will produce good results in stages and create many industries, but it is not conducive to long-term development. Because this is not really based on the specific needs of customers, not objectively measuring customer expectations, but artificially raised expectations. Consignment channels should, in the long run, guide investors' expectations steadily. Jia Zhi said.