Public Offering FOF Annual Inspection: Scale Breakthrough 60 Billion Shock City "Debt Base Is King"

As of May 7th, 21 public offerings (FOF) were established this year, with a total share of more than 10 billion 500 million. Among them, not only Yi Fang Da, TEDA Hongli and other companies continue to expand the market, as well as Xinhua fund, Taikang assets and other companies for the first time.

After nearly three years of development, public FOF has been heading for the fast lane.

According to twenty-first Century economic report reporter statistics, in May 7th, the total market FOF was raised, the total scale was 60 billion 49 million yuan. Compared to the end of 2019, the scale increased by 13 billion 505 million yuan, compared with the end of the first quarter of this year, data continued to increase by about 5 billion yuan.

"In the past year, the public offering FOF has entered a stage of rapid development, and the volume and share have achieved a great leap forward. Among them, the pension fund has become the main force in the FOF market." An analyst from a well-known three party organization told the twenty-first Century business reporter.

Since May, there are gf's target dates for 2040 years, three years holding FOF, TEDA Manulife Taiping and healthy endowment targets, one year holding period FOF, national wealth Balance Pension target three years holding period FOF three FOF launched.

Performance test hits

With the development of FOF products, the current shock market will let the fund performance take the final exam.

According to the performance of the FOF fund as of May 6th this year, the average income of the 122 FOF funds is 2.04%, of which 106 FOF funds are positive this year.

Meanwhile, 16 FOF funds have been negative this year.

This year, the highest paid FOF product is Penghua pension for 2045 three years. The fund's return as of May 6th is 10.36%. It is also the only FOF with a profit of 10%.

In addition, rich country Chi Cheng selected 3 months, Haitong group excellent selection and Huaxia pension 2045 three years A/C returns more than 6%, ranking the top five.

Just looking at the first quarter data, China Merchants Securities research pointed out that in the first quarter of 2020, affected by the market shock, the performance of all kinds of FOF products was more general. Only the products with one year holding period in the old age products recorded an average positive return, with an average gain of 0.6%.

In ordinary FOF, the average yield of low risk products is -1.5%, and the average yield of high and medium risk products is -2.3%. The average return of the products in the three year holding period is -1.5% for the aged target products, and the average yield for the five years is -2.9%.

"There is not much room for downside in the current market position, but the risk has not yet been exposed. On the one hand, when the epidemic can be controlled is uncertain; on the other hand, the economic downturn is not fully reflected in the market, and the fall may continue, but the space will not be particularly large. Therefore, in the process of fund building, we should pay close attention to the control of overseas epidemic situation and some domestic incentive policies, and then decide what kind of rhythm to build. Xinhua selected growth theme for three months holding period, FOF fund manager Wang Yilei told the twenty-first Century business news reporter.

"FOF pays attention to long-term investment and prudent investment, and the trend of net value will be relatively gentle." The analyst said.

It holds that, by grasping the investment opportunities of large asset allocation, FOF can select excellent funds to invest and adjust and optimize the whole combination in time according to the market fluctuations, so as to pursue the goal of low risk and high returns.

Allocation preference difference

According to the distribution of FOF fund in a quarterly report, the bond fund has gained a higher allocation ratio under the market shock pattern.

According to China Merchants Securities data, in the first quarter of this year, the FOF fund held a 16 billion 830 million scale for bond products, accounting for 71% of the total, followed by hybrid funds and equity funds, accounting for 18% and 6% respectively.

Compared with the fourth quarter of last year, the FOF fund has increased the proportion of debt products, absolute income products and currency products to more than 70%, and the allocation ratio of stocks, QDII and commodity products has declined.

Specific to the fund products, Wind data show that in the first quarter of this year, the highest position of the FOF fund was the people's livelihood plus silver Xinxiang, the rich country Tianli growth bonds and the enhanced China EU returns, with the market capitalization at 985 million yuan, 767 million and 737 million respectively. In addition, Yi Fang Da credit debt, Yi Fang Da high grade credit debt, Haitong Alfa hedge, Yi Fang Da pure debt 4 funds held market value also exceeded 500 million yuan.

In addition to the hedge fund Alfa hedge hedge funds for the stock type, the remaining positions in the top ten market capitalization are bond funds.

According to the number of funds held, ICBC Credit Suisse stylistic industry and Yi Fang Da credit debt are two funds held by 13 FOF funds, which are also the two largest funds holding the largest number of funds. Secondly, there are also 6 holdings of 6 countries, including Wells Fargo credit debt, Yi Fang Da Yu Feng return, ICBC Credit Suisse double profit, Hua Anchuang industry board 50ETF, Yi Fang Da high level credit debt and Haitong Tong hedge. The number of funds exceeds 10.

The debate on Internalization

"The overall FOF fund is still dominated by external configuration, and the proportion of the external market allocation is close to 70%. From the point of view of the category, the lower proportion of external configuration is bond products. Because the income gap of bond products is small, more companies are willing to drain their products on the one hand in the way of internal allocation, and on the other hand, reduce the rate of products, which is conducive to investors. However, although the internal allocation ratio is relatively high, it is still below 40%, and the overall market is still dominated by external configuration. China Merchants Securities thinks.

In the first quarter, the FOF fund held the highest market share of the people's livelihood plus silver Xinxiang. The fund only had people's livelihood plus silver Corelle's solid pension. One year FOF fund held. The people's livelihood plus silver Corelle had a solid pension for one year. The market value of FOF held by the people's livelihood plus silver Xinxiang was 985 million yuan, accounting for 18.3% of the fund's net value.

In terms of disposition, there are also Penghua funds which are more inclined to internal products. For example, the first 2045 years of Penghua pension, ranked first in return this year, is the example of the first ten largest fund in the first quarter of this year. Only one Hang Seng ETF fund is external product, and the other 9 funds are all products of Penghua Fund.

"On the one hand, internal layout tends to be more comprehensive within the company's internal product line; on the other hand, all kinds of products have the highest ranking in the whole market. FOF fund portfolio is better than any other component fund through asset allocation layout and timing, and it will also form a synergy." A public fund in Southern China has been interviewed.

? ? In terms of configuration, the fund targets are selected from a qualitative and quantitative perspective, and the fund managers are divided into different styles. In addition to focusing on historical performance, such as absolute return, risk adjusted income and downside risks, fund managers should pay more attention to the specific classification and investment logic of investment styles, and whether the style of fund managers has been floats is also an important measure. Wang Yilei told the twenty-first Century economic news reporter.

In fact, from the actions of various fund companies, the layout of several fund companies for FOF is still advancing.

Data show that as of May 7th this year, 11 FOF funds were submitted for approval, of which 9 were pension FOF. Although the current pension FOF still occupies a larger proportion of FOF raised by the public, from the recent examination and approval situation, the ordinary FOF has also been able to land after rectification.

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