Investigation On The 80 Billion Shares Disappeared: "Good Fund" Is Under Pressure To Stop Profit And "Bad Fund" Is Quickly Cleared Out

On the one hand, it is the craziness of hot money funds, while the other is the shrinking share of stock funds.

The contrast of the data does not seem to match the performance of the current "bull market".

According to the latest data of the fund industry association, as of the end of June 2020, the share of stock funds was 1.02 trillion, which was 79.587 billion less than that at the end of May.

In June, there were also several hot money funds. For example, e-fonda, a high-quality enterprise with a start-up ratio of more than 34 billion yuan in one day, has been the growth pioneer of southern China with a scale of initial raise of 32.1 billion yuan and held for three years.

According to the analysis of industry insiders, although the issuance of public funds is hot, the fund share shrank in June, which may be related to the phenomenon of "redeeming the old and buying the new".

"Some time ago, I received a reminder from the bank that it can be redeemed after reaching the profit stop line." An investor in Beijing told the 21st century economic reporter.

On the other hand, ETF funds had a large scale of net redemption in June, which also led to the reduction of the overall share of equity funds.

Earlier in May, an estimated 77.7 billion fund shares were transferred from old funds to new funds. Figure IC Photo

The share of the stock base has shrunk

It's not unusual for fund shares to shrink in a bull market.

According to the data of the fund industry association, at the end of June this year, there were 1262 stock funds, with a total share of 1.02 trillion shares and a net worth of 1.54 trillion yuan. At the end of May this year, there were 1244 stock funds with a total share of 1.1 trillion shares and a total net worth of 1.5 trillion yuan.

Compared with the share data at the end of May, the shares of stock funds decreased by 79.587 billion in June.

According to the 21st century economic report, one of the important reasons for the decline of stock fund shares is the large-scale redemption of ETF.

From the statistical stock ETF data, wind data shows that at the end of June this year, the share of stock ETFs in the whole market totaled 358.897 billion, a decrease of 45165 million compared with 404062 million shares at the end of May this year.

Galaxy securities data show that the net outflow of ETF funds in June reached 62.954 billion yuan.

Wind data shows that the largest share reduction of stock ETF in June was China Securities 5g communication theme ETF, with a share reduction of 6.372 billion, followed by China Securities semiconductor chip ETF and Huabao China Securities all index securities company ETF, with shares reduced by 2.915 billion and 2.042 billion respectively.

On the whole, the shares of 15 stock based ETFs shrank by more than 1 billion in June, among which the theme ETFs still occupy a large proportion, including Huaxia Zhongzheng new energy vehicle ETF, Jiashi central enterprise innovation ETF, and four broad base ETFs, including Huatai Bairui Hushen 300etf, Jiashi Hushen 300etf and Tianhong Hushen 300etf.

In addition to the substantial redemption of stock ETFs, the share of newly issued funds has increased sharply, but the overall share of funds has shrunk, which is also inseparable from the guidance of "redeeming the old and buying the new" in the sales channel of funds.

"Banks like to recommend new funds to their clients. On the one hand, many investors generally believe that it is more cost-effective to buy new funds than to buy old funds. However, in fact, except for the difference in the period of building positions, the style and position of funds managed by the same fund manager are basically similar to those of active management funds. On the other hand, banks can get higher subscription fees for selling new funds and higher fees from fund companies. " An analyst from a well-known tripartite organization told 21st century economic reporter.

Ping An Securities research pointed out that March this year was the peak of the growth of equity fund shares. A large number of funds poured into the equity funds, with a total increase of 1982 billion in the same month, including 146.8 billion new fund shares and 51.4 billion old fund shares. In May, the flow of funds from new funds to old funds slowed down.

Specifically, in April, the phenomenon of redeeming the old and buying the new appeared. The equity fund shares increased by 46.4 billion, and the newly raised shares in that month were 57.3 billion. It is estimated that 10.9 billion fund shares were transferred from the old fund to the new fund.

According to his research, the phenomenon of redeeming the old and buying the new in May was more obvious. The equity fund shares increased by 42.4 billion, while the newly raised shares reached 120.1 billion. It is estimated that 77.7 billion fund shares were transferred from the old fund to the new fund.

Different performances of redeemed products

"Setting up profit stopping line and timely stopping profit is the basis of fund investment, but this matter also involves the dispute of interests between channels and managers. It is difficult to say whether banks are responsible for investors or to induce investors to redeem the old and buy new ones for the sake of interests." A large public fund in Beijing told the 21st century economic reporter.

From the fund situation that has released the data of the second quarter report, the 21st century economic report reporters have found that the fund share at the end of the second quarter has decreased by more than 100 million compared with that at the end of the first quarter, and there are two active equity funds, namely, Zhuque industry selection and Taikang strategy optimization.

The fund shares of the two funds at the end of June decreased by 179 million and 128 million respectively compared with the end of March.

From the perspective of performance, the single quarter return of Taikang strategy in the second quarter is 30.73%, while according to the classification of flexible allocation funds, the average return of all funds in the second quarter is 15.79%, and the second quarter return of Taikang strategy is the top 10% of the whole.

The single quarter return of Zhuque industry Zhenxuan in the second quarter of this year was 22.67%. According to the classification of partial stock mixed funds, the average single quarter return of all funds under this category in the second quarter was 22%. The second quarter return of Zhuque industry Zhenxuan just exceeded the average, ranking in the overall 50% position.

"Under the circumstances of redeeming the old and buying the new, most of the redeemed funds are good funds. Only when there is profit can they sell more firmly." Ping An Securities Fund research team executive general manager Jia Zhi said.

Similar to the redemption of the rosefinch industry selection fund, there are also holders dissatisfied with the performance, resulting in the normal industry liquidation.

According to the 21st century economic report, the equity funds that were redeemed in the second quarter included Yingda Ruixin, Guokai Taifu Kaitai, Yingda state-owned enterprise reform theme and other products with a return of less than 5% in the second quarter. In addition, Taikang Quanlin quantitative mechanism selection and Taikang Ruili quantitative Multi Strategy funds that failed the average also suffered more than 20 million redemption.

In addition, going to liquidation is also a typical performance of "bad fund" being redeemed.

According to wind data, 23 funds were cleared in June this year, which is also the largest number of funds cleared this year, including 9 equity funds, 8 bond funds and 5 hybrid funds.

"Since the beginning of this year, the issue of equity funds has been booming, with the frequent occurrence of explosive funds. The equity funds have been widely concerned, and the phenomenon of redeeming the old and buying the new has come back to people's vision. It is suggested that investors who have the behavior of redeeming the old and buying the new should establish a medium and long-term investment concept, hold excellent funds for a long time, and share the long-term positive returns of the equity market. " Jia Zhi said.

?