"Matthew Effect" Of Public Offering Management Scale Over 17 Trillion: 158 Fund Managers Promoted To "10 Billion Club"

After the second quarterly report of the fund was disclosed, the fund company handed in the "high school entrance examination" scale report card.

According to the data of Tianxiang investment consulting, the total management scale of fund companies increased by 2.21 trillion yuan in the first half of the year to 17.02 trillion yuan, an increase of 15% compared with the end of last year. Among them, equity funds have become the main growth force, with a significant increase of 1.08 trillion, accounting for half of the newly added funds.

It is worth noting that the position of equity funds at the end of the second quarter is generally higher than that at the end of the first quarter, with a range of about 5 points. At the end of the second quarter, the fund's heavy positions were mainly concentrated in medicine, technology and consumption, and individual stocks were generally clustered.

Equity Fund blowout

According to Tianxiang investment consulting data, the scale of equity funds in the first half of the year was 4.41 trillion yuan, an increase of 1.08 trillion yuan over the end of last year, an increase of 33%, accounting for 49% of the total amount of 2.21 trillion yuan in the first half of the year.

Among them, the scale of stock funds was 1.49 trillion, an increase of 0.23 trillion yuan, an increase of 18% compared with the end of last year; the proportion of mixed funds was the largest, with the scale of 2.93 trillion yuan at the end of the second quarter, accounting for 66% of equity funds; the scale of mixed funds in the first half of the year increased by 0.86 trillion yuan, an increase of 41%, accounting for 39% of the new funds in the first half of the year.

Further distinguish the growth of active and passive funds in Open-end Equity Funds: in the first half of the year, the scale of index funds increased by 59.4 billion yuan, the scale of active investment funds increased by 167 billion yuan, and the growth of active funds was 2.8 times of that of passive funds.

On the whole, the scale of active equity funds (active investment in stocks + hybrid funds) at the end of the second quarter was 3.10 trillion yuan, much higher than that of passive equity funds (index type) of 1.05 trillion yuan. The scale growth rates of both funds in the first half of the year were 37% and 6%, and the active equity funds were obviously more popular in the market in the first half of the year.

According to the statistics of Tianxiang investment consulting, the top three fund companies in the first half of this year were e fund, Huaxia Fund and Guangfa fund after deducting currency and financial debt base. The scale at the end of the second quarter was 547.979 billion yuan, 432.695 billion yuan and 416.676 billion yuan respectively.

In terms of the scale of equity funds, the top three in the first half of the year were e fund, Huaxia Fund and Guangfa fund, with the scale of 327.733 billion yuan, 305.382 billion yuan and 261.542 billion yuan respectively at the end of the second quarter.

87.07% of the newly increased funds, accounting for 122.07% of the newly increased funds, respectively.

This means that the growth of large fund companies in the first half of the year is closely related to the growth of equity funds, and new equity funds contribute to the growth of most fund companies.

Matthew effect of star fund managers

With the growth of equity funds, the Matthew effect of star fund managers is more and more obvious.

In terms of scale, wind data shows that as of the end of the second quarter, 158 equity fund managers managed more than 10 billion yuan.

Among them, the top 10 fund managers managed more than 50 billion yuan, including Zhang Hongzhen of Huaxia Fund, Liu Gesong of Guangfa fund, Mao Wei of Nanfang fund, Zhao Zongting of Huaxia Fund, Xu Meng of Huaxia Fund, Luo Wenjie of Nanfang fund, and Zhang kun523 of e fund Among them, Xu Zhiyan of Huaxia Fund is 51.5 billion yuan, and AI Xiaojun of Cathay Pacific Fund is 50.3 billion yuan.

It is worth noting that the top active management equity fund managers above all manage multiple funds, such as Liu Gesong, Mao Wei and Zhang Kun respectively manage 8, 8 and 5 funds.

And the reason that causes afore-mentioned phenomenon, lie in star fund manager's sucking gold effect is extraordinary. Take Liu Gesong, the fund performance champion of last year, as an example. At the end of the second quarter, Liu Gesong's management scale was 82.2 billion yuan, and the fund size data of Guangfa fund, which is his company, are as follows: after deducting currency and financial management debt base, the scale of equity fund is 261.5 billion yuan, and the scale of main equity fund is 2027 Accounting for 41% and 31% of the total.

Since the beginning of this year, Liu Gesong has issued three funds, with the scale of more than 10 billion yuan at the end of the second quarter, including 25.7 billion yuan of GF technology pioneer, 15.5 billion yuan of growth of GF small cap, and 18.8 billion yuan of upgrading of GF's dual engines.

"This year, there are a lot of hot money funds, so the number of large-scale funds has increased significantly. More than 10 billion funds appear frequently, reflecting the strong demand of residents for financial management." Yang Delong, chief economist of Qianhai open source fund, said.

However, Yang Delong pointed out that "large-scale funds put forward high requirements for the management ability of fund managers. It is said that after the CSI 300 fund has been allocated in a large scale, it may be necessary to carry out a series of large-scale fund allocation according to the large-scale stock market

From the data point of view, at the end of the second quarter, the positions of star fund managers increased compared with the end of the first quarter.

According to the second quarter report, Liu Gesong continued to hold heavy positions in technology stocks and small cap stocks, and his stock position increased compared with that in the first quarter: at the end of the second quarter, the average stock position of the funds under his management was 89.76%, an increase of 5.77% over the end of the first quarter. Among them, GF diversified emerging, small cap growth, dual engine upgrading and innovation upgrading have accounted for more than 90% of the net fund value at the end of the period.

However, from the perspective of shareholding, Liu Gesong's fund positions overlap very high. Among them, Kangtai biology is Liu Gesong's long-term optimistic target of heavy positions. At the end of the second quarter, the positions of the largest heavy positions of the five funds, such as the innovation and upgrading of Liu Gesong's management and the upgrading of double engines, were all Kangtai biological, and the stock price of Kangtai biological increased by 41.5% in the second quarter.

In fact, judging from the data of the second quarter report, a large number of star fund managers' investments are concentrated in leading stocks of medicine, technology and consumer stocks, and it is quite common to group together.

"I don't care if the valuation is high or expensive, and only buy stocks with good fundamentals. We all buy excellent companies, and the concentration is naturally high. " An excellent fund manager in the first half of the year said.

"Group investment reflects that fund managers may be close to each other in stock selection and research methods are also relatively close. The selected high-quality stocks are almost the same. This is also normal, and the clustering of institutions is a sign of good stocks." Yang Delong said. (Editor: Wu Yanling)

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