Not Every Model Can Be "Hot"! "Poor Performance Fund Company" Products Cleared

For the public offering fund issuing market since this year, "hot money fund" is an unavoidable topic.

In just one week, e-fund's innovative growth, huitianfu's steady income, harvest vision's two-year holding period and other funds raised more than 10 billion yuan on the first day, making it one of the most popular funds.

On the other side of the data, hot money funds continue to be popular. Under the market squeeze, the sales situation of poor performance companies is also more difficult.

"Under the condition of high-quality cooperation, some companies lose the opportunity of cooperation because of their poor performance." On July 23, a public fund source in Beijing told the 21st century economic reporter.

"The performance of some well-known cooperative banks is not good, and the performance of some cooperative banks is not good." It points out.

In fact, although the boom of equity funds has not subsided since this year, many small and medium-sized fund companies are still absent from the boom.

According to the 21st century economic report, as of July 23 this year, more than ten fund companies, including Soochow Fund, Zhonggeng fund, Jinyuan Shunan fund and Beixin Ruifeng fund, have not yet issued any active equity funds.

"Hot money" concentration

From the current public offering fund issuance, the distribution of "explosive fund" is relatively concentrated.

According to wind data, as of July 23 this year, 13 active equity funds have issued more than 10 billion shares.

Considering that several funds have set the upper limit of the fund raising scale, according to the confirmed proportion, there are still 13 funds whose raising scale exceeds 10 billion.

From the management companies of these 26 10 billion level funds, there are 14 management companies involved.

Involving huitianfu, Bank of communications Schroeder, e fund, Penghua Fund, Harvest Fund, China Southern Fund, ICBC Credit Suisse fund, Guangfa fund, Hua'an fund, Ping An fund, Ruiyuan fund, Wanjia fund, BOC fund, Xingzheng Global Fund, etc.

"In the second round, many fund managers with outstanding historical performance are managed by fund managers with outstanding public offering. Therefore, these fund managers have become the object of fund competition and formed the explosive fund." An analyst from a well-known tripartite organization told 21st century economic reporter.

"In terms of channels, the role of boosting funds can not be ignored. If banks try their best, even city commercial banks will achieve good sales results." A public fund in South China said.

According to the above-mentioned reports, there are 2.6 billion commercial and commercial banks of Ningbo and China Merchants Bank.

Among them, China Merchants Bank has the largest number of funds, with 7, followed by ICBC and CCB, with 5 and 4 funds respectively.

"China Merchants Bank, especially the main channel." South China a tripartite fund sales platform told the 21st century economic reporter.

As a matter of fact, many companies have been trying to attract more people through the channels.

Among the 26 top 10 billion level funds, the custody bank from China Merchants Bank includes the Ruiyuan balanced value of the star fund company Ruiyuan fund, the e fund high-quality enterprise managed by star fund manager Zhang Kun for three years, and the Bank of communications innovation leader managed by Guo Fei, the top ten fund manager in 2019.

Poor institutions

Compared with the "star shining" of custody funds under well-known channels, more small and medium-sized fund companies are lagging behind in the competition.

According to the channel, historical performance, investment and research ability, fund managers and so on are important measurement factors of the inclusion criteria.

"Similar to the five-star selection of CMB, the threshold of choice is relatively high." Said the fund seller.

According to the data, the five-star selection is the fund service system provided by China Merchants Bank for customers, including expert team, fund optimization, fund allocation, fund academy and fund information service.

The selection method is that CMB collects senior fund researchers, excellent rating agency analysts and experienced fund product managers in the industry to investigate the historical performance, company size and investment research capability of the fund, track the latest trend of fund managers, and select the most potential fund varieties from hundreds of funds with market analysis.

"It's not good to talk about." A public fund channel business person said frankly when talking about the cooperation with China Merchants Bank.

A person from a commercial bank in East China told the 21st century economic report that "our practice is similar to that of China Merchants Bank. It is a scoring access system. According to the resolution of the fund evaluation committee of the head office, we dynamically adjust the five-star pool products, including equity and fixed income

"In fact, for banks, the more funds they sell, the more trouble they will have in the future if the funds lose money, so we also focus on selecting the best." The person said.

In fact, some fund managers are being abandoned in terms of data.

According to the 21st century economic report, the top 50 Qianhai open-source dividend yield with the worst performance in the past year as of July 22 among the ordinary equity funds. The fund has a loss of 5.93% in the past year, and the fund manager is Shi Cheng. However, the new fund, Qianhai open source emerging industry, which was launched in March this year with Shi Cheng as the fund manager, finally merged and issued 231 million shares.

Not only ranked in the penultimate of the total number of active equity funds issued this year, compared with the Qianhai Kaiyuan fund, which was issued in February this year, the fund's share of issuance has also decreased by more than 90%.

On the other hand, from the perspective of fund companies, many small and medium-sized fund companies, such as Jiutai fund, Guoshou security fund and Guojin fund, have not issued active equity funds with a scale of more than 500 million yuan since this year. In addition, more than ten fund companies, including Soochow Fund, Zhonggeng fund, Jinyuan Shunan fund and Beixin Ruifeng fund, have not issued active equity products since this year.

The above-mentioned people will choose to withdraw the fund portfolio in the form of expected return under certain control

"We are very strict in the selection of funds. Our goal is to select high-quality products with excellent historical performance, clear investment logic, strong investment research platform and sustainable future probable performance. In the selection, we mainly consider two factors: fund company and fund manager. " A listed bank told the 21st century economic reporter.

"For example, fund companies' corporate governance, operation and management, public opinion information and other aspects, including the stability of equity structure, the scale of corporate management, etc.; while the ability of fund managers is an important factor affecting the future performance of products, we focus on the ability of fund managers to obtain excess earnings, which will be combined with quantitative analysis of historical performance and qualitative interviews with fund managers Comprehensive evaluation. Through the comprehensive evaluation of fund companies and fund managers, we will continue to strictly select the best products. " The person said.

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