1709 Fund Dividends Nearly 100 Billion Debt Based "Red Envelope" Main Force

2020 can be called "the year of fund". As of July 31, a total of 819 new funds have been set up this year, with a total issuance scale of more than 1.6 trillion yuan. At the same time, many funds have chosen to "drop their bags for safety" and distribute "red envelopes" generously to investors.

Benefited from the good market situation of the stock and bond market last year, the fund's profit-making effect is obvious, and the fund's dividend amount in the first half of this year has also increased significantly compared with the same period last year. Among them, bond funds and performance equity funds have the largest dividend intensity.

The annual dividend reached 99.703 billion

Wind data shows that as of July 31, a total of 1709 funds (with different shares calculated separately) participated in the dividend, with a total dividend of 99.703 billion yuan, much higher than that of the same period last year. In the same period last year, a total of 1187 funds (with different shares calculated separately) distributed "red envelopes" with a total amount of 54.489 billion yuan.

In contrast, this year's fund dividends are more active and generous, with an increase of 82.98%.

Judging from the types of funds participating in the dividend, this year's bond base has become the main force in distributing "red packets". As of July 31, 1156 bond funds had participated in the dividend, accounting for 67.64%; the cumulative amount of dividends was 58.572 billion yuan, accounting for 58.75% of the total dividends of the fund since the beginning of this year.

An insider of a public offering fund in South China told reporters that the main reason for the dividend was that the bond market was in a bull market in the previous two years, and that 2019 was a big year for the issuance of amortization cost debt and short-term debt funds. Therefore, the scale of the debt base established last year is at the historical peak, and a large part of the bond funds have set up compulsory dividend clauses, so the increase in the scale of the debt base drives the dividend payment this year The amount goes up.

"There is also a major reason for the debt base intensive dividend in the year. In the first half of this year, the bond market performed generally, and some funds hope to be safe with the existing income." Shanghai a public offering fund investment research personnel pointed out.

From the dividend frequency point of view, a total of 23 funds in the year dividend more than 5 times. According to statistics, since this year, Baoying's core advantage hybrid A / C has the highest dividend frequency, 12 times, with a cumulative dividend of 291 million yuan; followed by four funds, namely, Huaxia return hybrid a, Huaxia return No.2 hybrid, Huaxia Dingli bond C, Huaxia Dingli bond a and so on, paid dividends eight times within the year. In addition, there are 17 funds, such as Boshi Yuying 3-month fixed opening bond and ICBC 3-5-year CDB bond index a, which have paid dividends more than 5 times.

Since this year, a total of six funds have paid dividends of more than 1 billion, most of which are equity funds. "Because this year's active equity income is very high, the old fund contract requires compulsory distribution of a certain amount of distributable profits, so the stock type and mixed type also contributed more dividends." Said an insider of a public offering fund in South China.

Among the funds with more than 1 billion dividends in the year, Xingquan light assets had the largest amount of dividends, with 32.4% dividends The industry allocation belongs to balanced type; southern component selection mixed a and Fuguo Tianbo innovation theme mix followed closely, with dividends of 1.476 billion yuan and 1.314 billion yuan respectively; Huaxia return hybrid a, Bank of China Securities amjin bond a, and Damo multiple income bonds a distributed 1.287 billion yuan, 1.199 billion yuan and 1.152 billion yuan respectively.

The total dividends of the above six funds reached 9.668 billion yuan, accounting for nearly 10% of the total dividends of this year's funds.

The reporters found that the funds with a dividend amount of more than 1 billion yuan showed obvious differentiation in this year. Among them, Fuguo Tianbo's innovation theme mixed performance was the best, with an increase of 53.51% in the year, far exceeding the average level of the same category; while Xingquan light capital, southern component selection hybrid A and Bank of China Securities amjin bond a all underperformed the similar average.

In terms of unit share amount, Penghua Qianhai Vanke REITs was the most generous, with a dividend of 79.12 yuan per 10 fund shares; Xingquan light capital received a dividend of 15 yuan per 10 fund shares; and Fuguo Tianbo innovation theme mixed with 10 fund shares received a dividend of 9.05 yuan, ranking second and third.

The more dividends, the more worth buying?

From the same period of last year, the dividend intensity of the fund was intensive.

However, what does the frequency and amount of fund dividends mean to investors? Is it worth buying more dividends?

According to a number of insiders of public funds, the number and scale of fund dividends in the past should be neutral to investors, neither losing nor earning. Moreover, fund dividend is not an important indicator to judge whether a fund is good or bad. Investors can not choose to buy a fund only based on the past dividend.

An insider of a public offering fund in South China explained: "the fund dividend is a normal fund operation behavior, which is mainly based on the contract provisions and the judgment of the fund manager. For investors, except for the dividend terms stipulated in the contract, the past dividends of other products can not predict the subsequent fund operation, so investors do not need to consider too much about the past dividend operation when selecting funds."

A public offering fund investor in Shanghai pointed out that the fund's dividend comes from the fund assets. After the dividend, the net value of the fund will decrease. The dividend will not reduce the investment risk and will not increase the investment income. The function of the dividend is to help investors to make a safe and sound investment. It is equivalent to redeeming part of the fund assets without paying the redemption fee.

Fund dividend has two ways, one is cash dividend, the other is dividend reinvestment. According to the investors and researchers of a public offering fund in Shanghai, investors can make flexible choices according to their own judgment on the future market. If they are optimistic about the future market, they are suggested to choose dividend reinvestment; if they are more cautious about the future market, then the cash dividends can be settled in advance.

If the net loss of the fund is less than the net profit of the current year, it can not be distributed until the net loss of the fund is less than that of the current year.

In other words, a fund that can pay dividends means that it has been profitable before, and it also shows that the fund is operating well; if the net value of the fund falls, it can not pay dividends.

According to the above-mentioned public offering people, the fund dividend can not be an important basis for judging whether the fund is good or bad. Then why are there so many fund intensive dividends in the year?

A mutual fund manager in Shanghai pointed out that fund dividend is one of the skills of fund managers to adjust and reduce positions.

"When the fund scale is large or the fund inflow is large in the short term, it will affect the fund manager's follow-up operation, and if the fund is too large, it may dilute the investment income of the fund." "After the implementation of dividends, once some investors choose to cash dividends, then this part of the funds will be equivalent to automatic redemption, and the fund will achieve the effect of" slimming down. "

In addition, is one of the means to promote the sale of funds. The above-mentioned fund managers said that after the fund dividends, the net value of the fund will decline in the short term, and many inexperienced investors are more inclined to buy low net worth funds, so the dividend is conducive to fund companies selling funds. (Editor: Wu Yanling)

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