Bull Market Aphasia "Hard To Talk About Hidden": 38 Public Offering This Year No New Products, Small And Medium-Sized Funds Encountered Difficulties

"In fact, our advantage is in the field of fixed income, and we also have good popular products. But this year, the market of equity funds is booming, and everyone's layout is very strong. We also want to focus on promoting equity products." On August 6, a small and medium-sized public fund source in Beijing told the reporter of the 21st century economic report.

In fact, due to the hot issue of equity funds since this year, many fund companies are eager to take a share of the market. It is not uncommon to see a similar layout strategy of public fund companies.

While the equity fund market is booming, there are also many fund companies "Aphasia" in this competition.

Since the beginning of this year, there have been 33fund and mixed fund, which have been reported by journalists since June 1998.

It is worth noting that in addition to this fund company, there are 38 fund companies in the whole market that have not issued active equity products since this year.

These funds include Changxin fund, Xinyuan fund, Zhonggeng fund, Dongwu fund, Donghai fund, Huatai Baoxing fund, Hengsheng Qianhai fund, etc.

Understanding the aphasia

From the 38 fund companies that have not yet issued active equity funds this year, most of them are small and medium-sized fund companies.

Zhonggeng fund, which has star fund manager Qiu Dongrong, also missed this round of equity fund issuance boom.

At present, three small Geng funds under the China Geng foundation and the China Geng foundation have been approved to be of value in China Geng fund and China National Securities Regulatory Corporation in 2018. Qiu Dongrong is the fund manager of three funds.

Wind data shows that the returns of the three funds managed by Qiu Dongrong have exceeded 35% so far this year as of August 5. Among them, the return of Zhonggeng small cap value is the highest, which is 42.31%. In addition, the return of flexible allocation of Zhonggeng value is more than 40%, reaching 41.12%.

Taking Zhonggeng small cap value, which has the highest return at present, as an example, according to the classification and ranking of the fund's general equity funds, the return of Zhonggeng small cap value as of August 5 this year ranked 224th among 474 general equity funds (by share Statistics) in the whole market. According to the average return of 474 common stock funds, the return of the small cap value of Zhonggeng exceeded the average value of 41.29%, about one percentage point.

Although the performance ranks in the middle and upper reaches, from the perspective of scale, the size of Zhonggeng small cap value at the end of the first half of this year has declined to a certain extent compared with that at the end of the first quarter of this year. By the end of June, the value scale of Zhonggeng small cap totaled 2.531 billion yuan, a decrease of 339 million yuan compared with that at the end of the first quarter and 280 million yuan lower than that at the end of last year.

On the whole, the management scale of Zhonggeng fund at the end of the first quarter of this year was 7.31 billion yuan, an increase of 126 million yuan compared with the end of last year. At the end of June this year, the overall management scale of Zhonggeng fund was reduced to 6.659 billion yuan.

Another typical case is Soochow Fund. Data shows that there are 34 funds under Soochow Fund, of which 19 are active equity funds.

And Soochow Fund this year is quite affected by the sequelae of fund stepping on thunder. Earlier, the funds of Soochow Fund, such as Soochow Youxin sound, Dongwu Dingyuan double debt, Dongwu Zengli and Dongwu Dingli, went into liquidation due to stepping on thunder.

There is also a wave of fund managers leaving. Wind data shows that as of August 6 this year, a total of 10 funds of Soochow Fund have changed fund managers. The latest one was on August 4, when Soochow industrial revolving hybrid fund announced the change of fund manager. Wang Lili, the former fund manager, left his post due to the company's business development, and the new fund manager was Wu Wei.

From the overall management scale, since this year, Soochow Fund has been declining. According to the data, the total management scale of Soochow Fund at the end of 2019 was 20.178 billion yuan, which dropped to 14.058 billion yuan by the end of March this year, and further dropped to 11.871 billion yuan by the end of June this year. Among them, the total scale of stock funds also showed a gradual decline, while the total size of hybrid funds and bond funds fluctuated at the end of March and June this year.

"Since the beginning of this year, most of the fund issuing companies are head fund companies. On the whole, the current industry competition pattern also presents the situation that the strong are always strong. This situation is also normal, the industry has developed to a certain stage, the head of large fund companies have formed a certain barrier. " A public offering industry analyst in Beijing said in an interview.

Fund companies have different strategies

In fact, this year's issuance of corporate equity is very active compared with the market.

The 21st century economic report reporters have found that huitianfu fund, e-fund, Nanfang fund, Boshi fund, Guangfa fund and Fuguo fund have issued more than 10 active equity products since August 6 this year.

The issuance scale of several funds exceeded 10 billion. Wind data shows that among the 15 public funds with more than 10 billion shares issued by merger, the managers are basically the top large public fund companies. Among them, huitianfu fund has 5 funds with more than 10 billion shares.

"The pace of new product release in the first half of the year is very fast and has been busy all the time." A public fund source in South China told the 21st century economic reporter.

From the perspective of new fund issuance in April, the company only issued some new products. For example, huitianfu fund, Guangfa fund, etc., both of which launched four new active equity products in July.

The boom in the industry has given birth to the enthusiasm of fund companies. A medium-sized public offering fund said frankly, "since this year, the pace of new product issuance has been accelerated, and the number of new products has exceeded the value of last year. The main reason is that the market is booming and we hope to seize the development opportunities. "

However, some fund companies have put forward different layout strategies.

In response to the reporter of the 21st century economic report, the person concerned of Zhonggeng Fund said, "at present, there is no new product plan. The company's initial product strategy is to take a small but refined line, and want to operate the existing three products well."

According to the data, the current three funds of Zhonggeng fund were established in December 2018, April 2019 and July 2019. Since then, no new products have been launched.

"So far this year, we have not launched any new active equity products, but we have focused on the continuous marketing of existing products, and new products have been under planning." A public fund-raising reporter told a reporter.

"For small and medium-sized fund companies, in the current background of fierce competition in various tracks, if they want to break through, they must seize the characteristic field and make their own unique advantages. On the other hand, the tide of turnover in the bull market is fierce. In order to retain the core talents, the incentive mechanism should be constantly improved Analysts said.

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