Fund Raising Channel Of Small And Medium Sized Banks

The hot public funds are facing a sales bottleneck.

According to the 21st century economic report, as of September 24, several funds such as Huatai bairuijingli, Haifutong growth selection, Beixin Ruifeng preferred growth, Xinyuan Anxin return, jiutairui and 18 month fixed opening have announced the extension of the raising period.

"Recently, the new fund market has indeed cooled down. The main reason is that the market is volatile and the short-term profit making effect is insufficient. Many new funds in the early stage have suffered losses after the market correction, and the investor sentiment is not high." A public fund source in South China told the 21st century economic reporter.

However, the recent hot sales scene of Kechuang 50ETF fund, and the five new funds of Huaxia Fund, e fund and other companies that can participate in the strategic placement of ant group stocks are still stirring the market nerves.

The reporter of 21st century economic report learned that the five new funds that can participate in the strategic placement of ant group are sold exclusively on ant platform. This attractive cake is "exclusive" by ants, which also stimulates the interest system of bank channels.

The reporter learned exclusively that the incident triggered opposition within the channel, or had a far-reaching impact on the future sales pattern of fund companies.

Market adjustment shocks fund performance

In September, the overall income of public funds was also affected by market adjustment.

Wind data shows that, since September 23, the average return of equity open-end funds in the whole market has been - 3.34%, of which 278 (by share Statistics) funds have lost more than 5.08%, which is lower than the Shanghai stock index; eight funds, such as Qianhai Kaiyuan Zhongzheng University Agricultural enhancement, huitianfu China Securities main consumption ETF, Qianhai open source value strategy, have lost more than 10%.

According to the data of newly established funds in the early stage, many new funds established for more than three months have also been in a loss state since September. Many of the fund explosion funds at that time could not escape the pressure of market adjustment.

From the perspective of external factors such as the coming of the general election, the US stock market is facing a continuous rise in risk aversion. At present, the A-share market still maintains a wide range of shocks, and the coming of the National Day holiday will have a certain impact on market liquidity Haifutong fund public equity investment department fund manager Shi Minjia thinks.

"This period of time, the market trend is still continuing the style rebalancing since the beginning of August, leading the plate from the early consumer technology to the financial cycle. At present, the real estate and infrastructure are transmitting more and more weak signals. The tone of monetary policy returning to normal will not change. Policy and fundamentals are not very supportive of further upward interest rates in the near future. It may be difficult to further deepen the market of sustained excess returns in the financial cycle since the beginning of August. " Beijing a mutual fund investment director said.

In fact, from the perspective of current institutional analysis, the more balanced allocation has been mentioned by many institutions, while the consumption, technology and other stocks held by everyone during this period of time have appeared the phenomenon of "group collapse", and the fund allocation may have changed.

"At present, there are also some adjustments in the public fund portfolio in the market. The main wind direction is to gradually switch from overvalued value to undervalued value, and from high valuation flexibility to high performance flexibility and pro cyclical attributes. We mainly select high-quality companies with improved penetration rate, large spatial direction and reasonable horizontal valuation comparison, attach importance to auto parts, cyclical growth and optional consumption. " A mutual fund manager in Beijing told the 21st century economic report.

Fund sales boom differentiation

In fact, compared with the market in previous months, the public funds market in September was hard to find. Many funds began to extend the raising period.

Not long ago, the market also had the first raised more than 10 billion or even 100 billion popular products. A recent "investor sentiment survey report" of Changjiang business school shows that from the end of April to the beginning of September this year, about 58.5% of respondents believe that a shares will rise in the coming year, up 7.3% compared with the data from the end of November to the end of April last year. What's more, the investors' willingness to invest in stocks has increased significantly, and the willingness to invest in conservative assets such as bank financial management has increased significantly It was lowered.

However, 21st century business reporter found that the number of funds that have extended the fund-raising period has increased since September.

Since August, the growth period of mutual fund has been extended by only 18 months.

In the case of Haifutong's growth selection, the fund began to raise on September 2, and the original deadline for raising was September 18 and September 16. It was announced that the fund raising period was extended to September 23.

In fact, during this period of time, Haifutong's Haifutong stock fund suffered from market doubts because of its rising scale and mediocre performance.

Although the market volatility has brought general pressure to fund sales, but in fact, the differentiation is also very serious.

For example, in the early issuance of science and technology 50 ETF, although the first four Kechuang 50etfs were only sold in one day, and the upper limit of the initial cash raising scale was RMB 5 billion, the information showed that the sales scale of the first four Kechuang 50etfs on sale on that day was estimated to be nearly 100 billion yuan.

For the five new funds to be issued on September 25, which can participate in the strategic placement of ant group, the upper limit of the five funds raised is 12 billion yuan, which has been expected to be "potential hot money" by the market.

Recently, when a public fund communicated with our reporter, he said, "the company and other companies have issued similar closed-end products at the same time. Although the closed-end period has not been very good to sell, the other company's sales are much smoother because of the star effect."

"For small companies, the pressure is still very high this year. Stars and fund managers are under increasing pressure. " A securities firm is a public offering fund.

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