Enlightenment Of Fund Issuance In 2020: Explosive Funds Boost The Number And Scale Of New High, Matthew Effect Squeeze The Living Space Of Small And Medium-Sized Public Offering

Pang Huawei, researcher of the 21st Century Capital Research Institute, reports from Guangzhou

According to the statistics of the 21st Century Institute of capital research, as of November 5, 2020, 1205 new funds have been issued by public funds this year, with a fund-raising scale of 2.6 trillion yuan, both reaching a new high. And among them, there are more explosive funds and more equity funds.

But at the same time, it also presents new characteristics. At present, the issuance scale of equity funds is mainly concentrated in the top 10 fund companies. Industry insiders believe that in the future, equity funds will still attract funds, and funds will continue to pursue the products of excellent fund managers, and the ratio of February to August differentiation will still be more serious.

What signals will this change bring to industry funds?

New situation and characteristics of new year of issue

According to the data, as of November 5, 1205 new funds have been set up this year (Note: in the statistics of the number and scale of fund issuance, transition funds and post classified funds are excluded, for example, class A shares are established first, class C shares are established later, and class C shares are excluded).

This figure has exceeded 1036 in the whole of last year. The scale of new development was 2.6 trillion yuan, more than last year's 1.42 trillion yuan.

This year, the average number of new funds issued is 2.160 billion, which is much higher than that of 1.372 billion in 2019. Among them, the number and share of hybrid funds are the highest.

Statistics from the 21st Century Institute of capital show that as of November 5, 549 hybrid funds were issued this year, totaling 1.38 trillion shares, accounting for 52.88%.

Looking back on history, the largest number of hybrid funds was issued in 2016, with 449. However, in 2015, the highest share and proportion of shares were issued, reaching 0.85 trillion shares, accounting for 64.28%.

In terms of quantity and proportion, 366 (64.28%), 449 (41.05%), 343 (29.84%), 326 (39.40%) and 306 (19.34%) in 2015, 2016, 2017, 2018 and 2019, respectively.

From the historical data comparison, in 2020, the market once again likes hybrid funds.

The background is that the stock market has done well this year, but the performance has been quite magical. Compared with the stock fund and bond fund, the asset allocation structure of the hybrid fund is very flexible. It can invest in both stocks and bonds. The investment ratio is more flexible, and it can be attacked and retreated. Therefore, it is more popular in the market. Compared with the stock fund, the stock position of the mixed fund is limited to 0 ~ 95% of the fund assets, and the position requirement of the stock fund is not less than 80%.

However, under the A-share bull market this year, the number of new equity funds has also reached 198, with 0.32 trillion shares, accounting for 12.33%. In terms of scale, it is slightly lower than the 199 newly established in 2015, with 0.35 trillion shares, accounting for 26.64%.

However, since the beginning of this year, there are only 421 newly established bond funds, with 0.88 trillion shares issued, accounting for 33.90%. Last year, the number of new bond funds was 492, with 0.89 trillion shares issued, accounting for 62.87%.

In addition, no monetary funds have been set up this year, while alternative funds and new QDII funds add up to less than 1%.

Judging from the current issuance scale, this year, the scale of stock funds and hybrid funds accounts for about 65% of the total fund issuance, while bond funds account for about 34%. It can be seen that the main types of funds issued this year are equity funds.

"The issuance scale of equity funds has increased significantly this year." In this regard, Zhang Ting, chief strategist of Ge Shang financial management, said.

Zhang Ting believes that there are several reasons for the popularity of active equity in the market this year: the equity market has performed well this year, and many funds have made considerable returns, attracting a lot of incremental funds; second, many excellent fund managers have issued products this year, and the number of fund-raising funds has become increasingly popular, and the fund-raising situation has been divided into two or eight. Star funds need to limit the scale of fund raising, Third, equity assets will become the main investment direction in the future.

Hot money fund Matthew effect

"In the future, equity funds will still attract funds, and the differentiation between February and August will be more serious. Funds will pursue the products of excellent fund managers. If fund managers want to break through, they must find ways to do a good job in their performance." Zhang Ting said.

However, at present, there are still opportunities for equity assets, but the difficulty of stock selection is much greater. The market has entered the stage of structural overvaluation. With the reduction of investment opportunities in the future, the proportion of equity funds issued may also decline periodically, but in the long run, the proportion of equity funds will remain at a high level.

As of November 5, 111 new funds have been sold out this year.

Among them, the largest one was the southern growth pioneer issued on June 8, with a share of 32.115 billion shares. The fund managers were Mao Wei and Wang Bo.

In addition, the large-scale new funds to be issued this year include huitianfu mid cap value selection (29.743 billion shares) managed by Hu Xinwei, Penghua ingenuity selection (29.691 billion shares) managed by Wang Zonghe, Hua'an Juyou selection (29.067 billion shares) managed by Rao Xiaopeng, balanced growth of e Fangda managed by Chen Hao (26.967 billion shares), and huitianfu steady income (21.634 billion shares) managed by Zhao Pengfei and Xu Yiheng ）。

In addition, this year, 30 new funds will issue 10-20 billion shares; 129 will issue 5-10 billion shares; 68 will issue 3-5 billion shares; and 100 will issue 2-3 billion shares.

In the past year, the issuance scale of new funds is mainly concentrated in the head fund company, and the top fund is also mainly from the head fund.

Wind data shows that as of November 5, 2020, the largest fund companies to issue in the past year are: huitianfu Fund (178.5 billion), e fund (175.8 billion), Southern Fund (123.9 billion), Penghua Fund (118.9 billion), Guangfa Fund (118.8 billion), Huaxia Fund (90.3 billion), Fuguo Fund (80.8 billion), Harvest Fund (80.6 billion), and Yinhua Fund (630.6 billion) China Europe Fund (62.5 billion).

Most of the new funds issued by the above-mentioned fund companies in the past year are equity funds, and most of these companies are among the top in the scale of fund companies.

In addition, some funds with a large number of new equity funds, the scale of rapid expansion. At the end of last year, HuiFu listed No. 2 in terms of the size of its bond issuance (No. 2) at the end of last year.

Zhang Ting said that at present, the issuance scale of equity funds is mainly concentrated in the top 10 fund companies. Most of these fund companies have their own star fund managers and the investment ability of equity funds is strong.

According to the industry estimates, the future polarization will still be more serious, fund companies should gradually form their own ability circle and barriers, so as to occupy a place in the market.

?