The Newly Issued Shares Of Public Funds Have Exceeded 3 Trillion Yuan, And The Hot Money Funds Have Continued To "Brush The List" For A Decisive Battle In Scale

Near the end of the year, the issuance of new products of public funds continued to make efforts.

According to the latest data released by the fund industry association, by the end of October this year, the management scale of public funds has reached 18.31 trillion, which is the first time that the management scale of public funds has exceeded 18 trillion.

Wind data shows that as of December 17, more than 1330 new funds have been set up this year, with a total issuance share of more than 3 trillion, setting a new record in previous years.

In fact, since this year, the public offering market continues to be hot, and new funds are constantly exploding. With the time window of year-end scale war superimposed, all institutions have made adequate preparations.

Since December, there have been a number of hot money funds in the market, including active equity funds and "fixed income +" products with continuous fund absorption.

"This year, the market is hot. A fund's one-day raising data can exceed tens of billions or even hundreds of billions, which was hard to imagine before, and the management scale of some fund managers has also soared to tens of billions. In the past two years, the profit-making effect has continued, and public funds are relatively easy to sell. " A public fund source in South China told the 21st century economic reporter.

As of December 17, the first batch of five public fund companies have issued the 2021 strategy report. Visual China

Top selling products

The market remained hot at the end of the year.

According to wind data, since December, as of December 17, a total of 78 new funds have been launched. Among them, there are six funds, including Jingshun great wall core Zhongjing one-year holding, investment promotion industry selection, southern industry upgrading, Penghua preferred growth, Jiashi high-quality selection, and China EU value growth, with an issue share of more than 5 billion.

The upper limit of the fund raising scale of Jingshun great wall core Zhongjing holding and investment promotion industry selection is 8 billion yuan, and both of them trigger the proportion placement, with the placement proportion of 27.57% and 75.9% respectively.

According to the announcement of the fund company, Jingshun great wall core Zhongjing one-year holding period hybrid fund was originally planned to be raised from December 7 to December 18. By December 11, the total amount of subscription application (excluding the interest during the raising period) of the fund has exceeded 8 billion, reaching the upper limit of the raising scale. The effective control of the raising scale is realized by the method of confirmation of doomsday proportion.

From the current market situation, although the end of the year market volatility, but investors on star fund managers recognition is still not reduced.

According to the data, Yu Guang, one year's fund manager of Jingshun Great Wall's core, is Yu Guang. Yu Guang is the stock investment director of Jingshun Great Wall Fund. He has managed public funds since 2010. He is also one of the few veteran investors with more than 10 years' investment experience.

In fact, in the past year, the scale effect of star fund managers has been fully verified by the market. The "star making" movement has also become a sharp tool for various institutions to attract gold.

In addition to active equity products, "fixed income +" funds also continued to draw money at the end of the year.

Just this week, China Merchants Bank's Ruiyuan stable special account series sold out on its first day, with a quota of 5 billion sold out in one day.

Huaxia Fund also announced that the company's Huaxia Dingqing bond fund was established, with an initial amount of 10.64 billion yuan.

The "fixed income plus" strategy can be divided into two parts. One part is "fixed income", which mainly focuses on the traditional bond market investment, including financial bonds, national bonds, local bonds, credit bonds, etc. the yield of this kind of target is relatively stable. The other part is "+", which can be imagined to have more contents, such as stocks, new sales, private placement, convertible bonds, stock index futures, fof and other products with high yield elasticity.

"At present, the net value transformation of bank financial products has broken the rigid exchange, and it is unable to guarantee the principal and yield. In addition, the yield of pure debt products continues to decline. Investors hope to find a product with a certain yield and low overall risk. In this case, the "fixed income +" products with stable growth and small withdrawal are favored. " The director of fixed income of a large public offering fund in Beijing said in an interview.

A decisive battle at the end of the year

Along with the boom fund continues to attract money, is the annual public fund scale war.

According to the investigation of 21st century economic report reporters, many organizations regard active rights and interests and "fixed income plus" as the main battlefield to continue their efforts.

"The equity market is hot, and we will continue to sprint at the end of the year with the help of this year's revenue advantage." A medium-sized public offering fund said.

"According to the current market situation, we are also preparing for the next year's layout. Active equity, fixed income +, including ETF products, are the driving direction." Beijing a large public offering fund personage points out.

From the current situation of funds being issued, Huaxia Fund, Jiashi fund, Guangfa fund, Boshi fund and other head fund companies have not reduced their new products.

It is worth noting that from the current market fund returns, as of December 16, 27 active equity funds have doubled their earnings in the year, far more than last year. Among them, ABC Huili industry 4.0 temporarily ranked first, with a return of 131.51%; three funds, namely, new energy theme, GF high-end manufacturing, and research selection of ABC-C, exceeded 120%.

"The money making effect of public funds has been highlighted again this year, and some star products are still being pursued by investors at the end of the year." According to the above-mentioned public funds.

However, many institutions have proposed that they should appropriately lower their income expectations for next year.

"In the past two years, the market is mainly to earn money from the rise in valuation, and the follow-up market may turn to profit from the growth of corporate profits. From the perspective of valuation, neither the index dimension nor the industry dimension is cheap, but the overall systemic risk is not large. It is suggested that the income expectation in 2021 can be appropriately reduced. " Jingshun Great Wall Fund believes that.

"At present, the adjustment of A-share market is to prepare for the restless market in spring, and the profit-making effect is not in place. It is difficult to directly open up the restless market in spring in the current position, and it is still a shock market in the short term. The net inflow of foreign capital into the Shanghai stock market shows that the traditional undervalued blue chips are still attractive to long-term funds. Under the background of the high level of social finance credit and the background of superimposing policies to prevent the disorderly expansion of capital, we should be alert to the risk of the flash collapse of overvalued stocks that expand wantonly at the end of the year. " Wei Fengchun, chief macro strategy analyst of Boshi fund, pointed out in an interview.

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