Decoding The Ranking List Of 20 Trillion Fund Scale: 35 Companies With More Than 100 Billion Star Fund Managers Become "Sharp Weapon" Of Scale Explosion

Public funds will enter the 20 trillion era.

According to the data of the fourth quarter report of public funds in 2020, the scale of public funds at the end of last year was nearly 20 trillion yuan, an increase of 34.66% compared with the total scale of 14.77 trillion yuan at the end of 2019.

Among them, by the end of 2020, the scale of stock funds (2.06 trillion yuan) plus hybrid funds (4.36 trillion yuan) reached 6.42 trillion yuan, which was 101.25% higher than the 3.19 trillion yuan scale of stock funds (1.30 trillion yuan) plus mixed funds (1.89 trillion yuan) at the end of 2019.

This shows that equity funds play a key role in the skyrocketing fund scale in 2020.

In the year of 2020, which fund companies are going up the ladder? What factors are boosting the scale of public offering?

Evolution of top 10 scale

According to the data from Tianxiang investment consulting, the top 10 public fund companies (excluding monetary funds, including estimated funds, the same below) are e fund, huitianfu fund, Huaxia Fund, Guangfa fund, Nanfang fund, Fuguo fund, Harvest Fund, Boshi fund, China Merchants Fund and Penghua Fund.

"Judging from the situation in the fourth quarter of last year, the" capitalizing "effect of public funds has been further strengthened under the background of fund bull market. No matter from the management scale or market share, the top ten companies are accelerating the concentration. The background fund companies of the four major banks all faded out of the top 10, highlighting the intensified market-oriented competition in the industry. " One fund manager pointed out.

Compared with the end of 2019, there are 7 fund companies in the top 10, including huitianfu (up 3 places), Guangfa Fund (up 3 places), Wells Fargo Fund (up 4 places), Harvest Fund (up 1 place), China Europe Fund (up 11 places), Xingzheng Global Fund (up 4 places) and Penghua Fund (up 2 places); in addition, e-fund Technology Co., Ltd Gold kept the first place, Huaxia Fund kept the third place unchanged, and southern fund dropped one place.

Among them, among the top 10, the ranking of China EU fund has risen most rapidly, from 19th in 2019 to 8th in 2020, up 11 places.

"Judging from the top 10 companies in the fourth quarter, there is no exception that the companies with both" marketing "and" performance "focus. In recent years, fund non commodity scale ranking and golden bull award winners show that pure investment and research performance factors are gradually weakening, and fund companies with innovative marketing ideas are further rising. " A senior person in the fund industry said.

According to the above fund personage, for the development of fund scale, "e-commerce platform and new brand marketing are the main battlefield of future marketing. In addition, how to strengthen the binding with the head sales channel is also a big article. "

As for the China Europe Fund, which has the fastest growth in the top 10 fund size list, the fund insiders believe that "the e-commerce platform marketing of China Europe Fund is particularly good. Take Glenn, the star fund manager of China Europe Fund, as an example. In the first quarter of last year, her management scale was only 8 billion yuan. In the second quarter of last year, the scale reached more than 20 billion yuan without new issuance. In the third quarter of last year, the subscription amount of China Europe alpha reached 80 billion yuan, mainly relying on the continuous marketing of the e-commerce platform. "

In addition, the Fund said, "Penghua Fund has been very successful in strengthening the cooperation with head sales channels."

As a matter of fact, last year, Penghua Fund Wang Zonghe's new fund, Penghua ingenuity, raised a total of 29.691 billion yuan, with 137.1 billion yuan of subscription funds a day, and 1.833 million units of total subscription, setting a record of "absorbing money" in history.

The above-mentioned fund industry personage pointed out that at present, fund companies are strengthening cooperation with head sales channels, including China Merchants Bank, four major industrial and rural construction banks, as well as Internet platforms such as ant, as well as channels in recent years such as Bank of Ningbo, China CITIC Bank and industrial bank.

From the data, in the fourth quarter of last year, 35 fund companies entered the "100 billion club".

Among them, e fund fund has a unique style, with a scale of more than 800 billion yuan; there are 3 members of 500 billion yuan "club", which are huitianfu fund, Huaxia Fund and Guangfa fund; 4 "clubs" of 400 billion yuan are Nanfang fund, Fuguo fund, Harvest Fund and Boshi fund; there are 4 clubs of 300 billion yuan, namely China Merchants Fund, Penghua Fund and ICBC Credit Suisse, China Europe Fund; another 7 were listed in the 200 billion yuan "club", and 16 were among the 1000 yuan "club".

In fact, the profitability of companies with large equity fund scale is also relatively strong.

According to Tianxiang investment consulting data, in the fourth quarter of 2020, e-fund made the most profit, reaching 75.563 billion yuan, followed by Huaxia Fund with a profit of 49.075 billion yuan. In addition, the total profits of the funds of huitianfu, Fuguo, Guangfa, Jiashi and China Europe in the fourth quarter of last year were all more than 30 billion yuan.

Dong Haibo, a macro researcher at GESHANG, believes that the scale of partial share public offering funds increased significantly last year, mainly due to the good profit-making effect of A-shares and the general good performance of funds in the past year. At the same time, the efficiency of A-share market has been improved, the differentiation of individual stocks is more obvious, and the demand for research ability is constantly improving, which has attracted investors to allocate more funds. It believes that the trend is expected to continue from the long-term dimension of more than 3-5 years, but in the short term, it should be noted that if there is a large correction in the market, it may lead to centralized redemption.

Star fund manager halo effect

In fact, the ranking of fund size is directly related to the star fund manager effect under the blockbuster fund.

"Last year, the top ten fund companies in terms of scale were all large public funds. The change of ranking mainly depends on whether or not they have issued hot money funds. The more popular fund is issued, the faster the scale of these top enterprises will rise, and the explosive fund has become the biggest variable of scale change." Yang Delong, chief economist of Qianhai open source fund, said.

2020 is the largest year in the history of fund issuance, with 3.16 trillion shares of newly established funds issued in the whole year, exceeding the sum of the previous three years of 2017, 2018 and 2019. At the same time, a large number of fund explosion, 40 funds issued more than 10 billion shares.

According to the data of Tianxiang investment consulting, in the fourth quarter of 2020, the total number of public funds (including feeder funds) has been net subscribed, with a net subscription of 643.379 billion, accounting for 4.04%. Among the 143 companies included in the statistics, 82 companies achieved net subscription. Among the 21 companies with more than 10 billion shares, Yinhua Fund, ICBC Credit Suisse fund and Guangfa fund had the largest net subscription shares, accounting for 68.880 billion shares, 62.819 billion shares and 61.663 billion shares respectively.

With the disclosure of the fourth quarter report of the fund in 2020, the data of fund manager management scale has surfaced.

Excluding money market funds, there are nearly 50 fund managers with a management scale of over 40 billion.

In terms of active equity funds, e fund Zhang Kun managed five funds with a total scale of 125.5 billion yuan, becoming the first fund manager with a management scale of more than 100 billion yuan. Among them, e fund's blue chip selection, e-fund's medium and small cap, e-fund's advantageous enterprises for three years, e-fund's new ideas and flexible allocation, and e-fund's Asian selected stocks were 67.7 billion yuan, 40.1 billion yuan, 10.8 billion yuan, 5.8 billion yuan and 1.1 billion yuan respectively.

In addition, the management scale of GF fund Liu Gesong reached 84.4 billion yuan, that of Jingshun Great Wall Liu Yanchun reached 78.3 billion yuan, the management scale of southern fund Mao Wei, e Fang Da Xiao Nan, huitianfu Hu Xinwei exceeded 60 billion yuan, and the management scale of Harvest Fund Guikai and Penghua lianghao exceeded 50 billion yuan.

In fact, the total scale of funds managed by Zhang Kun has reached more than 120 billion yuan, which can rank among the top 30 in the scale list of fund companies, which is equivalent to one person managing a medium-sized fund company.

"The phenomenon that the management scale of star fund managers continues to expand is just the best embodiment of" the head effect of funds. Under the circumstances that the head companies strengthen the personnel incentive, improve the depth and breadth of marketing coverage, and further strengthen the binding with the head sales channels, the difficulty of small and medium-sized fund companies to break through is further increasing. " One fund manager said.

However, the "head effect" brought by star fund managers also worries some people in the industry.

"If the management scale of fund managers is too large, it will be difficult to operate. Now the head effect is quite obvious. A star fund manager can issue more than 10 billion yuan. Under the current issuance mechanism, the management scale of star fund managers can reach 78 billion yuan, or even more than 100 billion yuan, which is equivalent to the management scale of many medium-sized fund companies. There are indeed difficulties in management, so investors should pay attention to the risks. If the management scale is too large, it is difficult to make good investment performance. " Yang Delong reminds us.

"The energy of fund managers is limited. As the scale grows larger and larger, it will become more and more difficult to find investment targets that can carry so much capital. In the end, it may lead to larger fund managers having to allocate more leading companies with large market value, and it will be difficult to adjust positions. If the matching between investment philosophy and scale of fund managers is reduced, the reduction of return rate is a high probability event. " Dong Haibo said that when investors rush after a certain asset, its return on investment will decrease, which is a natural phenomenon.

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