"Sudden Change Of Painting Style" In A-Share Giant Earthquake Fund Circle: New Fund Issue Is Cold And Old Fund Is "Repositioning And Changing Base"

On March 2, the Shanghai index was close to 3500 points. With the correction of the stock market after the festival, the boom of new fund issuance, which was popular before, began to be cold.

At the same time, the 21st century economic report reporter learned that in the process of market turbulence, some investors voted with their feet, and the old fund appeared the phenomenon of "changing positions and changing bases".

However, according to the reporter's statistics and interview survey, although some funds have been redeemed in the market, there is no "net redemption return" at present, and more is "position adjustment and base exchange". For example, some ETF funds flow into broad-based Index ETF from industry ETFs. In addition, some funds have recently poured into consumer funds with a large number of callbacks.

New fund issue is cold

On March 1, 25 new funds were launched, including some well-known fund managers, such as Wang Jian from China and Europe, Ying Shuai from southern China, and Wang Jing from China Merchants. At the end of last year, the management scale of active equity funds exceeded 10 billion yuan.

However, some news points out that the subscription scale of new products issued on the first day under the leadership of well-known fund managers was only a few hundred million, and there was a big gap compared with the previous issuance performance.

In February, according to wind data, 165.624 billion shares were issued by the new fund on the first day of subscription (the same below). In contrast, the new fund issued 554.523 billion shares in January. This means that the share of new funds issued in February was 70% lower than in January. Although there are Festival factors, the overall distribution is not as good as January.

In addition, in February, there were two partial stock hybrid funds and one ETF linked fund failed to issue, which were CICC Fengsheng, CICC Fengying and RONGTONG gem ETF link.

Obviously, this situation is still continuing in March, and the market expects that the cold situation of new fund issuance may further ferment.

In contrast, in January this year, the issuance of new funds was hot, and new funds were constantly exploding. Many funds were sold out in one day, and even the scale of raising products reached as high as 240 billion yuan, setting a new record in the history of public offering.

Industry insiders pointed out that the issuance speed of new equity funds has slowed down significantly in the past two weeks. Recently, A-share institutions' heavy positions have been significantly adjusted, which is expected to significantly affect the issuance of new funds after March.

However, according to the reporter's interview, the cold situation of the new fund issuance has not affected the fund company's issuance plan for the time being.

Wind data shows that 105 new funds will be issued in March, including 20 equity funds, 71 hybrid funds, 12 bond funds and 2 QDII funds.

A person from the issuance department of a small and medium-sized fund company said that at present, the company still pushes forward the issuance work according to the annual plan. The market influence will make it have certain adjustment, but the overall plan has not been affected.

A person from a large fund company with strong strength of equity funds said that recently the company got the approval of new products and issued them as soon as possible, and the issuance scale was not greatly affected.

As for the construction of positions, the above-mentioned fund personages said that the pace of the new fund's warehouse building is basically based on the changes in the market, and the pace of building positions is selected according to the market situation on the basis of cash management. If there is a big adjustment in the market, the warehouse building progress will be accelerated.

Old fund's "changing positions and changing bases"

Since the year of the ox, about 90% of the net value of active equity funds has fallen. Whether to redeem the funds has become the focus of discussion among the fundamentalists.

"From the recent ETF and other fund situation, the net redemption tide did not occur." Some fund people said.

According to wind data statistics, from February 18 to March 2, the total shares of 318 stock ETFs that can be counted increased from 443.3 billion to 464.2 billion, and the fund shares increased by 20.9 billion, a small increase of 4.71%. There was no redemption, but differentiation.

Among them, from February 18 to March 2, 127 stock ETF fund shares decreased, 142 stock ETF fund shares increased, and 49 ETF stock fund shares remained unchanged. The number of stock ETFs reduced is less than that of increased holdings.

Among them, the shares of 8 ETFs decreased by more than 100 million, including 556 million for real estate, 301 million for banks, 148 million for dividend, 141 million for food and beverage, 137 million for computers, 131 million for dividend, 124 million for Internet 50 and 113 million for software.

In contrast, the shares of five ETFs increased by more than 1 billion, namely, gem 50 increased by 2.474 billion shares, Kechuang 50 ETF increased by 1.994 billion shares, medical ETF increased by 1.464 billion shares, non-ferrous metal ETF increased by 1.036 billion shares, and food and beverage ETF increased by 1.023 billion shares.

"At present, most of the fundamentalists still have floating surplus, so there has not been a wave of redemption yet." Ge Shang macro researcher Dong Haibo thinks.

"The purchase and redemption of old funds have increased compared with the previous period, which shows that the market has different expectations for the follow-up trend. Some investors redeem the fund to stop profit and stop loss, and some investors think that the current situation is relatively low and reverse the position." Dong Haibo said.

On the whole, from the perspective of ETF capital flow, the recent funds are more in favor of wide base index, pro cyclical non-ferrous metals, and the food and beverage, medical and health industries that were previously held together.

From the perspective of active funds, the reporter learned that there is no redemption tide at present.

A large fund company told reporters: "our company's redemption situation is good, some equity funds also appeared net inflow, the purchase of more or consumer funds."

As for the consumer funds which had fallen sharply before, why did some people "buy the bottom" at this time? The person explained, "the company's consumer funds have been relatively strong in recent years, and it may be that it is difficult for the fundamentalists to change their" beliefs "all at once."

A person from a small and medium-sized fund company said: "we have redemption, but the basic and holding hedge, the impact is not big."

A person from a medium-sized fund company said: "our company did not feel the return of net redemption. This situation should mainly happen in the early days of those hot money and online Red funds. The investors of those funds pay more attention to short-term returns, and may have irrational actions. "

Some fund managers said that the industry does have some recent net worth callback larger products, including some "hot money" funds are facing certain redemption pressure. It is suggested that investors should take a rational view of the rise and fall of the market, and do not rush to redeem if the market is slightly bad.

A fund industry personage said that the recent market shock is more from the market's own adjustment, and there is no systemic risk. Therefore, if investors hold the industry ETF and other varieties, they can adjust their positions according to the market style. If investors hold actively managed fund products, they should still believe in the investment ability of fund managers, adhere to the mentality of long-term holding and properly ignore short-term fluctuations.

"The recent market volatility is large, investors need to pay attention to the risk, can observe the fund position. If the valuation of individual stocks is still too high, and there is no sign of short-term fund position adjustment, we can appropriately reduce the position and wait until it falls back to a reasonable range before adding positions. In the medium and long term, it is suggested that investors should reasonably control the income expectation and the position of fund investment. Fund investment should still choose reliable fund managers and products, focus on fixed investment and medium and long-term allocation, enjoy long-term returns, and avoid short-term chasing up and killing losses. " Dong Haibo suggested.

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