The New Fund In The Turbulence Of A-Share: Rush To Build A High Position And Hold 80% Of New Equity Base Negative Return

From the end of last year to this year, fund issuance was hot, and a large number of new funds appeared. Among them, many new funds of famous fund managers raised 10 billion yuan and sold out in one day.

But after the fund hot issue frenzy, a chicken feather.

A large number of new funds established in the last three months are in the process of building positions, and a large proportion of them have fallen in net value since their establishment, and some even have a sharp drop. More than 80% of active equity funds in the period of building positions fell, with 46 of them falling more than 10%.

What in the end led to the collapse of new funds, why some funds can successfully avoid the decline?

80% of new active equity fund negative returns

In the past year, the issuance of new funds is hot.

In 2020, the new fund will issue 3.16 trillion yuan, more than twice the annual sales volume in 2015. In 2021, 800 billion new funds have been sold in just over two months.

According to the data from the galaxy evaluation fund research center, as of March 4, 270 new funds have been issued this year, raising 873.310 billion yuan. Among them, 187 new equity funds have been issued, raising 657.881 billion yuan, accounting for 41.50% of the 1585.1 billion yuan raised by stocks in the whole year of last year.

According to wind data statistics, since this year, 60 funds have been sold out in one day, 9 funds have raised more than 10 billion yuan, and 64 funds have raised more than 5 billion yuan. It shows that the issuance of new funds is booming.

However, there is an old saying in the fund industry: "good hair is not easy to do, easy to do is not easy to make."

In the hot issue, the newly established fund is faced with the embarrassment of large-scale negative returns.

According to wind data statistics, as of March 9, 756 new funds have been established in the past three months (December 9, 2020 to March 9, 2021, the same below). Among them, 500 new funds have achieved negative returns, accounting for 66%; 216 funds have achieved positive returns since their establishment, accounting for 29%; and 5% have zero returns or no data.

It is worth noting that the hot money funds mainly come from active equity funds, which are sought after by investors, especially the funds managed by star fund managers.

As of March 9, according to the reporter's statistics, 368 active equity funds (including common stock funds, partial stock mixed funds, flexible allocation funds and balanced mixed funds) have been established in the past three months, of which 312 have negative returns, accounting for 85%; 53 have positive returns, 14%; and three have zero returns.

Among them, the new funds established in recent March are in the period of building positions. The average return of 368 funds as of March 8 was - 4.16%, and 46 funds had a decline of more than 10%.

Among them, Cathay Pacific intelligent car C has the lowest income, with the revenue of - 21.62% since its establishment on January 25, 2021, and the core advantage of Shanghai, Hong Kong and Shenzhen in the south is the highest, with the revenue of 7.65% since its establishment on December 25, 2020. The difference between the first and last returns of new funds established in recent March was 29.27%.

Build a warehouse in a hurry

Part of the new fund net value fell sharply, which is believed to be related to the rapid establishment of positions and high-level investment in group stocks.

Recently, the Huian balanced advantage hybrid fund managed by Zou Wei has attracted much attention. The fund will be issued on February 1, 2021, and the offering will be terminated in advance on February 4 (originally scheduled for February 5). The fund will raise 820 million yuan and be subscribed by 12638 investors. It will be established rapidly on February 9.

At this time, there are two days to go before the Spring Festival holiday. On February 9 and 10, Huian's equilibrium advantage quickly established its position, which was deduced from the late earnings performance. The fund was full two days before the Spring Festival.

After the Spring Festival, A-share market appeared a big correction, especially the group stocks.

At this time, according to the latest net value released by Huian on March 5, the net value of the fund was 8.238, that is, less than a month since its establishment, the net value decreased by 17.62%. This is much higher than the decline of the market.

In the fund discussion area of the third-party platform, Huian, the official representative of Huian fund, once said that the optimal configuration of Huian equilibrium is similar to that of Zou Wei's other products. New energy, photovoltaic and military industry are all good long-term tracks, and individual stock performance is very good.

"However, this time, we are in general luck at the time point, the warehouse is relatively fast, so the withdrawal is relatively large." "Huixiaoan" said.

By the end of the fourth quarter of 2020, Zou Wei managed the top ten heavy positions of Huian Yuyang, including Tongwei, Ningde times, putailai, Fuao, Enjie, Yiwei lithium, AVIC high tech, Dongfang fortune, Philips and Hengsheng electronics.

As of March 4, five of the above-mentioned 10 heavy positions have fallen by more than 20% since the Spring Festival. These are all fund group stocks, including Tongwei, Yiwei lithium energy, Enjie, Dongfang fortune and Ningde times. Another three fell between 10% and 20%, including Hang Seng electronics, Philips and Putai. Only one Fuao stock had positive returns, up 8.13%.

However, as a matter of fact, the short-term collapse of the new fund is not a case in point.

Wind data shows that as of March 8, a large number of new active equity funds that have just been established since February have plummeted by more than 10% in the warehouse building period. For example, Huatai Bairui quality growth c-17.88% established on February 19 and Huatai Bairui prosperity optimization c-17.33% established on February 19, etc.

In this regard, Zhang Ting, chief strategist of GESHANG financial management, analyzes that "in recent years, many new funds have fallen by a large margin. The main reason is that fund managers, in the case of restlessness in spring, have built positions faster in order to obtain higher net worth. This phenomenon can also be seen that some fund managers are in a hurry. New fund positions are still dominated by leading stocks, with a large decline. "

In fact, since the new fund has a three-month warehouse building period, generally speaking, in order to control the risk, the new fund mostly takes the steady position building method. At ordinary times, fund managers often consider thickening the safety cushion first, rather than make less than make losses due to rash advance. But in the hot period of fund issuance, many new funds have adopted the way of rapid position building.

Contrary to these plummeting new funds, some new funds have made relatively good returns since their establishment.

The core advantage of Shanghai, Hong Kong and Shenzhen in South China has the highest income, which has reached 7.65% since its establishment on December 25, 2020. Closely followed by depang, Shanghai, Hong Kong and Shenzhen leading group a7.47% established on December 14, 2020, and Huabao resources optimization C7.4% established on December 23, 2020.

Since their establishment, they have achieved good returns. On the one hand, they have been established at the end of 2020, which means that they have benefited from the sharp rise of a shares before the Spring Festival this year; on the other hand, they have invested in Hong Kong stocks and resource stocks with relatively good performance this year.

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