The King Of Scale, Profit And Deformation

Research by the 21st Century Institute of capital shows that the Big Mac fund is suffering from a big decline in its share.

2020 is a well deserved year of funds. Both from the perspective of increment and stock, the scale and income data of public funds are outstanding.

According to the data of the 21st Century Capital Research Institute, as of December 31, 2020, there were 142 fund management companies that had issued public offering products, with 7365 funds under management, and a total management scale of 19.97 trillion, an increase of 5.29 trillion over the previous year.

Thanks to the significant structural market, active partial equity funds have a prominent profit-making effect. Ten billion funds and sunlight funds appear frequently in the market, and explosive funds often absorb tens of billion yuan or even 100 billion yuan.

Fund companies are taking advantage of the hot iron to speed up the pace of product issuance, and the shares of many companies have increased by more than 100 billion shares.

The 21st century economic report reporter learned that in 2020, some relevant departments intended to intervene in the excessive issuing rhythm of some institutions, but the effect was very little.

There is also a background behind it, which is the high investment enthusiasm of the people.

According to the statistics of the third party, 60 million new citizens will enter in 2020, and the number of Internet users will exceed 120 million, up 90.7% year on year.

Perhaps it is the magic effect of the fund. This year, the market has experienced a style change, and the once prosperous big Mac fund is also facing a sharp retreat in net worth.

How about the experience of the funders who buy these big Mac funds? The newly disclosed annual report of the funds gives an answer.

Scale King = profit King

According to the statistics of non monetary fund shares managed by fund companies, e fund won the first place in the scale list with 500.6 billion shares.

Huitianfu fund 394 billion and Huaxia Fund 349.3 billion, ranking second and third respectively.

Compared with that in 2019, more than 100 billion shares of non monetary wealth management funds were added, including e fund, huitianfu fund, Huaxia Fund, Guangfa fund, China Europe Fund, China Merchants Fund, Penghua Fund and Nanfang fund.

Among these fund companies with a growth share of more than 100 billion shares, China Europe Fund, e fund fund, huitianfu fund and Penghua Fund have increased significantly.

Because the scale of public funds has increased significantly in history, the public funds have gained considerable income and achieved "great harvest".

According to Tianxiang investment consulting statistics, 142 fund managers who have published annual reports have obtained management fee income of nearly 100 billion yuan from fund assets, an increase of 29.756 billion yuan compared with 63.26 billion yuan in 2019, with a growth rate of 47%, showing a leap forward growth trend.

It is worth noting that among these fund companies with more than 100 billion new shares, the management fee income of e fund, huitianfu fund, Guangfa fund and Huaxia Fund in 2020 is more than 3.6 billion yuan.

China Europe Fund and Penghua Fund management fee income also ranked top, both more than 2 billion yuan.

From the perspective of the growth of management fee income in 2020, Guangfa fund and e fund fund have increased more than 2 billion compared with the level in 2019.

The foreign exchange fund, Xingzheng global, Wells Fargo fund, China Europe Fund, Bank of communications Schroeder, Penghua Fund, China Southern Fund, Huaxia Fund, etc. also increased more than 1 billion yuan.

People from a fund company in Shenzhen believe that the performance of active equity funds last year was considerable, which attracted a lot of incremental funds, which brought considerable management fee income.

Big Mac fund's poor performance

Although fund companies have made a lot of money, most of the Big Mac funds issued last year have performed poorly.

According to the data, huitianfu Fund issued six 10 billion funds last year, which were held by huitianfu digital life for six months, huitianfu steady Huiying for one year, huitianfu Xinxi, huitianfu's open Vision China advantage and huitianfu's mid market value selection.

However, as of April 22, huitianfu digital life held a profit of 0.72% for six months since its establishment, and a loss of 1.65% this year. Huitianfu steady Huiying has made a profit of 4.67% since its establishment and has lost 0.02% since this year. Huitianfu has achieved 3.97% revenue since its establishment and 0.24% profit this year.

Penghua Fund's explosive fund Penghua ingenuity selection is also the same. It is reported that Penghua, which is managed by star fund manager Wang Zonghe, has a subscription volume of over 130 billion. This data directly broke the historical record of the fund industry. Because the fund is limited to 30 billion yuan, from the final announcement of 21.89% of the placement ratio, the subscription fund reached 137.103 billion yuan.

However, from the performance point of view, Penghua's ingenious selection and mixing also got a poor performance evaluation, with an income of 9.15% since its establishment and a loss of 3.90% since this year.

New civil vote

Due to poor performance, some of the Big Mac funds are suffering from a large share reduction.

At the end of 2020, Penghua selected 22.855 billion class A shares of hybrid funds, a decrease of 3.812 billion from 26.667 billion at the end of the third quarter.

Class C shares decreased to 2.989 billion from 3.023 billion at the end of the third quarter.

According to the latest quarterly report, the scale of Penghua's carefully selected mixed funds is still declining, with Class A shares falling to 17.115 billion shares by the end of the first quarter, and class C shares also decreased from 2.989 billion to 2.828 billion.

According to the latest report of Tianxiang investment consulting, as of the end of last year, individuals have become the main holders of public funds.

In total, individuals hold 8473.957 billion funds, accounting for 66.51%, while individuals hold 58.95% in 2019. It is obvious that more individual investors will deploy public funds in 2020.

According to industry insiders, equity funds will have a significant profit-making effect in 2020. At the same time, fund companies will increase their marketing efforts and speed up product issuance, which will lead to many individual investors entering the market crazily, so the proportion of individual holders will increase significantly.

But once the money making effect is lost, the fundamentalists will vote with their feet.

During the same period, the scale of rich country innovation trend of 10 billion fund decreased. According to the annual report, the share of rich country innovation trend decreased from 16.308 billion at the end of the third quarter to 11.418 billion.

The scale of growth pioneers in southern China is also declining. The annual report in 2020 shows that the share of class a will drop from 26.34 billion to 16.16 billion, and that of class C will decrease from 5.774 billion to 3.174 billion.

The industry insiders said that the scale of some 10 billion funds has shrunk, which shows from the side that under the popularity of marketing, some investors have begun to disagree with fund managers.

In addition to performance, from a long-term point of view, fund companies also need to issue new products in a moderate way when the market is relatively high.

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