Huaxia, Boshi, Dongfang, Etc. Report To "Avoid" The Equity Market By Delaying The Raising Of New Funds

The issuance of new funds from "hot" to "cold" only separated by a spring festival.

In 2021, the issuance of new funds will drop sharply month by month, and the scale of new fund issuance in April is only 20% of that in January.

And the recent issuance of new funds presents a "double sky" phenomenon.

On the one hand, the issuance of some funds has been cold. This year, more than 100 new funds have been delayed and 11 new funds have failed to raise funds; On the other hand, some new funds are still selling against the market, "Matthew effect" is more and more obvious.

It is worth noting that there is a new trend in the issuance and declaration of new funds of public funds recently: the proportion of equity products decreases, and the proportion of fixed income products increases.

Ice and fire

This year's issuance of new funds has reached a historical peak in the same period, although there has been no follow-up in the last two months.

Based on the subscription starting date, wind data shows that from the beginning of this year to May 12, the issuance scale of new funds reached 1.15 trillion yuan, a total of 647 were issued, with an average number of 2.292 billion shares.

This figure is even far beyond the same period in 2020, the highest scale of new development fund in history.

In the same period last year (from the beginning of 2020 to May 12, 2020), the issuance scale of the new funds was 0.68 trillion, with a total of 520, with an average number of 1.331 billion.

Simply put, this year's issuance is 169% of the same period last year.

However, it is worth noting that in the first four months of this year, based on the subscription starting date, the issuance shares of the new funds decreased month by month. The issuance shares from January to April were 566.508 billion, 310.559 billion, 157.401 billion and 113.573 billion respectively.

Simply put, the size of the new fund in April this year (113.573 billion) is only 20% of that in January (566.508 billion).

From the beginning of the new fund issue "hot" to the recent "cold", and the market from a big rise to a fall corresponding.

"At present, the issuance of new funds is getting cold. There are many fund issuance failures, and nearly 100 funds are delayed. This shows that investors are greatly affected by the market. When the market is high, fund issuance is very popular before the Spring Festival. Many investors queue up to apply for funds. However, due to the market slump after the festival, the issuance of new funds is sluggish, A lot of new funds have to be put off. " Yang Delong, chief economist of Qianhai open source fund, said.

"The issuance of new funds is often an important characterization of the market trend. When the general fund is good, it is the time when the market is relatively good. On the contrary, it is a low point in the market and it is a time to copy the bottom." Yang Delong said.

For the average person, however, enthusiasm for new funds has plummeted in the face of a market downturn.

As of May 12, a total of 101 new funds established this year have extended the raising period.

And it is worth mentioning that the new fund raising period is increasing month by month this year. In January, only 13 new funds were issued, and the number increased to 17 in February. However, in March, the number of new funds with extended fund-raising period rose to 61, five times that of January.

In fact, after the Spring Festival, when there is a big correction in the market, fund companies began to consciously set a longer raising period for new funds. At present, a large number of funds issued in April have not yet reached the extension of the raising period, so they are ignored here.

Recently, a number of products announced the extension of the raising period.

China Securities equipment industry ETF announced that it would be issued from May 10 to May 14 with a sales limit of 5 billion yuan, and later announced that the raising period would be changed to May 21; Boshi new energy vehicle theme hybrid fund was originally scheduled to be raised from April 19 to May 10, and then the raising period was extended to May 31; Dongfang Xinyue one-year holding hybrid fund of Dongfang fund was originally planned to raise from April 9 to May 10, and then the deadline for offering was extended to May 21.

The failure of raising shares with the historical high

Even worse than the extension of the raising period is the failure of the new fund raising.

According to the reporter's statistics, since this year, 11 funds have announced the failure of issuance.

On the last trading day of April, Huatai Baoxing Fund issued two new fund issuance failure announcements, which increased the number of failed fund raising in that month to 6, which equaled the number of fund raising failures during the bear market in August and September 2018, reaching the monthly peak of fund issuance failure again.

Among the 6 funds that failed to raise in April, 3 were medium and long-term pure bond funds, and 3 were active equity funds (including Fu Anda dual engine drive, CAITONG Fengyi 12-month fixed opening, Jiutai Yingfeng quantitative Multi Strategy, etc.).

It is worth mentioning that the fund managers who failed to raise funds in April were basically small fund companies.

At this stage, some new funds are selling against the market when the issuance of some funds is cold, even when the raising period is extended and the raising fails.

On May 11, e fund announced that e fund Yuexin's one-year holding period hybrid fund contract came into effect. The fund raised 7.683 billion yuan during the 10 day subscription period. During the same period, Xingye Xingzhi one-year holding and China Merchants Ruian holding one-year holding were also announced, attracting more than 3 billion yuan.

In fact, since the second quarter, although the stock market is cold, but some equity fund issuance is still bright.

Wind data shows that as of May 12, 16 new equity funds (share consolidation) have bucked the market and attracted more than 2 billion yuan since the second quarter, with e-fund's Yuexin holding the first place of 7.683 billion yuan a year. In terms of the issuance period, GF core preferred to raise 6.97 billion yuan in only three days after holding it for six months.

The failure of fund issuance is concentrated in small fund companies, while the big fund companies and powerful fund companies are the big fund companies that attract money against the market. When the market is not good, Matthew effect is more and more obvious.

In fact, even for similar funds, there will be a "hot and cold day" when they are issued. For example, the first six Hang Seng technology ETFs issued on May 11 and 12 have a daily subscription amount of 1.4 billion yuan for Huaxia Fund and 1.1 billion yuan for e fund. The subscription scale of other fund companies is relatively small.

Under the background of the cooling of the stock market and the recovery of the bond market, the managers of public offering began to make reverse operations on equity funds and fixed income funds.

In the first four months of this year, based on the starting date of subscription, the issuance shares of the new fund decreased month by month, and the issuance scale in April was only 1 / 5 of that in January.

Among the new fund issuance, the stock fund and mixed fund which involved in stock investment fell the most. From January to April this year, the proportion of new equity funds was 14.04%, 17.61%, 7.01% and 4.64%, respectively.

This shows that in January and February when the stock market is good, the issuing proportion of stock funds is in double digits, while in March and April when the stock market is not good, the issuing proportion of stock funds drops to single digits.

In the first four months, the average shares issued by stock funds were 1.591 billion, 1.608 billion, 298 million and 439 million.

It can be seen that the investors' enthusiasm for the investment of stock funds has dropped sharply.

However, the issuance trend of hybrid funds this year is roughly the same as that of stock funds, with a gradual decline in the first four months. From January to April this year, the issued shares of hybrid funds were 435.776 billion, 226298 billion, 102.945 billion and 79.326 billion respectively. 3. In April, compared with January and February, the proportion of issuance scale of hybrid funds also decreased significantly. In the first four months, the proportion of hybrid fund issuance was 76.91%, 72.87%, 65.40% and 69.85%, respectively.

New fund layout avoids equity market

Different from the stock funds and hybrid funds, bond funds have no obvious change in the issuance shares when the stock market is not good.

According to the reporter's understanding of the 21st century economic report, and due to the decline in the issuance scale of stock funds and hybrid funds, the proportion of bond funds issued increased significantly in March and April.

The issuance shares of bond funds in the first 1-4 months were 42.559 billion, 22.836 billion, 42.875 billion and 28.482 billion respectively. The proportion of bond fund issuance scale was 7.51%, 7.35%, 27.24% and 25.08% respectively.

Moreover, in March and April, the average issuance share of bond funds did not decrease, but increased slightly. From January to April, the average issuance shares of bond funds were 2.503 billion, 2.076 billion, 2.522 billion and 2.589 billion respectively.

And this trend will continue. In fact, the proportion of equity products in the newly declared funds of mutual fund managers has decreased, and the proportion of fixed income products has increased, which has become an important direction of public fund product distribution.

According to the progress of administrative examination and approval, from January to April this year, the number of fixed income funds, such as fixed income funds, pure bond funds, bond index funds and short-term debt funds, increased month by month, with 24, 36, 41 and 47 respectively, and the proportion of newly declared funds increased from 11.26% in January to 23.50% in April.

In contrast, from January to April this year, there were 121, 102, 115 and 98 funds involving active equity investment, such as equity funds (excluding index funds) and hybrid funds. The proportion of newly declared funds decreased from 56.81% in January to 49% in April.

This rise and fall shows that the new fund layout of public fund managers has changed significantly.

This means that the distribution focus of fund companies has gradually shifted from the previous active equity products to fixed income products with less volatility.

This trend continued in May. From May 1 to 13, there were 10 bond type fixed income funds declared by public funds, accounting for 31.25% of the newly declared funds in that month, showing an upward trend.

However, there was no active stock fund declaration in May, but there were 13 hybrid funds, accounting for 40.62% of the newly declared funds in that month, and the declaration of equity funds showed a downward trend.

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