Public Offering Of Fof: A Record Breaking Fof Absorption

On the one hand, the scale of the first batch of public offering fofs has gradually shrunk; on the other hand, since this year, the amount of public fof has been increasing.

Since its inception in 2017, public offering fof has experienced four years of development, and now it has entered a new stage.

Two days ago, TEDA Manulife Fund issued a notice to hold a general meeting of fund unit holders of the fund in the Fund (fof) of the Manulife omnipotent preferred hybrid fund, deliberating the proposal on matters related to the modification of the fund contract of the fund in the Fund (fof) of the Manulife omnipotent preferred hybrid fund, the main content of which is the change of the fund termination clause.

According to the 21st century economic report, TEDA Manulife omnipotent preferred fof was established on November 2, 2017. When the fund was established, its scale was 827 million yuan. By the end of the second quarter of this year, the latest scale of the fund has been greatly reduced, with only 27.8313 million yuan left.

"This meeting of shareholders is held to ask investors to review the change of fund termination terms. The main purpose is to cancel the automatic termination clause and replace it with another common expression in the industry, so as to create more favorable conditions for the long-term and stable operation of the fund." TEDA Manulife fund related people respond to the 21st century economic report reporter said.

Since its inception in 2017, public offering fof has experienced four years of development, and now it has entered a new stage. Visual China

An important "shell fund"

According to the announcement, the original terms of the fund contract of TEDA Manulife omnipotent preferred fof are: the number of fund unit holders and asset size within the duration of the fund. If the number of fund unit holders is less than 200 or the net asset value of the fund is less than 50 million yuan for 20 consecutive working days after the fund contract takes effect, the fund manager shall disclose it in the regular report. In case of the above-mentioned circumstances for 60 consecutive working days, the fund contract shall be terminated and the fund assets shall be liquidated in accordance with the provisions of the fund contract, without the need to hold a general meeting of fund unitholders. If there are other provisions in laws and regulations or the fund contract, such provisions shall prevail.

The latter part of the clause is deliberated by the general meeting of holders, which should be amended as "in case of any of the above circumstances for 60 consecutive working days, the fund manager shall report to the CSRC within 10 working days and propose solutions, such as continuous operation, conversion of operation mode, merger with other funds or termination of fund contract, And call a general meeting of fund unitholders to vote within six months. ".

Compared with the two phases, there is room for the fund liquidation after the amendment.

Why is a "shell fund" so important?

According to the 21st century economic report reporter investigation, this may be related to the upcoming third pillar of pension related policies.

"For fund companies, maintaining a fund with historical performance is much better than a new fund, because it can directly connect with the new policy after the new policy is introduced, so even shell fund institutions will not hesitate." A public fund source in Beijing told the 21st century economic reporter.

According to TEDA Manulife fund, the new fund contract will come into effect if the resolution is passed at the general meeting of the holders. If the number of fund unitholders is less than 200 or the net asset value of the fund is less than 50 million yuan for 60 consecutive working days in the future, the company will hold another meeting of fund holders in accordance with the fund contract, perform appropriate procedures to the regulatory authorities, and select appropriate solutions according to the market conditions at that time, and invite investors to review and try their best to ensure the interests of the holders.

According to the data, since its establishment, TEDA Manulife omnipotent preferred fof has achieved 26.85% (share a), ranking the last among the first six public offering fofs, and the fund is also the smallest in scale.

Haifutong Juyou selection is one of the six fofs with the highest yield since its establishment. The fund's return since its establishment is 70.15% and its annualized return is 15.13%.

In terms of scale, the scale of the first six public offering fofs is less than 300 million, except that the scale of the all-weather strategy in the south is still nearly 2 billion by the end of the second quarter of this year, and the scale of the first six public offering fofs has been less than 300 million, and the proportion of shrinkage compared with the issuance scale is more than 80%.

"In fact, as a whole, fof products don't know a lot of people. The original audience is small, and the limited resources are concentrated on several products. In fact, the performance of the first batch of products is still good, but the environment in the past few years is not very favorable for fof funds. " Fof fund manager of a large public offering fund pointed out in an interview.

Fund company fof layout in full swing

While the scale of the first batch of public offering fof is gradually shrinking, the issuance of new products of public offering fof has been quietly accelerated since this year.

According to wind data, 43 public offering fofs have been issued so far this year as of August 17, and 30 funds that can be counted for combined issuance have reached 50.5 billion shares, setting a new record.

Xingzheng global preferred balance held the largest fof in three months, with a scale of 7.915 billion. Just on July 12, Xingxing securities global preferred balanced holding and issuing for three months, with the scale of raising more than 18.5 billion on the first day, and launching the proportional placement, the fund is also the largest initial fof so far.

More than 5 billion shares of the combined issuance are held by Guangfa core preferred six months, Pu Yin anshengjia and Jianshi one year, and Jiashi Min'an Tiansui stable pension for one year. The combined issuance shares of the three funds are 6.176 billion, 5.373 billion and 5.083 billion respectively.

In addition, Minsheng Bank of Canada's stable allocation of 6 months of consolidated issuance share is close to 5 billion, 4.998 billion.

"Since the beginning of this year, there has been a small upsurge in the issuance of fof funds. On the one hand, the advantages of fof itself and the expansion of the number of people who know more about fof are also an important reason. Some channels have become more and more aware of fof, and even some channels have taken fof products as the focus of marketing. In addition, fof itself has gone out of the trend of high cost performance, especially the small withdrawal, which also attracts investors. " The manager of the public offering fund mentioned above pointed out.

TEDA Manulife fund also said that since its launch in 2017, the public fof fund has experienced many years of market tests, and the effect of asset allocation through the cycle is increasingly recognized by investors. At present, fof products are still in the early stage of development, and we think it has a very broad development prospect in the future.

"In the context of the new asset management regulations, fof funds can naturally become investment products that meet the financial needs of residents. In particular, with the introduction of the possible individual income tax deferral policy, as a special docking pension market, the pension fof not only has its own income sources such as asset allocation and fund optimization, but also receives certain tax deferred encouragement, which will bring great incentive for individual investors to purchase pension fof. " A bank of public funds told the 21st century economic reporter.

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