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The AB side of fund issuance: some have been postponed repeatedly but the issuance has failed, and some have been selling hot and closed the door early to thank customers
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Today, the Minsheng+Bank Fund announced that the one-year holding period of Minsheng+Bank and Zhaoli’s mixed-year holding period failed to meet the filing conditions, and the fund contract could not take effect. It is worth mentioning that the fund has extended its fundraising time twice, but it has not been established in the end.
On the other hand, some funds have reappeared in hot scenes. For example, some new funds attracted nearly 50 billion in half a day, some raised more than 10 billion in two days, and some stock funds also closed doors because of more subscriptions.
Side A: Many postponed but failed to raise
According to the announcement of the mixed one-year holding period of Minsheng+Bank and Zhaoli, as of June 2, 2021, the fund raising period has expired, and the fund contract cannot take effect because it fails to meet the fund filing conditions stipulated in the fund contract.
The reporter noticed that the fund was launched on March 3, and the original deadline for the fundraising was March 26, 2021. However, on March 24, the fund announced that the fundraising time will be extended from the original scheduled March 2021. The 26th is extended to April 30, 2021.
However, on April 28, the fund announced again that in order to fully meet the investment needs of investors, the fundraising deadline was extended from April 30, 2021 to June 2, 2021.
After these two postponements, it finally failed to be established. This does not seem to fully meet the needs of investors, and more like it fails to attract investors to subscribe.
Public information shows that the fund is a partial debt hybrid fund. From the performance comparison benchmark (ChinaBond Composite Index Yield×80%+CSI 300 IndexReturn rate × 15% + Hang Seng Composite Index return rate × 5%), it can be classified as a relatively hot fixed income + product in the current market.
From the fund manager’s point of view, the fund was originally intended to be managed by Lu Xin, but from the current products it manages, the performance is actually relatively average. For example, Minsheng Plus Bank Xinxiang Bond A, which has a relatively long management time, and Tiantian Fund data show that as of June 3, the income this year has been -1.55%, which is very low in the similar rankings. The income in the past two years has also been Only 4.97%, which also ranks low.
Among them, in the first quarter of this year, the fund’s net value fell in 9 of the 11 trading days from January 15 to January 29, and in the 10 trading days from February 22 to March 5 , There were 9 trading days with a drop in net value. In addition, on May 7 last month, the net value of the fund dropped by 1.28% in a single day.
Not only that, the fund also saw a large-scale redemption in the first quarter, of which the Class A shares dropped from about 5.6 billion shares at the beginning of the period to about 4 billion shares at the end of the first quarter, and the Class C shares dropped from about 1.3 billion shares at the beginning of the period. , Down to about 900 million copies at the end of the period.
The fund manager once stated in a quarterly report: “Due to the adjustment of credit debt during the reporting period, the net value has retraced and the scale has shrunk.”
The reporter noted that as of the end of last year, the fund’s corporate bond holdings accounted for more than 70% of the fund’s net asset value. The top two bond holdings in the top five were “18 R&F 10” and “19 Evergrande 01”. At the end of the quarter, the proportion of corporate bond holdings dropped to 60.33%, and the top two bond investments in the top five were “19 Evergrande 01” and “20 Dalian Wanda MTN004”.
Side B: Sales are booming and thank you in advance
Compared with this fund, which has been repeatedly postponed and failed to be established, the reporter found that many funds have been in a different situation recently. For example, Dongfang Hongqiheng, which was sold a few days ago, held mixed B for three years. About 48 billion yuan was sold in just half a day. In the end, only a provisional announcement was made for a proportional placement, and the final placement ratio was 31.31%.
There is also a one-year holding hybrid of E Fund which went on sale on June 2nd. The original deadline for fundraising was June 11, 2021, and the fundraising limit was 15 billion yuan, but it was only sold for two days and it was already ahead of schedule. End of recruitment.
An insider in the fund industry said: “Although some fund issuances seem to be picking up recently, from the perspective of the industry as a whole, the monthly issuance scale of new funds is still very low and has fallen to the low point in recent years.”
In addition, in addition to the new funds, the reporter noticed that some established funds have also seen scale growth recently. Take the three-year mixed holding period of ICBC Yuanfeng managed by Yuan Fang as an example. The fund announced on June 3 , The subscription will be suspended from the next day. The announcement mentioned that when the fund’s fund shares accumulate more than 16 billion yuan on or before the suspension of subscription, the fund manager has the right to make a doomsday proportional allotment to investors’ subscription applications as appropriate.
Looking back at the end of the first quarter, the net asset value of the fund was about 7.5 billion yuan. If the fund’s scale has reached 16 billion yuan, it is equivalent to more than double the size since the second quarter. Of course, some of this is Because of the increase in scale brought about by the increase in net worth.
However, some channel sources said: “I heard that the scale has not reached 16 billion yuan, but in the three days before the suspension of subscription yesterday, about 2 billion yuan flowed in.”
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