More and more funds are closing in advance and accelerating the construction of positions!20 funds will be launched next week, and 2 interbank CD index funds are listed
Financial Associated Press, June 26 (Reporter Li Lujia) It only took more than a month for A shares to rebound from 2800 points to 3350 points. In this rebound, the new energy sector represented by lithium batteries and photovoltaics took the lead.
Against the above background, Wind data shows that since April 26, a total of 7,549 (A/C separately calculated) active equity funds (stock type, partial stock mix, flexible allocation) have returned positive. Among them, there are 91 active equity funds with a return rate of more than 50%, and 4 funds with a return rate of more than 60%.
On the one hand, some funds have attracted a large number of investors to purchase due to their outstanding performance; on the other hand, with the market rebound, the fund sales market has gradually stepped out of the “freezing period”, and various fund companies have also begun to re-launch the new market. As the last trading week of June, Wind data shows that 20 new funds are expected to be issued next week, involving China Southern Asset Management, Penghua Fund, Invesco Great Wall Fund, China Merchants Fund and other fund companies.
20 new bases will be launched next week
Wind data shows that in the last four trading days of June and the first trading day of July, 20 new funds are expected to be issued, involving China Southern Asset Management, Penghua Fund, Invesco Great Wall Fund, China Merchants Fund and other fund companies.
From the point of view of the starting time, next Monday, June 27, will be the peak period for a total of 12 first, 2 on Tuesday, 2 on Wednesday, and 4 on Friday. From the perspective of fund investment types, among the above-mentioned 20 new funds expected to be issued, there are 6 bond funds, 6 hybrid funds, 5 stock funds and 2 FOF funds. In the hybrid fund, there are 2 partial debt hybrid funds. On the whole, among the 20 new funds expected to be issued, the structure of equity funds (stock + hybrid) and fixed income funds is relatively balanced.
Overall, among the 20 new funds expected to be issued next week, equity funds (stock + hybrid) and fixed income funds have a more balanced structure.
Morningstar said that this year’s fund issuance can be divided into three stages. From the perspective of the new fund structure, before March, the new fund market was dominated by equity funds. From March to late April, the stock market continued to adjust sharply. During the period, all three major stock indexes fell, and industry indexes generally recorded negative returns. In this context, investors’ risk aversion has increased, and they have turned to buy low-risk bond funds, and the number and proportion of equity funds issuance has gradually decreased. In May, A-shares rebounded in an all-round way, and 29 of the 31 Shenwan first-tier industries recorded gains. The market recovery led to a rebound in investor confidence, and the issuance of equity funds also attracted renewed attention. The situation of “strong stocks and weak debts” reproduce.
It is worth mentioning that Wind data shows that as of now, 56 (combined shares) new funds have been raised in advance since June, with an average of more than 2 a day. It is worth mentioning that this data not only doubled month-on-month, but also stood out compared to the monthly performance of the previous 5 months.
As we all know, the issuance of new funds can be used as one of the market indicators. The recent fund managers’ closing fundraising ahead of schedule and accelerating the pace of opening positions shows that professional investors have sufficient confidence in the market rebound; and judging from the income of newly established funds in May, the net value of some funds has indeed achieved a large increase since its establishment. There are various signs that A-shares really started the road of oversold rebound in May. However, the accelerated pace of opening new funds and the improvement of short-term returns can only boost investor sentiment, and cannot be used as a forward-looking indicator for forecasting the market. In June, including how the market will go for a longer time in the future, it is still necessary to comprehensively observe factors such as market liquidity, economic fundamentals, the implementation of stable growth policies, and the development of the epidemic.
However, the market structure of fund issuance will still be repeated with the volatility of A shares. The issuance of equity funds is greatly affected by market conditions. When the short-term volatility of the stock market is obvious and the profit-making effect declines, the seesaw effect of stocks and bonds in the fund issuance market appears, and funds are transferred to bond products.
Mood continues to improve
It is obvious that under the joint promotion of market enthusiasm and investment opportunities, fund companies are continuing to develop new markets. With the market stabilizing and rebounding, the fund sales market has gradually stepped out of the “freezing period”.
On the one hand, the newly issued equity funds under the top fund company E Fund Fund are selling hot, and it is expected to set a record for the first fundraising scale of active equity products during the year, igniting the long-silent issuance market; New products, Zheng Chengran, Mao Wei, and Shi Cheng will debut with new products, and more popular models may be released.
While the new market is gaining momentum, sales of old products are also picking up. Star fund managers including He Shuai, Cui Chenlong, Qiu Dongrong, Yang Jinjin, Feng Mingyuan and other star fund managers have launched a purchase restriction model to maintain a stable scale. Standing at this critical point in the first half of the year, many blue-chip fund managers shouted optimistic voices: the market opportunities in the second half of the year may be greater than those in the first half of the year.
Previously, Founder Securities’ research based on historical data also showed that since 2011, fund (stock type + hybrid type) issuance has continued to cool down in 12 intervals, and the average length of the interval lasted 3 months, and the average decline in fund issuance shares during the period. and median were 82% and 84%, respectively. Statistical results show that the overall market performance is also poor during the period when the fund (stock + hybrid) issuance continues to cool down, but the market performance tends to improve 1 month, 3 months and 6 months after the fund issuance drops to the freezing point. get better.
It can be seen that with the recent gradual stabilization of the equity market, the issuance of public funds has also ushered in a partial recovery. In view of the market outlook, many views believe that a strong signal of steady growth is conducive to enhancing investors’ risk appetite. As the epidemic gradually eases and industrial production and supply chains are repaired one after another, it is expected to form an effective support for the market. Manufacturing and consumer sectors such as new energy vehicles, electronics, and home appliances will remain the focus areas of fund institutions.
In view of the market outlook, many views believe that as the epidemic situation is brought under control and policies such as stabilizing the economy continue to increase, listed companies may have better performance in the next few quarters, and they look forward to the market performance in the second half of the year.
For example, Xiang Weida, chief economist of Great Wall Fund, mentioned that as of now, the rebound of A-shares is generally healthy, and the current A-share valuation is still in a historically low range. Unless there are unexpected major negatives in the future, the possibility of A-shares falling sharply again is very small. At present, all major indexes are back near the half-year line, and it is not surprising or fearful that there will be short-term fluctuations in the current position. Taking into account various factors at home and abroad, the first wave of the A-share rebound may have come to an end, and the valuation repair market may have come to an end. Entering July, listed companies have published semi-annual reports one after another, which may lead to stock price differentiation, and the market may need to consolidate and digest in the short-term. However, considering the domestic economic trend, environment and policy expectations, we continue to be optimistic about the future performance of A shares.