Original title: Nearly a thousand new funds compete for the channel schedule in the second half of the year. Issuance wars may be inevitable
In the first half of this year, the scale of the establishment of new funds approached 1.6 trillion yuan. In the second half of the year, competition in the fund issuance market will become more intense, and there may be nearly a thousand funds waiting to enter the market.
The reporter’s interview found that many fund companies are stepping up their efforts to issue the market. Various types of funds compete for bank schedules, so that the schedules for banks have been scheduled to the end of the year. Market participants expect that the new fund issuance war in the second half of the year may be inevitable.
The fund issuance market is heating up significantly
Wind data shows that the scale of fund issuance in February and March this year both approached 300 billion yuan. Affected by market turbulence and adjustment, the issuance of new funds in April and May has cooled, and the scale of fund issuance in a single month is less than 150 billion yuan. But in June, fund issuance picked up significantly, and the issuance scale once again approached 300 billion yuan.
In July, the rich country long-term growth mixed fund managed by Li Yemiao fired the first shot of the fund in the second half of the year. According to third-party sources, the fund began to raise on June 2, but the actual schedule for the agency sales channel is July 1. On July 2, the Wells Fargo Long-term Growth Hybrid Fund announced that it would end its fundraising early. The upper limit of the fund’s raised scale is 8 billion yuan. The subscription application on July 2 will be partially confirmed by the way of confirming the doomsday ratio, and the confirmed ratio is 42.73%.
An issuer of the fund company said that the reason why the issuance of new funds in June returned to the level of February was mainly because after the market adjustment in March, many products were not issued after receiving approval. Recently, the market has rebounded, and these approved and unraised funds have all begun to issue. Together with the newly approved funds, there has been a small wave of “issuance waves.”
A Beijing fund source explained that according to the previous situation, funds were relatively sufficient after the Spring Festival, and March and April were also regarded as “strong schedules.” However, after the Spring Festival this year, the market turbulence adjusted and the new fund issuance market was cold, and some fund companies The schedule was moved back, causing the fund issuance track to be too crowded in the third quarter.
Fierce competition in the issuance market
Judging from the situation in the second half of the year, competition in the fund issuance market is quite fierce. According to the latest “Announcement on the Acceptance and Review of Administrative Licensing of Securities Investment Fund Raising Applications” issued by the China Securities Regulatory Commission, as of July 2nd, a total of 440 funds have been approved but not yet issued. According to regulations, these products must be in the approved 6 Issued within the month.
In addition, the reporter found that more than 500 funds have been reported. It is worth noting that last year supervision further optimized the registration mechanism of public offering products, and product approval was significantly accelerated. Specifically, for conventional products that are included in the rapid registration procedure, the written feedback link is cancelled in principle, and the registration period for equity, hybrid, and bond funds does not exceed 10 days, 20 days, or 30 days in principle.
This means that the approved funds plus the funds waiting to be approved are close to one thousand, and the vast majority of funds will be issued in a concentrated manner in the second half of the year.
According to a market source at a fund company in the south, there were two new funds in May, and the sales materials were almost ready, but they were later scheduled for July and August.
“The general fund issuance process is to get approval documents, the marketing department communicates with banks and securities companies, arranges the schedule at least one month in advance, and then goes online in various channels to publish fund issuance announcements. The general issuance period is about 4 weeks. When encountering relatively strong channels Fang, in order to coordinate the issue of schedule, some issuance period will be coordinated to about three weeks or even shorter.” said the fund issuer.
Market participants in a Beijing fund company also encountered the same problem. He said that now the company has only a new fund to be launched, and the fund manager’s performance is also very good. The approval has been obtained, but when he coordinated with the bank, he found that the schedule was expired. “The current schedule has reached the end of the year, and now I can only look for opportunities to meet the needles.”
Where to look for the investment direction in the second half of the year?
A large number of new funds are ready to be launched, where will the huge amount of funds be invested? Recently, many public fund companies have disclosed their investment strategies in the second half of the year.
China Europe Fund believes that the overall industry allocation thinking should be shifted from pro-cyclical (optional consumption + financial cycle with rising volume and price) to stable or counter-cyclical. These industries are usually distributed in mandatory consumption (stable) and technology industries (countercyclical), and need to be screened in combination with profitability and valuation levels.
Ping An Fund stated that the market is likely to remain volatile in the second half of the year, and it needs to select stocks with good performance and reasonable valuation. In terms of specific investment directions, one is optimistic about the new energy vehicle industry, and the electrification of automobiles is the general trend; the second is optimistic about the photovoltaic industry, which has great potential for growth in the next 10 years. In addition, they are also more optimistic about the technology and consumer industries.
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