Original title: New fund issuance in the first week of the beginning of the year. Only a few products raised over 1 billion in the cold
China Fund News reporter Fang Li and Lu Huijing
At the end of 2021, the ambitious fund industry and the “good start” of the channel end actively preparing for the battle seems to be “yellow” in 2022.
According to a reporter from China Fund News, the number of new funds issued on January 4 reached 17 and many of them were products of well-known fund managers. However, under the market turbulence, the scale of new fund issuance was very bleak, and only a few products raised more than 10 on that day. 100 million, most of them are “single digits.” A similar situation happened in the next few days. In the first week of the year, the overall fundraising was cold, and the equity, fixed income + and other products were all issued less than expected. Only a few products raised more than 3 billion in a few days.
From the perspective of the industry, the ratio of this to last year’s “good start” is probably only one-fifth of the amount at that time. However, the incentive plan given by the fund company is not weaker than last year. The A-share market in the beginning of the year has been declining, the majority of new funds issued in 2021 are “quilt”, the lack of money-making effect, and the holding period products previously issued have not yet reached the open period have all become reasons for the poor issuance of new funds.
Therefore, many fund companies have opened self-purchase methods to adjust new fund issuance strategies. If the market is still so turbulent, new fund issuance may remain so indifferent. However, “good hair is not good, and good hair is not good” is a long-standing law of the industry.
New fund launch in the first week of the year is cold
Without the frenzied screens and intensively released sales reports, nor can we see the early end of fundraising announcements issued by fund companies, the “good start” of new fund issuance this year seems unusually quiet. Not only can we not see the explosive funds that can be compared with the beginning of last year, but the first day of issuance of some new funds at the beginning of this year has dropped to a “single digit” level.
On January 4, a total of 17 new funds launched their first launches, including some star fund managers at the helm. The industry is generally expected to sprint “sold out in one day” of potential hot products. However, unexpectedly, it started at noon that day There are news that the overall issuance of omni-channel is not as good as expected. No new fund can exceed the 1 billion mark in half-day issuance. After all-day efforts, only two “mainstream” funds have raised more than 1 billion omni-channel.
According to a feedback from a fund company, on January 4, the issuance of new funds in major sales channels was not satisfactory. According to his understanding, it is difficult for some large state-owned banks to issue single funds in a single day to raise a scale of more than 100 million yuan. Case.
On January 5th, the second working day of the new year, the issuance situation has not changed. According to industry insiders, a single-day omni-channel fundraising amount of about 1.7 billion in a single-day omni-channel holding of a hybrid FOF that focuses on a balanced configuration. Among them, the main channel contributed most of the issuance results, which can be regarded as a new fund with relatively satisfactory issuance results on January 5. For some of the new funds that had already been issued on January 4, after two days of sale, the total amount raised by all channels finally exceeded the 2 billion mark.
It is understood that the HSBC Jinxin Research Select Fund, at the helm of star fund manager Lu Bin, was launched on January 6, with a single-day fundraising scale exceeding 2 billion, which is a rare “bright touch” in the first week of the new year.
Wind data shows that in the first week of the opening year of 2022, a total of 31 new funds have entered the fundraising period, and none of the funds has announced the early end of fundraising. In contrast, in the first five trading days of the first week of the year in 2021, a total of eight “Sunlight Funds” were born, and five funds were established with a scale of over 10 billion yuan.
A large public fund market person used “very bleak” to describe the issuance of new funds in the first week of 2022. “Regardless of whether it is a large-scale head company or a small and medium-sized company, whether the fund manager is a well-known or fledgling fund manager in the industry, the sales situation is very bleak.”
In the eyes of the above-mentioned fund companies, the “cold” of new fund issuance in the first week of the new year is not because the major channels are not interested in the issuance of new funds. “In fact, it is understood that fund companies and sales channels have invested a lot of resources in the new funds issued at the beginning of the year. Some companies have invested more than the same period last year, but the effect of issuance is still not ideal.”
However, there are also fund companies who hold different views on the issuance of new funds at the beginning of the year. Li Xin, assistant to the general manager of Furong Fund, said that the market opened in the new year to today, that is, three trading days. The market itself fell on January 4 and 5. Therefore, the data of these two days alone cannot explain the situation of Xinji’s issuance. cold. We must also pay attention to the recent issuance of new funds, and we need to continue to observe the issuance of new funds for a period of time to determine whether the overall issuance is cold.
The issuance will not change the issuance plan temporarily when the issuance is cold
When asked whether the issuance plan will be adjusted when the fund issuance becomes colder, many fund companies said that it may be difficult to adjust in the short term and may extend the issuance period to “guarantee the establishment”, but in 2022, each company will pay more attention to daily continuous marketing. , And avoid exacerbating the internal volume of new fund sales.
Chen Zhong, deputy general manager of China Post Venture Fund, said that this superimposed impact of market and sentiment is only short-term, and will not deliberately adjust the entire annual fund issuance plan because of this short-term impact. The short-term market adjustment is conducive to the long-term fund. Management operation.
Li Xin, assistant to the general manager of Fu Rong Fund, said that it is unlikely that the fund company will adjust the issuance plan. Because the issuance plan for the first quarter was basically determined in the fourth quarter of last year, the new year’s IPO funds, the channel scheduling and preparations for these funds have been arranged in advance, and the issuance time will be extended at most.
“Last year, the issuance of new funds in major sales channels was extremely hot, with many’sun bases’ born in a single day, and some sales channels reported that the funds were not enough to sell. Temporary arrangements were made for the products to be launched to fill the schedule. If the issuance of new funds continues this year, the flat situation will continue. , Does not rule out that some fund products may need to be “guaranteed for establishment” in the future.” And a fund company said so.
A person from another fund company also believes that the new fund that can enter the first week of the year to seize the “good start” of the new fund, the proposed fund manager still has a certain market reputation, although the current issuance situation is not very popular, the fundraising cannot be terminated early, but the fundraising There is certainly no problem with the establishment.
“The new funds whose issuance schedules have been determined in the last one or two months are not easy to make adjustments. New funds that are still queuing for approval and have not yet confirmed the issuance may consider the current issuance of new funds and make arrangements. Sales channels may be possible in the future. Reduce the number of key products sold on consignment in a single month and delay the issuance of new funds.” The above-mentioned person said.
In addition, some people said that the top-tier fund managers of some fund companies may have their new fund issuance plans for this year adjusted. After all, there is an upper limit of 10 for each fund manager’s management product, which also means that these top-tier fund managers will be able to renew in the future. The number of funds to be issued is limited. In the recent market downturn, fund companies may delay the issuance of new funds under top-stream fund managers, reserve high-quality resources for subsequent use, and choose a better time point before launching new fund issuance.
“If there is still room for adjustment of the channel schedule, perhaps some adjustments will be made according to the market situation; according to my personal understanding, in 2022, all companies will generally pay more attention to daily operations to avoid aggravating the internal volume of new sales.” A fund company Salesperson said
However, from the current point of view, many fund companies are also actively adjusting marketing strategies to promote sales. Often the “self-purchase” of fund managers is regarded as an act of enhancing investor confidence, and there have been many self-purchasing behaviors by celebrity fund managers at the beginning of the year. If Yinhua Xinxing, which is to be jointly held by the brilliant helmsman Li Xiaoxing and Zhang Ping, is currently being issued for three years, the two proposed fund managers will respectively subscribe for 2 million yuan and 1 million yuan for follow-up investment.
Guo Xiaowen, the proposed fund manager of China Post Xingrong Value, which is about to start the fundraising, also promised to purchase 3 million yuan from her own to advance and retreat with the citizens. The executives of China Post Venture Fund will also invest 3 million yuan to subscribe for the new fund. In addition, Cinda Australia Bank Zhiyuan, which is planned to be managed by Feng Mingyuan, will be sold for three years. Cinda Australia Bank Fund plans to use the company’s inherent funds to subscribe for 5 million yuan.
Multiple factors have caused the issue of the first year to be cold
What are the reasons that cause the issuance of new funds to be cold in the beginning of 2022? According to industry insiders, apart from the loss of the A-share mark of 3,600 points in the first week of the new year, the base purchase experience of Cemman last year was divided, especially last year, some new funds were mediocre, which also affected Cemman’s purchase experience to a certain extent. enthusiasm.
According to a person in the market department of a large fund company, four major factors have caused the issuance of new funds to fall short of expectations. “The first is the recent market environment, which has shifted from the previous shocks to the recent sharp decline, which has a great impact on sales channels and investor confidence; second is the income in 2021. Although the performance of some fund products doubled last year, But in a highly differentiated structured market, it is difficult for investors to make money; some people joked that those with an investment income of more than 5% last year could basically beat 70% of the people;
Third, the Fed’s interest rate hike is on the bow, and the market generally expects that US stocks may adjust; the popular A-share sector with long-term logic is very expensive, and everyone has insufficient confidence in the market outlook to continue to rise, and the wait-and-see sentiment is serious; finally, the market has been on fire for two or three years. , Which has driven product sales in the fund industry for two or three years. Judging from the law of mean return, there may be a staged adjustment that accumulates momentum and starts again. “
A person from another fund company also stated that there was no “good start” in the issuance of new funds, mainly due to the following reasons: first, the lack of money-making effect in the A-share market in the first year; The performance of flow fund managers last year was not outstanding; third, after the two-year bull market in 2019 and 2020, the median return of equity funds fell last year, and the enthusiasm of the citizens to buy new funds has naturally cooled down compared with the beginning of last year; Fourth, the industry issued many funds with holding periods last year, and some funds are still within the lock-up period; Fifth, the Fund Industry Association began to publish quarterly sales channel retention rankings last year, which has also suppressed to a certain extent In the past, some sales channels had “redempted the old and bought the new” to reverse the volume.
“On the one hand, there was a wave of downward adjustments in the market after October last year. At that time, many funds suffered losses and customers did not feel very good. Therefore, in some channels, customers chose to wait and see; on the other hand, the entire market maintained a vigorous development last year. The annual sales volume is relatively huge, but the overall market performance has actually diverged, and the overall growth rate is not as good as in 2019 and 2020. Therefore, the recent performance has undergone some changes from everyone’s expectations.” Li Xin, assistant general manager of Fu Rong Fund, also believes that, The above two reasons have led to poor recent new fund issuance data.
“To put it simply, the recent lack of new fund issuance is due to two reasons: one is the market, and the other is sentiment. Since last year, some sectors have experienced relatively high gains, and there is a need for adjustment after high valuations. The second is the tightening of U.S. monetary policy. It has a certain impact on the market and sentiment. The superimposed effect of the two is relatively obvious in the issuance of new funds.” said Chen Zhong, deputy general manager of China Post Venture Fund.
“‘Funds make money, but the citizens don’t make money'” has always been a major pain point that plagues the fund industry. After all, the core of fund companies still has to make money for customers.” The above-mentioned fund company person emphasized, “leading to a new year of funds. The issuance results were dismal. In addition to the decline in A shares in the first year, which suppressed market sentiment, there is also a very important reason for the large divergence in holding returns of many fund investors last year, even if they were all investors who bought new funds. Fund investors who bought new energy funds last year made good returns, but some investors who bought consumer or Hong Kong stock funds generally lost their holding returns. There are also many investors who chase star funds whose returns are not ideal.”
There are also feedback from industry insiders that although each fund company this year sent star fund managers to sprint “good start”, in fact, compared with star fund managers, investors will pay more attention to the products they bought in a certain channel in the past year Profitability. According to his understanding, the percentage of fund products issued by various sales channels last year that can maintain a positive return rarely exceeds 50% at the end of the year, which also affects the profit experience of the citizens and their willingness to repurchase to a certain extent.
Good hair is not done well, good hair is not good hair
There is a well-known saying in the fund circle, “It’s not easy to do it well, and it’s not easy to do it well.” Under the market turbulence, there may be a better time to build a position, but some people think that more observation is needed.
A person in the market of a large public equity fund said that when it is not easy to issue, it must be a stage of continuous market adjustment and a sharp decline in the index. After this stage, the high valuation accumulated before has been digested to a certain extent, and perhaps the subsequent rise will also More stamina and space.
“However, it should be noted that although the recent market volatility has been severe, it has not lasted for a long time. It is not ruled out that a situation similar to the sharp switch of market styles in early 2021 will occur around the Spring Festival. Therefore, it is not easy to judge that the current position must be a good position. Timing.” The above-mentioned person said.
Li Xin also said that in the past there was a saying in the industry that “good hair is not good, and good money is not good”, and this phenomenon does exist based on historical statistics, but it cannot be used as a basis to judge future fund performance. It will be good. In addition, after the market has been fully corrected recently, the overall fund opening period will be relatively good, and the future is still promising.
Chen Zhong also mentioned that the industry consensus is that the market is improving in the medium and long term. For the market in 2022, there are still many opportunities for structural quotations. Adjustments have brought better opportunities for opening positions and operations. Therefore, I am more optimistic about the opportunities brought about by current adjustments. As a fund manager, the fund company must consider the long-term returns and holding experience of the holders, and should not be affected by short-term factors.
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