Recently, the quantified private equity collectives with outstanding performance have been “traveling back”, and their scale expansion is significantly affecting their performance. It is worth mentioning that this year is the big year of the issuance of FOF funds. A total of 71 FOF funds have been established, accounting for 30% of the total. The past two months have been the low point of the single-month IPO scale of the new fund issuance market since April 2020, and fund issuance has been cold. On the other hand, the number of new funds that have announced failed issuances this year has increased to 30, exceeding the total of the 2018 bear market. Last year, the major consumer sectors represented by liquor and medicine performed outstandingly. However, this year and the net value of related themed funds have generally seen a significant retracement. At the end of the year, with the re-inflow of funds, the major consumer sector showed signs of recovery. Recently, some small-scale fund products have frequently experienced net value “changes”, and short-term market fluctuations have been obvious.
At the end of November, the issuance of Xinji continued. On November 29, Zhongrong Fund Management Co., Ltd. (hereinafter referred to as “Zhongrong Fund”) launched a bond fund, Penghua Fund Management Co., Ltd. (hereinafter referred to as “Penghua Fund”) and ICBC Credit Suisse Fund Management Co., Ltd. ( Hereinafter referred to as “ICBC Credit Suisse Fund”) each issued a hybrid fund.
Quantitative private equity with outstanding performance before, has recently been collectively “reversed”. The “sealing wave” that began at the end of June has gradually spread to the entire industry. Just last week, the top quantitative private equity magic square quantification with a scale of nearly 100 billion issued a redemption fee-free announcement after the market was closed, saying that the market environment has changed and the company intends to reduce the management scale in stages.
Behind the “closing tide” is the withdrawal of the excess income of quantitative private equity that has been going on for a period of time. Even including some of the quantitative products newly established in late September, the latest net value is less than 0.9 yuan. From the current point of view, in terms of the existing A-share market trading varieties, the expansion of the scale of quantitative private equity is significantly affecting performance. The larger the scale, the more difficult it is to manage. This inference is constantly being verified by reality.
2. The issuance share of FOF funds hit a new high in the past four years, and only 30% of the total number of FOF funds established in 2021
According to data, as of November 24, 127 new funds (A/C share merger) were newly established this month, and a total of 139.964 billion shares were issued. This month, 11 FOF funds were announced, and the number of funds established for 4 consecutive months was no less than 10. The total issuance of 13.842 billion shares this month, accounting for 9.89% of the total issuance of this month, the ratio is the highest since 2018.
This year is the big year of FOF fund issuance. A total of 71 FOF funds have been established, accounting for one-third of the total number of FOF funds. This year, FOF products raised a total of 104.1 billion yuan, which has surpassed the total issuance of the previous three years. Although it cannot be compared with the 2.61 trillion public fund issuance this year, it is the most obvious growth sub-category among public funds.
The two months of October and November are the low points of the single-month IPO scale of the new fund issuance market since April 2020. Among them, the issuance scale of new funds in October hit a new monthly low in nearly 18 months, a drop of more than 100 billion yuan from September’s 234.366 billion yuan. This is very different from the nearly 500 billion issuance scale in January. In the first three quarters of this year, except for April and May, the other monthly issuance scales were all over 200 billion yuan.
It is noteworthy that under the continued coldness of fund issuance, new fund issuances have not only extended the fundraising period and shrinking of the issuance scale, but also continued to fail in fundraising. According to statistics, the number of new funds that have announced failed issuances this year has increased to 30, exceeding the total of the bear market in 2018, and the failure of new fund raising has become more and more normal.
4. After the consumption and pharmaceutical theme funds experienced negative returns, the inflow of funds at the end of the year caused the large consumption sector to pick up
In 2020, the major consumer sectors represented by liquor and medicine will perform outstandingly. However, since the beginning of this year, the two major circuits of consumption and medicine have continued to adjust, and the net value of related thematic funds has generally seen a significant retracement. 2021 is about to end. With the re-inflow of funds, the big consumer sector is showing signs of recovery. So, has the big consumer fund ushered in a good allocation opportunity?
According to data from Oriental Wealth Choice, as of November 25, a total of 73 consumer-themed funds have had negative returns this year, accounting for more than 70% of all similar funds; 38 pharmaceutical-themed funds have had negative returns this year, and have been in all similar funds. It accounts for more than 40% of the total. Towards the end of the year, funds began to flow back into the consumer and pharmaceutical sectors. According to statistics, since November, Celestica CSI Food and Beverage ETF, E Fund CSI 300 Pharmaceutical ETF and Huabao CSI Medical ETF have received 3.437 billion, 1.688 billion and 1.625 billion net purchases respectively.
5. Small and micro funds “changes” frequently, and short-term market volatility is obvious
The data shows that in the net worth list as of November 26, some small-scale fund products have frequently undergone net “changes” recently. Judging from the top fund products with the highest net value gains in the past week, there are many small and micro funds “Home Alone”. For example, Tongtai has a competitive advantage. The fund’s gains in the past week have been among the highest in active equity fund products (common stock type, partial stock mixed type, flexible allocation type, balanced mixed type). However, the fund announcement showed that the fund’s scale at the end of the third quarter was only about 120 million yuan. Out of the “same door” Tongtai industry preference, it also ranks in the forefront of the week’s net worth rankings. The fund’s scale at the end of the third quarter is about 200 million yuan. In addition, there is Taixin Xinxuan, the fund’s net worth performance in the past week, the total size of the fund is about 360 million yuan at the end of the third quarter.
Observing these small and micro funds with outstanding net worth performance, most of them have seized the short-term market vents. Last week, the rare earth sector performed outstandingly, and Tongtai’s competitive advantage at the end of the third quarter included rare earth stocks such as Northern Rare Earth, Minmetals Rare Earth, Shenghe Resources, and Guangsheng Nonferrous Metals. Similarly, Taixin Xinxuan placed a heavy bet on the semiconductor sector. Among the heavy stocks at the end of the third quarter, Espressif Technology, Siripu, Jingfeng Mingyuan, etc.
2. Fund company dynamics
1. One hundred billion Jinglin will release new products at the end of the year, and cooperate with Hengtian Fund, head bank, etc.
2021 is approaching the end of the year. Since the fourth quarter, the number of new fund issuances and the scale of initial offerings have plummeted. As one of the oldest private equity institutions in China, Jinglin Assets chose to release new products at the end of the year. It is reported that from the perspective of the issuance channels of Jinglin Assets’ new products, Jinglin Assets has chosen to cooperate with a number of well-known institutions in the industry. The issuance channels include Hengtian Funds, leading banks and brokerages. The choice to release new products at the end of the year also reflects Jinglin’s outstanding asset management capabilities.
Judging from the fourth quarter, the announcement of the extension of new fund offerings is inseparable from the enthusiasm of market issuance. Specifically, at the beginning of this year, equity funds detonated the new fund market, and many hot funds were rushed out. With the sharp market volatility since mid-to-late February, the net value of equity funds fell in a large area in the short term, and the new fund issuance market The popularity has plummeted, and a number of new fund products that have been deployed in advance have rapidly experienced intensive extensions in March, and the establishment and average establishment of new funds in a single month have also rapidly decreased.
2. The China Xia preferred configuration of the main investment ETF will be on sale soon, integrating the product features and advantages of FOF and LOF
As a leading fund company in the industry, China Asset Management has repeatedly launched the industry’s “first” or “first batch” of innovative products. Recently, China Asset Management has set its sights on FOF products for innovation. China Asset Management recently announced that the company’s China Asset Management Optimal Allocation Fund (FOF-LOF) (hereinafter referred to as “China Asset Optimal Allocation”) will be available for sale on December 8. This only combines the product features and advantages of FOF and LOF. Funds that mainly invest in ETFs are another innovation in FOF products.
Compared with ordinary FOF, although Huaxia Optimal Configuration also has a one-year closed period, its Class A fund shares can be listed and traded in the future, which can better meet the needs of investors for liquidity. Compared with the existing FOF-LOF products on the market, China Xia prefers to allocate no less than 80% of fund assets to invest in ETFs. That is, with ETF as the main investment target, it is a more characteristic FOF-LOF product. According to the data, China Xia’s optimal allocation will adopt an optimal allocation strategy, based on macro-driven, supplemented by industry prosperity and transaction information, to predict the sector rotation law of the A-share market, and choose from them at different periods on the basis of balanced allocation. Targets with relatively strong performance in the future will also participate in industry opportunities in stages, select the best allocation from corresponding ETFs of the same kind, and use the clear characteristics of ETF holdings for fund portfolio construction and real-time risk monitoring, with special attention to fund net value withdrawal control , So as to obtain the preferred configuration.
3. SPDB AXA Yixiang stable FOF officially issued, “Fixed Income +” strategy pursues absolute returns
In the volatile market, the “fixed income +” category of FOF funds is “stable but not conservative, active but not radical”, and is welcomed by investors looking for “financial alternatives” for low- and medium-risk needs. SPDB AXA, a subsidiary of SPDB AXA Fund, has a one-year holding period hybrid FOF with a stable and stable pension target. The fund adopts a “fixed income +” strategy, has clear investment objectives, pursues absolute returns, and strives to provide investors with a better holding experience.
It is understood that SPDB AXA’s stable FOF’s investment bottom positions are mainly bond funds to obtain stable coupon income, and strictly stipulate the investment upper limit of equity assets to control the risk exposure of the product from the source. At the same time, in the future operation of the fund, it will dynamically adjust the upper limit of risk assets based on the realized net value, so as to “work step by step” without overdrawing future earnings. In terms of equity asset investment, SPDB AXA Yixiang Robust FOF will use lower positions and diversified investment methods to select the most suitable fund products under the current market style from the outstanding funds that gather various subdivision strategies. Flatten the volatility of a single product’s performance.
4. The low-position layout of the high-prosperity medical track, the Great Wall health mixed base mainly invests in the five main health lines
In order to fully grasp the investment opportunities of the low-level layout of the pharmaceutical track, on November 29, Great Wall Fund launched the Great Wall Great Health Hybrid Fund. It is reported that the fund is planned to be managed by Tan Xiaobing, an “industry alpha catcher” who has 13 years of experience in securities industry and nearly 6 years of fund management experience.
The fund mainly invests in five major health lines, including the pharmaceutical industry with raw materials, innovative drugs, traditional Chinese medicines, medical devices, and vaccines as the main body; the medical service industry with hospitals, pharmacies, distribution, and physical examination as the main body; health food, medical beauty, Health management service industry focusing on rehabilitation and medical services; health care industry focusing on elderly care services, industrial integration fields focusing on commercial insurance and health tourism, and industrial upgrading of smart medical, precision medicine, and biotechnology brought about by innovative technologies field.
5. Since the end of August, the application boom has continued, and the first batch of 6 interbank certificates of deposit index funds including Wells Fargo Fund have been approved
On November 26, the China Securities Interbank Certificate of Deposit AAA Index 7-day holding period fund reported by 6 companies including Wells Fargo Fund, Penghua Fund, China Southern Fund, AVIC Fund, Quam Fund, and Huisheng Fund was officially approved. This type of fund mainly invests in the China Securities Interbank Certificate of Deposit AAA Index, with a holding period of 7 days. Since the first batch of interbank deposit certificate fund product materials were accepted by the China Securities Regulatory Commission at the end of August, there has been a continuous upsurge in interbank deposit certificate index fund applications. According to the official website of the China Securities Regulatory Commission, as of November 26, nearly 90 fund companies have applied for interbank certificate of deposit index funds. There are two main types of declarations, most of which are funds that track the AAA index of the China Securities Interbank Certificate of Deposit, and there are also ordinary interbank certificates of deposit funds.
In addition, the above-mentioned interbank certificate of deposit index funds basically have a holding period of no less than 7 natural days, which can avoid the 1.5% punitive redemption fee; from the perspective of investment scope, they limit the underlying investment subject to interbank certificates of deposit, and the investment The proportion is not less than 80%. The China Securities Interbank Certificate of Deposit AAA Index was released on January 11, 2018, with a base point of 100. As of November 26, the index reported 127.59, an increase of 2.69% this year, an average yield to maturity of 2.59%, and a duration of 0.45 years.
3. New fund issuance
1. Zhongrong Fund launched a new bond base, and Shi Xiaomeng’s three similar products underperformed the average growth rate in the past 6 months.
On November 29, Zhongrong Fund launched a bond fund, which is Zhongrong Hengze Pure Bond Bond Securities Investment Fund (hereinafter referred to as “Zhongrong Hengze Pure Bond A”). The fund manager is Shi Xiaomeng.
Public information shows that Zhongrong Hengze Pure Bond A takes “the pursuit of long-term stable appreciation of fund assets, and strives to obtain stable returns that exceed performance benchmarks” as its investment goal. The investment scope is financial instruments with good liquidity, including bonds (National bonds, policy financial bonds, central bank bills, local government bonds), bond repurchases, interbank certificates of deposit, money market instruments, bank deposits, and other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission Regulations). The fund does not invest in stocks and credit bonds, nor does it invest in convertible bonds or exchangeable bonds.
Shi Xiaomeng, used to be the financial investment post of the Finance Department of China Railway Capital Guarantee Co., Ltd., joined Zhongrong Fund in August 2015 and is currently the fund manager of the fixed income investment department.
Since November 24, 2021, Shi Xiaomeng began to serve as the fund manager of Zhongrong Hengze Pure Bond A. As of November 29, 2021, Shi Xiaomeng has served as the fund manager of 7 bond-long bond funds. Among them, as of November 26, 2021, Zhongrong Jutong’s regular open bonds, Zhongrong Hengyi Pure Bond A, and Zhongrong Heng’an Pure Bond A, where Shi Xiaomeng works, have increased by 1.77% and 1.27 respectively in the past June. % And 0.86%, which are lower than the average increase of 2.33% in the same period.
2. The new mixed base of Penghua Fund was launched, and the return rate of two products under Meng Hao’s name “doubled”
On November 29, Penghua Fund launched a hybrid fund, Penghua Woxin Hybrid Securities Investment Fund (hereinafter referred to as “Penghua Woxin Hybrid A”), and the fund manager is Meng Hao.
Public information shows that Penghua Woxin Hybrid A takes “strictly controlling the risk of fund assets under a scientific and rigorous asset allocation framework, and striving to achieve long-term stable appreciation of fund assets” as its investment goal, and the investment scope is financial instruments with good liquidity. , Including domestic stocks issued or listed and traded in accordance with the law (including the main board, ChiNext and other stocks allowed by the China Securities Regulatory Commission to invest in funds), stocks listed on the Hong Kong Stock Exchange that are allowed to trade in the Mainland and Hong Kong stock market trading interconnection mechanism, depository Vouchers, bonds (including treasury bonds, financial bonds, corporate bonds, corporate bonds, central bank bills, government-supported agency bonds, local government bonds, medium-term notes, short-term financing bonds, ultra-short-term financing bonds, subordinated bonds, convertible bonds, exchangeable Bonds and other bonds allowed by the China Securities Regulatory Commission to invest in funds), bond repurchases, bank deposits (including agreement deposits, time deposits, etc.), money market instruments, interbank certificates of deposit, asset-backed securities, stock index futures, and laws and regulations or allowed by the China Securities Regulatory Commission Other financial instruments invested by the fund (but must comply with the relevant regulations of the China Securities Regulatory Commission). In addition, the fund can participate in financing business in accordance with relevant laws and regulations and the agreement of the fund contract. If laws and regulations or regulatory agencies allow funds to invest in other products in the future, the fund manager can include them in the investment scope after performing appropriate procedures.
Hao Meng joined the Penghua Fund in July 2014. He was a senior researcher in the research department and is currently the fund manager of the second equity investment department.
Since October 30, 2021, Meng Hao has been the fund manager of Penghua Woxin Hybrid A. As of November 29, 2021, Meng Hao has served as the fund manager of 5 hybrid funds and 1 stock fund. Among them, the return rates of Penghua Consumer Leading Hybrid and Penghua Environmental Protection Industry, where Meng Hao worked, were 232.33% and 278.42%, respectively.
3. The new mixed base of ICBC Credit Suisse Fund debuted, and Jiang Huaan’s return on 5 products in charge was “popular”
On November 29, ICBC Credit Suisse Fund launched a hybrid fund to provide ICBC Credit Suisse Balanced Pension Target with a three-year holding period hybrid initiation fund (FOF) (hereinafter referred to as “ICBC Credit Suisse Balanced Pension Three-year Holding Hybrid Fund ( FOF)”), the fund manager is Jiang Huaan.
Public information shows that ICBC Balanced Pension’s three-year holding mixed initiation (FOF) is to “under the requirements of further diversifying investment risks, through balanced allocation of various types of assets, to obtain better returns after risk adjustment, and strive to achieve a performance that exceeds the performance benchmark. “Long-term stable return” is the investment goal, and the investment scope is financial instruments with good liquidity, including publicly offered securities investment funds (including QDII and Hong Kong mutual recognition funds) legally approved or registered by the China Securities Regulatory Commission, and domestic legal public offerings and listings. Stocks (including the Main Board, ChiNext and other stocks and depositary receipts allowed by the China Securities Regulatory Commission to invest in funds), bonds (including treasury bonds, government-backed agency bonds, local government bonds, financial bonds, corporate bonds, corporate bonds, subordinated bonds, Convertible bonds (including convertible bonds with separable transactions), exchangeable bonds, central bank bills, medium-term notes, short-term financing bills, ultra-short-term financing bills, etc.), asset-backed securities, bond repurchases, bank deposits, interbank certificates of deposit, cash, As well as other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to allow the fund to invest (but must comply with the relevant regulations of the China Securities Regulatory Commission). The Fund can invest in the stocks subject to southbound trading through the trading interconnection mechanism of the mainland and Hong Kong stock markets. The fund does not invest in derivative financial instruments such as stock index futures, treasury bond futures and stock options.
Jiang Huaan, used to serve as a senior auditor at Ernst & Young, and deputy director of the Asset Allocation Department of the Social Security Fund Board of Directors. He is currently the general manager of the FOF Investment Department of ICBC Credit Suisse.
Since November 25, 2021, Jiang Hua’an has served as the fund manager of ICBC Balanced Pension’s three-year holding mixed origination (FOF). As of November 29, 2021, Jiang Huaan has served as a fund manager for 6 hybrid funds and 1 stock fund. Among them, ICBC Pension 2035 (FOF), ICBC Pension 2040 (FOF) where Meng Hao works, ICBC Value Stable 6-Month Holding Mixed (FO)A, ICBC Stable Pension Target One Year Holding Mixed Origination (FOF) ), ICBC Pension’s three-year FOF return rate in 2045 is 59.77%, 38.35%, 0.23%, 7.08%, and 31.64%, respectively.Return to Sohu to see more
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