“Is it time for the fund to ‘buy the bottom’?” “Is it a good time to cover short positions?” Since the special meeting of the State Council Financial Committee on March 16, investors have frequently asked questions.
At the market level, since March, both the number of new fund issuances and the average issuance share have increased significantly compared with the same period in February, and the success rate of new fundraising has climbed from a periodical trough. Experts interviewed by reporters from “Securities Daily” believe that as market sentiment stabilizes, fund issuance is gradually picking up.
New product compliance policy
According to the statistics of Wind Information, based on the date of fund establishment, since March, there have been 128 newly established funds, an increase of 141.51% from 53 in the same period in February; the average issuance share was 607 million, compared with 492 million in the same period in February. An increase of 23.37%. Both the number of new fund issuances and the average issuance share increased significantly compared with the same period in February. At the same time, the success rate of new fund raising has increased. In February, there was a situation in which 5 funds announced their issuance in a 15-day period, and only 2 funds have failed to raise funds since March.
Industry insiders believe that as market sentiment stabilizes, fund issuance is gradually picking up. The reporter consulted the above-mentioned three relevant fund companies that raised failed products on the “subsequent issuance plan”. Some companies stated that the pace of new product issuance will slow down this year; some companies responded that they will continue to wait and see in the short term.
“The specific product issuance plan has not yet been determined, and will be adjusted flexibly according to market conditions.” The head of the market department of Tongtai Fund told the “Securities Daily” reporter that this year’s focus will be on the holding of old products. The company has issued many equity products in the past. This year, it will pay more attention to enriching the product line. In addition to equity products, it will also successively deploy different types of products such as short-term debt, secondary debt, and interbank certificates of deposit.
A small and medium-sized public fund company in East China revealed to a reporter from Securities Daily, “The current market is still in a wide fluctuation, and there is no plan to issue new fund products.” Another public fund company in South China said that at this stage, It is inconvenient to reply to the follow-up release plan, and we are still waiting to see in the short term.
However, some fund companies have made it clear that they will “add” new products that are highly compatible with the policy.
Yongying Growth Yuanhang’s one-year mixed fund is being issued. The new fund focuses on four high-growth advantage tracks, including TMT, new energy, pharmaceutical consumption, and high-end manufacturing. The proposed fund manager Yu Hangxiang said to a reporter from Securities Daily, “After the market has been adjusted, the valuation of growth stocks has dropped to a low level, and emerging industries such as new energy, semiconductors, and military industries have generally retreated by more than 30% since their highs last year. Its long-term compound growth rate is still strong, and the fundamentals remain unchanged. The negative factors that are currently worrying about the market are fading, and the high-prosperity sector may return to the main line of the market. “
Multiple factors affect fund issuance
According to statistics from Wind Information, from March 16 to March 24, 184 funds changed their subscription and redemption status. Yao Hui, an analyst at the Shanghai Securities Fund Evaluation and Research Center, said in an interview with a reporter from Securities Daily that in terms of quantity, more changes have occurred in debt-oriented funds, but there is no obvious trend. The ratio of equity-oriented funds to relax purchase restrictions higher. The relaxation of purchase restrictions on equity funds largely implies the confidence of fund companies to “go against the market”.
“Whether the fund issuance is successful is affected by multiple factors such as the right time, place, people and people.” Yao Hui said, “time” refers to the fact that the market conditions are in line with the product characteristics, just like a bull market favoring stock bases and a volatile market boom “fixed income +”. At the current point in time, broad-based passive products such as “fixed income+” or EFT with lower risk are easier to gain approval. “Location” refers to the performance support of the product itself. At present, the short-term performance of equity products is generally poor. Funds and fund managers with excellent long-term performance may still be able to attract investors’ attention, but new products without performance support will face Greater release pressure. “Renhe” refers to the brand appeal and marketing strength of fund companies. In the current environment of sluggish market sentiment, some non-leading companies may face greater pressure, so they temporarily recharge their batteries and concentrate on improving their investment and research capabilities. , waiting for the market to improve is a wise choice.
In fact, investor confidence is gradually returning. Mr. Liu, an investor in Dongguan City, Guangdong Province, told the “Securities Daily” reporter, “Recently, the two index fund products I purchased rose by 8% and 3.5% respectively. I am still optimistic about medium and long-term investment opportunities and plan to continue to hold existing products. .”
The stock-oriented fund held by Ms. Mao, an investor in Baoding City, Hebei Province, has risen by more than 4% in the past week. She admitted to the “Securities Daily” reporter, “Investment confidence has been boosted, I am optimistic about the market outlook, and consider buying other types of fund products at the right time.”
A fund manager of a large public fund company in East China told the “Securities Daily” reporter, “The Financial Committee of the State Council held a special meeting recently, which comprehensively and actively responded to the concerns and concerns of the capital market, which enhanced market confidence. From the recent frequent statements of fund companies, Look, generally optimistic about the market outlook.”