The Scale Of The New Fund Is Over 800 Billion: 51 Fund Managers Are Climbing The Scale Of The 10 Billion Club, And The Star Trader'S Performance Is Increasing.

Along with several fund explosion funds, the public offering fund in May ended.

Compared with April, the fund issuance market in May was significantly warmer. Not only has the new fund, which has been out of sight for two months, "tens of millions of scale", but also the new fund sold out one day has returned to the stage.

In twenty-first Century, according to the Wind data, a total of 119 new funds were set up in May, with a total scale of 172 billion 302 million yuan and a growth rate of more than 52%.

In the first five months of this year, the total size of the newly issued public funds has exceeded 800 billion yuan, which has doubled since the same period last year.

While the scale of innovation is high, fund issuance also shows an obvious trend of development. Star fund managers' ability to absorb gold is even more prominent, and star fund managers with more than 10 billion management scale are more and more.

"Star fund manager's outstanding performance and high market exposure will get more recognition from the holders. Investors are voting with money, and this competition pattern is also conducive to the development of the industry. In June 1st, Ping An Securities Fund research team executive general manager Jia Zhi said.

On the other hand, behind the star fund manager's insane absorption, how to deal with the relationship between scale and profit and bring sustained returns to investors will also be the next focus of competition in the industry.

The scale of the new fund exceeds 800 billion

In the past 5 months this year, 560 new funds have been set up, with a total of 802 billion 6 million issued shares. Among them, there are 183 active equity products (including general stock funds, partial stock mixed funds, flexible allocation funds, and balanced mixed funds), with a total of 402 billion 100 million shares issued, accounting for over 50%, an increase of 280% over the same period last year.

"The recent market rebound, equity funds reproduce the hot issue, not only the attractiveness of the performance of public funds, but also investors' confidence in the economic recovery and development after the outbreak." A public fund official in Southern China said.

Among them, one of the largest active equity funds issued was the balanced growth of Yi Fang Da, with a scale of 26 billion 967 million yuan. This is the only active equity fund with a scale of over 20 billion in the first five months.

In addition, in the first five months, there were more than ten billion active equity funds, including 4 funds selected by Yi Fang Da and Hui Tianfu's active growth in the central bank, and 7 of GF technology pioneers, Rui Yuan's equilibrium value for three years, and Bank of China's core drivers.

The billion dollar explosion from May is Yi Fangda's balanced growth and huitianfu's quality growth. In addition, the growth of navigation in the Great Wall and the establishment of two funds in the year are two days to sell out and start the proportional placement.

Just as the scale of equity fund has been constantly updated, its performance has added a "fire" to investors' subscription enthusiasm.

Take the general equity fund as an example, Wind data show that in the first five months, a total of 191 (share Statistics) common equity funds received more than 10% returns, accounting for 42%, of which 12 funds had returned more than 40%, and 5 of the funds returned more than 50%.

According to the study of China Merchants Securities, an important trend is that the yield of active equity funds is much higher than that of real estate, and capital flows into the active equity fund.

The concrete logic is that since 2009, the real estate market has steadily surpassed the public fund in the three year window. In November 2014, the public offering fund exceeded the first tier real estate market. Since the fourth round of the fourth quarter of 2019, the three year return of the active equity fund has once again exceeded the first tier real estate return rate. It is also from the fourth quarter of 2019 that it has once again welcomed the issuance peak of the active equity fund.

In fact, at the end of the first quarter of this year, the net asset value of the public offering fund was nearly 17 trillion, which was 1 trillion and 840 billion yuan higher than the end of last year. By the end of April, the net asset value of the public offering fund had reached 17 trillion and 780 billion yuan and reached a new high. This is also a public fund raising scale for 7 consecutive months to achieve positive growth.

Examination of scale and performance

Although the scale of the public offering fund is positive, the internal differentiation is obvious. Under the chase of funds, many star fund managers managed the scale of funds to expand rapidly, but also accelerated the squeeze out of the industry.

"This year, many funds have gained high returns, and investors are keen on selecting products that are managed by star fund managers with outstanding historical performance." Beijing, a large public offering fund pointed out.

"At present, the public funds form the stronger pattern of the stronger. The outstanding fund managers do not worry about the funds. The management scale of the fund managers who are generally weak or the performance is always shrinking, the market shows the trend that the large scale funds and the number of mini funds are all upwards. This is a good phenomenon, which indicates that the investors will choose the better fund managers more rationally." Zhang Ting, a fortune researcher, said.

But when fund managers expand their management scale, how to break the inherent impression of scale and income and ensure the synchronization of performance is also concerned by the market.

In twenty-first Century, according to the Wind data, a total of 51 fund managers managed active equity funds were more than ten billion. Among them, GF Liu Gesong's management scale is 69 billion 581 million yuan, ranking first, followed by Chen Hao and Zhang Kun of the easy Fonda fund, and the scale of management is 41 billion 520 million yuan and 31 billion 372 million yuan respectively.

"Too large a fund will test the management ability of fund managers, including the management of liquidity. If it exceeds the management capability of fund managers, it will directly affect product performance. This is mainly based on the ability boundary of fund managers. If billions of dollars are possible, there will be pressure. " Jia Zhi said.

"For equity funds, the greater the scale, the higher the ability of fund managers to adjust positions and share changes." Zhang Ting said, "if the scale of the fund is too large, it is difficult for small and medium-sized market capitalization companies to buy high positions. It is easy to buy into the top ten shareholders. The scale of the fund is too large and the difficulty of obtaining excess returns will increase. If too many shares are held and too dispersed, it is difficult to get excess returns. If too concentrated, the stock market value of single stock is large, so it is difficult to adjust the position flexibly. Buying and selling will cause a larger price shock. Historically, the scale of the conference has had an impact on performance. "

However, a Shanghai Public Offering Fund believes that "before the market is not particularly mature, but with the gradual development of the market, changes in market style, liquidity will become better and better, for larger funds, long-term management will also gradually show advantages."

"Fund managers with more than ten billion scale management will be very common in the future, and even more than 100 billion fund managers will appear. With the development of the industry for so many years, there are bound to be such excellent talents. This is also a major trend in the development of the industry. This person said, "and most of the fund managers' management scale is relatively healthy growth, many fund companies will take the initiative to control the scale, will match the ability of fund managers to develop."

"For fund managers, managing products is not only a manifestation of personal capability, but also a support of the whole research team and the support of the company." The aforementioned public fund people pointed out. And there are many cases of such team operations. For example, the GF fund has allocated fund managers to two funds managed by Liu Gesong. (Editor: Wu Yan Ling)

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