148 New Products On The Shelves One After Another, Boshi Fund Monopolizes 8 A-Share "Xiaoyangchun" Public Offering Reappears Fund Raising Competition

The ten billion level explosive fund disappeared for more than three months reappeared in the world, and the explosive fund appeared one after another.

"Recently, fund issuance has been picking up, and with the start of the market, the issuance scale of new funds has also increased, and the phenomenon of" ten billion fund sold out in one day "has appeared, which shows that after the market's profit-making effect is improved, the issuance of new funds is picking up again." Market analysis pointed out that.

The new round of fund issuance competition shows obvious differentiation.

The frequent emergence of hot money funds is related to the rebound of a shares, while behind it is the overall brand influence of fund companies and the market appeal of excellent fund managers.

Frequent fund explosion

On May 28, Dongfang hongqiheng, managed by Zhang Feng, held funds for three years, attracting 48 billion yuan a day.

Dongzheng asset management announced that it would stop accepting subscription applications at 13:00, and then announced that it would start "proportional placement". The upper limit of the new scale of class B shares was 15 billion yuan.

This is more than three months after the 10 billion fund "disappeared".

The last 10 billion fund was set up on February 3 by Southern xingrun, a year old holding hybrid.

Since then, it's like opening the switch of hot money funds, and there have been pop up funds.

On June 1, private placement also joined the IPO team. Deng Xiaofeng's "Gaoyi Xiaofeng Fengze series collective fund trust plan" sold for half an hour and sold more than 10 billion yuan.

As the main channel, China Merchants Bank originally set the sale time of "Gaoyi Xiaofeng Fengze" as one day on June 1, and decided to sell it for only one hour two days ago. Unexpectedly, it took only half an hour on June 1, and the system crashed for a time because of too many orders.

The 10 billion dollar fund is still going on.

On June 2, the initial e-fonda Yuexia held a mixed fund for one year and raised more than 10 billion yuan in a single day. The sales of Huaxia Bank, the trusteeship bank with the main sales channel alone, reached 11.6 billion yuan.

In addition to the funds that attract 10 billion yuan, there are also a number of funds with a record low ratio of subscription and placement.

The first nine public offering REITs issued on May 31 were all sold out in one day, and the raising was ended ahead of time.

Nine public REITs raised funds with a planned ceiling of 1.9 billion yuan. As a result, they attracted nearly 50 billion yuan a day, with a subscription multiple of 25 times. Moreover, the subscription ratio of Shougang Green Energy Co., Ltd., which is the lowest, is only 1.76%, and the subscription proportion of nine public REITs investors is between 1.76% and 12.30%.

It is worth mentioning that due to the high effective subscription multiple of public investors and the number of offline investors' subscription is higher than the minimum offline offering amount, six public REITs have launched the "call back mechanism", which is the first time in the history of the fund to launch the "call back mechanism".

The new fund issue is picking up

According to the statistical data, the number of newly issued funds in May reached 120, an increase of 9.09% compared with 110 funds in April, and the issuance shares were 131.907 billion. Taking into account the May Day holiday, the number of new funds issued reached 140.686 billion in April.

It is worth noting that although there is a big gap between the popularity of new fund issuance in May and January this year, the issuance of equity fund products has significantly recovered.

"Affected by the recovery of the equity market, the scale of new issuance of active equity funds rose slightly. In May, the issuance of active equity funds was 48.7 billion, up 12% month on month." According to research by Yue Kun and Wang Yi, investment researchers of GESHANG Jinzhang.

From the data of equity market, wind data shows that the share of equity funds issued in May totaled 24.856 billion, up 225% compared with 7.631 billion shares in April, accounting for 18.84% of the fund shares issued in that month, the highest since this year, higher than 17.65% in February, 12.78% in March and 12.35% in January. 42% in April.

The research of China Thailand securities shows that in the recent week (from May 24 to May 28), 35 new active management funds were established, with a newly established scale of 42.992 billion yuan. The number and size of actively managed funds have risen for three consecutive weeks.

And the private fund also presents the recovery.

According to the data of private placement network, in May, a total of 1604 private fund managers filed 2549 products, down 16.12% month on month compared with April's 3039, mainly due to the long may day holiday. Among them, 1071 private securities fund managers filed 1889 private securities products, a decrease of 18.23% compared with 2310 in April.

In May, 54 private securities fund managers registered 5 or more products, and 14 private securities fund managers recorded 10 or more products. Among these 14 private securities managers, 7 of them were 10 billion private placements.

In this regard, Liu Youhua, research director of private placement network, analyzes that, in general, excluding the influence of the long may day holiday, private placement in May continued its previous hot trend. Considering the lag of private placement filing, the continued hot market in May is expected to be reflected in the private product issuance in June, and it is expected that the private offering in June will reach a new high in the year.

The industry believes that the recovery of new fund issuance is related to the "red may" of A-share market.

In May, the Shanghai index, Shenzhen Composite Index and gem index rose by 4.89%, 3.86% and 7.04% respectively; Kechuang 50 index is as high as 9.11%.

The substantial adjustment in the early stage of the market provides a favorable time window for the new fund's warehouse layout, as well as high-quality stocks with reasonable valuation.

At this time, more funds will be on sale. Only in the first two days of June, 41 fund products have been launched, and 65 products of 25 fund companies will be raised during the month, including 26 hybrid funds, 8 common equity funds and 13 index stock funds.

the matthew effect

The recovery of fund issuance is not "sunshine".

As of June 2, of the 148 funds established since May, the most newly established funds include 8 Boshi fund, 7 Huaxia Fund and 7 Tianhong fund, 6 e-fund, 5 Guangfa fund, 5 China Merchants Fund, ICBC Credit Suisse fund and Fuguo fund.

When the fund issuance market is picking up, most of the new funds are issued by the first tier fund companies, and the head effect is obvious.

Since May, 148 new funds have been established, belonging to 77 fund managers. Nearly half of the fund companies in the market have not issued new funds. In particular, some small and medium-sized fund companies have few funds and their competitiveness is worrying.

In fact, this is a competition concerning the strength of fund companies and the performance of star fund managers.

Yang Delong of Qianhai Kaiyuan believes that after the issuance of new products, the factors that determine whether the new fund can sell on a large scale depends on the brand, channel, investment and research ability of the fund company, as well as the popularity of the fund company and the performance of the fund. These factors comprehensively determine the sales model of the fund.

Yue Kunzhong said that the issuance of new funds managed by star fund managers of active equity funds was better. For example, huitianfu fund Hu Xinwei's huitianfu consumption collection held an issue scale of 7.8 billion in two years. In addition, among the passive equity funds, similar funds with "star products" that have been sought after by funds in recent years and have made outstanding achievements are relatively good. For example, the star product of China Merchants "China Securities liquor" has driven the new fund to enhance the leading index of China Securities consumption in new fund investment promotion, and the actual amount raised is 8.8 billion.

Wang Yi also believes that at present, star fund managers' new fund issuance performance is better, such as huitianfu fund Hu Xinwei's huitianfu consumption selection held 7.8 billion shares in two years, HSBC's core growth of HSBC Jinxin's issuance scale of 5 billion, and Jiashi Hongliu's Jiashi quality preferred issuance scale of 4.1 billion.

The recent issuance of private equity market also has "head effect" and "Matthew effect".

Long Fang, chairman of Juzhen capital, told reporters that the private placement data in May would not come out until the middle of June, and there was no way to analyze the specific situation for the time being. However, from the perspective of personal subjective feelings, the issuance of private funds should be warmer in May, but it presents a pattern of differentiation.

"At present, the issuance of private funds presents a relatively strong Matthew effect, and it is relatively easy for large private institutions to enter the white list of banks, securities companies and other financial institutions; And the majority of small and medium-sized private placement mainly relies on direct sales, which is more difficult to issue. " Longfang said.

Xuanjia financial CEO Lin Jiayi said, "the main or a small number of head brand enterprises in the short term or get market recognition. Such as Gaoyi, Jinglin and other new products with good performance and brand. The new fund issue competition is still in the performance persistence, as well as the market brand reputation. "

New fund "investment technique"

At this time, how to invest in the new fund?

Yue Kunzhong pointed out that after this round of rapid and substantial adjustment after the Spring Festival this year, the overall valuation level of a shares has decreased, and the PE (TTM) of most industry indexes has been adjusted to below the median level in recent ten years. In terms of macro environment, economic recovery and gradual return to normalization of monetary policy are still relatively clear trends. From the perspective of valuation and macro environment, the prospect of A-share market is not pessimistic and there are structural opportunities. But in the context of rising inflation expectations abroad, it may bring disturbance, so it also increases the difficulty of stock selection.

Wang Yi suggested that investors should take advantage of low prices and gradually build or increase positions, instead of chasing high ones. They should grasp the pace of investment and invest for a long time; The second is to embrace the core managers. When selecting new funds, it is suggested to select fund managers with solid ability to select individual stocks, including managers with long-term historical performance to prove investment ability and keep learning and continuous evolution; The third is to do basic research on the proposed investment fund, understand the basic situation of the proposed investment fund, the investment style and investment philosophy of the fund manager, and select a more matching and recognized fund for investment based on the risk preference and style concept of investors, so as to help investors make investment decisions more rationally.

Liu suggested that investors should comprehensively test the fund manager's popularity, private placement popularity, long-term performance and withdrawal control of the new fund.

"When choosing a new fund, first, we should try our best to consider from the perspective of asset allocation and not too single in strategic allocation; Second, different funds have different risk return characteristics, so they should choose products suitable for their own risk tolerance; Third, in the choice of funds, we should not too much pursue high returns and ignore the risks behind the returns; Fourth, try to choose products with a complete performance record of more than three years and good long-term performance. " Liu Youhua said.

Lin Jiayi suggested that "we should penetrate into the historical investment strategies and positions of managers and fund managers, and assess the cost performance ratio of their current underlying assets or the assets planned to be allocated."

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