In addition to the growth of quantity and scale, compared with the past, pension fof also shows more offensive in asset allocation. Data shows that in the third quarter of this year, another eight pension target funds chose to invest directly in stocks, while in the second quarter, six fofs began to participate in stock investment, and the proportion of stock investment market value to the total asset value of the fund also increased. In addition, compared with the second quarter, the proportion of fund investment also increased.
Obvious internal differentiation of products
Continuing the previous momentum, the number and scale of pension target funds continued to rise in the third quarter. The number of fund products increased by 13, while the overall scale increased by more than 4 billion yuan.
This difference is not only reflected in the end of the quarter, but also in the quarterly subscription after the opening subscription. In the third quarter of this year, a total of 41 pension target funds flowed in new funds, according to wind. Among them, Minsheng and yinkangning have become the best pension providers every year, winning the title of quarterly subscription king with 1.73 billion subscription volume. In addition, there are 8 products with 100-400 million applications, 13 products with 10-100 million applications, and the rest 30 products are all under 10 million applications.
Is the pension target fund good to sell? Some people think its not easy to sell. Instead, there are a lot of pension target funds raised through sponsorship, more than 10 of which have a scale of less than 20 million yuan; others think there is a market, after all, there are 2 billion yuan funds, and the quarterly report shows that no single investor holds 20% or more of the fund shares.
Some people in the fund industry say that this is mainly related to the types and channels of pension target funds. Generally, one-year funds are easier to raise funds than three-year and five-year funds, while banking fund companies may have better channel support. For example, the top two pension target funds are the one-year holding products of banking fund companies.
Preference for finance and big consumption
For investors, the biggest concern is not size, but performance. As of October 30, the biggest earner of this year is Xing Quan An Tais balanced pension, which has earned 15.19% since this year, according to wind. Next came China Europe pension 2035 and South China pension 2035. The former earned 13.14% and 12.76% of a and C shares respectively, while the latter earned 10.79% and 10.43% of a and C shares respectively.
From the perspective of positions, all three funds directly hold shares. Among them, Xingquan Antai balanced the direct distribution of pension rights and interests as early as possible. In the first quarter of 2019, the market value of the funds stock accounted for 4.72% of the total value of the funds assets. In the second quarter of this year, China Europe foresight pension 2035 and China Southern pension 2035 started to directly invest in stocks. As of the end of the second quarter, the market value of their stocks accounted for 4.81% and 13.89% respectively. At the end of the third quarter, the proportion of equity investment in Xingquan Antai balanced pension, China EU foreseen pension 2035 and southern pension 2035 was 10.36%, 13.50% and 14.71% respectively, with all positions increasing.
In addition, the reporter of the daily economic news noted that compared with the mid-2019 report time, there were eight new pension target funds that directly invested in stocks in the third quarter. Among them, Huaxia pension, which was established in April and may 2019, moved rapidly in 2045 and Bank of China Ankangs stable pension for one year, with the proportion of stock investment directly rising by 13.46% and 13.69% at the end of the third quarter. In addition, more than 10% of the stock positions are held by China Merchants Heyue solid pension for one year, with the positions increased to 11.36% from 10.04% in the second quarter.
Debt base is still the main heavy position
Although the top three products have more or less direct investment in stocks, it does not mean that the return of pension target funds holding stock positions must be higher than other products. In fact, four of the top 10 products in the third quarter didnt hold shares directly in the third quarter.
In fact, for pension target funds, stock investment may be regarded as no business. As a fof, most assets are still placed in the choice of sub funds. So in the third quarter of 2019, what is the situation of pension target funds heavy position fund?
From the perspective of the market value of positions, the pension target fund aiming at long-term stable value-added is mainly based on a stable position strategy at the beginning of its establishment. The top 10 funds with the largest total market value of positions are bond funds. Among them, Minsheng plus yinxinxiang a has only two pension target funds, but it is a large fund with a scale of more than 2 billion yuan, which is Minsheng plus yinkangnings one-year stable pension fund and BOCOMs one-year stable pension fund, so the actual total market value of the positions can not be underestimated, reaching 676 million yuan. In addition, the total market value of the two funds, Wells Fargo Credit Bond A and Wells Fargo Tianli growth bond, is also large, reaching 620 million yuan and 424 million yuan respectively.
In terms of the breadth of positions, e-fontas two debt bases are the most popular - e-fontas credit debt a and e-fontas high-grade credit debt a each have eight pension fof positions. In addition, there are 7 pension fofs holding Wells Fargos Credit Bond A and e-fontas small and medium cap respectively, 6 of which are held by Haifutong alpha hedge, ICBC Credit Suisse Shuangli a, China Europe times pioneer a and e-fonta Hengsheng H-share ETF.
Although in order to be stable, bond fund is the main force in the fof fund portfolio, but after all, it also needs to complete the mission of value-added, including able to keep and able to fight. Which fund is the most able to fight in the fund of pension target fund?
According to wind data, in the third quarter, Huaan media Internet brought the highest return, reaching 34.58%, with three pension fofs in total. Following closely are the new energy industry of Cinda Australia, Cathay Pacific Rongan Multi Strategy, e-fonda emerging growth and rich country innovation technology, all of which have brought more than 20% performance returns in the third quarter when the Shanghai index fell more than 2%. And it is worth noting that these funds are all new funds in the third quarter.
Source: editor in charge of daily economic news: Yang bin_nf4368