Since the end of 2018, the new regulations on capital management have been issued, requiring the management of large-scale collective assets in stock to manage the standard public funds. December 31 of this year is the big limit for the completion of the transformation. Since April, the market has clearly felt that the progress of the introduction of public offering products by securities companies is accelerating. However, due to the large number of existing projects, it is difficult for the securities companies to complete the public offering transformation of asset management by the end of this year.
CITIC Securities has two public offering transformation products approved
Citic securities asset management recently received two more approvals for the public offering and transformation products, namely CITIC Securities outstanding growth two-year holding hybrid integrated asset management plan (referred to as outstanding growth, formerly known as CITIC outstanding growth) and CITIC Securities quantitative optimization stock integrated asset management plan (referred to as quantitative optimization, formerly known as CITIC arbitrage 1 , the public information shows that both products have issued the reply letter of contract change.
Citic securities outstanding growth two-year holding period hybrid collective asset management plan was established in May 2011, formerly known as CITIC Securities outstanding growth collective asset management plan, which is a hybrid collective asset management plan. After the completion of the public offering transformation, a closed period of two years, performance compensation mode. That is to say, after the outstanding growth product of CITIC will become a bonus value product, it will be another public offering transformation product adopting performance reward mode.
From the past history, remarkable growth is obviously a star product, which has won the three-year collective asset management plan of Jinniu securities company - stock type award, with excellent performance return. According to wind, the net value of the product on May 12 was 1.447 yuan, with a yield of 373.83% since its establishment, ranking 2 / 56 of the same product, and the growth rate of Shanghai and Shenzhen 300 was 26.15% over the same period. Since 2015, with the exception of 20% of the performance in 2018, positive growth has been achieved in other years, including 39.26% of the annual revenue in 2017, ranking 41 / 579 for similar products.
Zhang Xiaoliang, outstanding growth product investment manager, was born in 1981 and joined the asset management department of CITIC Securities since 2010. At present, he is one of the youngest MD of CITIC Securities. He has been an excellent growth investment manager since August 2014, with a return rate of nearly 300%, ranking 3 / 236 of similar products.
It is understood that after the completion of the public offering transformation of the excellent growth products, the investment strategy is to focus on the stocks with industry advantages, company advantages and valuation advantages, and the remaining assets will be allocated to fixed income assets, cash assets and other major categories of assets. In terms of specific portfolio proportion, the proportion of investment in stock assets is 50% - 95% of the total assets plan, among which the proportion of shares invested in Hong Kong stock general standard accounts for 0-50% of the stock assets. At the end of each trading day, after deducting the trading margin of stock index futures contract and treasury bond futures contract, the total investment proportion of cash held by the collective plan or government bonds with maturity within one year shall not be less than 5% of the net asset value of the collective plan, among which, cash does not include the settlement reserve, deposit and withdrawal margin, purchase receivable, etc.
2u3001 Old bottled new wine - quantitative optimization product
Another approved public offering product is CITIC Securities quantitative optimization stock type collective asset management plan, formerly known as CITIC Securities arbitrage Bao No.1 collective asset management plan, with a current scale of 400 million yuan.
It is worth mentioning that compared with the previous arbitrage treasure, the quantitative optimization after the transformation of the public offering can be said to be old bottled new wine, with changes in product name, investment strategy and performance comparison benchmark.
Before the public offering transformation, this product was an index enhanced tool product. The only difference between this product and similar products on the market is the product formed by benchmarking two indexes, CSI 300 and CSI 500, and benchmarking one index with half of each fund in practice. Finally, the product is formed together. After the public offering transformation, the logic of quantitative optimization of products is to optimize a better quantity by quantifying the underlying database The final result is to pursue the largest alpha relative to the CSI 300 index. The positioning of the whole product is similar to the public offering quantitative stock selection product in the market.
Moreover, unlike dividend value, selection value and excellent growth product, which are very dependent on the personal experience of the investment manager, the quantitative optimization product is built by a quantitative team, mainly to build a better quantitative model, and finally select a basket of stocks, with the income as much as possible greater than the index.
The combination layout of five public raised transformation products
As one of the first public offering transformation products of securities companies, CITIC asset managements first public offering transformation product, CITIC Securities six-month rolling holding bond type collective asset management plan is a bond product, with the biggest feature of clean shell and easy transformation, which serves as a pioneering work for the public offering transformation, thus forming a demonstration role for the public offering products after that.
Since then, every public offering product launched by CITIC asset management has become a hot money in the market.
On November 4, 2019, the second large-scale public offering and transformation product of CITIC Securities dividend value one-year holding mixed type collective asset management plan began to be sold. On the first day, the fund raised was more than 4.6 billion yuan, and the sales volume in a week was more than 7 billion yuan. In addition to the original capital scale of class a investors, the product has now exceeded 11 billion yuan.
In March 2020, the third public offering transformation product of CITIC Securities mixed asset management plan for value growth was opened for redemption. Its basic characteristics are rights and interests oriented, Taurus products and daily open purchase and redemption. The first day sales exceeded 4 billion yuan, and the current scale is more than 6 billion yuan. It is worth mentioning that after the half day sales scale of the product through its own channels exceeds 3 billion, it will enter the natural sales state and start to make efforts to sell through external channels.
It can also be seen from the specific situation of each product that CITIC Securities Asset Management will have a combination layout for different types of products or different opening periods, and different liquidity arrangements for different types of products. For example, the value of CITIC dividend securities is closed for one year, and Zhenxuan of CITIC Securities is open to purchase and redeem every day. The closed period of CITIC Securities is two years. At the same time, both the dividend value and the outstanding growth adopt the way of performance compensation, and Zhenxuan value is the same as the common public fund products.
These products also have consistency. The most intuitive thing is that the products for public offering and transformation are high-quality products, such as CITIC Securities dividend value, arbitrage No. 1 and excellent growth products, which have been awarded products.
For dividend value and high value products, CITIC Securities has invested its own funds for follow-up investment to show a double optimistic view on the future equity market and product strategy.
It is worth mentioning that although the first public offering transformation product only raised less than 200 million yuan at the beginning, it has now rolled to about 2 billion yuan due to its good performance.
On November 28, 2018, China Securities Regulatory Commission published the applicable operation guidelines for the asset management business of securities companies. As the supporting rules of the new asset management regulations, the stock asset management business of large collection is required to manage the standard public funds. The deadline is December 31, 2020. After the transformation into public offering transformation, the large-scale products of securities companies will compete with more than 6000 public funds.
In August 2019, CITIC Securities, Guotai Junan and Dongfang securities successively obtained approval documents for transformation products, which means that the public offering transformation of asset management products of securities companies ushered in breakthrough progress. Subsequently, Guangfa Securities, CICC, Societe Generale Securities, Haitong Securities and other securities companies successively launched public offering products. However, due to the large number of stock projects of individual securities companies, it is difficult for securities companies to complete the transformation of public offering before the end of this year.
Since April this year, you have obviously felt that the frequency of securities companies launching public offering products is increasing.
On May 11, the first public offering hybrid product of Haitong Securities, Haitong core advantage (formerly known as Haitong emerging growth), was opened for redemption. The product was awarded the title of 2017 Jinniu securities company collective asset management plan.
Source: China responsible editor of securities company: Guo Chenqi_ NBJ9931