The Securities Daily reporter found that 688 fund products established in the public offering market in the first half of this year raised a total of 1.05 trillion yuan, breaking through the trillion yuan mark. Whats more remarkable is that, with the joint efforts of excellent fund managers and channel marketing, the number of hot money funds frequently appeared. In the first half of this year, there were 11 new funds with a scale of 10 billion yuan in the first half of this year.
- - trillion yuan of capital flows into the new development fund market
With the first half of the A-share out of the M-shaped shock market is different, since this year, investors on the new fund subscription enthusiasm continued unabated. In the first half of this year, the new funds with the upper limit of fund raising ended their raising ahead of time and started the proportional placement. Securities Daily reporters comb found that one day sold out as many as 88 fund products. Most of these fund products are large and medium-sized fund companies, which have the advantages of channels and word-of-mouth, as well as the moat of outstanding fund managers. In addition, most of the funds with technology as the main investment direction were snapped up on the day of issuance.
It is not comprehensive to evaluate the popularity of public offering fund only from the early settlement and the start of proportional placement, and the establishment scale of explosive fund is also an important reference standard. After entering the second quarter, the Shanghai stock index still fluctuates and climbs below 3000 points. The public offering market continues the rhythm of bargain hunting and intensively issues new fund products. The reporter of Securities Daily noted that as of June 30 this year, 688 fund products had been established in the public offering market, with a total raising scale of 1.05 trillion yuan. According to this calculation, the scale of new fund issuance in 2020 will reach 2.1 trillion yuan, far exceeding the highest issuing scale of new funds in 2015 in history. At that time, the scale of new fund was about 1.65 trillion yuan.
The scale of equity fund raising has raised the beam of this years new fund market. According to Oriental Wealth choice data, in the first half of the year, 415 equity funds have been established, with a scale of 708.3 billion yuan raised. The general time for new funds to build positions is between one month and two months, which means that with the continuous construction of new funds into the market, hundreds of billion yuan of capital ammunition brought by investors will flow into the stock market.
Does it mean that the direction of residents savings is shifting to the capital market? Yang Delong, chief economist of Qianhai open source fund, said in an interview with Securities Daily: we see that the fund sales share in the first half of the year has exceeded 1 trillion. The only time in history that the fund sales exceeded 1 trillion in the first half of 2015 was the bull market in the first half of 2015. It can be seen that in the first half of this year, when the performance of the stock market was relatively low, the residents willingness to enter was very strong, which verified my view: the direction of the transfer of residents savings was to enter the capital market to realize the appreciation of wealth, just as a large number of residents savings had entered the property market to realize the appreciation of value in the past decade.
11 new development funds with 10 billion yuan level appear
In addition to the frequent fund products, the product scale of a single new fund has increased since this year. According to the analysis of Securities Daily, the average fund raising scale of a single newly established fund in the first half of this year was about 1.6 billion yuan, which was higher than that of the whole year from 2016 to 2019 of 945 million yuan, 806 million yuan, 1.092 billion yuan and 1.349 billion yuan.
It is worth noting that among the new funds issued in the public offering market in the first half of this year, there were as many as 11 fund products with an initial amount of more than 10 billion yuan. These funds are mainly concentrated in e-fund, Huaxia, huitianfu, Nanfang and other head fund companies. Under the background of strong product R & D and sales, there are even four 10 billion yuan funds that are sold out in one day. In addition to the growth pioneer mix in southern China, e-fund balanced growth, Yinhua China bond 1-3-year agricultural development bank bond index, huitianfu middle market positive growth mix, ICBC high-quality growth mix, huitianfu high-quality growth mix, BOC Shunxing return one-year holding mix, Huaxia China Securities new energy vehicle ETF, yingdaan Huichun bond, etc., the maximum effective subscription amount reached 32.115 billion yuan.
Looking back on the number of 10 billion yuan new funds in the public offering market in the past decade: 27 in 2019, 14 in 2018, 8 in 2017, 12 in 2016, 20 in 2015, 5 in 2014, 3 in 2013, 13 in 2012, none in 2011 and 3 in 2010. The first half of 2020 will undoubtedly become the super year for the issuance of 10 billion yuan new funds.
The fund manager of a medium-sized public offering fund told the Securities Daily: there are three reasons for the frequent occurrence of 10 billion yuan new funds: first, most of these fund products are issued by large and medium-sized fund companies, and there is no doubt about the advantages of product R & D, channel and word-of-mouth; second, fund companies generally let top managers with outstanding long-term performance, such as southern growth first Third, Mao Wei is a mixture of the market and investment hot spots. For example, affected by the epidemic situation, the fund market began to lay out equity funds on a low price. With the implementation of a series of policy dividends, most of the new funds issued this year are in the direction of medicine and Science and technology, while there are few funds in the blue chip market direction, and investors have higher expectation on the absolute return of such products.
Source of this article: Ren Hui, editor in charge of Securities Daily_ NBJ9607