This year is a big year for fund issuance, and the number and scale of new funds have continued to set a record high. According to wind data, as of November 25, the total number of newly established funds issued during the year reached 2692.676 billion, with an average of 2.388 billion shares issued by a single fund.
In terms of the number of issues, only the number of new funds in 2016 and 2019 exceeded 1000. In terms of issuance shares, the fund issued shares ranked second in 2015, reaching 1655.462 billion, and the issuance shares in 2019, 2016 and 2013 all exceeded one trillion.
The reporter of China Securities News noted that under the condition of booming new fund market, many new funds still failed to meet the conditions for establishment and had to declare the issuance failure. Since November, five funds have failed to issue, including one equity fund, one hybrid fund, two bond funds and one fof. In 2020, the number of failed funds will increase to 22, and in 2019, the number of failed funds will be 20.
According to the insiders, the issuance speed of public funds this year is fast and there are many products, which are mainly affected by the increase of market trading opportunities in the past two years. The obvious preference of funds for head funds has led to the formation of a differentiated situation, resulting in difficulties in the issuance of small and medium-sized funds, and the cases of fund raising failure are mainly concentrated in small and medium-sized companies.
Small and medium-sized fund companies complain
Generally speaking, the effectiveness of the fund contract needs to meet three conditions: the number of fund raised is not less than 200 million, the amount of fund raised is not less than 200 million yuan, and the number of fund subscribers is not less than 200 people. The main reason for the failure of many fund raising lies in the obvious differentiation of fund industry, and the situation of some small and medium-sized fund raising is not optimistic.
Generally speaking, the new products managed by star fund managers of head fund companies have become the preferred target of investors. When the products issued by the head fund attract the most active capital in the market, the remaining small and medium-sized fund companies can only complain bitterly.
According to a Shanghai public offering fund, the total number of new products issued this year has reached a record high, resulting in too many funds as a whole, which naturally leads to an increase in the number of failed fundraising cases. At the same time, this years issuance market polarization is too serious, the head fund companys new funds almost attracted most of the OTC funds. In addition, this years hot money funds are mostly created by head fund companies and banks that occupy channel advantages. For small and medium-sized fund companies, issuing is even more difficult.
Due to the obvious profit-making effect this year, many fund companies scrambled to report relevant theme funds. However, after the market cooling down, OTC funds remained on the sideline for the time being. In addition, this years bond market performance is not so good, which has become one of the reasons for the failure of several bond funds.
Many funds are still waiting for admission
This month, two top ten billion funds have been established. The initial scale of huitianfu stable Huiying one year and e funds three years of high-quality strict selection are 17.086 billion yuan and 14.832 billion yuan respectively. In addition, the combined issuance scale of huitianfu digital life six months and e fund Yuexing one year holding period exceeded 10 billion yuan.
For the future market, Mr. Hu Zhiwei, manager of Nord fund, believes that the market has a very strong expectation for the further recovery of the economy next year, but the follow-up market rise rate is probably a small slow rise. At the same time, the upstream cyclical industries will have better driving factors, coupled with the outstanding performance of coal, nonferrous metals, steel and other industries, the short-term upward trend of the market is expected to continue.
Jia Teng, manager of Zheshang fund, believes that with the gradual weakening of the impact factors of the epidemic, there is a strong driving force for the economic upward trend in the fourth quarter, and equity assets may perform better at this stage. From the perspective of the fundamentals of different sectors, the pro cyclical industrys historical valuation level is still in a low position by comparing its own historical valuation level vertically; compared with other hot sectors in the early stage, the water level difference of valuation is relatively large. From the perspective of structure, the current market takes economic recovery as the main line, the pro cyclical industry has better performance price ratio, and is optimistic about the financial sector represented by banks.
Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607