Relevant people of Haifutong Fund pointed out that from the specific layout of products, there are many types of fixed income + products, including secondary debt base, mixed partial debt, flexible configuration and other products. Taking the secondary bond based and partial bond hybrid funds as the statistical caliber, wind data shows that as of November 25, the number of fixed income + funds established this year has reached 199, with a total scale of 320.552 billion yuan, of which the partial bond mixed fund accounts for the majority.
Specifically, up to now, there are 394 partial bond hybrid funds in the whole market, with a total scale of 452.874 billion yuan. Among them, 159 funds have been newly established since this year, with a scale of 276.852 billion yuan, which is more than five times the cumulative scale of 44 newly established funds in 2019 of 48.432 billion yuan. In terms of secondary bond base, the total scale of 40 newly established funds since this year is 43.773 billion yuan, which is also more than 10.724 billion yuan of 25 funds newly established in 2019. In addition, e-fund Yuexing one-year holding fund was put on sale on November 23, raising about 14 billion yuan on that day, becoming a recent hot money fund.
Relevant people of Haifutong Fund pointed out that from the perspective of market capacity, fixed income + products may maintain a rapid growth rate, and the allocation demand for such products will continue to grow no matter institutional investors or individual investors.
Market analyst Chen Hao (not his real name) told China Securities Daily that since 2020, market volatility has increased, and it is difficult to obtain appropriate excess returns for a single equity or fixed income asset investment. Fixed income + products have the attributes of stock and debt. If the investment strategy is used properly, it should be able to obtain satisfactory returns. In the view of relevant people of Haifutong fund, excellent fixed income + products should have the characteristics of small withdrawal, high return and steady upward long-term net worth curve.
Wind data shows that, excluding the funds set up this year, the average return rate of 235 mixed funds with partial debts has reached 11.74% since this year, of which 20 funds have returned more than 20%.
Difference strategy to create fixed income + +
Chen Hao pointed out that the rapid growth of fixed income + products has better met the investment demand of the market. Even in order to seek a better excess return, there are fund companies in the + strategy of differentiation attempt.
For example, Penghua Anxiang one-year holding fund will be issued by Penghua Fund on December 14. Its equity investment mainly adopts the strategy of industry rotation + selected stocks. Through the comparison of industry fundamentals and prosperity, 3-5 industries are selected and the return on investment can be obtained through industry rotation. At the same time, a certain large and medium-sized public fund company in Shenzhen recently issued a one-year fixed fund, and its equity investment has increased a variety of strategies such as fixed increase and innovation. Wang Yi (pseudonym), the proposed fund manager of the fund, calls this product fixed income + + product.
According to Wang Yi, from the perspective of market data, the average value of the floating absolute rate of return of the bidding projects issued by fixed increase in 2020 is brilliant. For the absolute income thinking of fixed income + + products, fixed increase is becoming a very important investment field. According to statistical data, he pointed out that with the continuous heating up of the issuing end of the fixed increase market, the accumulated issuance bidding projects in the first three quarters of 2020 reached 139, with a total fund-raising of 262.4 billion yuan, increasing by 35.58% and 21.30% respectively over the same period of last year. From the investment side, as of November 17, 2020, the average floating absolute yield of bidding projects has been 24.02%, and the proportion of positive return has reached 80%.
For mutual funds, the fixed increase market is a very important investment field in the absolute return strategy. On the one hand, the discount of fixed increase provides protection; on the other hand, public funds have obvious advantages in participating in fixed increase. Wang Yi pointed out that through the fixed increase of participating stocks, the participating price range can be locked in advance, and large shares can be directly locked at the issue price, so as to avoid the impact cost and time cost caused by buying in the secondary market.
Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607