From the overall issuance of new funds, the pace of new fund issuance has slowed down significantly since November. According to wind data, as of November 27, there were only 42 new funds issued this month, the lowest monthly value since this year. Even if October includes the National Day holiday, 62 new funds will be launched in the same month. Judging from the share of fund-raising, the total amount of funds raised by these newly issued funds was 188.384 billion yuan, which was at a low level during the year.
Specific to the categories of new development funds, equity funds are still the focus of fund company layout, and the competition is more intense. According to wind statistics. As of November 27, 28 hybrid funds and stock funds have been launched this month, accounting for 66.67%.
In fact, in a longer time dimension, the number of fund issues has been at a low level for several consecutive months since August. In August, September and October this year, the circulation volume was 73, 90 and 62 respectively, and the monthly issuance shares were all below the average monthly share of this year. From March to July this year, the number of funds issued was more than 110, especially in July, the number of fund-raising was more than 700 billion.
While the overall cooling of the fund issuance market, there are still fund subscription hot, announced the early end of the raising and start the proportional placement scheme. For example, Jiashi power pioneer, which was launched on November 18, re subscribed more than 10 billion yuan and sold out in one day; huitianfu digital life, which was limited to 12 billion yuan for sale earlier, sold out on the same day for six months, and absorbed 20 billion yuan in a single day.
However, there are still a number of fund products into the dilemma of extending the raising period or even issuing failure. Take a public offering of an 18 month fixed partial stock hybrid fund as an example. The fund company announced on the 18th that it would extend the raising period of the fund to November 30, which was the fifth extension of the fund since its initial raising on September 14. On November 24, a large and medium-sized public offering announced that its six-month holding period of partial bond hybrid fund would be adjusted from November 25 to December 16.
While extending the raising period, there are also fund raising failures. Wind statistics show that since November, six funds have announced that the fund contract can not come into effect, including two hybrid funds, three bond funds and one equity fund. As of November 27, 22 funds have announced their failure to raise funds this year. Most of these failure cases come from small and medium-sized fund companies.
The head effect may be more obvious
As for the recent cooling of fund issuance, the director of a public offering product in South China said, the popularity of fund issuance is closely related to market sentiment. Since the fourth quarter, the stock market continued to fluctuate, the bond market continued to adjust, and even appeared bond default, fund stampede, high credit risk. In this context, investor sentiment is not very high, which affects the new fund raising. Some people in the industry said that the high homogeneity of products may be an important reason for the difficulty of fund issuance out of the dilemma of relying on heaven. A public offering salesman disclosed that highly similar products obviously diverted customers, and customers mainly flocked to the products of head companies. This has something to do with the labeled marketing methods of fund companies. Investors tend to come to industries with high profit making effect in the early stage, and may not seriously inspect whether the investment style of companies and fund managers is appropriate.
In view of the difficulty in raising some funds, the director of the above-mentioned public offering products bluntly said, the fund industry is obviously divided, and after the products led by star fund managers of large companies attract most funds in the market, the situation of some small and medium-sized funds is not optimistic. In his view, the head fund company occupies the channel advantage, and the marketing ability is also in the leading position, directly squeezing the share of small and medium-sized fund companies in the issuance market.
As of November 27, the scale of new funds established during the year has reached 2.8 trillion yuan, and the annual issuance scale is expected to exceed 3 trillion yuan. At present, there are more than 6000 funds in the whole market, which is about twice as many as stocks. From the perspective of supply and demand, the fund market tends to be saturated or even oversupply. When investors calm down, they will choose new products managed by star fund managers of head fund companies. In other words, there is so much money in the market, and most of it is invested in the head public offering which has rich accumulation in brand, investment research team and channel. In the future, with the continuous reinforcement of the core advantages of these companies, the Matthew effect of the fund industry will be more prominent, and will be reflected in the issuance market. A public fund raiser in Shenzhen said.
Source: Ren Hui, editor in charge of China Fund News_ NBJ9607