Data source: the reporter collates the network map, Yang Jing maps
The performance of mini funds was not bad during the year
Although the mini funds are generally abandoned by the market, it is an indisputable fact that the relevant equity products have high returns. Wind statistics show that since this year, among the active equity products, the average income of products whose scale has dropped to less than 50 million yuan in the third quarter is nearly 30%.
Or the market, the liquidity market at the beginning of the year has continued to the middle of the year, especially the partial equity funds have made more than 40% of the return in this round of market. A public fund raiser in South China said in an exchange with reporters that the mini base may have a relatively weak voice last year, but this year is just a good opportunity to take a free ride to boost performance.
According to the statistics of the daily economic news, as of December 3, there were 372 active equity products (stock type, partial stock mixed type, balanced mixed type and flexible allocation type) with fund size less than 50 million yuan. The average growth rate of unit net worth after the restoration of rights reached 28.44%, significantly ahead of the 11.57% increase of the Shanghai Composite Index in the year. If we exclude the newly established funds in the year, there are 266, and the average growth rate of unit net worth after the restoration of rights is 34.73%. Specifically, since the beginning of this year, the biggest increase has been China Europe Shengshi growth e, with the unit net value growth rate of 79.75% after the restoration of rights, while the biggest drop is the top 50 of Qianhai Kaiyuan, which is only - 3.35%. In addition, there are 51 products with a yield of more than 50%, accounting for about 20%.
In terms of scale, 36 companies (excluding the new funds set up this year) whose scale has dropped to less than 2 million yuan in the third quarter report, and kaishifeng a, which has just fallen below 50 million yuan, is currently worth 50 million yuan. There are still 290 million yuan in the fourth quarter of last year. Now, the liquidation alarm has been sounded.
There have been many liquidators this year
The most typical one is Tianzhi transformation and upgrading. Although the partial stock hybrid fund, which was established in May 2019, has the worst return of - 0.33% for six consecutive months, it also has the highest return of 67.03% for six consecutive months. Especially, this years performance is eye-catching, with a net value growth of 57.57% as of December 3. From the trend of the scale of the fund, it is not difficult to find that in the first half of this year, the net value of the range increased by 27.14%, and the scale also increased by 10 million yuan to 40 million yuan compared with the first quarter. However, with the market callback, the net value retreated, and by the end of the third quarter, the scale had dropped to 10 million yuan. Although so far, the net value growth rate of Tianzhi transformation and upgrading has reached 57.57%, but from the number of share holders, compared with 487 at the end of 2019, it has dropped to 282 in the middle of the year, which shows that the fluctuation of its performance has a great impact on the confidence of the holders.
It should be pointed out that, after all, the mini fund is the object of investors avoidance. For the products near the RMB 50 million liquidation line, even if the performance is good, the pull on the scale has been very limited. For example, the advantage of Changxin Hengli has achieved a net value growth of 66.31% since this year. Driven by this, the scale of the fund has increased from RMB 30 million at the beginning of the year to RMB 40 million.
Similar situations are not uncommon. In the view of the public offering circles mentioned above, the stability of performance growth determines whether the scale can continue to rise. Some people also said that products with good performance and risk of liquidation could be regarded as dangerous beauty, but this scene is being staged in the shell war of mini funds at the end of the year.
According to the data of cnki.com, in November this year, a total of 25 funds, including GF China Securities 800etf, Yinhua China Securities mainland resource index classification, investment promotion and stability, regular opening and mixing, and Guangfa overseas diversified allocation (QDII), released liquidation reports in November. As of the end of November, 153 funds were wound up in the year.
In this regard, industry insiders said that there are two main reasons for fund liquidation: the first is that the market is not good, the yield of fund products is low, and many holders redeem it, which leads to the scale shrinkage; the second is the withdrawal of outsourcing funds, forcing a large number of funds to shrink significantly and wind up.