In the past four years, the public offering dividends of Xingao exceeded 190 billion yuan

category:Finance
 In the past four years, the public offering dividends of Xingao exceeded 190 billion yuan


According to wind data, according to the date of equity registration, in 2020, 2479 funds paid 4799 dividends, a year-on-year increase of 34.46%; the total amount of dividends reached 190.246 billion yuan, a year-on-year increase of 47.47%. In 2019, 1852 funds paid 3569 dividends, with a total of 129.008 billion yuan.

During the year, the total amount of fund dividends continued to rise, at the same time, bond fund performance was particularly outstanding, and became the main force.

The data shows that in 2020, there will be a total of 3 587 dividends of 1 731 debt based funds, with a total dividend of 109.745 billion yuan, accounting for 57.69% of the total fund dividends. It is worth mentioning that in 2019, bond funds are also the type of funds with the most dividends, with a total dividend of 80.901 billion yuan, accounting for 62.71% of the total public offering dividends of that year.

As for the reasons for the high dividend frequency and amount of bond funds, a senior market person said that part of the bond funds are entrusted funds, which are customized products. For tax avoidance reasons, most of the dividend demand also comes from institutions, so the dividend of bond funds is relatively more than other types of funds.

A market analyst in Shanghai mentioned that a large amount of dividends from the debt base may also be related to the change of interest rate in the bond market. In the stage of the rapid decline of interest rates, fund managers are more inclined to cash part of the floating profit to investors, and at the same time, they can actively reduce a certain scale through dividends. After the interest rate rose in the previous year, the bond market as a whole was greatly affected by the market sentiment. The market had some differences on the future of the bond market, which made it more difficult to allocate bonds. Of course, dividends may also be considered for continuous marketing.

It is understood that, in addition to the above reasons, when the performance of fund products reaches the conditions agreed in the fund contract, dividends can also be paid. But as far as some fund products are concerned, the decision-making power of dividend or not ultimately lies in the fund managers themselves.

According to the above-mentioned senior market participants, whether the open-end fund pays dividends or not, as well as the number and proportion of dividends are decided by the fund manager himself. In addition, according to relevant regulations, the profit distribution of closed-end fund shall not be less than once a year, and the distribution proportion shall not be less than 90% of the annual realized profit of the fund. As the above market participants have said, many fund managers, after meeting the relevant conditions, pay dividends on a large scale in accordance with the requirements of the fund contract and their own wishes.

It is worth mentioning that a small number of fund managers fund products did not pay dividends during the year. In 2020, there was no statistical report on the distribution of dividends from the 21 companies of Beijing Ruifeng and Beijing Huijin.

It is not difficult to see from the above list that, except for some newly established institutions, most of those who did not pay dividends during the year were small and medium-sized fund managers. So, what causes them not to pay dividends? According to the aforementioned market participants, there may be two reasons for fund managers not to pay dividends: one is that the current product scale is small, so they do not pay dividends in order to maintain the product scale; the other is that the performance of the fund product does not meet the dividend conditions agreed in the fund contract, so they can not pay dividends.

Beijing Business Daily reporter learned that there are still investors who hold the same concept of fund dividends and stock dividends, but this is not the case. Different from stock dividends, listed companies give a small part of their profits to shareholders, who receive dividends. The dividends of fund products only make investors secure part of their profits, which are expected to be part of the profits that can be seen on the book. Therefore, the dividend amount of the fund product can not explain the performance of the product or even the fund manager. Its better to make real money for the holder than to pay dividends. Some public offering insiders said so.

Source: Ren Hui, responsible editor of Beijing Business Daily_ NBJ9607