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Public offering New Year's issue, small climax, debt-based as a "C-bit" equity fund

January 11, 2019 02:30
source: 21st Century Business Herald
edit:Eastern Fortune Network

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Summary
[Public New Year's Issuance, Small Climax, Debt Base as "C Position" Equity Fund] According to statistics, as of January 10, as many as 44 new funds have been issued since this year, 8 more than the 36 in the same period last year. Only, an increase of more than 20%. Different from the equity fund in the beginning of 2018, the focus of public fund issuance has been significantly biased towards bond funds this year. (21st Century Business Herald)

And the beginning of 2018, the main interest categoryfundDifferent, this year's public offeringFund issuanceThe focus is significantly biased towardsBond fund.

According to statistics, as of January 10, this year’s release has begun.New baseThere are as many as 44 gold, which is 8 more than the 36 in the same period of last year, an increase of more than 20%.

On the other side of the year-on-year increase in the number,New fundThe structure has also changed a lot. According to statistics, among the 44 funds that have been issued this year, there are as many as 21 bond funds, accounting for as much as 50%. Of the 36 funds issued in the same period last year, only 5 were bond funds, accounting for only 13.89%.

Undoubtedly, the bond fund is the absolute protagonist in the small climax of the 2019 release. Not only that, because the institutions generally expect the bond bull market to continue in 2019, and the equity market is still at the bottom of the stage, bond products are expected to become the main line of the public offering in 2019.

In addition, another product that is expected to become the focus of institutional development in 2019 isETFFund, many recentfund companyExpressed the willingness to continue to expand the ETF fund. In particular, the significant increase in the proportion of retail investors in ETF products in 2018 has become an important factor in triggering the public offering to develop ETFs.

  Debt baseActing as the main line with ETF

According to statistics, as of January 1, 2019, as many as 44 new funds will be issued. From the perspective of the type of subdivision, the quantity is at least in order: 11 medium and long-term pure debt funds, 10 partial stocksHybrid fund, 7 short-term pure debt funds, 5 ordinaryEquity fund, 3 flexible configuration types, 2 mixed bond type secondary funds, 3 passiveIndex fund2QDIIAnd 1 passiveExponentialBond fund.

It can be seen from the above that the total number of new bond funds and stock funds in 2019 andHybridThe sum of the number of funds is equal, and in early 2018, equity funds and hybrid funds accounted for the vast majority of new funds.

Behind the transformation of the market layout of public fund companies, it is related to changes in the market environment. Opened in 2018,Shanghai indexPulling out a wave of "13 Lianyang" has played a role in boosting the issuance of equity products. After experiencing the deep adjustment in 2018, this year's equity products were obviously left out and forced to "stand by."

At the same time, the expectation of the continuation of the 2019 bond market and the outbreak of the ETF product in 2018 made the fund company naturally turn. Recently, a number of fund companies have talked about 21F product distribution priorities in the 21st century, and they all mentioned bond funds and ETF products.

Zhang Wenping, director of the Ping An Fund's fixed-income investment, said that in 2019, Ping An Fund will focus on short-term debt funds, medium and short-term debt funds, primary debt bases, secondary debt bases and specific strategic funds. “We expect the bond market environment to be friendly in the first half of 2019, but if there is a large fluctuation in the market, investors are advised to purchase short-term debt funds. These products are mainly aimed at pursuing steady income, and they can attack and retreat. If In bear markets, short-term debt funds are likely to perform best in all types of debt bases; if the market is better in the first half of 2019 and the bear market or shock market in the second half of the year, the performance of short-term debt funds will not be bad. Overall short in 2019. The comparative advantage of debt funds will be better than in 2018."

Another "fixed income"Southern fundAlso mentioned is the 2019 bond product layout plan. On January 9, He Kangxiang, manager of the South Tongli Fund, pointed out that “Compared with 2018, the price-performance ratio of bond market investment has been reduced, but the downward pressure on the domestic economy in 2019 is large, and the fundamentals are still favorable to the bond market. The base still has investment value, but the investment operation is more difficult. The company will plan more bond products according to the product line in 2019.Financial managementThe product has a large capital need. ”

It is worth mentioning that many bond fund managers mentioned that bond products in 2019 can appropriately increase investment in equity.

Similar to bond products, the continued development of the ETF in 2019 is almost a high probability event. ETF Fund Fund in 2018Net inflowThe growth rate broke the historical record. According to statistics, for the whole year of 2018,SSE 50The net inflow of index funds is about 16.9 billion.Shanghai and Shenzhen 300The net inflow of index funds was about 40.5 billion, the net inflow of CSI 500 index was about 29.6 billion, and the net inflow of GEM was 31.1 billion. Among them, the Southern China Securities 500 ETF as of 2018, the net inflow of funds reached 24.6 billion yuan, ranking first in the stock market ETF.

On January 10, a person in charge of the Public Investment Index Investment Department of Shenzhen told reporters that “based on the development momentum of ETFs and the competition pattern of fund companies, this year, fund companies, especially large companies, will definitely regard such products as development priorities. 2018 In the year, the retail investors will not only increase in the proportion of ETFs but also in specific households. Compared with the end of 2017, the ETF will definitely continue to grow in the future."

  Equity fund relegated to the second place

On the occasion of the bond fund and ETF acting as the protagonist of the new fund, the active equity products relegated to the second place.

“The current issuance is very difficult.” On January 10, a senior public funder in South China said, “The high probability this year is still a difficult year for the issuance of equity products, because the recovery of market confidence is not easy. And the current organization is 2019. The overall expectation is more cautious. If the market continues to be grounded, funds will not be willing to enter the market."

However, the equity fund did not fully give way. Based on the deterministic fact that the current market is at a low valuation, many fund companies have chosen to “welcome difficulties” and currently 16 fund companies are issuing active equity products.

Yang Renmei, the fund manager of Jinxin Consumption Upgrade, told reporters on January 10 that “although the market lacks confidence, the reason why we started this fund at this time is mainly because of the valuation since 2018. The average decline of the sector exceeded 20%, and the valuation advantage of individual stocks was highlighted. In the long-term, it is the step-by-step comparison.Hershey'smachine. ”

In addition, fund managers choose to invest in order to increase investor confidence. A few days ago, Li Huasong, the fund manager of the Ping An Core Advantage Mixed Fund, said that he had taken the initiative to invest 300,000 yuan. Li Huasong believes that the overall 2019 should be more optimistic than 2018, which is expected to be a good layout time.

It is also worth noting that under the weak market, the star effect will be more prominent. Recently, the first public offering of Chen Guangming’s Ruiyuan Fund has attracted market attention.

According to the public disclosure materials of the China Securities Regulatory Commission, Ruiyuan Fund reported a public fund called “Ruiyuan Growth Value Mix”, which was received by the Securities and Futures Commission on January 8 this year. However, when the product finally comes out, on the one hand, it depends on the product approval process.bankThe channel will also make a rough judgment on the market.

In December last year, the first batch of special products of Ruiyuan Fund were successively filed in the fund industry association, and the series of special accounts raised a total of tens of billions of funds. From this perspective, the star fund manager's new products have attracted attention under the weak market, and it also highlights that the investment demand for market funds has not been annihilated. On the contrary, the abundance of off-exchange funds will enable products with a star aura to quickly absorb gold in a short period of time.

(Article source: 21st Century Business Herald)

                                (Editor: DF387)

 
 
 
 

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