At the beginning of 2021, everyone felt the market boiling. A-share performance is booming, new fund issuance market is hot.
After January, the issuing market continued to boom in February. According to the fund manager, on the first working day of February, two 10 billion yuan funds were born. The new products of China Southern fund raised more than 15 billion yuan, and the products of Dongfanghong sold more than 20 billion yuan.
Fund Jun found that many investors have taken the issuance of new funds as one of the important market indicators. Indeed, there will be a number of outstanding fund managers’ new product launches in the future, which should bring continuous growth to the market. However, we need to remind investors that we should use rational investment and long-term investment to lay out new funds and not blindly follow suit.
Dongfanghong and Nanfang sold out in one day
In 2021, the A-share market is hot, and new funds are issued frequently. Last week, the market adjusted, and this Monday’s good market also led to the hot issue of new funds, and two new funds sold out in one day.
On the first day of February, fund companies such as Nanfang, Guangfa, ICBC and Credit Suisse all launched new funds. According to channel news, many of their products were sought after by the market.
According to sources from several banking channels, the one-year holding period hybrid fund of southern xingrun value, led by Southern Fund Shibo, sold out in one day and raised more than 15 billion yuan around 4 pm.
Southern Fund announced that the one-year holding period hybrid fund of southern xingrun value announced the early end of the offering. The original closing date of the offering was February 5, 2021. The closing date of the offering was advanced to February 1, 2021, and the subscription application was no longer accepted since February 2, 2021, ending the offering in advance.
Dongzheng asset management is often a “burst fund specialist”, and every time it issues new funds, it receives market attention. Dongfang hongruize, which was established on January 31, 2018, has just ended its first three-year closed period and opened its subscription on February 1. According to the feedback of channel people, the first day of the open subscription attracted more than 20 billion yuan to apply. Since the fund has set an upper limit of 8 billion yuan, the proportional placement will be a foregone conclusion.
On the evening of February 1, Sun Wei, manager of Dongfang hongruize fund, issued a letter of thanks.
New fund issue brings new increment to the market
January may bring 300 billion “ammunition”
In 2021, many new funds will be sold out in one day at the same time, which is supported by the factors of “timing”, “favorable location” and “harmony of people”.
According to the sales director of a fund company, the profit-making effect of public funds in the past two years is obvious. Take the common stock funds as an example, after the average rate of return in 2019 is more than 40%, the average rate of return in 2020 is more than 50%, which has laid an important foundation for this year’s fund boom. After the acceleration of non-standard asset transformation and standardized investment in the past two years, whether it’s fund companies or channels, the organization of building popular funds has become more efficient, and customers’ acceptance of “popular funds” is also higher and higher.
In addition, the person said, for channels, whether banks, securities companies or third-party sales channels, the revenue and profit generating effects of public fund sales in the past two years are also obvious. This year, the public fund sales targets of all channels are increasing in a large proportion. At the beginning of the year, it is the key stage of the traditional “good start” performance sprint, which also helps the frequency of fund explosion to a large extent Now.
Another fund researcher also said that the emergence of the super boom season is not accidental. Behind the influx of investors is the continuous profit-making effect of equity funds in 2019 and 2020. Yang Yuanchun pointed out that in recent years, public fund has become a national financial choice, making it the first choice for more and more people, “it’s better to buy fund than to speculate in stocks” effect is outstanding. It was also pointed out that the regulatory authorities strongly encouraged the development of equity funds, and the proportion of insurance, pension and other institutions investing in the equity market gradually increased. In addition, the increasing proportion of domestic market institutions and the more obvious investment advantages of professional institutions are the “big environment” for the vigorous development of equity funds.
“At present, the channels are more active in the issuance of new funds, especially in the first quarter of every year, there is a wave of good market, so everyone’s enthusiasm is high.” Another market person also said.
The explosion of new funds, but also to the A-share market to bring new incremental funds. According to wind, 122 new funds have been issued by the end of January this year, with a total fund raising scale approaching 500 billion, reaching 490.14 billion, and an average fund raising scale of 4.018 billion. Among them, equity funds (Index Fund + stock fund + hybrid fund) have raised more than 450 billion yuan. Based on the 70% position level, this will bring 315 billion yuan of incremental capital to the market.
At present, the raising scale of new equity funds has become one of the important indicators of the market and the data concerned by many investors. According to this speed, it can be said that the follow-up new funds will also bring incremental funds to the market.
Follow up new fund issuance
In 2021, fund companies continued to layout the new year’s market. There are still many equity funds on the way in February. At present, some funds have been scheduled to the end of March, which shows that the current funds are hot.
According to a person from the public offering product department, although the equity market is volatile at present, the distribution of each company is still relatively strong, and they are all actively trying to seize the opportunity in this round of issuing war. It is expected that the next month or two will be the time for new funds to issue.
Fund Jun found that there are also new funds on the way. For example, this week, new funds from several large fund companies, such as harvest, Jingshun Great Wall, Fuguo, huitianfu, Huaxia and Guangfa, were launched.
Public offering and private placement
From the current market situation, the public offering and private placement funds have increased their positions under the early market shocks
According to the data of Haomai fund, during the week from January 25 to January 30, the overall position of partial equity fund increased slightly by 0.77%, and the current position was 64.13%. Among them, the stock fund position increased by 0.71%, the standard hybrid fund position increased by 0.78%, and the current positions were 85.29% and 61.31% respectively.
The top three industries with fund allocation ratio were medicine, building materials and machinery, with allocation positions of 4.72%, 4.44% and 4.34% respectively; the next three industries with fund allocation ratio were electric power and public utilities, real estate and comprehensive industry, with allocation positions of 0.54%, 0.67% and 0.83% respectively.
In addition, in terms of fund industry allocation, the fund mainly increased its positions in building materials, automobile and textile clothing by 1.04%, 0.66% and 0.64% respectively; the fund mainly reduced its positions in electronic components, machinery and petroleum and petrochemical industries by 0.84%, 0.68% and 0.67% respectively.
Data source: Haomai fund research center, data deadline: January 29, 2021
According to the data of paipai.com, as of January 22, the overall position index of private equity was 80.37%, up 1.27 percentage points from last week, and reached a record high. This is the first time that the position index of private equity has reached 80% since 2008. Specifically, 64.34% of the private equity positions are more than 80%, while only 13.58% of the private equity positions are less than 50%.
In terms of scale, there is a big difference between head private placement and small private placement. The overall position index of head private placement with a scale of more than 5 billion is 85.28%, with a significant increase of 5.23% month on month. The overall position index of small private placement with a scale of less than 1 billion is 77.42%, with a increase of 1.18% month on month. Specifically, 70.99% of the head private placement positions are more than 80%, while only 5.66% of the head private placement positions are less than 50%.
The layout of “new and old funds” needs to be weighed
Pay attention to risk
Due to the good profit-making effect for two consecutive years, a group of investors actively entered the market, and burst funds came out one after another. But a group of investors are not mature, thinking that “buying funds can make money”. At this time, investors should pay attention to risks.
Zhang Ting, chief strategist of GESHANG financial management, said that the spring agitation has entered the middle and late stage, and the core support is that the expectation of profit growth will continue to rise, but the fluctuation will increase due to the increased sensitivity of monetary policy trend. It is suggested that investors reduce the expectation of future investment yield, pay attention to safety margin and increase asset allocation.
“The recent short-term interest rate surge, from the current attitude of the central bank, will still maintain the continuity and stability of the policy, do not have the conditions to continue to tighten significantly, do not rush to turn, more gradual, is expected to continue to rise significantly is less likely. Therefore, the probability of a short-term market crash is not large, and the profit growth rate is still supported. ” Zhang Ting suggests that investors should not blindly pursue high returns, stay away from the speculation concept and the theme of the fund, and select the products managed by fund managers with stable long-term performance and strong excess sustainability. In addition. Appropriate allocation of funds in undervalued sectors, such as finance, media, building materials / decoration, etc.
Li Keke of Shanghai Securities Fund Evaluation Center also believes that it is a good way to participate in market investment through the layout of funds in the medium and long term. However, it should be noted that ordinary investors should establish the concept of rational investment and long-term investment in the process of participation, treat the short-term market shocks and lengthen the holding period of products with a normal mind, treat fund investment from a long-term perspective, and obtain the steady growth of performance brought by long-term investment and rational investment. In the selection of fund products, investors can choose the fund products within their own risk tolerance by comprehensively considering the historical performance, asset allocation and operation characteristics of the fund.
In addition, many “old funders” are more willing to lay out old funds in pursuit of new funds. Yang Yuanchun, President of yingmi Fund Research Institute, said frankly that if investors really recognize the investment ability of a fund manager, they are willing to buy a single fund manager. In this scenario alone, there are three scenarios suitable for buying new funds: first, the design of new funds is more beneficial to investors, such as increasing the scope of investment, and there are practical difficulties in modifying the contract of old funds in the short term; second, in the shock period of medium and long-term bull market, new funds give fund managers a better direct opportunity to optimize the asset structure of products; third, the scale of single old products is relatively small However, the overall management ability of the fund manager can still expand horizontally.
“Under normal circumstances, old funds are more stable in scale, more efficient in investment, and have historical data for in-depth analysis, which is more suitable for investors to invest.” Yang Yuanchun said.
Li Keke also said that the same fund manager has continuity in the operation style of new and old products, so the selection of new and old funds can be combined with the judgment of the current market. When judging the market volatility, the new fund has more advantages, and its opening period can buffer the market risk to a certain extent; when judging the market optimism, the old fund can more quickly capture market opportunities.