Reporter Du Meng
At the end of the year and the beginning of the year, the public offering industry frequently ushered in explosive funds. Following the two-year sale of more than 100 billion yuan in the allocation of Ruiyuan Steady Forward on December 2, on December 3, the bocom Qicheng hybrid subscription to be managed by Yang Jinjin exceeded 13 billion yuan, far exceeding the upper limit of the fund's fundraising scale of 3 billion yuan.
On the evening of December 3, the official website of BOCOM Schroder Fund also released the announcement of the early termination of the fund's fundraising, and will use the method of doomsday proportional confirmation for proportional placement.
Interface news reporter statistics found that there have been a lot of new products planned to be sold after New Year's Day in 2022 began to warm up, and even the head of the public offering has brewed "tens of billions of explosive funds", "opening red" has gradually become the year-end highlight of the public fund.
Wind data shows that as of January 10 next year, 58 funds have issued recruitment supporting documents, of which Huaan Fund Liu Changchang, Invesco Great Wall Li Yiwen and Dong Han, China Merchants Fund Hou Jie, GF Fund Wu Xingwu, Southern Fund Sun Lumin and other fund managers have new funds for sale.
Fund industry insiders pointed out that the traditional "opening red" refers to the insurance industry launching new products for the market at the end of the year and the beginning of the year. However, in recent years, the market recognition of public funds has gradually improved, and with the help of A-share "New Year's Eve Market" and "Spring Market", "Opening Red" has gradually become the year-end drama of major public funds.
Why is it that near the end of the year, one-day sold out explosive funds appear frequently? The interface news reporter learned that this is related to the "opening red" practice of traditional sales channels. "Generally in November, banks, brokers and other channels began to prepare for the 'opening red' activities, and the sales performance in December will also be counted in the first quarter of next year's assessment." Under this pressure, many banks began to negotiate with public companies as early as two months ago to select fund managers with excellent performance to customize funds. The deputy general manager in charge of wealth management of a branch of a joint-stock bank said.
Taking the new fund currently on sale as an example, in addition to the direct sales channels owned by the public offering, Cao Wenjun intends to manage the Balanced Selection Mix of Fuguo Jin'an, and the exclusive distribution channel is bank of Jiangsu; Liu Changchang intends to manage the Hua'an Industry Select Mix, and the exclusive sales channel is China Merchants Bank.
However, in this year's extremely differentiated market, many of the tens of billions of funds that "opened the door" last year did not perform well, which also made the basic people doubt the "opening red".
"I don't believe my money manager anymore, I pushed 3 funds this time last year, and as a result, this year, I am still in the set!" This year, I was recommending it to me again, and I just said,' "Wait until I get back to my book." A citizen in Guangzhou said.
The interface news reporter statistics found that between December last year and February this year, a total of 12 active equity funds (equity type, partial stock mix, flexible allocation, balanced mix) with a scale of more than 10 billion yuan were issued. Among them, four funds, including Nanfang Xingrun Value Held for One Year managed by Shi Bo, GF Balanced Preferred by Wang Mingxu, E Fangda Competitive Advantage Enterprise managed by Feng Bo, and One Year Held by Boshi Huixing Return Managed by Wu Wei, all with an issuance scale of nearly 15 billion yuan.
Funds such as Yinhua Xinjia managed by Li Xiaoxing for two years, Guangfa Xingcheng managed by Zheng Chengran and Sun Di, Boshi Growth Pilot managed by Chen Pengyang, and Penghua Huizhi Preferred managed by Liang Hao and others also had an initial offering size of more than 10 billion yuan.
However, the above-mentioned 12 tens of billions of funds, the performance since its establishment has been very dismal. As of December 4, only four funds, GF Equilibrium Preferred, Boshi Huixing Return One Year Hold, GF Hengxin One Year Hold, and Wells Fargo Balanced Preferred, have had positive returns since their inception, and the remaining 8 are negative.
The reason is that this year's extremely differentiated market situation has disrupted the investment logic that these "veterans" believe in.
Shi Bo sincerely said in the three quarterly reports held by Southern Xingrun Value for a year that this year may be an inflection point for the market to the past investment style. "In the past five years, through in-depth research on business models, we have selected companies with deep moats and competitiveness in industries such as consumption, medicine and the Internet, so as to obtain very good returns." This year, the market investment trend has undergone a key turn, cyclical stocks have been disturbed by the supply curve, consumer, pharmaceutical and Internet valuations have continued to fall, and the valuation of high-prosperity industries (power lithium battery manufacturers and other auto parts) has continued to exceed expectations. ”
There are also fund managers who have made timely turning and repositioning. Zheng Chengran said in the third quarterly report of Guangfa Xingcheng that in the third quarter, the fund increased its holdings in the photovoltaic and chemical sectors by a large proportion, hoping to bring positive returns to the fund.
"Although the short-term one-year performance cannot be used to measure the overall stock selection level of fund managers, it is still hoped that fund managers can exercise restraint when issuing new fund hedging scales." Compared with the pursuit of explosive funds, it is more important for a fund manager to do a good job in the investment performance of existing funds in the long run. A fund manager with a management scale of more than 10 billion yuan in South China said.