Reporter of this magazine | Lu Jingjing
In 2021, under the interpretation of the structural market of the A-share market, the public fund handed over a bright answer sheet. "It is better to speculate in stocks than to buy funds", which has once again become the "common feeling" of many investors.
This year, a number of data such as the total size of funds, the number of newly issued funds, and the scale of dividends hit a record high; the first batch of public REITs funds, MSCI China A50 interconnection ETFs, FOF-LOFs, enhanced ETFs, etc. Product innovation emerged in an endless stream; the new pattern and new ecology of the industry such as strong Hengqiang and intensified performance differentiation continued to iterate; the average annual yield of equity funds exceeded 8%, and more than 70% of the fund returns were positive.
A vivid data tells the development of the fund industry yesterday, today and tomorrow, and also affects you, me and him who participate in fund investment.
Total scale: 25.32 trillion yuan
According to the latest data released by the Asset Management Association, as of the end of November 2021, there were 137 domestic fund management companies in the mainland, with a total net asset value of 25.32 trillion yuan of public funds under management. Among them, there are 45 foreign-invested fund management companies and 92 domestic fund management companies; 12 securities companies or asset management subsidiaries of securities companies that have obtained public fund management qualifications, and 2 insurance asset management companies.
25.32 trillion yuan, which is the highest value of the total scale of public funds in the mainland fund industry, and ranks fourth in the world and first in the Asia-Pacific region. At the same time, since 2021, the total scale of newly established funds issued has exceeded 3 trillion yuan, and the number of newly established funds has exceeded 1898, exceeding 1378 in 2020, a record high. The scale of dividends from public funds in the whole market also reached 300.98 billion yuan, a record high.
Comments: 2021 is not only a year of "double rise" in the scale and number of public funds, but also a year of "hot" new fund issuance market. Behind the data that has repeatedly reached new highs is the confidence and passion of the public fund industry to run out of the "acceleration" of development. The plot of "speculating in stocks is better than buying funds" has once again "staged" the strength.
"Doubling base": 3 pcs
In 2021, active equity funds jumped to the top of the return rate of various funds with an average return of 8.81%, but the performance difference between the beginning and the end was large, with the first ranking fund yielding nearly 120%, and the bottom ranking fund losing about 30%.
From the perspective of annual income, there are only 3 performance "doubling bases", namely: Qianhai Open Source Public Utilities, Qianhai Open Source New Economy A and Baoying Advantageous Industries, with annual yields of 119.42%, 109.36% and 100.52% respectively, all of which are new energy theme funds. In addition, 8 funds, such as Dacheng state-owned enterprise reform, GF multi-factor, Dacheng new cutting-edge industries, and Huaxia industry boom, have a return rate of more than 80% during the year.
In addition, the overall performance of bond funds in 2021 is better. Wind data shows that as of December 31, 2021, of the 4128 bond funds (A/C category separately calculated) that have been established for one year, a total of more than 4,000 have achieved positive returns, accounting for more than 96%. The performance of "fixed income +" bond funds is particularly prominent, and the bond funds in the top 50 of the annual net value growth rate are all "fixed income +" products. Among them, the Qianhai Open Source Convertible Bond Fund managed by Zeng Jianfei ranked first in the income of bond-type funds with a yield of 48.63%.
Comments: The performance of equity funds in 2021 is obviously differentiated, mainly affected by the structural conditions of the stock market. In 2021, the new energy sector performed strongly, while industries such as finance, real estate, and home appliances performed dismal. Most of the industry configuration is more balanced and has good stock selection ability; most of the latecomers fail to grasp the structural market context, industry mismatch, rotation misalignment. The good performance of the "Fixed Income +" fund confirms its unique product advantages in the volatile market environment.
"Blockbuster Base": 22
In 2021, 22 "explosive funds" (specifically referring to funds with a scale of more than 10 billion issued during the year) were all covered by head fund companies. Among them, there are 6 GF funds, 3 E Fangda funds, and 2 Boshi Fund, Penghua Fund and China Merchants Fund.
From a quarterly point of view, in the first quarter of 2021, the fund issuance market ushered in a "good start", "100 billion base", "10 billion base" and "daylight base" appeared frequently in the market, and a total of 16 funds exceeded 10 billion yuan. As the largest active equity "Nikko-based" in the first quarter, E Fangda Competitive Advantage Enterprise Fund set a record for the initial offering of 239.8 billion yuan. In the second quarter, the issuance market was no longer in the scenery, and the number of new funds exceeding 10 billion yuan was sharply reduced to 3. Since then, the issuance market in the third quarter has picked up slightly, and GF Industry, with Liu Gesong as the fund manager, has strictly selected three years to hold the fund, and there are more than 11 billion yuan of funds subscribed on the first day of issuance. In the fourth quarter, all SSE theme funds closed their offerings early on the day of offering and were subject to pro-rata placements.
From the perspective of annual data, as of December 29, 2021, the number of newly established fund companies exceeding 100 billion in the whole year has increased from 8 in 2020 to 9, and the number of newly established funds exceeds 1.2 trillion, accounting for 42.39%. Among them, GF Fund has become a well-deserved "king of issuance", as the only fund company in the industry with a new fund establishment share of more than 200 billion shares, the number of newly established funds in the whole year reached 64, of which there are not only 6 tens of billions of "explosive funds", but also 10 new funds with a fundraising share of more than 5 billion.
Comments: In 2021, the internal competition in the fund industry is becoming more and more fierce, and with the blessing of word-of-mouth, channels and other advantages, the "gold absorption" ability of head fund companies is getting stronger and stronger, and the total issuance scale of the top 20 fund companies in terms of management scale accounts for more than 60%, and the "explosive base" appears frequently. In the industry, the situation of "strong Hengqiang" and "ice and fire double heaven" is becoming more and more obvious.
Average increase in public REITs: more than 20%
The first 9 public REITs products listed in June 2021 have attracted much attention from the market. Statistics show that as of December 31, 2021, a total of 11 public REITs have been listed, with a total issuance scale of 36 billion yuan, of which the first 9 products have achieved a premium over the issue price since they were listed, with an average increase of more than 20%. In 2021, with its unique attributes, these innovative products have walked out of the independent market with low correlation with the stock market and the bond market, and handed over a bright answer sheet to the market.
In addition, the product innovation of public funds in 2021 can be described as "good drama". The first batch of 4 MSCI China A50 interconnectED ETFs were listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, focusing on China's core high-quality assets; the advent of the first batch of FOF-LOFs opened up the foF's over-the-counter and over-the-counter trading mechanism; the first batch of enhanced ETFs kicked off the prelude to the development of domestic active ETFs; the first batch of interbank certificate of deposit index funds were issued and listed to meet the daily cash management needs of families; and the Theme Fund of the Beijing Stock Exchange helped small and medium-sized investors share the "specialized, specialized" corporate growth dividends...
Comments: In 2021, the public fund industry has continued to innovate, launched a number of major product innovations, further enriched the product line of public funds, and various innovative fund products are highly sought after by investors. This year, various public fund companies gradually focused on the main business of investment, accelerated innovation and change, and embarked on a path of distinctive and differentiated development.
Fund investment pilot qualifications: 60
In 2021, the fund investment advisory business has ushered in rapid development and profound changes, and is developing in the direction of standardization, clarity and transparency, and the regulatory norms and regulatory system are becoming more and more perfect.
As of December 29, 2021, 60 institutions have obtained the pilot qualification of fund investment advisory, including 25 funds and subsidiaries, 29 securities companies, 3 independent tripartite sales agencies, and 3 commercial banks. According to the statistics of Western Securities, 22 institutions have launched a total of 219 investment advisory strategies. Among them, Tiantian Fund launched 72 strategies for 8 companies, Ant Wealth launched 11 companies with 47 strategies, JD Finance launched 5 companies with 32 strategies, and 9 institutions with direct sales channels launched 68 strategies. Repeated investment advisory strategies in various channels were eliminated, and a total of 186 strategies were finally launched.
Among the pilot institutions, the investment advisory business of securities companies has developed particularly rapidly. The growth rate of CITIC Securities' fund investment advisory business is far ahead. As of December 29, 2021, its business has been online for only 60 days, its signed assets have exceeded 7 billion yuan, and the number of signed customers is close to 90,000. Huatai Securities' "Provincial Heart Investment" has more than 700,000 participating customers and the scale of authorized assets of customers has exceeded 10 billion yuan, making it the first securities company among pilot institutions to sign a contract with assets of more than 10 billion yuan.
Comments: Since the pilot project of public fund investment advisory business was officially launched in October 2019, investors' sense of participation, acquisition and recognition of fund investment advisory business is constantly increasing, and the investment ecology of funds is changing. The investment advisory business has achieved a breakthrough of "from 0 to 1", and will also obtain greater development of "from 1 to N" in the future, and the three mainstream pilot institutions of funds, securities companies and banks will also be based on the unique advantages in the development of fund investment advisory business and explore greater business expansion space in the Internet field.
Failed fundraising: 31
In 2021, while the number of new public funds hit a record high, the issuance market showed a clear differentiation. Head and neck institutions accounted for most of the number of new funds issued during the year, while some small and medium-sized institutions still face the "dilemma" of issuance difficulties or even failures.
Statistics show that as of December 21, a total of 31 new funds announced that fund contracts could not take effect, including 4 index funds, 10 bond funds and 17 active equity funds. More than 1 new product has failed to raise a number of institutions. Among them, Huatai Baoxing Fund and Jiutai Fund have 3 new funds declaring that the fund contract cannot take effect; CICC Fund, Zhongrong Fund, Ping An Fund, Debon Fund, Rongtong Fund, and Chuangjin Hexin Fund each failed to raise 2 new products.
In addition to the failure of the issuance, the number of funds that have been liquidated in 2021 has also reached 240, an increase of nearly 40% over 2020. Of the funds that were liquidated, 127 went into liquidation proceedings because of the triggering of the termination treaty and 113 were liquidated only as a result of a vote by the General Assembly of Holders. With the industrial silvik 50 ETF entering the liquidation process on December 30, the number of funds liquidated by industrial fund company in 2021 increased to 6. The poor performance of the funds is the main reason why the management scale of these funds continues to shrink until it is below the liquidation line.
Comments: With the gradual improvement and standardization of the public fund market mechanism, the failure of fund issuance, fund liquidation, etc. will gradually become the market norm, and the public fund industry will maintain a dynamic and balanced market mechanism. All fund companies, especially small and medium-sized fund companies, should gradually optimize the choice of resource allocation, improve the efficiency of internal operations, concentrate investment and research forces, and make the net value of the fund and the level of fund asset allocation larger and stronger.
