China Fund News reporter Ruohui
The scale of public funds continues to stand at the 29 trillion yuan mark!
Recently, the Asset Management Association of China released the data of the public fund market in March 2024, which shows that as of the end of March, the overall scale of public funds reached 29.20 trillion yuan, standing above the 29 trillion yuan mark for two consecutive months, and continuing to lead in the field of large asset management.
Judging from the market changes in March, the A-share market rebounded from the over-fall into a structural market, and although the share of equity funds shrank, the scale continued to grow driven by the growth of net value; the yield of the bond market continued to decline, and the bond funds continued to grow in both share and scale. The scale of QDII funds also continued to rebound, but the overall scale of public funds fell slightly compared with February due to the shrinkage of money market funds.
The total scale of public funds stood at the 29 trillion yuan mark
Recently, the Asset Management Association of China released data on the public fund market in March 2024, showing that as of the end of March 2024, there were 146 fund management companies in mainland China, including 49 foreign-invested fund management companies (including Sino-foreign joint ventures and wholly foreign-owned funds), 97 domestic fund management companies, 12 securities companies or asset management subsidiaries of securities companies and 1 insurance asset management company that have obtained public fund management qualifications. The total net asset value of the public funds managed by the above institutions is 29.20 trillion yuan.
Compared with February, the scale of public funds in March decreased by 104.121 billion yuan, a month-on-month decrease of 0.36%, and the overall share of public funds in March reached 27.84 trillion yuan, a month-on-month decrease of 0.65%, and the decline in scale was significantly lower than the share decline.
Judging from the situation in the first quarter of this year, the A-share market first experienced a sharp adjustment and then rebounded rapidly, and the volatility was relatively large. Subsequently, with the gradual removal of liquidity risks of small and micro cap stocks, the market rebounded steadily. The bond market, despite some volatility, continued its bull market overall. In this context, the scale of public funds shrank slightly by 235.553 billion yuan in January, and the overall scale fell to 27.36 trillion yuan. In March, the stock market rebounded from the previous over-fall to enter the rapid rotation of the industry, and the pace of incremental funds slowed down, although the scale of most types of funds continued to rise, but affected by the shrinkage of the scale of money market funds, the scale of public funds fell slightly, and still stood at the 29 trillion yuan mark.
Compared with the end of last year, the scale of public funds increased from 27.60 trillion yuan to 29.20 trillion yuan, and the scale increased by more than about 1.6 trillion yuan during the year, an increase of 5.79%.
The scale of bond funds maintained positive growth
Judging from the breakdown data of various types of funds, in terms of equity funds, with the rebound of the market, some investors choose to "take profits". Bond funds and QDII funds continued their net subscription trend, with their shares increasing.
Among equity funds, the overall scale of equity funds reached 3.09 trillion yuan in March, an increase of 4.629 billion yuan in a single month, an increase of 0.15% month-on-month, and the latest share reached 2.72 trillion yuan, down 0.47% month-on-month, which is also the first decline in the share of stock funds after three consecutive months of positive month-on-month growth.
As of the end of March, the latest share of mixed funds was 3.43 trillion yuan, down 0.85% month-on-month, but driven by the growth of net value, the latest scale of mixed funds reached 3.65 trillion yuan, an increase of 0.69% month-on-month.
Since the beginning of this year, market funds have continued to pour into bond funds, mainly institutional funds have continued to increase their holdings of interest rate bond funds, and individual investors have increased their positions in low-risk varieties such as short-term bond funds. Bond funds showed positive growth of more than 2% in both share and size in March.
The good performance of the external market led to the double growth of the share and scale of QDII funds, among which, the scale of QDII funds increased by 21.714 billion yuan in March, a large increase of 4.8% month-on-month, becoming the most prominent subdivision in March.
Affected by the new capital regulations, banks and other institutions redeemed money market funds and switched to short-duration interest rate bond index funds, resulting in money market funds becoming the "hardest hit area" of the shrinkage in March, with a decrease of more than 280 billion yuan in March, down 2.24% month-on-month.
Editor: Xiao Mo
Review: Muyu