China Fund News reporter Cao Wenjing
Explosive products frequently appear in the new fund issuance market.
The reporter learned from the source that since the initial offering on April 15, the Yongying Yuexiang secondary bond base announced the early end of the fundraising, and the initial subscription amount has exceeded 6 billion yuan, triggering the doomsday proportional allocation. This is the second "rights-contained" fund in 2024 to trigger the upper limit of 6 billion yuan or more, and it is also the largest "rights-contained" explosive fund launched since April.
The initial offering scale exceeded 6 billion yuan, and Yongying Yuexiang ended its fundraising ahead of schedule
On April 24, Yongying Fund announced that the fundraising deadline for Yongying Yuexiang products was advanced from the original April 26, 2024 to April 24, 2024. According to channel sources, this early closing of the fundraising, or because the product has exceeded 6 billion yuan in the first offering, triggers the doomsday proportional allocation. This is the second "weighted" fund in 2024 to trigger the upper limit of 6 billion yuan or more, and the custodian bank and main sales channel of this product is China Merchants Bank.
Industry insiders said that since 2024, the average fundraising scale of "rights-contained" funds in the whole market has continued to be sluggish. On the one hand, the reason for the hot sale of the secondary bond base is that under the continuous market shock, the differentiated segmentation strategy of "dividend and low-volatility fixed income +" more accurately meets the needs of retail customers for financial enhancement, and on the other hand, it is also the embodiment of the main sales agency's ability to allocate professional assets to customers and the fund company's ability to standardize and systematize channel services.
Liu Xingyu, the proposed fund manager of Yongying Yuexiang, has 10 years of investment research experience, and is currently the head of the absolute return investment department of Yongying Fund, and was the deputy general manager of the fixed income department of Bank of Communications Wealth Management. In terms of investment, Liu Xingyu's style is relatively stable, and he is good at broadening income sources and responding to market fluctuations through multi-asset + multi-strategy investment.
It is understood that the "dividend low-volatility fixed income +" strategy adopted by the fund combines the stability of bonds and the long-term dividend return of dividend stocks, aiming to pursue medium and long-term stable investment returns under the two types of asset portfolios.
According to reports, judging from past performance, the dividend style is characterized by stable historical performance, small volatility, and crossing bulls and bears, and by combining a low-volatility strategy, it will further reduce volatility and drawdown risks. If the equity part of the "fixed income +" fund adopts a stable dividend and low volatility strategy, a dual defense mechanism will be built to better play the advantages of both offense and defense.
Talking about the market outlook, Liu Xingyu said that at present, China's economy is in the stage of structural adjustment and shifting between old and new kinetic energy, and "stable happiness" is particularly valuable. Investing in companies that can continue to return investors through dividends is not only in line with the concept of long-term value investment, but also in line with the current policy orientation of "guiding more listed companies to pay more dividends and dividends early", which is a direction worth paying attention to.
In the near term, benefiting from the rise in commodity prices, the dividend sector has been relatively strong, rising and hitting a new high this year, resulting in hot investor sentiment and increasing the trading heat and congestion of the sector to a historical high level. If the congestion continues to rise, the follow-up dividend sector may face correction pressure, but from the perspective of the past decade, the current dividend yield of the sector is still at a historically high level, and the valuation is still cost-effective.
The fund issuance market is expected to continue to recover
Since March, the fund issuance market has continued to recover. The pace of new fund raising has accelerated, especially the increase in the number of "rights-contained" funds that have been closed ahead of schedule.
Specifically, this year's large-scale issuance of the "rights" fund is the secondary bond base Anxin Changxin Enhancement, the fund issuance scale of 8 billion yuan. followed by Dongfanghong Huixiang, which is also a secondary bond base, with an issuance scale of 6.135 billion yuan. Pengyang Yongli 90-day holding, Wanjia Wenhang 90-day holding, Quanguo Tairan 30-day holding and other "rights-contained" funds have also achieved good fundraising results. In addition, the first batch of 10 CSI A50 ETFs raised a total of more than 16 billion yuan, and achieved good results in the overall issuance.
An equity investment director in Shanghai said that the A-share market has rebounded significantly recently, and the fund issuance market has shown an overall positive trend. The number of issuances and shares increased significantly, while the number of early closing products increased, reflecting the increase in market activity and the recovery of investor confidence. Various fund companies have also accelerated the layout of market hotspots, actively launched new products, and the pace of new funds has gradually accelerated, showing that fund companies are optimistic about the current market environment and future market expectations.
A person in charge of the product department in Shenzhen said frankly that the overall performance of the fund issuance market has picked up slightly, but it still shows the characteristics of "hot and cold unevenness". In the past year, the bond market has been relatively good, the subscription enthusiasm of the bond base is high, and the overall difficulty of equity fund issuance is relatively large. However, due to the stable performance of the dividend style and the recent popularity of the technology sector, in the issuance of equity funds, dividend theme and technology-themed funds are favored by funds.
Editor: Joey
Review: Xu Wen