The first quarterly report of the fund in 2024 is over!
Transparent passive products ushered in a bright moment in the first quarter, especially while active equity funds shrank, domestic equity ETFs continued to receive net inflows.
The data shows that the total size of the stock ETF market at the end of the first quarter has reached 2.21 trillion yuan, an increase of more than 360 billion yuan from the end of last year, an increase of nearly 20%.
Broad-based ETFs have become the main force of "gold absorption", with CSI 300 ETFs, SSE 50 ETFs, CSI 500 ETFs, CSI 1000 ETFs and ChiNext ETFs leading the scale.
Under the feast, the scale of ETFs under a number of leading fund companies has grown rapidly. As of the end of the first quarter, the number of fund companies with a scale of 100 billion yuan of stock ETFs has increased to 7, including ChinaAMC, E Fund, Harvest, Huatai Berry, Nanfang and GF.
Equity ETFs "soared" in the first quarter
These fund companies stand out
According to Wind statistics, as of the end of the first quarter, the total size of the stock ETF market (including cross-border ETFs) has reached 2.21 trillion yuan, an increase of more than 360 billion yuan from the end of last year, an increase of nearly 20%.
CSI 300 ETF, SSE 50 ETF, CSI 500 ETF, CSI 1000 ETF, and ChiNext ETF became the most "gold-absorbing" varieties in the first quarter, with a single-quarter increase of more than 10 billion yuan.
Among them, the total scale of CSI 300 ETFs under four leading fund companies, including E Fund, Harvest, Huatai Berry and Huaxia, increased by more than 270 billion yuan, contributing more than 70% to the total scale of stock ETFs.
Under the feast, the scale of ETFs under a number of leading fund companies has grown rapidly. As of the end of the first quarter, there were 7 fund companies with a total scale of stock ETFs of more than 100 billion yuan, compared with only 5 at the end of last year.
As of the end of the first quarter of this year, there were 40 stock ETFs under Harvest Fund, with a total net value of nearly 144.8 billion yuan, an increase of 69.7 billion yuan or more than 90% from the end of last year, while the second and third largest China Southern Fund and E Fund increased by about 49% and 41% respectively.
Specifically, the scale of Harvest CSI 300 ETF increased by 64.033 billion yuan in the first quarter, an increase of more than 150%. As of the end of March this year, the scale of Harvest CSI 300 ETF was 105.374 billion yuan, which is the fourth largest stock ETF in the whole market, and on February 22, the ETF scale reached more than 100 billion yuan, becoming the fourth ETF in the domestic stock ETF market with a scale of more than 100 billion yuan, and the first 100 billion stock ETF in Shenzhen.
In addition to the Harvest CSI 300 ETF, the CSI 500 ETF, NASDAQ Index ETF and Dividend Low Volatility ETF under Harvest Fund all achieved good scale growth during the first quarter. Among them, the scale of Harvest CSI 500 ETF reached 12.786 billion yuan at the end of the first quarter, an increase of 97.59% from 6.471 billion yuan at the end of last year, ranking third in scale and incremental growth among CSI 500 ETF series products. During the period, the scale of Harvest Nasdaq Index ETF increased by 276.14% to 3.069 billion yuan, and the scale of Harvest Dividend Low Volatility ETF also increased by more than 45% to 1.336 billion yuan.
Harvest Fund said that now there are more and more personalized requirements of customers, and it is difficult to meet customer needs with a product or strategy, so it is necessary to strengthen the richness of products, and each strategy should be distinct. "At the same time, we see that the concentration of beta is increasing, and how to better slice and divide the beta will be the key to winning in the future. ”
The Matthew effect is gradually becoming an important winner and loser for non-commodity ETFs
According to the first quarterly report of the fund, due to the obvious shrinkage of the overall scale of active equity funds, non-stock ETFs have become an important winner and loser in the scale increment of many companies, especially the large single products in which they often become the main weapon.
Among the top 12 non-stock fund companies, E Fund, ChinaAMC, Harvest, Nanfang, and Huatai Berry have all achieved significant growth compared with the end of last year, and the main increase comes from their stock ETFs.
Taking E Fund as an example, the total scale of E Fund CSI 300 ETF and E Fund ChiNext ETF increased by more than 110 billion yuan in the first quarter, contributing nearly 90% to the company's non-stock scale increment. Similarly, Huaxia, Harvest, Nanfang and Huatai Berry's large single products have also become the main force for the company's non-cargo scale growth.
In addition to equity ETFs, bond ETFs, commodity ETFs and cross-border ETFs are also not to be ignored.
For example, as of the end of the first quarter, the non-cargo scale of HFT was 111.289 billion yuan, and the scale of HFT short-term financing ETF alone reached 25.794 billion yuan, accounting for more than 23%, which is also the number one overlord of bond index ETFs at present. The non-stock scale of Wells Fargo Fund in the first quarter was basically the same as that of the previous quarter, and its securities bond ETF increased by more than 6.2 billion yuan in a single quarter to 13.538 billion yuan.
As the big brother of commodity funds, Huaan Gold ETF exceeded 20 billion yuan on April 11, an increase of 4 billion yuan in less than half a month, and the non-stock scale of Huaan Fund shrank by nearly 8.9 billion yuan during the first quarter.
In addition, among the 9 cross-border ETFs with a level of 10 billion yuan in the market, the scale of GF Nasdaq ETF has reached nearly 20 billion yuan, which is also the largest US stock ETF at present, with an increase of nearly 3 billion yuan in the first quarter.
It is worth mentioning that the current ETF market has shown a significant head effect, with the top 10 companies accounting for nearly eighty percent of the non-stock ETF scale. In the layout of major fund companies, in addition to broad-based ETFs have always been the main battlefield, vertical segments are also very active.
For example, the Harvest CSI Rare Earth Industry ETF that is welcoming the pro-cyclical trend, the core technologies that are growing with the wind such as the Harvest SSE Science and Technology Innovation Chip ETF, the Harvest CSI Shanghai-Hong Kong-Shenzhen Internet ETF and the Harvest CSI Software Service ETF that are the first to open up the Shanghai-Hong Kong-Shenzhen Internet leaders, and the Harvest Battery ETF and Harvest New Energy ETF that are taking advantage of the momentum.
Liu Jiayin, head of index investment at Harvest Fund, said that with the advantages of liquidity, convenience and transparency, ETFs have now formed a huge ecosystem.
"For passive investing, no matter what industry theme or broad-based index is, what matters is how well it fits. In different markets and scenarios, as long as it is sufficiently subdivided, there must be scenarios for adaptation. At present, the index involved in the index product is sufficiently subdivided, in this case, the beta of the subdivision is already alpha based on the large beta. Liu Jiayin said.
(Risk warning: Funds are risky, and investment should be cautious.) This contribution does not represent the views of China Fund News and does not constitute any investment advice. ）