China Fund News reporter Li Shuchao
After a lapse of half a year, the scale of public fund sales of fund distribution agencies was updated and announced.
According to the reporter's understanding, the data on the number of public funds held by the "new departure" has been optimized in terms of the frequency of publicity, the time point of data selection, and the caliber of data statistics, so as to more prominently suppress the regulatory orientation of "redeeming the old and buying the new", encouraging long-term investment, and vigorously developing equity funds.
Optimize and adjust the data on the number of public funds, and highlight and suppress regulatory guidance such as "redeeming the old and buying the new".
Specifically, the latest release of the public fund holdings data, first, the frequency of publicity has been optimized. According to the suggestions of industry institutions, the Asset Management Association of China (hereinafter referred to as AMAC) has reduced the frequency of publishing data on the number of public funds, from the previous quarterly announcement to semi-annual publicity. The main purpose of this move is to avoid short-term behaviors such as "quarter-end impulse" by fund distribution agencies, and to better encourage long-term investment and value investment.
Second, the time point of data selection has been adjusted. The data on the scale of public fund sales held by fund distribution agencies has been adjusted from the previous quarter-end data as the public data to the semi-annual disclosure and the average data at the end of each month as the public data.
Third, the caliber of data statistics and data acquisition methods have been optimized. The latest public data lists the "holding scale of equity index funds", and adjusts the previous "holding scale of equity + mixed public funds" to "holding scale of equity funds". At the same time, the statistical caliber of equity funds has been optimized, and interbank certificate of deposit funds (previously included in the statistics of hybrid funds) and QDII funds have been excluded, and equity funds have been more accurately defined.
Wang Tieniu, director of Jinxin Fund Evaluation Center, said that the data on the scale of public funds released by AMAC is of great significance: on the one hand, it can help investors better understand the market performance and competitiveness of sales agencies when choosing sales channels; On the other hand, the fund industry can also understand the changes in the share of brokers, banks, third-party independent fund sales companies and other channels, and better grasp the development trend of the market.
Inhibit behaviors such as short-term impulses
"The main purpose of optimizing the frequency of publicity and adjusting the timing of data selection is to curb the short-term impulse of fund distribution agencies." An industry insider told reporters that at the end of the previous quarter, some fund sales agencies may be vigorously marketed in the short term to achieve the quarter-end impulse, and the purchase of hundreds of millions of funds by some institutions may make small and medium-sized fund sales agencies rise multiple rankings, and quickly redeem after the end of the quarter, which is not conducive to the long-term healthy development of the industry.
A person in charge of a third-party fund evaluation agency said that optimizing the frequency of publicity and adjusting the timing of data selection is conducive to giving play to the role of the regulatory "baton", inhibiting "redeeming the old and buying the new", encouraging long-term investment, avoiding industry institutions from paying too much attention to short-term scale changes, and better guiding the market to look at scale changes rationally.
"'Redeeming the old and buying the new' is essentially a short-term investment behavior, encouraging investors to trade frequently in the short term, which is not conducive to the formation of long-term investment ideas, and short-term transaction costs such as subscription and redemption will also erode investment income and damage the interests of investors in the long run. Therefore, curbing short-term impulse and 'redeeming the old and buying the new' will help protect the interests of investors and promote the healthy development of the market in the long run. The person in charge of the above-mentioned fund evaluation agency said.
Huicheng Fund Research Center also said that the use of average data and lower disclosure frequency can better reflect the actual scale of each institution, avoid irrational behaviors such as short-term impulses, which is conducive to encouraging the concept of long-term value investment, and is also very consistent with our concept of long-term companionship and service to customers.
It is conducive to vigorously developing equity public funds
In order to optimize the statistical caliber of equity funds, the "holding scale of equity index funds" is listed separately, and industry insiders believe that the main purpose is to vigorously develop equity funds and better attract medium and long-term funds into the market. In the long run, it can better promote the high-quality development of the mutual fund industry.
Wang Tieniu said that the data released in the first half of this year, the announcement cycle was adjusted from quarterly to semi-annual, and at the same time, the statistical caliber of equity funds was optimized, and the indicator dimension of "stock index fund holding scale" was added, which also shows that the regulatory authorities hope to guide investors with a certain risk tolerance to appropriately carry out "counter-cyclical layout" and better promote the concept of value investment and long-term investment while ensuring the fairness and transparency of the market.
Huicheng Fund Research Center also said that it is indeed unreasonable for interbank certificate of deposit funds to be included in hybrid funds before, and as pure fixed income fund products are excluded, the product classification will be more accurate and better reflect the risk and return characteristics of assets.
In response to the separate disclosure of "equity index fund holding scale", the agency believes that index funds are increasingly favored by investors because of their advantages such as low fees and transparent positions, and long-term holding can contribute to the development of China's economy, which also reflects the concept of long-term value and is conducive to the improvement of investors' sense of gain. From the perspective of overseas experience, the development of equity index funds can also further promote the long-term stability and prosperity of the mainland capital market.
In fact, in April this year, the State Council issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" (hereinafter referred to as the "New "National Nine Articles"), which pointed out that "vigorously promote the entry of medium and long-term funds into the market and continue to expand the long-term investment force." ”
The new "National Nine Articles" also emphasize the vigorous development of equity public funds, and greatly increase the proportion of equity funds. Establish a fast-track approval channel for exchange-traded funds (ETFs) to promote the development of indexed investment.
"Promoting the development of equity funds will inject long-term funds into the capital market, which is of great significance to the healthy development of the capital market." The person in charge of the above-mentioned third-party fund evaluation agency said.
Wang Tieniu also added that the service model of fund distribution agencies needs to continue to shift from product-centric to investor-centric to meet the diversified investment needs of customers. The business model of fund distribution agencies also needs to shift from focusing on sales expenses to focusing on professional investment advisory services, so as to better integrate the interests of sales agencies with the interests of investors.
"The scale of public fund sales is one of the important indicators that reflect the operation and management ability of sales agencies." Wang Tieniu said that in the future, fund sales agencies need to continue to strengthen investor suitability management, enhance professional and personalized service capabilities, and continue to improve investors' sense of experience and gain, which are all directions that sales agencies need to focus on in the future to continue to increase the scale of ownership and better practice the concept of high-quality development.
Editor: Xiao Mo
Review: Xu Wen