"Novice" TaoRan 6 funds in hand performance did not exceed 3% Cathay Fund added a new foundation to it

The recovery of the fund issuance market is not unrelated to the good performance of the A-share market in "Red May". According to the data, as of May 31, the three major indexes rose by 4.89%, 3.86% and 7.04% respectively in the month; the monthly increase of the Kechuang 50 index reached 9.11%. In this context, more new funds are about to "hit the road", "sold out in one day" funds have reappeared, and a number of star fund managers have also been put on the battlefield. On June 2, the Shanghai and Shenzhen Stock Exchanges announced the confirmation ratio of nine infrastructure public REITs subscription applications. And according to the calculation of the announcement information, the four REITs of the Shenzhen Stock Exchange attracted more than 59 billion yuan of subscription funds, the five REITs of the Shanghai Stock Exchange attracted more than 58 billion yuan, and the nine products of shanghai and Shenzhen attracted nearly 120 billion yuan.

Looking at the issuance of Xinji, on June 3, Cathay Fund Management Co., Ltd. (hereinafter referred to as "Cathay Fund") launched a new debt base; on June 2, E Fund Management Co., Ltd. (hereinafter referred to as "E Fund") sold a hybrid fund into a "10 billion new fund"; and China Merchants Fund Management Co., Ltd. (hereinafter referred to as "China Merchants Fund") also issued a hybrid fund on June 1.

First, the fund industry dynamics

In January and May, the fund issuance rebounded significantly, and the share of mixed-based issuance increased by more than 50% month-on-month

In May, the fund issuance rebounded significantly. According to the data, taking the date of establishment of the fund as a statistical standard, the number of new funds reached 121 in May, an increase of 7.08% compared with 113 in April, and the adjusted issuance share was 131.785 billion shares, which was basically the same as that in April. The sharp adjustment in the early stage of the market provides a favorable time window for the layout of the new fund to open a position, so as to lay out the high-quality target with a reasonable valuation.

It is worth noting that although there is still a gap between the issuance share and the high point in January this year, the issuance of equity fund products has warmed up significantly. According to the data, the total number of shares issued by equity funds in May was 24.856 billion shares, an increase of 225% compared with 7.631 billion shares in April, accounting for 18.86% of the fund issuance shares in the month, the highest point in the past year, which was only 5.42% in April; the total number of shares issued by hybrid funds in May was 67.374 billion, accounting for 51.12%, which was also higher than 49.45% in the previous month.

2. The "Red May" performance of the A-share market is good, and more new funds will soon be "on the road" in June.

The recovery of the fund issuance market is not unrelated to the good performance of the A-share market in "Red May". According to the data, as of May 31, the three major indexes rose by 4.89%, 3.86% and 7.04% respectively in the month; the monthly increase of the Kechuang 50 index reached 9.11%. During the period, the Shanghai Composite Index broke through 3600 points, and the ChiNext Index also touched the previous high of 3300 points.

In this context, more new funds are about to "hit the road". According to statistics, in the first two days of June alone, 41 fund products have been raised, and 65 products of 25 fund companies such as Cathay Fund, China Merchants Fund and Southern Fund will be raised within the month, covering 26 hybrid funds, 8 common stock funds and 13 index stock funds.

3. The industry-themed ETF has become "fragrant food", and the small-scale medical ETF has increased rapidly through the scale of medical stocks "Dongfeng"

In the fierce competition of public funds, industry-themed ETFs have become the "fragrant food" that various companies are competing for. Since the beginning of this year, technology ETFs have been sought after, making greater contributions to the growth of ETFs of fund companies. According to the data, as of May 31, a total of 17 stock ETFs in the whole market exceeded 10 billion yuan; 38 stock ETFs exceeded 5 billion yuan, of which 22 were industry-themed ETFs, accounting for half of the country. Cathay Pacific CSI Military ETFs have increased by 2.561 billion yuan this year to 12.8 billion yuan, ranking among the ranks of 10 billion SCALE ETFs.

In addition, with the help of the sharp rise in medical stocks, the scale of Huabao CSI Medical ETF has increased by 4.258 billion yuan this year, from a small-scale product to a product with a scale of 5 billion yuan. For fund companies, it has become a consensus to seize the beachhead of industry-themed ETFs, and new industry-themed ETFs have also become the driving force for the expansion of stock ETFs. Since the beginning of this year, fund companies have competed to issue sub-industry-themed ETFs, most of which are laid out on popular tracks, and the scale has grown rapidly shortly after its establishment.

4. 9 public REITs have attracted nearly 120 billion yuan, and fund companies are reminded to pay attention to product risks

On June 2, the Shanghai and Shenzhen Stock Exchanges announced the confirmation ratio of nine infrastructure public REITs subscription applications. Among them, AVIC Shougang Biomass REIT, which has the lowest subscription application confirmation ratio for public investors, has a placement ratio of only 1.76%, which refreshes the record of the lowest placement ratio in the history of public funds. In addition, according to the calculation of the announcement information, the four REITs of the Shenzhen Stock Exchange attracted more than 59 billion yuan of subscription funds, the five REITs of the Shanghai Stock Exchange attracted more than 58 billion yuan, and the 9 products of the Shanghai and Shenzhen cities attracted nearly 120 billion yuan.

However, fund companies have begun to warn of risks. AVIC Fund pointed out that REITs are new members of the domestic capital market, the investor group is not yet fully mature, and the investment logic is not fully formed, which may cause irrational fluctuations in the secondary market of REITs. The fund's investment is like planting flowers and seedlings, which take time to water. Huaan Fund said that for investors, public REITs are suitable as long-term asset allocation tools. Investors investing in public REITs need to match their own investment objectives and risk attributes.

5. The new base market reproduces the "daylight base", and a number of star fund managers are dressed up

Recently, fund issuance has quietly picked up, and "sold out in one day" funds have reappeared. In addition, this week, new funds were intensively issued, with a total of nearly 60 new funds on sale, and a number of star fund managers were also dressed up. According to statistics, the future A-share market will usher in more than 200 billion yuan of incremental funds. From the perspective of the main investment direction of the fund, the core tracks such as science and technology, consumption, and medicine are still the directions of the focus.

According to the data, a total of 46 new funds were announced last week, with an issuance size of 51.636 billion yuan, while the previous two weeks of new funds were issued less than 35 billion yuan. A total of 59 new funds began to be issued this week, which is also a rare event since the Spring Festival. Among them, CHINA EUROPE Fund, Harvest Fund, E Fund, Wells Fargo Fund and other strong fund companies have 2 or more products issued, including many products managed by star fund managers.

Second, the dynamics of fund companies

1. Acquisition of the largest ETF in Hong Kong! Huaxia Fund (Hong Kong) acquires 7 ETFs of Canadian asset management institutions

Recently, Huaxia Fund (Hong Kong) Limited said that it has acquired and taken over seven ETFs issued by BMO Global Asset Management in Hong Kong, effective May 28. Huaxia Fund (Hong Kong) introduced that the transaction is the acquisition of the largest ETF in the Hong Kong market in China. The seven ETFs involved in the acquisition include: Asian Dollar Investment Grade Bond ETFs, NASDAQ 100 ETFs, MSCI Asia Pacific Real Estate ETFs, Hong Kong Bank Equity ETFs, Asian High Yield Equity ETFs, MSCI Japan Equities (USD Hedged) ETFs, and MSCI European Advantage Equities (USD Hedging) ETFs. As at 25 May 2021, the total assets of the seven ETFs were approximately HK$4.35 billion.

Currently, Huaxia Fund (Hong Kong) is the issuer of the world's largest offshore A-share ETF, the CSI 300 ETF. Upon completion of the acquisition, it will become the largest and most complete product line managing NASDAQ ETFs and leveraged reverse products in Hong Kong, China. Gan Tian, Chief Executive Officer of Huaxia Fund (Hong Kong), said that the acquisition will bring synergies, give full play to the investment advisory capabilities of Wanxin Investment, and further expand the product line of Huaxia Fund (Hong Kong).

2. Chuangjin Hexin Fund and China Merchants Fund each have a debt base and hire a fund manager on the same day

On June 2, China Merchants C&F Pure Bond Securities Investment Fund issued an announcement that It had hired Xu Yi as a fund manager. According to the announcement, Xu Yi joined China Merchants Fund in 2017 as a researcher in the fixed income investment department, and is currently the fund manager of China Merchants Jubilee Money Market Fund, China Merchants Wealth Management Pure Bond Securities Investment Fund, China Merchants Wealth Management 7-Day Bond Securities Investment Fund, and China Merchants Investment Jing Pure Bond Bond Securities Investment Fund.

On the same day, Chuangjin Hexin Xin rixiang short-term bond securities investment fund issued an announcement that Yan Yifan was hired as the fund manager. According to the announcement, Yan Yifan graduated from Nanyang Technological University in Singapore with a master's degree in finance, currently has 10 years of experience in securities investment management, worked at Guotai Junan Securities in July 2008, joined Yongan Property & Casualty Insurance Co., Ltd. Investment Management Center as a fixed income researcher in May 2011, joined the asset management department of First Venture Securities as a fixed income researcher in October 2012, joined Chuangjin Hexin Fund in August 2014, successively served as a credit research supervisor, investment manager, and is currently the deputy director of the fixed income department , and concurrently serves as a fund manager.

3. Ping An Xinrui Hybrid Fund was established, with an initial offering size of 214 million yuan

On June 2, Ping An Xinrui Hybrid Securities Investment Fund (hereinafter referred to as "Ping An Xinrui Hybrid Fund") announced that the fund was established on June 1 with an initial offering size of 214 million yuan. According to the announcement, the fundraising period of Ping An Xinrui Hybrid Fund was from March 29 to May 28, and during the fundraising period, 5,655 households were validly subscribed, with a net subscription amount and effective subscription share of 214 million yuan and 214 million shares respectively.

According to the prospectus, the proportion of equity investment in the fund's portfolio is 0-30% of the fund's assets, the proportion of the fund's investment in interbank certificates of deposit shall not exceed 20% of the fund's assets, and the proportion of investment in exchangeable bonds and convertible bonds (including segregated convertible bonds) shall not exceed 20% of the fund's assets. The fund will be managed by Zhang Heng.

4. The "vanguard" of financial innovation, Boshi China Merchants Shekou Industrial Park, has completed its REIT sale and is expected to be listed on June 21

On June 1, 2021, the "Boshi Merchants Shekou Industrial Park Closed Infrastructure Securities Investment Fund" (product abbreviation: Shekou Industrial Park; hereinafter referred to as Boshi Merchants Shekou Industrial Park REIT), one of the infrastructure public reits projects and the only single industrial park reiTs project in the Guangdong-Hong Kong-Macao Greater Bay Area, was successfully completed for sale. The total share of the offering is 900 million shares, and a total of 2.079 billion yuan is raised. At this point, Boshi China Merchants Shekou Industrial Park REIT, as the vanguard of China's financial innovation, has officially landed, will be formally established after the filing of the results of the offering, and is expected to be listed on the Shenzhen Stock Exchange on June 21.

In the offline inquiry session, 116 placement targets managed by 51 offline investors participated in the project quotation, the total number of subscriptions to be subscribed was 3,445.82 million, the overall subscription multiple offline was 15.31 times, and the types of investor institutions were diverse, covering large insurance institutions, first-tier and international securities companies, public funds, domestic first-line private equity funds, trust companies and QFII; during the public investor fundraising period, investors subscribed enthusiastically, and the effective number of public investors subscribed to 282,913 households. The number of validly subscribed fund shares was 39.46357043 million. Due to the high effective subscription multiple of public investors, the fund manager and the financial adviser decided to initiate a callback mechanism. The actual confirmation ratio of the fund's valid subscription application by public investors on May 31, 2021 was about 2.39%.

5. The market is now a new base of 10 billion explosive models, and E Fangda Yuexia holds a mixed single day to sell 11.6 billion yuan in custodian banks in a single day

The market is still fluctuating around 3,600 points, but the fund issuance market has taken the lead in picking up, with tens of billions of new funds appearing for three consecutive days. Officially launched on June 2, E Fangda Yuexia held a mixed single-day fund raising of more than 10 billion yuan a year, becoming a rare 10 billion new fund in the recent market. The custodian bank Huaxia Bank was the main force in the fund issuance, and Huaxia Bank's single-channel sales reached 11.6 billion yuan.

According to the fund prospectus, E Fangda Yuexia holds a mixed fund of partial debt for one year, and the proportion of investment in equity assets is not higher than 30% of the fund's assets, of which Hong Kong Stock Connect stocks do not exceed 50% of the stock assets. The main investment strategy is to pursue the stable appreciation of fund assets through dynamic allocation between multiple types of assets within the investable range, and on the basis of risk management, the use of diversified investment strategies. In addition, E Fangda Yuexia sets a minimum holding period of one year for each fund share and is not listed for trading.

3. Issuance of new funds

1. The performance of the 6 "novice" Taoran funds in hand has not exceeded 3%, and Cathay Pacific Fund has added a new foundation to it

On June 3, Cathay Pacific Fund launched a bond fund for Cathay LeeYou's 30-day rolling short-term bond securities investment fund (hereinafter referred to as "Cathay-Lee-U's 30-day rolling short-term bond A"), with the fund manager being Tao Ran.

According to public information, Cathay&L's 30-day rolling holding of short-term bonds A is aimed at "striving to obtain investment returns that exceed performance benchmarks under the premise of focusing on risk and liquidity management", and the scope of investment is financial instruments with good liquidity, including bonds (including treasury bonds, central bank bills, financial bonds, corporate bonds, corporate bonds, publicly issued subordinated bonds, local government bonds, government-backed agency bonds, medium-term notes, pure bond parts of separable convertible bonds, short-term financing bonds, ultra-short-term financing bonds), Asset-backed securities, bond repurchases, bank deposits, interbank certificates of deposit, money market instruments, treasury futures, and other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to invest in the fund.

Tao Ran is currently the fund manager of Cathay Huixin One-Year Regular Open Bond Initiation Securities Investment Fund, Cathay Lee-Share Medium and Short-term Bond Securities Investment Fund, Cathay Instant Profit Trading Money Market Fund and other fund managers. Previously, Tao Ran worked for Haifutong Fund, Huaan Fund, and Hui Tianfu Fund Management Co., Ltd.

Since May 31, 2021, Tao Ran began to manage Cathay Lyyou's 30-day rolling holding of short-term bonds A. As of June 3, 2021, Tao Ran had a total of 4 currency funds, 2 bond funds and 1 fixed bond fund in hand, all of which had been in office for less than one year. In terms of performance, Cathay Huixin's one-year regular open bond tenure return rate was 1.96%, Cathay's instant currency ETF tenure return was 1.45%, Cathay Currency A's tenure return rate was 2.07%, Cathay Lee's short-term and medium-term bond A tenure return rate was 2.64%, Cathay's Shibao currency tenure return was 1.92%, and Cathay Cash Management currency A's tenure return rate was 2.07%.

2. On the first day of the first launch of E Fund's new products, it became a "hot money", and Wang Cheng's "10 billion new base" continued to subscribe

On June 2, E Fund launched a hybrid product, the E Fonda Yuexia One-Year Holding Period Hybrid Securities Investment Fund (hereinafter referred to as "E Fangda Yuexia One-Year Holding Hybrid A"), with wang Cheng as the fund manager.

According to public information, E Fangda Yuexia holds a mixed A for one year with the investment goal of "pursuing the steady appreciation of fund assets under the premise of controlling risks", and the investment scope includes domestic stocks issued and listed in accordance with the law (including small and medium-sized boards, ChiNext boards and other stocks issued and listed in accordance with the law, depositary receipts), Hong Kong Stock Connect stocks, domestic bonds issued and listed according to law (including treasury bonds, central bank bills, local government bonds, financial bonds, corporate bonds, subordinated bonds, medium-term notes, short-term financing bonds, convertible bonds, Exchangeable bonds, short-term corporate bonds of securities companies, etc.), asset-backed securities, bond repurchases, bank deposits, interbank certificates of deposit, money market instruments, stock index futures, treasury bond futures, stock options and other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to invest in the fund.

Wang Cheng, who joined E Fund in May 2012, is currently the deputy general manager of the multi-asset pension investment department of E Fund, the manager of E Fund Fenghua Bond Securities Investment Fund, E Fangda YueXiang One-Year Holding Period Hybrid Securities Investment Fund, E Fangda Yueying One-Year Holding Period Hybrid Securities Investment Fund and other fund managers. Previously, Wang Cheng was a trader and investment manager of Essence Securities Co., Ltd.

Since May 8, 2021, Wang Cheng began to manage E Fangda Yuexia for one year to hold Mixed A. As of June 3, 2021, Wang Cheng is currently managing 5 hybrid funds and 1 bond fund. Among them, the first product managed by Wang Cheng is E Fangda Fenghua Bond A, which has been 1 year and 188 days so far, and as of June 2, 2021, the fund's stage increase in the past 1 year was 17.83%, significantly outperforming the average increase of similar 3.98% in the same period. It is worth noting that as mentioned above, Wang costs the second new product to raise more than 10 billion yuan in a single day, becoming a rare 10 billion new fund in the recent market.

3. China Merchants Fund issued a new mixed base, and Wang Jing's "one drag seven" 4 products rose slightly in the past January

On June 1, China Merchants Fund issued a hybrid fund to select a 1-year closed operation hybrid securities investment fund for China Merchants Jinan Growth (hereinafter referred to as "China Merchants Jinan Growth Yanxuan 1-year Closed Hybrid"), and the fund manager was Wang Jing.

According to public information, China Merchants Jinan Growth strictly selected a 1-year closed mix to "under the premise of strictly controlling risks and ensuring the liquidity of fund assets, mainly investing in high-quality growth enterprises with outstanding industrial status and significant competitive advantages, and striving to achieve long-term stable appreciation of fund assets" as the investment goal, and the investment scope is financial instruments with good liquidity, including stocks and depositary receipts issued and listed in accordance with the law in China (including the main board, small and medium-sized board, ChiNext board and other stocks and depositary receipts allowed by the China Securities Regulatory Commission to invest in the fund). , Hong Kong Stocks And Stocks, Bonds (including Treasury Bonds, Central Bank Bills, Financial Bonds, Corporate Bonds, Corporate Bonds, Medium-Term Notes, Short-term Financing Bonds, Ultra-short Term Financing Bonds, Subordinated Bonds, Government-Backed Institutional Bonds, Government-Backed Bonds, Local Government Bonds, Convertible Bonds, Separable Convertible Bonds, Exchangeable Bonds and Other Bonds Permitted by the CHINA Securities Regulatory Commission), Asset-Backed Securities, Bond Repurchases, Interbank Certificates of Deposit, Bank Deposits, Money Market Instruments, Stock Index Futures, Treasury Bond Futures, Stock Options, as well as other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to invest in the fund.

Wang Jing, who joined China Merchants Fund in August 2010, has served as a fund manager of China Merchants Fengmao Flexible Allocation Hybrid Initiating Securities Investment Fund and China Merchants China Opportunity Equity Securities Investment Fund, and is currently the director of investment management department, and the fund manager of China Merchants Manufacturing Transformation Flexible Allocation Hybrid Securities Investment Fund, China Merchants Frontier Capital Guaranteed Hybrid Securities Investment Fund, Anderson China Merchants Hongbao Capital Guaranteed Hybrid Securities Investment Fund and other fund managers. Previously, Wang Jing worked for Sinopec Urumqi Petrochemical General Plant Material and Equipment Company, The Foreign Cooperation Center of the State Environmental Protection Administration, Golden Eagle Fund Management Co., Ltd., and CITIC Fund Management Co., Ltd.

Since May 6, 2021, Wang Jing began to manage China Merchants Jinan Growth Strict Selection 1 year closed mix. As of June 3, 2021, Wang Jingzheng managed 7 hybrid funds. Among them, as of June 2, 2021, the stage increases of China Merchants 3-year Closed Rayleigh Hybrid, China Merchants Ruize One-Year Holding Period Hybrid A, China Merchants Ruide One-Year Holding Period Hybrid A, and China Merchants Quality Upgrade Hybrid A in the past January were 2.03%, 0.92%, 0.51% and 1.77%, respectively, which were less than the average increase of 2.87% in the same period.

This article originated from Jin Zhengyan