On the cliff, this kind of fund is crazy to counterattack! The size of 33 animals increased by more than 10 times

China Fund News reporter Li Di

Due to factors such as low operational efficiency, difficulty in continuous marketing, and occupation of company resources, mini funds were once regarded as "hot potatoes" that were difficult to deal with by industry insiders. For mini funds, most fund companies choose to liquidate, but in recent years, the performance of many mini funds has soared and the scale has soared, and some counterattacks have become star products.

A number of mini-funds soared in size in the third quarter

Up to 327 times more

According to the reporter's statistics, among the mini funds that were still less than 200 million in the second quarter, 106 doubled in size at the end of the third quarter, 49 increased by more than 5 times, and 33 increased by 10 times and 5 by 25 times.

Of the mini funds in the second quarter, 74 exceeded 200 million at the end of the third quarter, leaving the ranks of mini funds.

In addition, some funds that were once close to the liquidation line increased significantly in the third quarter, reducing the risk of becoming "mini funds". At the end of the second quarter, 7 of the funds with a management scale of between 200 million and 250 million doubled in size, of which Qianhai Open Source Shanghai-Hong Kong-Shenzhen Innovation A achieved a scale growth of more than 18 times in the third quarter. Wind data shows that as of October 29, the fund returned 43.69% for the year.

Among the mini funds that counterattacked in the third quarter, Huaan Anhua Flexible Allocation Fund increased the most, with a scale of 4.083 billion yuan at the end of the third quarter, an increase of about 327 times over the 12.45 million at the end of the second quarter. As of October 29, the fund had a return of 10.94% for the year. The reporter noted that since the end of 2018 to this year's semi-annual report, the proportion of institutional holders of the fund has been 99%, and the probability of the scale of the third quarter has also been dominated by institutions.

A person from a medium-sized public offering market department in Beijing pointed out that "considering the investment cycle of institutional investors, the use of funds and other factors, funds led by institutional investors will plummet or soar in scale if they face large redemptions or large-scale purchases." Sometimes major client divestments can make the fund a mini-fund, but as long as new institutional investors enter, the fund will quickly grow and get rid of the mini-state. ”

Investors vote with "money"

Good performance is the main reason for the sharp increase in scale

In addition to funds with a high proportion of institutional investors, many retail-led mini funds also achieved a counterattack in the third quarter, and excellent performance is the main reason for their departure from the mini state.

Of the 74 funds that have left the mini-state, as of October 29, 38 have returned more than 20% in the year, 22 over 40%, 18 over 50%, and 3 funds with annual returns of more than 70%. Among them, the most outstanding performance is the reform of Dentons state-owned enterprises, and the fund's yield reached 80.59% during the year.

The above-mentioned marketing department said that for mini funds, the purchase of larger institutional funds will have a significant dilution effect, and some FOF funds will rarely choose to buy mini funds, unless they are particularly optimistic about the fund manager. But the outstanding mini-fund is very attractive to retail investors. Many mini funds are not well known, the performance stability is not strong enough, the style is not prominent enough, even if the performance is good, it is difficult to reach the entry threshold of institutional funds. Retail investors do not consider strict framework restrictions when making investment decisions, and as long as the performance is good, investors will vote with money.

In addition to the capital subscription caused by good performance, the excellent performance of the mini fund has also made a lot of contributions to its scale growth. However, it is worth noting that small funds and medium-sized funds have different requirements for managers' investment styles, professional knowledge, etc., and when mini funds meet the joy of scale counterattack, they also need to pay attention to whether they can continue to create stable returns for holders.

Recently, there have also been a number of high-performing mini funds that have taken the initiative to open purchase restrictions, mainly to reduce the risks caused by the rapid increase in scale to performance and safeguard the interests of existing holders. For example, on October 19, Tongtai Huiying A announced the suspension of large subscriptions, limiting the subscription amount to 50,000 yuan. According to the data, at the end of the second quarter of this year, the size of the fund was 81.3982 million yuan, and by the end of the third quarter, the scale had increased to 147 million, an increase of more than 80%. As of October 29, the fund returned 12.75% for the year.

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