Reporter Huang Huiling
Just one-third of 2020, the new fund market has already taken a complete roller coaster.
As you can see from the chart above, the issuance share reflects market sentiment one step ahead of the number of products. The number of new funds in February was relatively high, while the number of issuances peaked. With the market correction that began at the end of February, the share of fund issuance in March fell significantly, but the number of new products did not "brake" and reached a stage peak.
By April, the number and size were both low, and the new fund began to be difficult to sell again.
Further combing can be found that the proportion of equity funds decreased significantly in April, and bond funds became the main force, rising from about 20% to 47%. "Now the equity class is not easy to sell, everyone is pushing fixed income + products, we are also pushing." A person from a fund company in Shanghai told Interface News.
On the other hand, the fundraising period of new funds has generally been extended.
In April, in addition to Xiao Nan's E Fangda Consumer Selection (009265) sold out in one day, the relatively large-scale fund really took some time. For example, the scale of the initial offering is second only to ICBC Credit Suisse Yuanxing (009076), with an initial offering size of 2.1 billion yuan and a subscription period of 14 days.
Is it time for the fund to "do well and send bad" again? At least at this stage, fund managers who are implementing new products are answering yes. "A lot of chips are already very cheap, and I don't think there's any need to wait and see and wait for the bottom to be bottomed out." A fund manager in Beijing said so.
A notable sign is that some fund firms that have exercised restraint during periods of market frenzy are now on the move. For example, there are two fund companies in Shanghai that are known for their equity investment, Industrial Securities Global Fund and China Europe Fund. They did not issue equity products for investment stocks in the first four months of this year. In the next May, they will launch blockbuster new products.
The reason why it is said to be "heavy" is because the proposed fund managers of both products are "old drivers" who have been in the market for a long time. The proposed fund manager of Industrial Securities Global is Lin Cuiping, a 23-year investment research veteran. The product will be Lin Cuiping's first product after transferring from China Overseas Fund to China Securities Global Fund, and it is also the first Shanghai-Hong Kong-Shenzhen fund since the establishment of the company.
In terms of CEIBS Fund, wang Jian, investment director. The nine-year fund manager has been quite low-key, from everbright Prudential Fund to CEIBS Fund, only issued a new product, 005421, and in January 2018, when the market was sluggish. Fast forward more than two years, and the fund has returned 47% since its inception. Now the market has fallen back to adjust, and Wang Jian has once again been sent by the CeIBS fund.
From the perspective of publicity and momentum, the momentum of the Industrial Securities Global Fund is one month earlier than the product issuance date, and the CEIBS Fund has also been intensively promoted recently, and the explosive fund in May may be born from it.
"The performance of the fund is actually very much related to the starting point, and it is important to establish at a relatively low point." A market person commented, "The early market is very fanatical, the fund is very good to sell, but the risk is also high, and it is more difficult to issue new funds to make money." ”
The person pointed out that whether the fund can make money is not only related to the interests of customers, but also affects the company's long-term interests. "Directly speaking, poor performance offends the channel and will affect future product releases."