Leading Public Offerings Frequently Rely On Star Funds To Attract Scale: 100 Billion Funds Are Ready To Enter, And 100 New Funds Are Queuing Up For Issuance In January

"All companies hope that the issuance of new funds will get off to a good start. They will issue and establish new funds as soon as possible, especially the active equity funds managed by star fund managers, taking advantage of the booming A-share market." A fund company product department said.

New fund issue is still hot in the New Year!

According to wind data statistics, as of January 7, 2021, four working days since the new year, a total of 29 funds have been issued. According to channel estimation, only eight of them have poured in 130 billion yuan.

This is also driving a lot of money into the market. According to statistics, the number of new funds to be issued in January will reach 100, and up to 315 funds have been approved to be issued, including the products of non pan strength fund company and star fund manager.

"In the beginning of 2021, fund issuance is still hot, and there are many hot money funds, and investors' enthusiasm for subscription is very high." Zhang Ting, chief strategist of GESHANG financial management, said that it is estimated that fund issuance enthusiasm will remain at a high level in 2021, and will continue to show the phenomenon of head concentration.

"In recent years, the issuance of public and private funds is booming, among which the head public private placement and well-known fund managers are more favored by investors. The phenomenon of scale breaking 100 and quota being seconds happened frequently in the process of fund sales, and the enthusiasm of investors to buy funds for investment is high." Private placement network senior researcher Liu Youhua said.

Hot money funds continue to emerge

Among the 29 funds that have been issued in January, according to incomplete statistics, 8 funds have been "sold out in one day".

Among them, Guangfa Xingcheng a, Fuguo balanced optimization, China Europe happy life a, Jingshun great wall core Zhaojing, Xingquan Hexing two-year closed operation, Qianhai open source high-quality enterprise holding a for 6 months, e-fonda Ruian A and Yinhua Xinjia for two years.

Among them, four new funds launched in 2021 have been announced to be established, including Jingshun great wall core Zhaojing, Guangfa Xingcheng a, rich country balanced optimization, and China EU happy life a.

The target shares of the four funds are 8 billion, 12 billion, 10 billion and 8 billion respectively, totaling 38 billion. However, according to the final allocation proportion of 33.18%, 78.46%, 93.23% and 85.26%, a large amount of funds poured into the fund on the first day, and their fund-raising amount on that day was 24.1 billion, 15.3 billion, 10.7 billion and 9.4 billion respectively, that is, on January 4, the first working day after the new year, the four funds had a total of nearly 60 billion assets Gold is ready to enter the market, totaling 59.5 billion yuan.

In fact, a total of 17 new funds were launched on January 4. In addition to the above four funds, Penghua Huizhi preferred a, which was issued on the same day, also reached the target of 12 billion on January 6, ending the raising ahead of schedule.

In addition, on January 5, according to channel information, the two-year holding period of Yinhua Xinjia led by Li Xiaoxing exceeded 13 billion capital subscription, and the upper limit of fund-raising scale was 3 billion yuan; on January 6, Qianhai Kaiyuan high-quality enterprise held for six months, with a fund-raising target of 10 billion yuan and an influx of more than 24 billion yuan; on January 6, Xingquan Hexing's subscription fund was closed for two years, with a fund-raising target of 8 billion yuan, but an influx of more than 20 billion yuan.

According to incomplete statistics, only in the first three working days of 2021, according to the reporter's statistics, the inflow of funds from the eight funds mentioned above has reached nearly 130 billion.

And the follow-up new fund may still be hot.

The reporter found that the number of new funds planned to be launched in January is increasing.

In the issuance plan of January, wind shows that there are more than 60 new funds to be issued by the end of 2020. According to statistics on January 4, the first working day of January, the number of new funds has increased to 85, and on January 7, it has increased to 100 new funds.

On January 7, according to wind data statistics, 315 funds to be issued have been approved and 46 funds have been approved to be issued.

A lot of money is pouring into new funds. Yang Delong, chief economist of Qianhai open source fund, predicts that there may be 2 trillion funds flowing into the fund in 2021.

Head and star fund manager effect

"From the perspective of the past year and the current situation, the focus of the issue will tend to be the head equity companies and star fund managers, and the relative market awareness will be better." A Shanghai fund product department said.

In fact, the funds launched in January are mainly large-scale funds, with huitianfu fund and Guangfa fund each issuing 6, Tianhong fund and Boshi fund each issuing 5. In addition, fund companies planning to issue three new funds in January include e-fund, Huaxia, Penghua, Jingshun Great Wall, China Merchants, Guoshou security, Yinhua, etc.

And the star fund manager effect is another important reason for fund explosion.

The four "good start" funds set up in January, GF Xingcheng a, rich country balanced optimization, China Europe happy life a, Jingshun great wall core Zhaojing, etc. are all partial stock hybrid funds. All of these four fund managers have excellent past performance.

For example, Yu Guang, the proposed fund manager of Jingshun great wall core Zhaojing hybrid, is the general manager assistant and investment director of the stock investment department of Jingshun Great Wall Fund. Wind data shows that at present, the fund under management has a scale of nearly 20 billion, and the Jingshun great wall core competitiveness fund managed by it was established on December 20, 2011. According to the data, since the establishment of Jingshun great wall core competitiveness fund for more than nine years, the interval return is as high as 516.35%, and the annualized rate of return is 22.24%, ranking the top 1 / 20 in the same category.

Yang Dong, the proposed fund manager of Wells Fargo, is the assistant director of equity investment of Wells Fargo, who is in charge of the low-carbon new economy of Wells Fargo. Wind data shows that the fund has been established for more than five years since its establishment on December 18, 2015, with a total return of 238.31% and an annualized return of 27.25%, ranking the top 1 / 100 in the same category.

Sun Di and Zheng chengran, the two proposed fund managers of Guangfa Xingcheng, jointly manage the GF high-end manufacturing stock fund, which was established on April 11, 2019, and achieved 133.83% return in 2020, ranking second in the annual stock fund. Since its establishment, the return in the past two years has been 188.90%, the annualized return is 83.83%, and the top 1 / 200 in the same category.

Guo Rui, the proposed fund manager of China Europe happy life, was established on February 11, 2018, with a total return of 138.47% and annualized return of 34.89% in recent three years, ranking the top 1 / 10 of the same category.

According to the reporter's statistics, many new funds issued in January are managed by star fund managers.

They include Li Xiaoxing of Yinhua Fund, Qu Yang of Qianhai open source fund, Yuan Fang of ICBC Credit Suisse, Du Meng of Shanghai investment bank, Tan Changjie and Qiu Jingmin of Guangfa fund, Liu Wu and Feng Bo of e Fangda, Li Xiaoxi of Huatai Bairui, etc.

Equity funds account for 70%

A phenomenon of great concern is the hot issue of equity funds. Among the 316 million new funds issued last year, more than 2 trillion were equity funds, accounting for more than 60%.

According to wind data, the 100 new funds issued in January 2021 are mainly equity funds, accounting for 71, of which 60 are active equity funds.

Among them, among the new funds issued in January, there were 19 equity funds (11 passive index funds, 6 ordinary equity funds and 2 enhanced index funds), and 70 hybrid funds (including 48 partial stock hybrid funds, 18 partial bond hybrid funds, 3 flexible allocation funds and 1 Balanced Fund).

In addition, there are 10 bond funds and 1 QDII fund.

It is worth mentioning that the popularity of new fund and the prevalence of equity fund continued from 2020. Last year, the issuance scale and quantity of public funds reached a record high, with 1435 funds and an issuance scale of 3.16 trillion, which exceeded the sum of 2017 and 2018, and more than 200 million were equity funds.

Zhang Ting, chief strategist of GESHANG financial management, said that last year's fund issuance was so popular mainly because of several reasons: first, in 2020, affected by the epidemic, the global liquidity was loose, the equity market soared, and the yield of partial equity funds was bright, attracting many investors to pour in; second, the implementation of the policy of housing speculation in recent two years, the expected return on real estate investment will decline, and the investment real estate will decrease With the development of capital market, equity assets will become the main direction of future development. Investors will indirectly participate in equity asset investment by purchasing funds.

Liu Youhua believes that the frequent occurrence of fund explosion in 2021 is due to the fund's profit-making effect. In fact, the A-share market has stepped out of two rounds of structural bull market in the past year. At the same time, the effectiveness of value investors in the A-share market is also getting higher and higher, which is characterized by the fact that performance is the king. Therefore, the annual returns of retail investors are not high, but funds and other institutions have made a lot of profits, Therefore, more and more investors are attracted to choose professional funds for investment; on the other hand, P2P explosion and the impact of policy regulation on real estate have led to a sharp decline in the market risk-free rate of return, resulting in a rush of funds flowing into the equity market.

However, for the future market, Liu Youhua believes that in 2021, with the continuous rise in the valuation of core assets, it will be more difficult for the market to make money, and the differentiation of individual stocks will also be intensified. It is suggested that investors should reduce their income expectations and increase the allocation ratio of quantitative hedge fund products. In addition, with the proportion of institutional investors in A-share market increasing year by year, the game between institutions is the strength of investment research. The head public and private institutions with strong investment and research strength may obtain more stable income in the future.

Zhang Ting also pointed out that for investors, do not blindly pursue high returns, should appropriately reduce the expected return on investment.

According to its logic, in 2021, the market is more profit driven, and the space for valuation improvement is limited. At present, the valuation is in the middle and high position in the structure, so it is more difficult to select stocks. Investors should pay attention to the margin of safety. Choose the fund manager managed products with excellent long-term performance, good sustainability and investment philosophy that can bear a large increase in scale.