The adjustment in early 2022 surprised the market, and the indifference of the whole new fund issuance market also made fund companies "confused". At present, the continuous shock has also made fund companies constantly adjust their issuance expectations and strategies, and the number of balanced style products has increased significantly. Today, Bian Xiao has compiled some fund-related knowledge for everyone. Let's have a look!
The latest trend of new fund layout
The data shows that among the funds currently on sale, funds with the word "value" in their names have been issued one after another, which has increased compared with the previous period. From the investment style, these new funds are mainly low-valued assets and tend to be balanced.
For example, Yifangda Yu 'ebao, which was launched on February 25th, is preferably held for one year. The benchmark of the Fund's performance is CSI 800 Index Yield _65%+ CSI Hong Kong Stock Connect Composite Index Yield _20%+ China Bond Total Index Yield _ 15%. The proposed fund manager of the Fund is Yang Jiawen, and the Fund attaches great importance to controlling retracement. He once said, "As a fund manager actively looking for excess returns of individual stocks, he should not only create profits in the bull market, but also make a difference in the bear market."
Li _, the proposed fund manager of the selected balanced investment promotion fund being issued, has both offensive and defensive abilities and will continue the balanced investment strategy. On the one hand, he will strive to make the fund portfolio run relatively steadily by balancing industries, and at the same time strictly implement the "up, down and left" investment framework, select high-quality leading enterprises, strive to improve the portfolio income, and strive to create reasonable medium-and long-term absolute income.
In addition, one-year holding of Huaxia value advantage, selection of Great Wall value, return of Ping An value, three-year holding of Harvest value creation and rich diversified values are all around "value". For example, the one-year hybrid fund of Huaxia Advantage Value being issued will be managed by Huang. Her investment philosophy is to insist on long-term cash flow value investment and be a steady walker in the consumption era.
There are also many "balanced wind" and "value-oriented" funds that have announced their issuance plans, such as the balanced return of Bosera and the one-year closure of the value of Guofuxin. Even if there is no clear value style in the names of some funds, they have publicly stated that they will adhere to the value style in the stock selection strategy. For example, the proposed fund manager of Guangfa Rui and A is Lin Yingrui, who is a value school, paying attention to risks in investment, pursuing winning percentage and timing at low frequency.
In addition, many new funds currently adopt the holding period model. The data shows that among the new funds waiting to be issued, about 52 new funds have adopted the holding period mode or regular opening mode, accounting for 37.68% of all 138 funds, while the previous level was basically around 20%. At present, this model has been improved. Among stock funds, the varieties with a holding period of 1 year occupy the mainstream.
A brand person of a fund company said that holding products can help investors better grasp the investment cycle, and it is also more conducive to fund managers to implement medium-and long-term layout strategies and better share long-term investment opportunities. "Fund companies launch holding funds and lock in product shares, which can avoid investors' intraday trading and improper timing, and enable holders to obtain better long-term benefits. "
The proportion of bond funds has increased.
In addition to the new features in product design, the structure of fund emerging markets has been quietly changing recently.
The number of new fund issuance showed a "cliff-like" decline. According to the data, as of February 27th, 58 new funds have been established since February, with a total establishment scale of only 2,944,438+0.5 billion yuan and an average fundraising scale of only 507 million yuan. In contrast, in 2002 1,1,12 and1,in 2022, the number of new funds reached 175, 245 and 148 respectively.
On the whole, the proportion of equity funds (including hybrid funds and equity funds) decreased, while the proportion of "fixed income+"and bond funds increased a lot. Accordingly, the marketing focus of fund companies is shifting from active partial stock funds to "fixed income+"products and pure debt funds.
According to the data, as of February 27th, among the new funds established since February, there are 35 hybrid funds, accounting for 57.29% of the issuance scale, which is significantly lower than the 69.34% of 5438+ 10 in June. Since February, seven bond funds have been issued and established, accounting for 26.2 1%, which is significantly higher than that of 1 1.58% in June.
In addition, the pace of stable product layout of fund companies is accelerating. The data shows that among the 55 funds to be issued from February 28th to March 23rd, "fixed income+"funds, short-term and medium-and long-term pure debt funds, secondary debt base and bond FOF together account for nearly 40%, reflecting that in the volatile stock market, stable products are more popular. In addition, there are many FOF products with stable investment, indicating that the fund layout has changed. Compared with before, equity products accounted for more than 60% of the circulation of new funds at the end of last year.
A person from a fund company said that recently, the major channels have significantly increased the sales of low-risk products such as "fixed income plus" and bond funds. Therefore, the company adjusted its distribution plan and actively laid out low-risk products. Recently, the company has also reported such products. This view has also been recognized by other companies. In the near future, we will focus on new products of stable fund managers and "fixed income+"products.
The pace of opening new funds has slowed down significantly.
Since the beginning of this year, the A-share market has ushered in continuous adjustment, and the main indexes have been significantly adjusted back. Among them, the cumulative decline of the Shanghai Composite Index is close to 5%, while the Shenzhen Component Index and the Growth Enterprise Market Index both exceed 10%. In such a market, the new active equity funds generally slow down because of the pace of opening positions, and their net worth performance is generally stable, thus avoiding this round of major adjustment.
The net value of the fund shows that the cumulative increase or decrease of the net value of the new fund established this year is generally within 2%. Some funds have been established for one or two months, and the net value fluctuation has remained at 0%- 1%, among which there are many funds managed by well-known excellent fund managers. For example, the one-year holding of Jianxin Woxin managed by Tao Can was established in June this year at 5438+ 10/9. As of February 25, the cumulative net value rose by 0.09%; Jing Shun Great Wall Vision Growth managed by Li Jin was established on1October 25th, with a cumulative net increase of 0.03%. The Golden Eagle Pioneer managed by Han Guangzhe was also established on June 25th, 65438, and its accumulated net value has dropped by 0.7 1%. In addition, since its establishment, the net worth of Morgan Wo, an investment company managed by Du Meng, has been held for one year, and Yin Hua Xinxing, managed by Li Xiaoxing, has been held for three years. The competitiveness of Chinese businessmen managed by Wu Hao has not fluctuated much.
Even funds established many years ago are the same. For example, Huarong Rongxing, which was established in 12 and 15 last year, saw its net value increase by 0.08% in six months. The net value of 65438 Hongta laterite Shengfeng, which was established on February 24th last year, rose by 0.02%. The net value of Zhongrong R&D Innovation 65438, which was established on February 28th last year, fell by 0. 1 1%.
However, the pace of some new funds is not slow. For example, the trend of oriental automobile industry managed by Li Rui has increased by 3. 1% since its establishment on February 9. From the perspective of net worth performance, the fund began to open positions one or two trading days after its establishment. As of February 25, the net value of the week rose by 2.28%, and the smart car index and new energy vehicles rose by 3.24% and 3.02% respectively, indicating that the fund may have opened a lot of positions; 65438 was established on126, and its net value has dropped by 4.37% so far. As of128 October, the net value of Huaan Advantage Select has dropped by 2.08% in just two trading days after its establishment, indicating that it chose to open a position quickly after its establishment. In addition, YEATION, which was established on February 8th, and Dongwu New Energy Vehicle, which was established on October 25th, 65438/KLOC-0, have all increased by more than 3% since its establishment. It is worth mentioning that BlackRock Hong Kong Stock Connect, which was established on June 5438+1October 2 1, has seen its net value drop by 2.38% so far, of which the net value dropped by 2. 15% in the week ending February 25, during which the Hong Kong Stock Connect index dropped by 6%.
In addition, some new funds established at the end of last year, or due to the consideration of the layout of the spring sowing market, have a faster pace of opening positions, but in the market adjustment, due to higher positions, the net value has been greatly withdrawn. For example, Yingyong Select 65438, which was established on February 28th last year, was the industry leader of Harvest on February 23rd and 28th last year, and Cinda Aussie Bank prospered on February 28th and preferred. On February 7th, the net value of ICBC Credit Suisse Yuexiang declined by 10.