Since the beginning of the year, the market has continued to fluctuate, and the new fund issuance market as a whole has been cold. However, bond fund issuance has gradually become the main force, and there are signs of recovery.
Wind data shows that as of May 17, a total of 53 funds have announced the early termination of issuance and fundraising since the second quarter, accounting for 37% of all raised funds. Specifically, most of the funds raised in advance are bond funds, with a total of 45. Since the beginning of this year, bond funds have attracted more and more investors' attention because of their stable yield, low risk and strong liquidity.
More than 30% of the funds are raised in advance.
Recently, fund products such as Shanghai Stock Exchange Yuli A, Jianxin Xinxiang Short Debt A, Guo Jin Huili Pure Debt A, Huitianfu Tianfu Ruixiang Steady Pension Target One-year Holding, and Ping An Interbank Deposit Certificate Index 7-day Holding have announced the early termination of fundraising. So far, more than one third of the products raised since the second quarter have been raised in advance, which shows that the heat of the fund issuance market is still there.
Some market participants pointed out that there are generally two reasons for the early termination of the issuance and raising of new funds: first, the market subscription is hot, and the subscription funds exceed the upper limit of the fund raising share, which meets the conditions for the establishment of the fund, and the fund manager can terminate the issuance and raising in advance. However, at present, the fund issuance market is in a downturn, and only a few funds can exceed the upper limit of the raised share. For example, the 7-day holding of China Merchants Bank Interbank Deposit Certificate Index and the 7-day holding of Ping An Bank Interbank Deposit Certificate Index all exceeded the upper limit of 654.38+000 billion yuan.
Second, some fund institutions have more customers. After meeting the basic conditions for the establishment of the fund, they will announce the early termination of the fundraising to facilitate the early establishment of the fund, and then increase the scale through continuous marketing.
However, some sources told the Securities Times reporter that the current fund issuance market as a whole is relatively deserted. While a number of funds announced the early termination of fundraising, 23 funds have announced the extension of fundraising period since the second quarter.
Debt base has gradually become the main problem.
The data shows that among the 53 new funds issued in advance since the second quarter, 45 are partial debt funds. Since the second quarter, 14 1 fund has been raised, including 75 partial debt funds. It can be seen that bond funds are still the main products in the current issuance market.
In fact, since the beginning of the year, the equity market has not performed well, and bond funds have begun to replace hybrid funds as hot-selling funds, and the number of such funds has also ended ahead of schedule. Wind data shows that the monthly share of bond issuance has climbed from 654.38+02.765 billion at the beginning of the year to 64.095 billion at the end of April, subject to the subscription deadline. Among all fund issuance shares, the proportion of bond funds climbed from 654.38+00.89% at the beginning of the year to the latest 93.08%.
Specifically, the bond funds raised in advance are mostly medium-and long-term pure debt funds. According to some sources, the popularity of medium-and long-term pure debt funds is due to the fact that the fund companies are considering improving the product layout, the asset management industry has entered the stage of net worth, and wealth management products are no longer "guaranteed". Some bond funds with stable income, low risk and small fluctuation are considered to be the closest fund products to newly redeemed wealth management products. Equity funds have not performed well, and bond funds have become products promoted by fund companies and channels.
On the other hand, this year's earnings of various funds, including money funds, fell short of expectations, and investors' interest in bond funds increased greatly in pursuit of high returns. In fact, among all types of funds, short-term pure debt funds and medium-and long-term pure debt funds are the two types of funds with the highest returns during the year. Wind data shows that since the beginning of this year, the bond fund index has increased by 0.0 1%, of which the short-term pure debt fund index has increased by 1. 18%, and the medium-and long-term pure debt fund index has increased by 1. 15%. As the largest fund product in the wealth management market, the money market fund index only rose by 0.75% during the year.
Investor competition
Stable income product
At present, the yield of wealth management products such as certificates of deposit, cash wealth management and resident deposits is in the downward channel, and the risk-free yield center continues to fall. However, there is still a strong demand for low-risk and stable-income products in household asset allocation, and individual investors with low risk preference are competing for high-quality and stable-income products.
Wei Zhen, Bosera Fund, believes that the scale of money funds has exploded in the past 10 years, and recently the scale of money funds in the whole market has exceeded 10 trillion, and the supervision has also strictly controlled the scale of such products. In the current market with low risk appetite, the market urgently needs a product to undertake the scale and demand of money fund spillover, and short-term debt-based and interbank deposit index funds are important targets of money fund spillover scale.
The Securities Times reporter verified from multiple channels that since the beginning of this year, the income of short-term debt funds has been much higher than that of money funds, and many money fund investors have turned their funds to short-term pure debt funds. Ma Yijun, the fund manager of Agricultural Bank of China, believes that short-term debt funds have both profitability and low volatility, which is a good choice for investors to use their spare money for financial management. However, he reminded investors that as a fund product, the net value of short-term debt base will inevitably fluctuate, and investors need to be patient and tolerant.
In addition, the recent hot sale of interbank deposit index funds is another manifestation of low-risk preference investors' pursuit of stable products. For example, Ping An Interbank Deposit Certificate Index Fund ended its fundraising ahead of schedule due to hot sales, and the subscription application amount exceeded the upper limit of 654.38 billion yuan, so it had to start the "doomsday proportion confirmation" placement. The popularity of interbank deposit index funds is inseparable from their stable income. Wind data shows that the yields of the six inter-bank deposit receipt index funds established in June 5438+February last year all exceeded 1%, and the highest rate was 1.35%, which outperformed the monetary fund index yields in the same period.
Wei Zhen believes that the risk preference of interbank deposit index funds and short-term debt funds is higher than that of cargo base. Short-term debt funds mainly invest in the credit bonds of ordinary enterprises, and now the grades are getting higher and higher, concentrated in central enterprises; The money fund is the predecessor of the certificate of deposit fund, because it only has a duration of about 0.3 years, and the duration of the certificate of deposit fund is 0.4 years, which is slightly higher. The details of short-term debt funds are very rich, including 0.5-year short-term debt,10.5-year short-term debt and 2-year short-term debt. In terms of duration, they are different. Judging from the valuation method, money funds are priced by amortized cost method, which is a straight line, but now certificates of deposit and short-term debt funds are net worth products. For investors, the inter-bank deposit receipt index fund has relatively high yield, low volatility and good liquidity. Under the current trend of comprehensive net wealth management, deposit receipt index fund is the first choice to replace the cargo base, and its income is more suitable for investors with low risk preference.