With the release of the performance list in the first half of the year, excellent fund products have emerged in the market. According to the preliminary statistics of china securities journal reporter, among active equity products, the scale of excellent fund products is relatively moderate, but with the increase of performance, the scale of some products is also expanding rapidly. Referring to the relationship between the scale and performance of excellent products in the first quarter, half-time excellent fund products will continue to face a series of problems brought about by the rapid expansion of scale, and "scale pressure" will continue to be staged.

Most of the outstanding achievements are "small and beautiful"

Choice data shows that in the first half of 20 19, all kinds of funds performed well, and the average yield was red across the board. Among them, the stock fund has the highest rate of return, which is 23.43%, significantly outperforming the Shanghai Composite Index19.4%; Followed by index funds, 19.73%, QDII, bond funds and money market funds also rose sharply compared with the first quarter.

Observing the excellent foundation in active equity products, the characteristics of "small but beautiful" are obvious. Except for some large funds, most of the fund products with good performance in the first half of the year were relatively small at the end of the first quarter. However, relevant data show that some excellent fund products ushered in a substantial increase in scale in the second quarter.

The data shows that among the top equity funds in the first half of the year, E Fund's consumer industry stocks led the rise in the second quarter, but its scale at the end of the first quarter was 65.438+0.752 billion yuan, and the latest scale on June 30 was 65.438+0.925 billion yuan, with no obvious increase in scale; The second-ranked Yin Hua agricultural industry stock-initiated fund had a scale of 250 million yuan at the end of the first quarter, and its product scale had soared to 730 million yuan on June 30. The stock of Penghua Pension Industry ranked third rose from 450 million yuan at the end of the first quarter to 540 million yuan at the end of the second quarter. Compared with the average size of stock funds, most of the stock funds with outstanding performance in the first half of the year are small, and with the outstanding performance, the above products ushered in the expansion of scale in the second quarter.

In the hybrid fund with outstanding half-life, the change of product scale is more obvious. For example, the consumption theme mix of rich countries rose from 700 million yuan at the end of the first quarter to 65.438+36 billion yuan at the end of the second quarter, and the rare assets mix of Qianhai Kaiyuan China rose from 65.438+90 billion yuan to 550 million yuan. Of course, there are also scaled-down ones. For example, Yifangda Ruiheng flexibly configured and mixed, and its scale dropped from 440 million yuan at the end of the first quarter to 250 million yuan at the end of the second quarter.

Scale is a "sweet burden"

Excellent individual foundations welcome the pursuit of market funds, and the product scale has been significantly improved, which is also the trend of market funds. However, the rapid growth of scale in a short period of time is a "sweet burden" for fund managers.

In the first quarter, most outstanding fund products achieved rapid growth in scale in the first quarter. Comparing the data at the end of the second quarter, it is found that these fund products are facing the embarrassing situation of stagnant scale and difficult to improve their performance. The data shows that the scale data of active equity fund products with good performance in the first quarter are relatively stable at the end of the second quarter, but some scales have declined. Most of them are calm after the infinite scenery in the first quarter, and it is difficult to see the previous fierce offensive.

"While making achievements, fund products will attract the pursuit of market funds and realize the expansion of product scale. However, the arrival of new capital has a very obvious dilution effect on investment income. In addition, short-term scale growth means that investment needs to be allocated quickly to maintain the corresponding income performance. However, this year's market situation obviously lacks such large-scale allocation opportunities. " Some fund managers pointed out.

The "scale trouble" faced by excellent fund products is also related to the "inertia" of marketing promotion and marketing. Some people in the market system of fund companies pointed out that excellent funds are relatively easy to operate in marketing promotion because of their high market attention, and many institutions in the industry will also easily promote excellent funds. "Although such an operation is relatively easy to achieve results, the pressure on the continuous performance of excellent funds after high short-term performance is not small, especially in the absence of market cooperation, such marketing promotion is risky."

(Article Source: china securities journal)