From the actual performance, the 1/3 "innovation" fund with the highest yield in 20 16 has a yield of over 2.5%, with an average scale of 957 million yuan; The "innovation" fund with a yield of13 is below 2%, with an average scale of 1.74 billion yuan. In 20 16 years, the average yield of bond funds is 0. 15%. The income difference of the above-mentioned "innovative funds" may reflect the dilution effect of scale on innovative contributions to some extent.
Second, offline innovation has a growing demand for fund stocks. Too small a scale is not conducive to the fund's full participation in innovation, and it is also not conducive to diversifying stock investment risks.
In the past year, you only need to allocate 60 million yuan of stock market value (30 million yuan in Shanghai and 30 million yuan in Shenzhen) to participate in the subscription of most new shares, but recently the standard for listing new shares has been raised to 50 million yuan. This means that new funds with smaller assets will face the dilemma of reducing the number of new targets they can participate in.
On the other hand, if the total size of the fund is too small, the proportion of stock bottom positions will be high, which makes it difficult for the fund to diversify the risk of stock investment, or it is necessary to passively increase or decrease the position band, thus bringing additional risks to the fund. For example, if the fund has only 654.38 billion assets and the bottom 60 million stocks account for 60% of the fund's positions, when the stock market fluctuates greatly, the impact will be far greater than the income of new shares.
Therefore, the ideal scale of "innovation fund" is about 600 million to 654.38+200 million.