During the year, 65,438+037 funds were liquidated. On the one hand, the 10,000 fund continues to expand, and on the other hand, it accelerates liquidation. At present, there are 9 17 "mini funds". So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!
Liquidation funds 137 during the year.
Under the background of high growth of over 27 trillion public offerings and over 10,000 products, the pace of industry liquidation is also accelerating.
On September 19, Harvest Zhongguancun A-share ETF, a subsidiary of harvest fund Management Co., Ltd., issued a liquidation report. In fact, since September, there have been liquidation reports issued by CITIC Prudential China Bond 1-3, Southern Global Select Bond, Golden Bell Yuehui Quantitative Hedging Strategy for 3 months, Minsheng Jiayin Huixin 1 year, etc. Among them, many reasons for fund liquidation are "the net asset value of the fund is less than 50 million yuan for more than 60 consecutive working days".
In addition to liquidation reports, many funds have recently warned investors of risks due to possible liquidation. Jiahe Medical Health Initiative Securities Investment Fund, a subsidiary of Jiahe Fund, recently issued an announcement to give investors a third risk warning.
According to the announcement, according to Article 3 of Part V "Fund Filing" of the Fund Contract: "On the corresponding day after the expiration of three years from the effective date of the fund contract, if the scale of the fund assets is less than 200 million yuan, the fund contract will be automatically terminated, and liquidation will be carried out according to the procedures agreed in the fund contract, and it is not allowed to continue by convening a meeting of fund share holders."
The "mini fund" has once again attracted the attention of the industry.
It is not difficult to find that most of the funds involved in liquidation during the year were "mini-funds" that triggered the contract terms due to low net assets, and directly entered the liquidation procedure without even convening a holders' meeting. As we all know, the industry is used to calling funds with assets less than 50 million yuan as "mini funds", and 50 million yuan is the "warning line" designated by the supervision.
According to the regulatory requirements, if the number of fund share holders is less than 200 for 20 consecutive working days after the fund contract takes effect, or the net asset value of the fund is less than 50 million yuan, the fund manager shall disclose it in the regular report; In case of the above-mentioned situation for 60 consecutive working days, the fund manager shall report to the China Securities Regulatory Commission, propose solutions such as changing the operation mode, merging with other funds or terminating the fund contract, and convene a general meeting of fund share holders to vote.
Wind data shows that as of the end of the second quarter of this year, there were 9 17 "mini funds" with assets below 50 million yuan in the market, including 909 non-monetary funds, and 705 * * only after excluding the initiated funds with lower threshold.
Among them, there are many "mini funds" in flexible allocation funds, passive index funds and partial stock hybrid funds. * * There are 19 companies with the number of mini-funds exceeding 10, and some fund companies have a relatively large number of "mini-funds", such as Puyin AXA, Changxin, Haifutong, Rongtong and Qianhai Kaiyuan.
With the total number of Public Offering of Fund in the market exceeding 10000, the competition among funds is increasingly fierce, and the competition situation faced by "mini funds" is even more difficult. In response to the phenomenon of "mini-fund", a senior analyst of Shanghai Securities Fund Evaluation and Research Center said earlier that on the one hand, it stems from the substantial increase in the base, and in recent years, the domestic fund industry has developed rapidly and the market capacity has soared, resulting in a substantial increase in the number of "mini-funds" at the end of issuance.
On the other hand, due to the increasingly fierce competition in the industry, some funds are difficult to expand due to low market awareness and insufficient performance competitiveness. In addition, it is also related to the maturity of domestic investors. Fund products with no bright spots and weak competitiveness can no longer attract customers only by marketing and channels.
The mode of survival of the fittest has emerged.
The insiders believe that the success of a fund is related to three factors: first, the fund manager's own investment ability; The second is the promotion and marketing ability of agency channels and fund companies; The third is the "money-making effect", the core of which lies in whether the market environment is suitable for the investment strategy of the fund. In fact, more and more "mini-funds" are not achieved overnight, but the result of long-term effects of multiple factors, which are closely related to the weakening of the "money-making effect" caused by the poor performance of the equity market during the year.
In terms of classification, the data of the second quarterly report shows that flexible allocation funds, passive index funds and partial stock hybrid funds are the "hardest hit areas" of "mini funds", with 189, 165 and 96 respectively. It can be seen that there are many mini-funds in stock funds, which actually reaches 70%.
However, in the current market, the base of equity funds is relatively large. According to the statistics of funds that have published the data of the second quarterly report, there are only ***473 1 equity funds, accounting for 59%. Equity products are also the areas where fund companies have the fiercest competition and the highest market attention. Since 2022, on the one hand, capital settlement has accelerated, and on the other hand, it is "unsalable". Due to the continuous adjustment of the equity market, it is difficult to reproduce the grand occasion of "10 billion explosions, sold out in one day" in previous years.
However, during 20 19, a large number of investors entered the market by purchasing funds. Therefore, the overall rate of return is relatively competitive, and the products of large fund companies with channel and word-of-mouth advantages are often more recognized by investors. Under the background of "Matthew effect", mini-fund can only be on the verge of retreat.
Up to now, the funds in the whole market have basically covered various assets such as "stock debt period" and various hot tracks of various assets. In this process, the phenomenon of product homogeneity has become increasingly prominent. Under the industry development trend of "Matthew effect", it is inevitable that some funds will be in the tail range for a long time, which is neither bright nor large-scale. Over time, it is inevitable to re-integrate investment and research resources through active liquidation.
However, we should also see that during the booming period of Public Offering of Fund, fund products are forming an orderly pattern of advance and retreat. Looking ahead, some people think that the number of clearing funds may increase further this year. On the one hand, with the rapid development of fund industry, fund liquidation will be gradually normalized; On the other hand, this is also a natural process of fund investment, which is the embodiment of effectively protecting people's investment interests.