October Xinji Observation: Debt-based Jicheng Issues Theme Equity Fund Explosions Frequently Appears
Source: Morningstar’s product dynamic review and market fluctuations in the second half of the year, investors’ risk aversion is heating up.
Against the backdrop of increasingly stringent regulatory requirements for money market funds, bond funds have undertaken the spillover demand for low-risk investments.
As a type of bond fund, the fixed bond base quickly became popular due to its stable size and the ability to allocate low liquidity products to obtain higher returns.
With the introduction of the accumulated amortized cost method, the net value of the fixed debt base no longer changes the secondary market’s ups and downs, and long-term stable returns have therefore attracted the favor of many individual and institutional investors.
At the same time as demand rises, fund companies have also rushed to establish related debt bases in order to help the company increase the scale of its solid-income products through such funds.
At present, the ultra-long-term limited debt-making base is the key issue target of fund companies.
At least in the market, the short-term fixed debt-making base is usually fixed within three years, and the ultra-long-term limited debt-making base of more than 5 years is being reported intensively. Among them, Puyin Ansheng’s fixed debt-making maturity period is as long as nine and a half years.
The ultra-long-term limited bond-issuing base is generally an institutional customized product: reorganization, the long-term allocation of institutional funds is high, and the holding period of the ultra-long-term bond-issuing base is just accompanied by matching; instead, public funds have their own tax-saving attributes, and debtLong-term cooperation can bring certain tax benefits to the organization.
Market Overview Affected by the 11th holiday, the fund issuance market in October was obviously cold.
As of October 31, 2019, a total of 40 funds were newly established that month, raising a total of 809.
6.3 billion funds.
With the peak index issued in September, the number and size of new funds in October both fluctuated significantly.
However, the average issue size of newly established funds in October was 20.
2.4 billion, an increase of 39% from the previous month, the highest level in the year.
From this point of view, investors’ expectations for the purchase of new funds are still very large, and the decline in volume and scale is mainly dragged down by the early month holiday.
From the perspective of operating methods, the scale of open-end fund raising decreased in October, and funds were received that month (371.
5.1 billion yuan) only the previous month (1249.
01ppm), less than 30%, of which ETF funds and other open-end funds fell by 457.
6.7 billion and 4佛山桑拿网19.
8.1 billion yuan.
Approximately, the closed-end fund’s ability to attract gold increased significantly in October, raising a total of 438.
1.1 billion funds, accounting for 27% of the total funds raised from last month.
07% rose to 54 in the month.
It is obvious that the nine closed-end funds established in October opened bond funds on a regular basis, with an average size of 48.
6.7 billion yuan, much higher than ETF funds15.
$ 7 billion and other open-end funds10.
The average scale of 8.9 billion yuan.
From the perspective of fund structure, the newly-developed fund market in October showed a pattern of debt-based dominance.
Specifically, 23 bond funds were established in October, raising a total of 541.
USD 8.6 billion was the largest and largest category of funds established in the month.
The size of the bond fund is mainly contributed by the fixed-open bond base. Its China Taihui Huixin regularly opens bonds for three years (141.
9.9 billion yuan) and Zhongrong Ruixiang enjoy 86 months of regular open bonds (141.
02 ppm) The notes on the scale of fundraising of the two funds are half of the total fundraising scale of bond funds.
The proportion of hybrid funds and equity funds raised in October was close to 135.
6.9 billion and 120.
1.8 billion came in second and third place in various funds.
It is worth mentioning that even if only 6 hybrid funds and 9 equity funds were established in the month, the equity funds burst frequently when they were first raised.Except for the Xingquan Hetai Hybrid Fund that was “sold out in one day” and proportionately placed, Invesco Great Wall Innovative Growth Hybrid Fund ended its advancement and exchanged CSI 800ETF for the first time to raise 6.6 billion mean investors for major equity products.Sought after.
In addition, investors and investors’ increasing demand for diversified asset allocation has gradually attracted attention from commodity funds.
Following the establishment of the first Commodity ETF in September, the Dacheng Nonferrous Metals Futures ETF and franchise funds were again established in October.
Prior to this, the issue of commodity funds was very sluggish. In the past three years, only two such funds were established in December 2016 and April 2017.
Author: Morningstar Morningstar (China) Research Center, Wu Xueyan