Author: Yang Guang, Coopers
Today's performance comparison is a bit magical: the bank wealth management that claims to be good at fixed income is completely defeated by the pure debt fund of the public fund, and the public fund that is good at equity investment is willing to bow down to the performance of similar bank wealth management products in the performance of equity funds. Compared with the rollercoaster performance of public fund equity fund products, the upper and lower limits of the volatility of bank wealth management equity products are better than those of public funds, and the average performance is much better.
According to the data of Jinxin, as of June 26, there were 53 equity products under management of bank wealth management subsidiaries that have been in operation for one year and have been in normal existence, with an average income of -1.32% in the past year, and 28 products have achieved positive returns in the range of 24.07% to -23.81%. In contrast, the average return of 867 equity funds that have been in operation for more than one year in the past 1 year is -16.1%. The first place, GF Resources Preferred Stock A, has a return of 22.3% over the past year, and the penultimate Red Earth Innovation and Technology Innovation Stock (LOF) has a return of -49.57% over the past year.
Judging from the product performance of each wealth management subsidiary, CMB, Everbright and Bank of China have outstanding equity investment capabilities. The return of CMB Wealth Management Zhaozhuo Value Select Equity Wealth Management Plan A in the past year was 24.07%, outperforming the performance of the first equity fund in the past year, the second was Everbright Wealth Management's Sunshine Red Infrastructure Public Offering REITs Preferred No. 1 with an income of 13.26%, the third was Everbright Wealth Management's Sunshine Red 300 Dividend Enhanced Income of 8.04%, and the fourth was Bank of China Wealth Management's (Greater Bay Area-Pengcheng Qianyi) BOC Wealth Management "Enjoyment" (Closed-ended) 2022 26 period with a return of 5.97%. The fifth is (Greater Bay Area - Pengcheng Qianyi) Bank of China Wealth Management "Enjoy" (closed-ended) 2022 25 period income of 5.97%.
In contrast, the top five performance of equity funds in the past year are:
NO1 GF Resources Preferred Stock A 22.3%
NO2 China Merchants Industry Select Stocks 20.82%
NO3 20.71%
NO4 ussring (1.3000 10.14%), 20.14%
NO5 招商产业精选股票A 19.89%
Table 1: Top 5 income of wealth management sub-equity products in the past year
Data source: Jinxin
According to the data of Jinxin, the number of bank wealth management products with normal existence and effective net value in May was 31,806, including 640 cash management products, 26,679 fixed income products, 556 equity products, 3,616 equity products, and 315 commodity and financial derivatives products. The number of new products issued in the month was 2,549, a year-on-year decrease, and fixed income products still accounted for more than 90% according to product types, and from the perspective of product operation mode, products with a term of more than 6 months accounted for more than half of the total.
Established on May 30, 2023, CMB Wealth Management Zhaozhuo Value Select Equity Wealth Management Plan Part A (Z7001623000076) has a share of 156 million shares by the end of 2023, a performance of 1.54% by the end of 2023, and a return of 24.07% in the past year. In terms of specific investment direction, 82.82% of the investment direction at the end of 2023 is equity investment. The main holdings are China Mobile, China Telecom, China General Nuclear Power and other special valuation varieties.
In the first quarter report of 2024, it can be seen that the proportion of equity investment in this product has increased to 87.05%, while increasing 1.05% of financial derivatives, with a yield of 75.13% in the first quarter. From the perspective of holdings, there are 5 individual stocks that have changed.