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Exceeded 30.71 trillion yuan, an increase of 6.47% from the previous quarter, and the market size of public funds reached a new high in the second quarter

Every reporter: Ren Fei Every editor: Ye Feng

Recently, the disclosure of the second quarter report of public funds in 2024 has been completed, and a number of scale statistics of the industry have changed, from the corresponding ranking of fund companies in the scale under management, to the statistical ranking of fund managers in the scale under management, and even the scale of the fund itself.

The reporter of "Daily Economic News" noticed that, on the whole, the ranking of the management scale of Wells Fargo, Harvest, Bosera and China Merchants Fund has changed, and specifically to the fund itself, the net subscription trend of the bond base is obvious, and in the active equity fund, the fund of dividends and investment in Hong Kong stock assets has attracted significant gold, and the net subscription amount ranks first in the industry.

There were 314 new funds in the second quarter

Recently, the second quarter report of the public fund in 2024 has been disclosed. Overall, the market size hit a new high, exceeding 30.71 trillion yuan, an increase of 6.47% month-on-month, and 314 new funds were issued, raising a total of 347.004 billion yuan. The quarterly average growth rate of all sizes was 2.51%, and the quarterly average growth rate of non-goods scale was 2.19%.

Judging from the total net asset value of all funds of fund managers summarized by each fund, among the top 10 fund companies ranked in the second quarter of 2024, Wells Fargo Fund surpassed Harvest Fund to rank seventh, China Universal Fund ranked tenth, and China Merchants Fund, which ranked tenth at the end of the first quarter, was not in the top 10 sequence.

Specifically, Wind statistics show that as of June 30, the total net asset value of all funds of Wells Fargo Fund was 984.307 billion yuan, exceeding the 970.215 billion yuan of Harvest Fund, compared with the data at the end of the first quarter, Harvest Fund was 936.310 billion yuan, and Wells Fargo Fund was 915.779 billion yuan.

Judging from the current scale of funds under management of Wells Fargo Fund, in addition to the top of the net asset value of money market funds, the statistical scale of Wells Fargo Tianhui LOF reached 25.185 billion yuan at the end of the second quarter, which is also a partial stock hybrid fund managed by its well-known fund manager Zhu Shaoxing.

In addition, from the statistics of the size of non-monetary fund managers, Bosera Fund surpassed China Merchants Fund to rank sixth, and the non-monetary fund data at the end of the quarter showed that the scale of non-monetary funds of China Merchants Fund at the end of the first quarter was 551.218 billion yuan, reaching 566.804 billion yuan at the end of the second quarter, and Bosera Fund rose from 550.046 billion yuan to 571.657 billion yuan, and other rankings did not change.

The reporter of "Daily Economic News" noticed that in terms of the market size statistics of various types of funds, the scale of bond funds increased rapidly month-on-month, reaching a growth rate of 13.62%, and the number also increased by 3.10% month-on-month. ETFs continue to be popular in the market, and the scale continues to maintain stable growth, reaching 2.47 trillion yuan, of which the scale of equity ETFs is 1.81 trillion yuan, accounting for 73.31% of the overall ETF scale.

The net subscription trend of the bond base is obvious

Specifically, in terms of the subscription and redemption of individual funds, the net subscription trend of the bond base in the quarter was obvious, and among the active equity funds, some funds that allocated dividend assets and Hong Kong stock assets also showed a significant net subscription trend in the quarter.

Taking partial equity hybrid and common equity funds as an example, the net subscription scale of Harvest Hong Kong Advantage Mixed C was obvious in the quarter. Wind statistics show that its total subscription and total redemption share statistics are 1.081 billion shares and 105 million shares respectively, and the net subscription amount reached 976 million shares, which is the largest net subscription amount among all active equity funds.

In addition, the net subscription amount of products such as China Commercial Selection Return Mix C, Baoying Quality Selection Mix A, and Harvest Value Evergreen Mix A also ranked among the top. Judging from the investment style and heavy stock exposure of these funds, in addition to taking into account the allocation of Hong Kong stocks, they also favor dividend assets.

For example, in the second quarter of 2024, Zijin Mining, China Molybdenum, China Hongqiao, Tencent Holdings, etc. Another example is Baoying quality selection, at the end of the second quarter, among the heavy stocks, China Resources Gas, China Property Insurance, Mengniu Dairy, etc. in Hong Kong stocks, Guangzhou-Shenzhen Railway, Midea Group, etc. in A-shares are also focused on allocation.

A significant feature is that the allocation of Hong Kong stocks and dividend assets has attracted much attention from the outside world, which is also the reason for the good performance of related funds in the quarter, and many products with a decline in scale or even "mini" have limited allocation in these aspects, which naturally becomes difficult to hold.

For example, the net redemption scale of Changxin Jinli Trend Mixed C this quarter reached 920 million shares, judging from the details of the heavy positions announced by the fund, the top five heavy stocks are Lixun Precision, Crystal Optoelectronics, Satellite Chemical, Zhongji Innolight, Kweichow Moutai, although these stocks began to perform at the beginning of the third quarter, but they were still tepid in the second quarter.

In addition, there are also some funds under Zhonggeng Fund that have significant net redemptions, and the scale of net redemptions of Zhonggeng Value Pilot, Zhonggeng Small Cap Jiahui, and Zhonggeng Value Pioneer ranks in the forefront of active equity funds, most of which are funds managed by Qiu Dongrong, and the news of his resignation in the industry has spread in the quarter.

The reporter noted that on July 21, Zhonggeng Fund announced that Qiu Dongrong resigned as the company's deputy general manager on July 19, and at the same time left the fund manager of the five funds managed by himself, including Zhonggeng Value Pilot Hybrid, Zhonggeng Small Cap Value Stocks, Zhonggeng Value Smart Flexible Allocation Hybrid, Zhonggeng Value Quality One-year Holding Period Hybrid, and Zhonggeng Hong Kong Stock Connect Value Stocks.

Many big names are in charge of the scale reduction

Since the second quarter of 2024, fixed income assets have been active, and passive products among equity funds have attracted market attention, for fund managers who focus on active product management, the scale of management of many people has declined, and some well-known fund managers are more obvious.

The reporter of "Daily Economic News" noticed that at the end of the second quarter of 2024, Zhang Kun's management scale was 61.681 billion yuan, a decrease of more than 3 billion yuan from the end of the first quarter. Liu Yanchun of Invesco Great Wall Fund managed 51.877 billion yuan at the end of the first quarter and 45.354 billion yuan at the end of the second quarter. Gülen fell from 45.874 billion yuan at the end of the first quarter to 40.765 billion yuan at the end of the second quarter.

In addition, the scale of well-known fund managers such as Liu Gexiang and Qiu Dongrong also declined in the second quarter, and some of them declined significantly. In this regard, some analysts pointed out that the key is that performance has dragged down investors' confidence, resulting in a sharp decline in the scale of some funds.

Tianxiang Investment Advisory Fund Evaluation Center believes that on the one hand, funds tend to be invested in fund managers with relatively better performance, which makes the management scale of some fund managers with relatively poor performance continue to shrink. On the other hand, fund companies also tend to change fund managers with poor management performance. This is not evident when the market is good, but it will be highlighted once the market is cold.

In addition, some fund managers voluntarily stepped down, and some even had a "clearance" resignation during the quarter. Since June 15, Jia Chengdong has stepped down from five funds, including China Merchants Industry Selection, China Merchants Quality Growth, and China Merchants Technology Power for 3 months. In addition to Jia Chengdong, there are also a number of well-known veterans who have stepped down from all the fund products under their management during the season. Jiang Feng of CCB Fund, Dong Shanqing, an equity veteran of Taixin Fund, Wu Han of Dacheng Fund, and Fan Yan, former deputy general manager and chief investment officer of Yuanxin Yongfeng Fund, all reported the news of stepping down from all the funds under management in the second quarter of 2024.

Of course, equity fund managers with large scales under management in the market are still optimistic about the next market, especially the recovery of fundamentals will drive the rate of stock price and valuation repair will increase. Of course, there are also many well-known managers who have called for the current phenomenon of "grouping" dividend assets with funds to be corrected, and funds should be tilted towards more technological innovation and growth targets with undervalued value.

National Business Daily