121 Fund Winding-up Notes: Large-scale sharp tools in a blink of an eye
Original Title: Liquidation Notes of 121 Public Funds: Large-scale Weapons Instantly Desolate and Low-quality Products Are Cleared At the Time 21st Century Economic Herald Jiang Shi Qiang Read: Extending the end of the year, the scale war is in full swing.
At the same time that several funds were liquidated, the issuance boom in the market did not stop.
A few days ago, the amortized cost method bond fund became a dark horse at the end of the year, and at the same time, a large number of corporate bond-type products were being issued.
Looking back on 2019, the liquidation of funds is not uncommon.
On December 19, Chuangjinhexin Premium Growth Equity Fund released a liquidation report.
The reason for liquidation was the corresponding date three years after the effective date of the fund contract (November 2, 2019), whose net asset value of the fund was lower than double digits, which triggered the termination of the fund contract.
21st Century Business Herald statistics show that a total of 121 public funds have been liquidated as of December 19 this year.
Although the number of liquidations is smaller than 2018, it is still the second year.
Among them, since November 19th, there have been two-year pure bonds of Rich Nations. Huaan Ruixiang is regularly opened. Long letter Shanghai Stock Exchange, SDIC UBS Xingduodu and other 18 funds announced their liquidation.
”The liquidation of funds is already the norm in the industry.
“On December 19, a brokerage fundraiser told a 21st Century Business Herald reporter.
Although a large number of members of the public have mentioned this point in their communication with 21st Century Business Herald reporters, it seems that new changes are still emerging.
It may be because the bond funds that were smashed by large-scale institutions last year were reduced to liquidation.
Including the two-year pure bonds of the rich countries mentioned previously, 48 bond-type funds have been liquidated on December 19 every year.
21st Century Business Herald reporter statistics show that of the 121 public funds that were liquidated from this year to December 19, the number of hybrid funds and bond funds was 55 and 48, accounting for 45% and 40%; In total, there are 12 stock funds, 2 currency funds, and 4 QDII funds.
About 423 winding-up figures for the whole of last year have improved this year.
However, in terms of classification, the number of liquidation of hybrid funds last year was 246, and the number of liquidation of bond funds was 130, accounting for 58% and 31% respectively.
In comparison, the number of liquidation of bond funds so far this year has increased compared to last year, while the number of hybrid funds has declined.
It is worth mentioning that bond funds became the main force to replace the absorption of gold in the public offering market last year.
Especially in the issuance boom of the market at the end of the year, in November and December, the new issue 北京桑拿 of bond funds accounted for a high proportion.
The data shows that out of the 92 funds that were subscribed in November last year, 58 were bond funds, accounting for 63%; according to the data in December of the same year, 33 of 75 funds were bond funds, accounting for 44%.
”At that time, institutional funds were mainly subscribing. From the perspective of subdivided product types, medium- and long-term pure debt funds accounted for the highest proportion, and were also a common type of institutional customized products.
Overlapping the A-share market at that time, it was really difficult to issue new stock-based products, so everyone was biased towards debt.
“A Beijing public fund person told a 21st Century Business Herald reporter.
Judging from the market situation this year, bond funds seem to be no longer in 四川耍耍网 the situation.
Recently, a short-term debt fund belonging to a fund company announced that its fund’s net asset value had fallen below 50 million for 50 consecutive working days.
The relevant regulations show that the fund ‘s net asset value has fallen below 50 million digits for 60 consecutive working days, and the fund contract will be terminated and fund assets will be liquidated.
Judging from the situation of several bond funds that have gone into liquidation, liquidation is still an important reason because the fund’s net asset value is lower than the required standard.
For example, Golden Eagle Tianfu Pure Bond, Changsheng Bimonthly Red 1-year period, and the liquidation of many products such as TEDA Manulife and Rayleigh are due to the fund ‘s net asset value falling below 50 million yuan for 60 consecutive working days or the fund ‘s net asset value on the last day of the opening periodBelow 50 million, triggers the termination clause agreed in the Fund Contract.
There are often contradictory differences when comparing fund asset data before liquidation.
For example, the net asset value of the fund last operating before the liquidation of the two-year pure debts of the rich countries.
4.7 billion US dollars, and its requirement to trigger the termination of the fund contract is to supplement the fund ‘s net asset value with the effective purchase application amount on the day and the transfer application amount during fund conversion to replace the effective redemption application amount and the balance after transferring out the application amount during fund conversion.yuan.
There is only 2521 the net asset size of the fund on the last operational day before the liquidation of Teda Manulife Rayleigh.
At 95 yuan, the net asset of the fund on the last operational day before the liquidation of Golden Eagle Tianfu Pure Bonds was 61.
09 million yuan and so on.
In fact, at the same time that several funds were liquidated, the issuance boom in the market did not stop.
A few days ago, the amortized cost method bond fund became a dark horse at the end of the year, and at the same time, a large number of corporate bond-type products were being issued. ”In fact, short- and medium-term debt funds are a good product, but if they are sold in banks, high-net-worth customers will choose to buy banks with higher returns.
The increase in the size of short-term and medium-term debt products last year was due to the release of new liquidity regulations in 2017, the expansion of the cargo base scale, liquidity transfers and the generation of income. This type of fund just met this vacancy.
“A person from a public equity fund in South China told a 21st Century Business Herald reporter.
According to the 21st Century Business Herald reporter, some inferior products should be liquidated because of their poor performance, and some funds have been unable to go up because of their “helping funds” withdrawal. They can only be liquidated.
”Liquidation of funds is a relatively common phenomenon. There are several possibilities. First, the fund size is relatively small when the fund is established. Later, the performance is not satisfactory or large amounts of funds are redeemed, which triggers liquidation. Second, many bond funds were previously commissioned.Foreign funds, most of which are held by large institutions, have been affected by the new rules of capital management in the past two years, and many outsourced funds have been withdrawn, resulting in an increase in mini-funds. Third, many funds will help buy funds in order to meet the establishment conditions.When the funds are withdrawn, the follow-up funds cannot be followed up, which will also trigger the liquidation of the product.
Zhang Ting, a wealth scientist, believes.
For some fund products with relatively good returns but moving towards liquidation, a public fund fund in South China said, “From the perspective of the product types of liquidation products, some funds are historical products in stages. Although the returns have been good, butBecause of the change in the risk appetite of funds or the expected investment method, there are different choices of investment methods.
Funding needs are different, and the liquidation of funds is relatively normal.
“For the market, it is normal for the fittest to survive. The liquidation of funds is also based on natural results under certain conditions. The impact on the market is relatively limited. For investors, attention needs to be paid. Once the liquidation of the fund occurs, funds will be generated.Of occupation.
“Zhang Ting thinks.
”This is the performance of the market to clear out inferior products. In the past, everyone had to seek help to support the funds, maintain the scale requirements, and ensure that they cannot be liquidated. Now there are a lot of liquidation funds in the market.High again.
“A restructuring agency pointed out.
However, judging from the current market situation, the number of liquidation funds has decreased significantly this year.
”An important reason is that a lot of mini-funds were saved by the innovation of science and technology board this year. At that time, the innovation of science and technology board was hot, which caused the company to maintain its scale.
“Retired public funders said.
In fact, at the same time as inferior products continue to be cleared, especially the expected closing period at the end of the year, the industry is looking for new incremental space.
”We recently issued a short-term debt product, although from a sales perspective it may not be the best time to issue it now.
However, short-term debt itself is good, and its liquidity is relatively high. Under a low interest rate environment, short-term debt yields are not much worse than medium and long-term debt.
The purpose of our layout at this time is actually to enrich the product line and provide investors with different options.
“A representative of a medium-sized public fund pointed out.