"100 Billion Club" Expansion Record: Yi Fang Da, Hua Xia Leading Seat List Has "Net Red" Shock Market Depression.

The public fund came out in the first quarter.

According to the data released by the fund industry association, as at the end of March 2020, the total net asset value of the public fund managed by the public fund managers in the whole market amounted to 16 trillion and 640 billion yuan, and the scale increased to a new high.

Specific to all types of products, despite the first quarter of the epidemic and market volatility, the size of each type of fund growth has slowed down compared with the end of last quarter, but the average growth rate of each type of fund is above 10%.

In fact, despite the adjustment of market fluctuations, the issuance of public offering funds also showed a small upsurge in the first quarter. Galaxy securities data show that in the first quarter of this year, a total of 239 new funds were issued, raising the scale of 516 billion 41 million yuan, the highest since 1998, exceeding the two high points in 2007 and 2015.

As far as fund companies are concerned, the number of public fund managers entering the "100 billion club" continues to increase. Among them, the two funds of the Fonda fund and the Huaxia Fund have eliminated the management scale of Monetary Fund and short-term financial products, exceeding 400 billion yuan, leading the ranking list.

Scale new heights

In the first quarter of this year, the net asset value of all types of funds increased compared to the end of 2019.

According to galaxy securities data, the net asset value of equity funds increased from 1 trillion and 270 billion yuan at the end of 2019 to 1 trillion and 380 billion yuan, an increase of 107 billion 78 million yuan, a growth rate of 8.43%. The net asset value of the mixed fund increased from 2 trillion and 70 billion yuan at the end of 2019 to 2 trillion and 280 billion yuan, an increase of 213 billion 696 million yuan, with an increase rate of 10.33%.

In addition, the net asset value of the bond fund at the end of the first quarter was 4 trillion and 710 billion yuan, an increase of 468 billion 649 million yuan compared with the end of 2019, the growth rate was 11.06%, and the IMF increased by more than one trillion in the first quarter, the growth rate was 15.46%, and the scale increased to 8 trillion and 170 billion yuan.

"To the various fund types, the bond fund scale is rising. On the one hand, the new fund is set up, on the other hand, it has a better performance than the bond fund in the first quarter, and the upward movement of the fund drives the net value of the fund upward. In addition, the monetary fund generally presents upward trend in the weak performance of the A share market, and the market turmoil in January also increased the demand for hedging. Zhang Ting, a fortune researcher, said.

In fact, although the proceeds of the IMF continue to decline, the size of the IMF has returned to 8 trillion since February this year, and continues to increase at the end of the quarter. This is also the 8 trillion highest return of the IMF since March 2019.

To the stock type products, the first quarter also witnessed a big outbreak, and many times the "one day sold out" burst fund.

Data show that a total of 239 new funds were issued throughout the first quarter, of which the number of new stocks issued by the fund was 139, raising the scale of 322 billion 47 million yuan, setting the highest quarterly record in the stock direction fund.

Hu Lifeng, the head of Galaxy Securities Fund Research Center, said that although China's economic and financial life was greatly affected by the new crown pneumonia epidemic in the first quarter, the public fund industry has ushered in a record high.

However, whether this expansion will bring positive feedback to investors is still unknown.

Re expansion of "100 billion club"

As far as the fund companies are concerned, Wind data show that as at the end of the first quarter of 2020, according to the scale of excluding Monetary Fund and short-term financial fund, a total of 27 public fund management scale exceeded 100 billion. Compared with the data at the end of 2019, there was another increase.

Among them, the first place is the Fonda fund, with a scale of 482 billion 700 million, followed by the Huaxia Fund and the Boshi fund, with the scale of 413 billion 200 million and 367 billion 700 million respectively, and second and third respectively. The fourth to tenth public fund managers are GF, the South Fund, huitianfu fund, Harvest Fund, Wells Fargo fund, Bank of China fund and investment fund.

Compared with the end of last year, the number of non monetary funds and short-term financial management of many fund companies continued to grow in the first quarter.

The largest fund growth company in the first quarter was GF fund. The GF fund at the end of the first quarter was 354 billion 300 million yuan in terms of non monetary fund and short-term financial management, ranking fourth. Compared to the end of 2019, the scale of GF fund grew by 85 billion.

In addition, the expansion of the non monetary fund and short-term financial management of the two companies in the first quarter increased by more than 70 billion yuan, 77 billion 600 million yuan and 71 billion 700 million yuan respectively.

According to the situation of the new development fund in the first quarter, the GF fund, the Yi Fangda fund and the Huaxia Fund are also at the forefront.

Galaxy securities data show that in the first quarter of this year, the fund company with the highest net asset value was the GF fund. The GF fund had 11 main funds in the first quarter, and the net assets of the first raised fund were 37 billion 159 million yuan. In the two or three place, it was the easy Fonda fund and Xia Jijin of China. The net value of the first fund raised by the two fund companies in the first quarter was 30 billion 172 million yuan and 27 billion 150 million yuan respectively.

In addition to new products, there is a distinct increase in stock products.

For example, the GF fund, taking several products managed by Liu GUSHENG, a public offering performance champion in 2019, for example, the three funds of Liu Gesong's performance in 2019, Guang Fa Shuang Qing upgrading, GF innovation and upgrading, and GFA diversified emerging in the first quarter, ushered in a large amount of capital purchase. Data show that as of the end of the first quarter, the size of the three funds reached 14 billion 382 million yuan, 9 billion 996 million yuan and 7 billion 565 million yuan respectively, representing an increase of 109%, 73% and 210% respectively from the end of last year.

In addition, Wind data show that there are 41 fund companies in the first quarter of the non monetary fund and short-term financial performance showed a negative growth.

The harvest fund at the end of the first quarter of this year was 275 billion 200 million yuan, 11 billion 600 million yuan lower than the end of 2019, which is the largest in all fund companies. In addition, the Dacheng Fund fell 8 billion 700 million yuan in the first quarter, second only to the Harvest Fund.

In the first quarter of this year, the scale of non monetary fund and short-term financial management also declined. Data show that Xingquan fund at the end of the first quarter of this year, the scale of 145 billion 100 million yuan, compared with the end of 2019, reduced by 5 billion 700 million yuan.

Regulators strictly control scale

It is worth noting that although the industry is developing rapidly, the "scale theory" evaluation system is still not recognized by regulatory agencies.

In April 23rd, the economic report reporters learned exclusively from twenty-first Century that the three party organizations disclosed the size ranking data of the fund companies in the first quarter of this year and the end of last year. However, they immediately received guidance from the regulators' window, saying they were not allowed to publish the ranking data of fund companies.

This means that regulators are stricter in controlling the scale of public funds.

As a matter of fact, the reporter of the economic report in twenty-first Century was exclusively informed that regulators in the second half of last year halted the scale of the public fund.

In the past year, the fund companies reported the scale data to the fund evaluation institutions, but in 2019, the regulators banned the fund companies from making public the data to the evaluation institutions ahead of time.

Therefore, the 2019 scale data of the public fund are not released as before in December 31, 2019.

But now, the public fund annual report and a quarterly report have been released, at this time stop rating agencies announced the scale of ranking data, apparently regulators further tightened the size of public funds raised data disclosure control.

As a matter of fact, regulators have repeatedly made requests for fund evaluation agencies, requiring the evaluation agencies to weaken the concern about the scale of public fund management.

"Management scale is not the key evaluation index for evaluating investment management capability." The fund industry association pointed out clearly.

According to the previous requirements, the fund evaluation institutions should further weaken the concern about the management scale of the company, no longer publish the ranking data including the size of the money market fund, and turn to establish a more scientific, comprehensive and reasonable evaluation index system for the fund management companies, and guide investors and stakeholders to view the scale ranking more rationally and objectively, and highlight long-term investments and value investments for money. The important role of rich growth.

Earlier, in 2017, the regulators announced the abolition of the scale and single ranking evaluation of the Public Fund Monetary Fund. Not only is the ranking of the IMF scale restricted, but then in 2018, regulators demanded that the short-term financial products be eliminated.

At the end of 2018, at the Forum on fund evaluation business organized by the fund industry association, the Association asked the fund evaluation agency to weaken the concern about the scale of the company's management. The rules include not releasing the ranking data including the short-term financial bond fund size, and the fund management company will not publicize the scale and yield of the short-term financial bond fund through various channels.

Why are regulators so sensitive to the ranking of public funds? Perhaps we can find answers from all sorts of chaos in the scale of public offering scale in previous years.

For fund companies, the size of the industry is still an important indicator. In order to make the scale data more attractive, various problems are also backlog.

One of the most common is finding help money. Before 2017, every year near the end of the year, a lot of public funds sought the "demand list" of "help money" and began circulating in circles.

"Before many public offering funds came to say that we needed to sprint the purchase amount of the monetary fund, and seek cooperation from us, which would give a certain proportion of the remuneration according to the purchase amount." A broker told the twenty-first Century business reporter.

Although this method is "efficient and fast", "nude swimmers" will also emerge at the beginning of next year when funds are withdrawn. For example, the size of the former monetary fund has not been ruled out. Many public funds have been "scour" at the end of the year, but in the first quarter, the scale of the fund has shrunk dramatically.