Is the currency fund in the "1" era still fragrant?

In the public offerings market, more than 80%of the currency funds have a seven -day annualized return rate of less than 2%. After the return rate, is the currency fund fragrant?

Author: Li Qin

Figure: Tuwa Creative

The currency fund is slipping to the "1" era.

With the decline of the money fund income since 2022, Wind data shows that as of June 17, the seven -day annualized yield of more than 80%of the money fund in the public offerings market was less than 2%. This is the first time that the seven -day annualized return on the history of the Chinese Monetary Fund has fallen below 2%.

A number of institutions interviewed by the Economic Observer believe that the decline in cargo -based income is mainly related to factors such as the adjustment of the equity market and the low level of capital interest rates in the currency market.

After the return rate, is the currency fund fragrant?

Break rate of yields 2%

According to Wind data, as of June 17, 716 currency funds (calculated separately) under the CSRC fund classification standards, the average seven -day annualized return on the seven -day arithmetic was 1.71%. Among them, the seven -day annualized return of 584 currency funds was less than 2%, accounting for more than 80%. Only 395 monetary funds have an annualized return rate of over 1.71%on the seventh -day, that is, more than 40%of the currency fund performance has not reached an average annualized return.

Wind data shows that since the beginning of the year, the average arithmetic of the seven-day annualized yield of the currency fund has been decreased almost month by month: the average value of January-March is 2.22%, 2.01%, and 2.16%, respectively. The situation; the turning point began in April. At that time, the number of cargo bases with an annualized return rate of more than 2%on the seventh day was less than 50%, and in April and May, 1.93%and 1.78%, respectively. Since June, the seventh -day annualized return rate exceeds 2%of the cargo base.

Why do monetary funds come here?

Wei Yan, the general managing director of the Boshi Fund and the two investment director and fund manager of the fixed income investment, believes that one is that the capital market has maintained a low level this year, and the return on investment in cargo base is significantly down from last year. Investors' risk preferences are relatively weak, cargo base is sought after by funds, and product yields and overall cash management wealth management yields are relatively low.

Du Lei, Manager of TEDA Manulife Currency Market Fund, said that the main allocation of currency funds is short -term assets with high liquidity. Especially in one year, the same industry deposit bills account for relatively high proportion of the currency funds. Fund income level decreases.

Another large -scale public fund manager in Beijing also said that since March of this year, the national epidemic prevention and control situation has been tight. Affected by this, economic data has been weak. The central bank has adopted more loose monetary measures; at the same time, the "stable economic market" economic work conference directly conveys the central spirit to the grassroots level, urging all regions to implement various policies. Therefore, the market liquidity in May was very ample in May. Under the guidance of the central bank, the overnight repurchase interest rate continued to maintain a level of about 1.3%, and the one -year deposit revenue continued to decline to about 2.3%. In addition, the banking system has sufficient liquidity and insufficient willingness to absorb funds. Corresponding to it is the sharp expansion of short -end currency and currency products, and the investment demand is very strong. Therefore, the currency market has a continuous bull market. However, with the gradual relief of the epidemic and the rehabilitation expectations of future control measures, the revenue of the deposit deposit has appeared on a straight line.

face the challenge

Although the cargo base rate is downward, its scale continues to increase. According to data from the China Fund Industry Association, the size of the currency market fund at the end of 2021 was about 9.47 trillion, and as of the end of April this year, its scale reached 10.84 trillion yuan.

The analysis of the Evaluation Center of the Tianxiang Investment Consulting Fund believes that considering that the equity market has fluctuated significantly since the beginning of the year, the possibility of investor holding currency will increase, which will increase the holding of currency funds. Therefore, although the scale of the currency fund will decrease with the increase in market risk appetite in the short term, from the long run, with the development of the domestic public fund market, the scale of currency funds will continue to rise.

The aforementioned large -scale public fund manager found that due to the adjustment of the stock market at the beginning of the year, residents prefer more stable financial products, and the overall size of low -risk products such as regular deposits, wealth management products, currency funds, deposit index funds, and short -term debt funds appear on the market. Growth.

From the perspective of the competitiveness of traditional currency funds, Du Lei believes that after the net worth of large capital management comes, innovative "currency+" products have continued to emerge, and to a certain extent, it has occupied the market share of the currency fund, and the traditional currency fund products are proposed to propose traditional currency fund products New challenges.

Since 2022, "currency+" products such as interbank deposit funds and short -term pure debt funds have been sought after by the market. For example, there are 6 interbank deposit funds with a scale of more than 10 billion yuan this year, and two other funds are close to 10 billion yuan. Due to the popularity of investors, fund companies have begun to suspend their large subscriptions. At present, there are four interbank deposit funds on the market that are still issued, and one peers deposit fund is waiting for issuance.

Wind data shows that the scale of short -term pure debt funds has risen significantly from 328.46 billion yuan at the end of last year to 603.219 billion yuan at the end of May this year. In addition, as of the end of May, the number of short -term pure debt -type funds (based on the establishment date of the fund) issued this year was 32, which was more than twice the same period last year.

However, Du Lei mentioned that even in the current environment, traditional currency funds can still show competitiveness with their stable attribute characteristics. Monetary funds are mostly measured by amepopathy cost method. During the fluctuation stage of the bond market, it has unique advantages, so that monetary funds can not only iron the effects of fluctuations on product yields, and maintain relatively good performance. Benefiting from this, currency funds are still favored by many institutions and individual investors. Unexplainable

Is the currency fund worth investing?

Wei Yan said that the interest rate of the currency market fluctuates with the changes in the macroeconomic environment and the monetary policy cycle. The return of currency funds is affected by the interest rate of the currency market, and the central pocket is adjusted with the central interest rate center of the currency market. The investors of the cargo base are mainly retail groups with payment scenarios and institutional customer bases mainly banks, financial companies and insurance: The former focuses on the payment experience of the consumption scenario, which is low -sensitivity to the rate of return. Management is the primary request to take into account the benefits. The customer base of the cargo base and other product lines has different benefits and risk preferences. Investors with low risk preferences can still hold public fundraising products for a long time.

Du Lei believes that in the short term, the continuation of the loose environment of the market is the expectation of most people. The progress of a slow rising fund's return on the fund needs to pay attention to changes in subsequent fundamentals, policies and interest rates. Nevertheless, the currency fund still has the advantages of low risk of net worth fluctuations and stable expected income. In the environment of lack of effective investment channels in the market, from the perspective of investment security and liquidity, currency funds are still low -risk investment products. With certain attraction.

Du Lei said that "currency+" products such as the same industry deposit index funds also give investors a variety of choices. The risk income characteristics of such products are between currency funds and short debt funds. blank. Investors can fully identify and consider their respective risk preferences and investment needs, and moderate dispersing the range and category of cash management categories, so as to obtain a better investment experience.

Tianxiang Investment Consulting Fund Evaluation Center suggested that currency funds, as a cash management product, belong to fund varieties with relatively low risk and relatively low yields. In addition to focusing on the return on money when choosing a currency fund, investors should also pay attention to the liquidity of the currency fund. For currency fund products with too small scale and excessive proportion of institutions, you should pay attention to the possible liquidity risks, and try to choose products with large scale and stable yields. The long -term establishment, the strict risk control of the fund manager, and the relatively senior fund manager of the fund manager may be a good choice for investors.

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