There are also funds to reduce the management rate, and some are "free"!Can it be kept in drought and flood?

Zhongxin Jingwei, September 23rd (Xue Yufei) China -Canada Fund announced on the 22nd that since the date of date, the annual annual rate of management fees for pure bonds to enjoy pure debt was adjusted from 0.40%to 0.30%. According to the incomplete statistics of Zhongxin Jingwei, as of the 23rd, since the second quarter of 2022, there were 21 funds that lowered the management rate or custody rate.

With the reduction rate of some fund products, investors' discussions on the fund company's "drought and flood protection" charging model are endless. Recently, the General Office of the State Council issued the "Opinions on Further Optimizing the Cost of the Institutional Trading Cost of the Institutional Trading of the Marketing entity" (hereinafter referred to as the Opinions), which encouraged securities, funds, guarantee and other institutions to further reduce service charges and promote financial infrastructure facilities Reasonable reduction of transactions, hosting, registration, liquidation and other costs, it has promoted the increase in topics.

Many institutions believe that although the fund's rate is low as a whole and will remain stable in the short term, there is still room for decline in the long term. At the same time, promoting the charging model represented by floating management rates as a representative of innovation, binding the interests of the fund manager with the interests of investors can further enhance the investment experience.

Since the second quarter, 21 funds have been reduced

Investors to purchase public fund products require expenditure, mainly due to management fees, custody fees, sales service fees, and subscription fees, purchase fees, and redemption fees incurred during the transaction. In addition, the fund operation includes some hidden expenses, such as customer maintenance fees, stock transaction commissions, etc. Among them, management fees and custody fees occupy the big head.

As of September 23, a total of 4 bond funds have reduced the management rate. From the data point of view, their income performance is not good. On the 22nd, the annual annual rate of the management fee of China -Canada enjoyed pure debt was adjusted from 0.40%to 0.30%. When it was established in July 2017, the management scale of China -Canadian Pure Bond A exceeded 1.6 billion yuan, but in recent years, it has declined, and the current scale is about 403 million yuan.

According to Wind data, China and Kaisha enjoyed 24.85%since the establishment of Pure Bond A. It is greater than similar average levels. Similarly ranked 170/566, and the net asset value increased by 96.74%during the period. From the perspective of various sections, the fund has performed in average since 2022, with a yield of 2.57%, a similar ranking of 1255/2009; a one -year yield of 3.59%, and the same ranking of 1247/1900.

On the 20th, Founder Fubon Fully also announced that the fund management rate was reduced from 0.70%to an annual rate of 0.40%, and the custody rate was reduced from 0.20%of the annual rate to 0.15%. According to Wind data, since its establishment in December 2018, Fang Zhengfang Fubon Fengli has obtained 8.18%of the revenue, less than similar average, and the same type ranks 371/385. During the period, the net asset value reduced by 99.75%; The rate is -6.16%, ranking 640/711.

In addition, on the 14th, Noon Xinxiang's regular opening rate reduced the annual management rate from 0.4%to 0.3%. The scale of the fund exceeded 3.7 billion yuan. , Western Profit Gathering announced that the management rate was reduced from 0.60%to an annual rate of 0.30%, and the custody rate was reduced from 0.20%of the annual rate to 0.10%.

In addition to bond funds, monetary funds are also adjusting the management rate or custody rate. Furong Currency announced on the 20th that the custody rate has been reduced from 0.1%to 0.05%since the date. The return of the currency fund this year is not very good. Furong Currency A's yield has been 1.27%this year.

According to the incomplete statistics of Zhongxin Jingwei, as of September 23, since the second quarter of 2022, there are 8 funds including monetary funds, including 6 funds, and 6 funds that reduce the custody rate. There are 7 funds with the custody rate, totaling 21 (Note: only one calculation of different shares).

Is the rate high or low?

It is not only the case of the management rate or custody rate of public offering. According to the statistics of the media quoting agency, since 2022, more than 140 public fund funds have been reduced by the management rate (different shares are calculated separately). However, the documents issued by the General Office of the State Council on September 15 still caused the market to discuss the height of public fund charges.

After the above opinions were issued, brokerage stocks fell, especially East East Wealth's response was the most intense. On the 16th, Oriental Wealth's stock price closed down 10.78%. In the following trading days, the market was not good, and the stock price of Oriental Wealth continued to fall. From the 16th to 23rd, the stock price fell 17.63%. In the first half of 2022, Oriental Wealth revenue increased by 9.13%year -on -year. This was four years later, and the revenue of reports and annual reports fell to single digits year -on -year. Among them, Tiantian Fund realized operating income of about 2.20.07 billion yuan, net profit of 102 million yuan, and the revenue scale was lower than the same period of 2021.

Many institutions believe that in the short term, this opinion has little impact on the charging of public funds, and the market has a somewhat excited response. Huachuang Securities believes that public funds are at the stage of encouraging development. In the short term, the management rate of domestic funds has remained stable, and its impact on the business of consignment financial products has little effect. Open source securities pointed out that the above opinions are mainly pointing to the standards for corporate -related charges and reducing the cost of institutional transaction in the entire market. Securities brokerage commissions and fund product management fees are mainly charged from individuals or financial institutions, and they are not "involved in enterprises". At the same time, the two -rate price pricing is relatively market -oriented, which is not an institutional transaction cost. The above policies do not point to two rates. According to institutional data, the fund rates in recent years are declining. Huabao Securities data shows that since 2016 (as of September 17, 2022), the average management rate of active equity funds has decreased from 1.4926%in 2016 to 1.4581%; %; The average management rate of bond funds decreased from 0.5262%in 2016 to 0.3704%, and the average custody rate fell to 0.1044%; the average sales service rate of currency market funds decreased from 0.1543%in 2016 to 0.1391% Essence

Although the rate of public funds in the short term remains stable, after the agency compares the foreign market, it is believed that in the long run, the fund's rate still has room for adjustment. According to Guilian Securities, on the three major funds of stock funds, mixed funds, and bond funds, the rate of rates of Chinese public funds are significantly higher than the US market. Among them, the subscription fee/purchase fee, redemption fee, and sales service fee rate account for a large proportion. The US market accounted for 86%of the sales of domestic service -free funds in 2019, and this part of the comprehensive rate is small.

"From the perspective of the evolution of the market rates of the United States common fund, there are several main features: the comprehensive rate rate gradually decreases; customers gradually turn to low -cost funds; institutions have gradually shifted from sales transaction -type fees to management fees and investment consulting services; index type types; index type types Fund and ETF Fund developed rapidly; after the heading institutions present the scale effect, the scale economy promotes industry institutions to have room for reduction. In the future, the development of China Common Fund will conform to this main line. "Guolian Securities predicted.

Floating management fee fund is only a hundred

Since 2022, the overall income of public funds has not been in good income, and the "foundation" has been suffering. Many investors complain that fund products are constantly losing money, but fund companies and fund managers still charge a fixed rate to achieve "drought and flood protection", which is slightly fair. Therefore, the model of the fund company's innovative charging method and the linkage of charging standards to investment income has been continuously attracted.

The floating management rate model is the representative. For example, on September 6 this year, Oriental Red Industry Upgrade announced the management rates to be charged from September 6th to December 6th. The fund previously agreed that if the yield of the previous year was less than -5%, the management rate was 0%; if the yield of the previous year was greater than -5%and less than 8%, the management rate was 1.5%; The annual yield is more than equal to 8%, and the management rate is 2.5%. Since the yield from September 6, 2021 (including) to September 6, 2022 (excluding) was -16.23%, the fund's management rate from September 6 to December 6 this year was 0%.

According to the research report of Huabao Securities on the 17th, the floating management fee is still a minority in public funds. At present, the total number of funds that adopt floating management fees is only 116 (computing of different shares) 9 funds, 17 REITS, 14 mixed bond funds, and pure debt -type funds mostly use a fixed rate, and only 4 use the floating management fee mode.

Huabao Securities believes that the cost model represented by floating management rates is to break the charging model of the traditional fixed management rate of the fund "drought and flood protection" and bind the interests of the fund manager together with the interests of investors. While motivating managers to do a good job of performance, protect the interests of investors and enhance the investment experience. Compared with wealth management products, the rate of public funds is relatively high. With the deepening of the transformation of net worth, the reduction rate may be the general trend.

But the floating management rate is not once and for all. Huabao Securities said that the performance of funds with floating management fees in the storage continuity is relatively large. The cumulative income since the establishment of funds and other funds has greatly won the average level of similar funds, but there are also a considerable proportion of funds. This shows to a certain extent that the rate is only one of the factors that affect investors' return. The strength of the fund manager's investment ability is still the most critical factor to determine the performance of the fund. (For more report clues, please contact the author [email protected]) (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

Editor in charge: Li Zhongyuan

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