During the year, public fund issuance scale exceeded 600 billion yuan

Figure rapid expansion

In addition to the significant changes in the distribution structure, in the public offering of the public fund issuance market, the interbank deposit index funds and holding funds have become "keywords".

With the advantages of relatively high income, low fluctuations, and good liquidity, the interbank deposit index fund quickly "became popular", and the market scale expanded rapidly. "Securities Daily" reporter noticed that since this year, the entire market has established a total of 19 interbank deposit index funds, with a total of 136.769 billion yuan raised, accounting for 22%of all new funds raised.

The chief FICC analyst of CITIC Fund explicitly analyzed: "The performance of the interbank deposit index fund will form a large competitive pressure on low -risk products such as currency funds and short -term debt funds. With the expansion of the product, the configuration power of the same industry deposit form will be enhanced, and the credit spread of the industry deposit orders is expected to widen. "

A public fund manager in Beijing told a reporter from the Securities Daily, "The rapid expansion of the product landscape of the industry deposit index fund products means that this type of innovative product is expected to become a new 'weapon for the overall net worth of banks after bank wealth management. '"Securities Daily" reporter noticed that some of the recent interbank deposit index funds products are still being issued densely, and funds have continued to increase their enthusiasm for the purchase of such products.

Another new fund product worthy of attention is holding funds. As early as the second half of last year, many fund companies revealed to reporters that the holding fund will become the "new favorite" of the fund issuance of the fund in 2022. As of June 23, 358 holding funds have been established since this year, accounting for more than half of the number of all new funds, and the scale of raised funds has reached 260.52 billion yuan, accounting for more than 40 % of all new funds raised.

Qi Teng, the director of investment of the rights and interests of Hang Seng, said in an interview with a reporter from the Securities Daily that "2022 is a year for the development of the holding fund. Due to the complexity of the internal and external factors, the market fluctuates a lot. In terms of investment, it is much larger than in the past few years, and it is more vulnerable to the emotional and irrational transaction operations due to the market, leading to investment losses. Holding funds can help investors avoid chasing up and killing, improve the investment experience, and improve the investment experience. , Enhance the probability of profitability. Therefore, when the market fluctuates, the holding fund is often favored. " On the one hand, the holding model enables managers to better practice the concept of long -term investment and value investment, and to increase the probability of long -term benefits of the fund. In the process of investment, fund managers can be relatively less affected by redemption fluctuations, which helps reduce the pressure of fund managers to manage liquidity and improve the efficiency of capital use, which is conducive to improving the stability of investment portfolios and asset allocation. On the other hand, the holding model can encourage investors to hold long -term holding, help investors reduce the behavior of short -term pursuit of rising and falling, frequent transactions, reduce investors 'transaction costs, and improve investors' investment experience.

It is not difficult to see that although the public fund issuance market is cold in the short term, the fund company is still actively deploying multiple categories of products, or rapid adjustment according to the current market capital demand. In this context, in addition to products such as the interbank deposit index funds and holding funds, the products such as pension target funds, FOF funds, and industry theme ETFs have been intensive. In the future, with a number of new regulations such as the recently emerging A -share market and the reputation risk management of the public fund industry, how can the public fund industry continue to develop benign and stable? How to become the backbone of the real economy and hundreds of millions of household wealth management? It is worth paying close attention and expectations for all parties in the market. (Wang Siwen)

[Editor in charge: Wang Yuxin]

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