Near the end of the year, the scale of public funds has reached a new level.
On December 23, the Fund Industry Association announced the market data of public funds in November 2021. The scale of the whole industry exceeded 25 trillion for the first time, reaching a new record. In contrast, the survival scale of bank financial products was 25.80 trillion yuan at the end of June, and the gap between public funds and bank financial products ranking first in the large asset management industry was further narrowed.
In fact, the total scale of public funds has reached a record high in the past two years. In the first 11 months of this year, it has reached a record high in 9 months. In the view of people in the industry, with the formal end of the transition period of new asset management regulations at the end of December this year, principal guaranteed financial products have disappeared, and the real risk-free interest rate of the whole society has declined, As the most standardized and transparent public fund industry in the field of large asset management, the industry will further attract capital inflows.
the total scale of public funds exceeded the 25 trillion mark for the first time
It reached an all-time high for the ninth time in the year
The public fund industry handed in a beautiful "report card" in November, which not only set a new record for the total scale.
According to the data of China Fund Industry Association, by the end of November 2021, there were 137 fund management companies in China, including 45 foreign-invested fund management companies and 92 domestic fund management companies; 12 securities companies or asset management subsidiaries of securities companies and 2 insurance asset management companies have obtained the qualification for public fund management. The total net asset value of public funds managed by the above institutions is 25.32 trillion yuan.
Compared with October, the monthly scale of public funds in November increased by 914.188 billion yuan, an increase of 3.75% month on month. In November, the overall share of public funds reached 21.61 trillion, an increase of 3.40% month on month. Both the fund scale and share of the whole industry of public funds reached a record high.
From the situation since this year, the absolute value of monthly scale growth in November ranked third in the first 11 months. Driven by the stock market in February, the scale of public funds once increased by 1.19 trillion yuan.
Compared with the end of last year, the scale of public funds increased from 19.89 trillion yuan to 25.32 trillion yuan. In the first November, the scale increased by more than 5.4 trillion yuan, an increase of 27.30%. Only when the stock market fluctuated in March and September this year, the scale once shrunk slightly.
The scale of has reached a record high and has become a new normal
It is expected to accelerate growth after the transition period of new asset management regulations
The interviewed industry insiders are optimistic about the development of public funds. It is generally believed that with the end of the transition period of the new asset management regulations, the growth momentum of the scale of public funds will further accelerate.
"First of all, China's capital market, whether the stock market or the bond market, ranks very high in the global scale, which also promotes the development of public funds. Second, the accelerated growth of public funds in the past two years is also inseparable from the promotion of the structural bull market in the past three years. In addition, after the introduction of the new asset management regulations, breaking the previous rigid cashing, a large part of the spillover Bank financial funds are also flowing into public funds, a typical representative of net worth products, and the inflow rate will be faster and faster in the future. " A fund company said.
He further analyzed and pointed out that previously, fixed income bank financial management actually provided investors with falsely high risk-free interest rates and mispriced risk assets. With the disappearance of principal guaranteed financial products, the risk-free interest rate of the whole society will decline, which will also promote the development of public funds to a certain extent.
"During the transformation of bank financial products, as a large institutional investor, the bottom assets of net worth bank financial products provided by bank financial subsidiaries have also been invested in public funds. In addition, under the general policy of not speculation in real estate, some funds originally invested in real estate have been transferred to public funds, and some credit debt risks have been gradually exposed, which is the most standardized and transparent asset management Products, public funds undertake a lot of spillover capital investment needs. " Another person from a fund company also held a similar view. In his opinion, in the future, the institutional dividend of public funds will be further released and become the fastest-growing sub industry in all sub sectors of Daan asset management.
"With the end of the transition period of the new regulations on asset management, bank financial management and trust funds will be diverted into public funds. The future growth of the scale of public funds is bound to show an accelerating upward trend. In addition, the introduction of the new regulations on the third pillar of pension is just around the corner, which will also bring huge increment to the development of public funds." An industry insider predicted that the scale of China's public funds is expected to exceed 100 trillion in the next 5-10 years.
"At this stage, both bank financial subsidiaries and trust funds regard public funds as an important bottom allocation asset, and public funds fully benefit from the historical process of" non-standard to standard "in the large asset management industry." There are people in the industry said.
More fund companies pointed out that at present, some high-performance fund managers have managed funds as high as 500-60 billion or even 100 billion. The frequent explosion of new funds also reflects the high financial demand of investors for investing in public funds from another side, and the high-performance fund managers in the industry are still in a state of imbalance between supply and demand.
the scale of various types of funds has achieved positive growth across the board
Equity funds account for more than 33%
It is particularly worth mentioning that public funds achieved positive growth in all sub types of funds in November, and the number of funds in the whole industry exceeded 9000 integer levels for the first time.
According to the data of the fund industry association, Jimin enthusiastically applied for funds in November, and all types of funds broke out in November, regardless of unit or net fund value.
Among equity funds, the overall scale of equity funds reached 2.49 trillion yuan in November, and the latest share reached 1.53 trillion, an increase of 2.19% and 1.00% respectively month on month; The scale and share of hybrid funds in November were 5.98 trillion yuan and 4.01 trillion copies respectively, with a month on month increase of 3.79% and 2.92%. The total scale of stocks plus hybrid funds reached 8.47 trillion, accounting for 33.44% of the total scale of public funds, and the proportion of equity assets increased steadily.
Bond fund is the fund with the fastest growth in scale in November. The latest scale in November reached 3.74 trillion yuan, with a significant increase of 341.819 billion in scale in a single month, an increase of more than 10% month on month; The latest share of bond funds in November was 3.24 trillion, with a month on month increase of nearly 10%.
According to insiders, among various types of subdivided bond funds, the secondary bond base is the one that attracted the most gold in November. During the net worth transformation of bank financial products, bank financial subsidiaries have strong demand for "fixed income +" products such as secondary bond base. In addition, individual investors are also applying for secondary bond base on some large Internet fund sales platforms.
Another person in the industry also fed back that from the current situation, institutional investors do not have much investment demand for pure bond funds. The incremental funds of bond funds in November came from short-term bond funds and secondary bond funds sold on large Internet platforms, focusing on the alternative demand of monetary funds.
QDII fund is the only type whose share growth far exceeded the net value growth in November. From the performance in November, the net value of crude oil QDII fund, which made great progress in the first half of this year, retreated greatly in November, and some investors also began to join the "position filling army" of crude oil QDII fund.
(China Fund News)
