With the completion of the disclosure of the annual report of the public fund in 2021, the overall answer sheet of the public fund in 2021 was opened, and the data of the fund company’s products were also made public.
Although the A-share market deduces the structural market in 2021, the overall fund still handed over a good profit answer. The overall profit of the fund in 2021 exceeded 700 billion yuan.
The “four fees” such as fund management fee, custody fee, transaction fee and sales service fee, which have attracted much attention from the market, totaled more than 200 billion yuan in 2021, reaching 212286 billion yuan. Benefiting from the substantial growth of the total scale of public funds, these four expenses increased significantly compared with the same period last year.
2021 management fee income 142571 billion
surged by more than 50% year on year
The development of equity funds has entered the fast lane, and public funds have collectively ushered in a bumper harvest of management fees.
According to the statistics of the fund’s 2021 annual report, the total management fee income of the fund company in 2021 reached 142567 billion yuan, an increase of 51.99% over 93.803 billion yuan in 2020. This growth rate is lower than 68.54% in 2020. However, the management fee income of the whole industry hit a record high in 2021.
Insiders said that the increase in management fees mainly benefited from the sharp increase in the scale of public funds represented by equity funds. By the end of 2021, the total scale of public funds had exceeded the 25 trillion mark, reaching a new high in that year. At the same time, equity funds have been the main force in the growth of public funds for a long time. At the end of last year, the scale of equity funds exceeded 8.5 trillion.
From the perspective of fund types, compared with 2020, the management fee income of all types of funds increased in 2021. Among them, the largest source of management fee income is hybrid funds, which charge a total management fee of 76.523 billion yuan, accounting for 53.67% of the total management fee income. Compared with the management fee income of 42.588 billion yuan in 2020, this kind of products increased by 79.68%.
Followed by the monetary fund, which collected a management fee of 24.381 billion yuan in 2021, accounting for more than 17%. The management fees charged by equity funds and bond funds in 2021 were 19.814 billion yuan and 17.859 billion yuan respectively, accounting for 13.9% and 12.53% respectively. This kind of fund management fee income also has an increase of 17.47% compared with 2020.
The management fee income of QDII fund and alternative investment fund in 2021 was 2.355 billion yuan and 903 million yuan respectively. Although the management fee of fof is only 735 million yuan, which is the lowest among all types, it has increased by 154.6% compared with the level in 2020.
31 companies with management fee income exceeding 1 billion
Benefiting from the surge in the scale of funds managed by fund companies, many fund companies made a lot of management fee income in 2021.
According to the statistics of the fund’s 2021 annual report, in 2021, among the 173 public fund companies with statistics, 31 companies had management fee income of more than 1 billion yuan. In the same period last year, the figure was 20center>
In other words, in just one year, the number of fund companies with management fee income of more than 1 billion yuan has increased significantly.
Specifically, e fund, with the largest non monetary assets, ranked first with a management fee income of 10.606 billion yuan, becoming the first fund company with a management fee income of more than 10 billion yuan.
Guangfa fund and huitianfu fund, with the same large fund management scale, followed closely. The management fee income in 2021 reached 7.382 billion yuan and 7.037 billion yuan respectively, both of which were significantly higher than the level in 2020.
In addition to the three fund companies with management fee income of more than 7 billion yuan in 2021, there are five fund companies with public offering of more than 5 billion yuan, namely Wells Fargo fund, Huaxia Fund, South Fund, China Europe Fund and Harvest Fund. The scale of non commodity management of these fund companies is also in a leading position in the industry.
In addition, the management fee income of four fund companies in 2021 is between 4 billion yuan and 5 billion yuan, including Xingzheng global, ICBC Credit Suisse, Jingshun Great Wall, Boshi, etc.
The 12 companies collected a total management fee of 69.805 billion yuan, accounting for almost half of the total revenue of the industry, indicating that the industry concentration is still high.
At the same time, in 2021, 61 fund companies earned less than 50 million yuan, and fund companies with low income (including asset management of securities companies) received only more than 60000 yuan of management fees in the first half of the year, resulting in huge income differences due to their size.
On the whole, the income structure of management fees of fund companies continues to differentiate. Among comparable fund companies, 136 fund companies achieved year-on-year growth in management fee income in 2021, and only 17 experienced a decline in management fee income. Most of these companies are small and medium-sized companies.
It is worth noting that the management fee income of some small and medium-sized fund companies has jumped geometrically in the past year. Among them, the management fee income of Hengyue fund in 2021 was 157 million yuan, an increase of nearly 349254% compared with 4.3835 million yuan in 2020.
The leap forward rise in management fees stems from its large-scale progress. By the end of 2021, the total scale of Hengyue fund reached 14.698 billion yuan, and the scale was developed by leaps and bounds throughout the year. At the end of 2020, the scale of Hengyue fund equity fund was only 1.055 billion yuan.
Coincidentally, the year-on-year increase of management fee income of rosefinch fund in 2021 is also amazing. The management fee income of rosefinch fund reached 389 million yuan, an increase of 594.24% year-on-year compared with 559734 million yuan in 2020. The fund company also achieved a significant increase in management scale.
Insiders said that the stride forward of the fund management scale of fund companies in 2021 was mainly due to their outstanding performance and market appeal, especially the strong “counter attack” of a number of small and medium-sized fund companies with good performance, which better grasped the market opportunity in the extreme structural market of intensified individual stock differentiation and accelerated sector rotation in 2021.
customer maintenance fee totaling 40.811 billion
accounting for 28.7% of the management fee
In fact, fund companies can not get all the management fee income on the book, and fund sales channels such as banks and third-party fund sales companies should also take a share of it. Customer maintenance fee is one of the important expenditure links.
According to the statistics, after deducting some fund managers without customer maintenance fees, the fund managers included in the statistics paid a total of 40.811 billion customer maintenance fees (i.e. “trailing commissions”) to the sales institutions in 2021, a significant increase from 24.268 billion yuan in 2020, reaching 68.17%.
Statistics also show that the trailing commission paid by the fund to sales institutions accounted for 28.7% of the management fee income in 2021, up from 25.94% in the previous year.
From the perspective of fund companies, the trailing Commission accounts for a large difference in the management fee income. The trailing Commission accounts for a high proportion of the management fee income of some fund managers, such as BlackRock fund, Huiquan fund, Xingzheng asset management, rosefinch fund, Dazhou fund, Kaishi fund and Guorong fund. This proportion is as high as more than 40%, and most of them are small and medium-sized fund companies.
It is worth noting that excluding the customer maintenance fees paid by the fund company to the sales agency, the net income of public fund management fees actually obtained by the fund company in 2021 was about 101.37 billion yuan, still exceeding the 100 billion mark.
fund custody fee income of 28.83 billion yuan
ICBC still ranks first
In addition to the management fee income, another item of high market attention is the fund custody fee income. With the fierce competition in the industry, the fund company’s new product issuance and continuous marketing increasingly rely on channels, and the custody fee continues to surge.
According to the statistics made in the annual report of the fund in 2021, 49 custodian institutions collected a total of 28.83 billion yuan of fund custody fee income last year. In contrast, the fund custody fee totaled 19.985 billion yuan in 2020, with a significant increase of 44.26% this year.
In contrast, the growth rate of custody fee income accelerated significantly last year. In 2020, 44 trusteeship institutions divided up the trusteeship “cake” of 20 billion yuan, with a year-on-year increase of 36.55%.
Among them, there are 9 commercial banks with annual custody fees of more than 1 billion yuan, an increase of 1 compared with 2020, with a total of 24.599 billion yuan. The market share of the above nine giants alone exceeded 80%, as high as 85%.
Compared with 2020, the number of institutions in the top three of fund custody income in 2021 has not changed. Specifically, in 2021, “cosmic travel” Industrial And Commercial Bank Of China Limited(601398) won the first place in custody fee revenue with a custody fee revenue of 5.15 billion yuan.
China Construction Bank Corporation(601939) ranked second with a custody income of 4.578 billion yuan Bank Of China Limited(601988) ranked third with a custody fee income of 3.388 billion yuan China Merchants Bank Co.Ltd(600036) continued to occupy the fourth place in custody revenue, and received custody fee revenue of 2.902 billion yuan in 2021.
In addition, Agricultural Bank Of China Limited(601288) , Bank Of Communications Co.Ltd(601328) , Industrial Bank Co.Ltd(601166) , China Citic Bank Corporation Limited(601998) , Shanghai Pudong Development Bank Co.Ltd(600000) , China Minsheng Banking Corp.Ltd(600016) , China Everbright Bank Company Limited Co.Ltd(601818) , Ping An Bank Co.Ltd(000001) and other eight banks also had custody fee income of more than 500 million yuan in 2021.
In contrast, the trusteeship of securities companies is unsatisfactory. By the end of 2021, as many as 13 securities companies had less than tens of millions of annual custody fees, only less than millions of yuan.
In this regard, some insiders said that from the perspective of the trusteeship pattern of the public offering industry, the “head effect” appeared. It can be said that the custody income obtained by the custodian institution is often related to the fund custody scale, while the fund custody scale is related to the sales capacity of the custodian bank. In view of the wide sales channels and stronger sales capacity of large banks, they naturally obtain more custody fees.
In terms of growth ratio, except for individual institutions, the custody fee of most institutions achieved positive growth in 2021, with up to 38 institutions increasing by more than 100%.
From the perspective of fund companies, the year-on-year increase of custody fee is also obvious. According to the data, the escrow fee of e fund exceeded 2 billion yuan, the escrow fee of GF, huitianfu, Huaxia, Fuguo, Nanfang and other fund companies exceeded 1.1 billion yuan in 2021, and the escrow fee of Jingshun Great Wall Fund, BOCOM Schroeder fund, Yinhua Fund, China Merchants Fund and Penghua Fund also exceeded 500 million yuan.
sales service fee of 18.982 billion
large public offering surged significantly
In addition to the above fees, the sales service fees charged by the monetary fund or fund class C units have also attracted the attention of the industry. Last year, the sales service fees of large fund companies surged significantly.
According to the data of Tianxiang investment adviser, the fund sales service fees in 2021 totaled 18.982 billion yuan, mainly due to the higher fees charged by the Monetary Fund. In 2020, the fund sales service fee was 15.102 billion yuan, a year-on-year increase of 26%.
From the perspective of fund type, the sales service fee charged by the IMF in 2021 is about 14.717 billion yuan, accounting for 78% of the total sales fee, which is the main force of collecting sales service fee.
In contrast, in 2020, the proportion of Monetary Fund in the overall sales service fee was 85%. Obviously, because the major bank channels gradually strengthened the layout of class C shares of equity funds, the proportion of related expenses of hybrid and stock funds increased significantly.
The sales service fee charged by hybrid funds in 2021 was 2.266 billion yuan, while in 2020, the figure was only 826 million yuan, indicating a rapid growth in the past year. Similarly, the sales service fee of equity funds last year was 730 million yuan, accounting for 4%, compared with 332 million yuan in 2020.
The total sales service fee of bond funds in 2021 reached 953 million yuan, a certain decline compared with 999 million yuan in 2020; The sales service fees of other types of funds are relatively low.
From the perspective of fund companies, the fund company that charged the highest sales service fee in the first half of the year was Tianhong fund. In addition, companies such as e fund, huitianfu fund, Nanfang, Central Europe and Boshi fund were also higher.
It is worth noting that the sales service fees of large fund companies surged significantly last year. According to the data, the sales service fee of Huaxia Fund in 2021 was 692 million yuan, a year-on-year increase of 38%; The sales service fee of China Merchants Fund was 489 million yuan, a year-on-year increase of 14%; Yinhua Fund sales service fee was 470 million yuan, a year-on-year increase of 55%; Penghua Fund sales service fee was 418 million yuan, a year-on-year decrease of 10%; The sales service fee of Jingshun Great Wall Fund was 412 million yuan, a year-on-year increase of 35%. Data show that, except for individual fund companies, the sales service fees of most fund companies increased to varying degrees last year.
transaction commission totaling RMB 21.902 billion
increased by nearly 60% year on year
The data show that due to the intensification of industry competition and frequent changes in market style last year, in addition to the increase in sales service fees of fund companies in 2021, the transaction commissions increased significantly.
Statistics show that by the end of 2021, the fund trading commission totaled 21.902 billion yuan, an increase of 58.1% over 13.854 billion yuan at the end of 2020.
According to the fund company, the highest Trading Commission is Wells Fargo fund, reaching 1.34 billion yuan; The annual Trading Commission of huitianfu fund also exceeded 1 billion yuan, 1.247 billion yuan. In addition, the trading commissions of Nanfang fund, Guangfa fund and e fund are leading. Corresponding to this is the high stock trading volume of these companies.
Affected by the frequent changes of market style, the turnover rate of funds was generally high last year, and the Trading Commission of funds surged.
According to the data, the transaction cost of China Merchants Fund in 2021 was 593 million yuan, a year-on-year increase of 100.41%; The transaction commission fee of China Europe Fund in 2021 was 939 million yuan, a year-on-year increase of nearly 90%. The data show that the transaction costs of most fund companies have increased by different ranges.
debt based individual investors increased
According to the structure of public fund holders disclosed in the 2021 annual report, with the adjustment of market shocks, individual investors were obviously cautious, and the proportion of holding hybrid funds and bond funds increased.
According to the statistics of the fund’s annual report, by the end of 2021, the share held by institutional investors in bond funds accounted for 88.74%, a decrease of 2.29 percentage points compared with the end of the second quarter of last year and 4.07 percentage points compared with the same period at the end of 2021; The share held by individual investors accounted for 11.26%, an increase of 2.29 percentage points over the middle of last year and 4.07 percentage points over the end of the previous year.
Similarly, for the allocation of equity funds, the risk appetite of institutional investors has also cooled. In the past year, the structure of hybrid fund holders has also shown a decline in the proportion of institutional investors and an increase in the proportion of individual investors.
By the end of 2021, individual investors held 83.56% of the shares of hybrid funds, an increase of 5.28% over the end of 2020, a slight decrease over the middle of 2021 and basically unchanged; The share held by institutional investors decreased from 21.72% to 16.44% within one year.
For equity funds, compared with the middle of 2021, the proportion of institutional investors increased from 24.32% to 27.24%; The proportion of individual investors decreased by nearly 3 percentage points. Compared with 2021, the proportion of institutional investors and individual investors also increased.
Meanwhile, the proportion of individual investors holding fof fund shares continued to rise. By the end of 2021, this proportion was as high as 95.29%, steadily increasing compared with 93.75% in 2021 and nearly 5 percentage points higher than 90.39% at the end of 2020.
55 equity fund holders with more than one million accounts
From the perspective of the structure of single product holders, the data of the day’s data show that the most favored equity funds (including stock and mixed type) are still the A Baijiu index of Hou Hao, which was managed by the Chinese businessman. As of the end of 2021, the number of holders was 9 million 435 thousand and 700, and the proportion of individual investors was 99.73%. It is still a fully deserve national fund.
By the end of 2021, the number of holders of e fund blue chip selected hybrid managed by Zhang Kun and China Europe medical and health hybrid C managed by Ge Lan were 6026100 and 5278700 respectively, which were also favored by individual investors. In addition, Jingshun emerging growth mixed managed by Liu Yanchun had nearly 5 million holders at the end of the fourth quarter of last year, showing a strong market appeal.
In addition to the above four equity funds, there are 51 funds with millions of investors. Among them, there are two funds with the number of holders ranging from 3 million to 4 million, namely Tianhong CSI food and beverage ETF link c and China Europe medical and health hybrid a; There are 11 funds with 2 million to 3 million holders, including noan growth hybrid, Huaxia innovation closed operation hybrid in the next 18 months, Xingquan Herun hybrid, Xingquan trend, etc.
It is worth mentioning that by the end of 2020, there were 44 equity funds with more than one million investors, and the number increased to 55 in the first half of 2021.
2021 strong profitability under shock
The whole year of 2021 basically deduces the shock pattern, but the trend of new energy, photovoltaic and semiconductor is strong, which makes the public fund still obtain good returns as a whole.
According to the statistics of Tianxiang investment consulting on the annual report of all funds in 2021, the total profit of various funds reached 717189 billion yuan in 2021. Although it decreased by 64% compared with the profit of 1.98 trillion, which set a historic record in 2020, it maintained a good profit level on the whole.
In terms of fund types, except for commodity funds and QDII funds, the profits of other types of funds such as bond funds, currency funds, hybrid funds, stock funds, fof funds and closed-end funds are positive.
Specifically, due to the volatility of the equity market in 2021, the stable fixed income funds have become the main source of good profits for the funds in 2021. The profits of bond funds and monetary funds reached 228724 billion yuan and 215942 billion yuan respectively.
Because there is still a structural market in 2021, the overall equity fund still handed over the answer sheet of positive income. The overall profits of hybrid funds and equity funds in 2021 also reached 186804 billion yuan and 118672 billion yuan.
2021 top 50 companies making money
Due to the huge differences in scale and fund performance, the profitability of fund companies is relatively differentiated, and the overall profitability of funds of some large-scale fund companies is very considerable.
Among the 147 fund companies included in the statistics (asset management of securities companies with public offering qualification), only 11 companies did not realize profits. Among them, 25 fund companies made a profit of more than 10 billion yuan, and GF, Tianhong, Fuguo, Boshi, Cathay Pacific, ICBC Credit Suisse, Nanfang fund, Hua’an fund and other companies made higher profits
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