poseidonancientfortunes| Star fund manager initiated products encounter extended fundraising? Behind the scenes, there were 5 initiated extensions during the year

Star fund manager sponsored products encountered recruitmentPoseidonancientfortunes? There may be other facts behind it. There have been 5 initiating fundraising during the year.

Is it difficult to sell the star fund manager's products to extend the raising period, or is there another reason?Poseidonancientfortunes?

On May 22, the central enterprise of Yinhua Fuxing, a product of Yinhua Fund, closed for 6 months and issued a notice to extend the fund-raising period. According to the announcement, the six-month closure of Yinhua Fuxing central enterprises began to raise on May 20, and the original deadline for raising funds was May 21. After negotiation, it was decided to extend the fund raising period to May 30. In other words, the collection period for products originally intended to be sold out in two days has been extended to 11 days.

The central enterprise of Yinhua Fuxing has been closed for 6 months and is managed by Jiao Wei, an investment veteran of Yinhua Fund, with more than 24 years of research experience. by the end of the first quarter, Jiao Wei's latest management scale is 160.Poseidonancientfortunes8.6 billion yuan, managing a total of 4 products, representing as the theme of Yinhua affluence, the latest scale is 127Poseidonancientfortunes.68 billion yuan.

The reporter of the Financial Associated Press also noted that the fund is an initiating fund, and the condition for the establishment of the initiating product is that the amount of the fund subscribed by the initiating fund provider is not less than 10 million yuan, and the holding period is not less than three years. Why should funds that can be successfully set up out of their own pocket have to be extended?

Some industry insiders explained, "Star fund managers are not worried about selling their products, so the reasons for raising funds are often different, mainly in terms of channels. Some institutional funds want to enter the market and need to extend the fundraising period to wait for the funds to be in place."

The raising period of five initiating funds was extended during the year.

Not only is the central enterprise of Yinhua Fuxing closed for 6 months, but it is nothing new to raise funds during the year.

Choice data show that, including the above-mentioned funds, a total of five initiating funds have announced extended raising periods so far this year, namely BoCom Anyue balanced pension target for three years, Shanghai Bank state-owned enterprise dividend, Yongsheng bonus Huisuan, and Dongfanghong quantitative stock selection.

The reporter flipped through the relevant announcements on the extension of the fund raising period, which only used the sentence "to fully meet the investment needs of investors" to explain the reasons for the extension.

On this issue, a fund market personage told reporters, "there is no lack of fund-raising funds, and there are two reasons for prolonging the raising period: in terms of channels, some institutional funds may not be in place and need to be raised." From the point of view of the fund manager, the company may want the fund to be raised on a larger scale, and the current amount of money raised has not yet met expectations. "

Some industry researchers said that the difficulty of selling funds is still a difficult problem in the current emerging market, and it is understandable that fund companies want to strive for more funds. In addition to the financial level, there are two possible fund companies will choose to raise funds. First, when the market environment is poor, the fund manager has doubts about the investment strategy, management team or risk control of the fund; second, the fund manager will adjust the marketing strategy according to the fund-raising situation and market reflection during the issuance period. prolong the collection period to publicize the work.

The reporter noticed that from the perspective of product types, the products raised during the year included partial stock hybrid funds, public offering quantitative products, and FOF products, and the reasons for different types of product recruitment were also different. taking public quantitative products as an example, a person from Shanghai public offering channel speculated to reporters, "for quantitative products, fund managers will set the strategic capacity of the fund to ensure that the strategy can run better on a certain scale." If the target size is not reached during the fundraising period, the fund manager will continue to raise until the target scale is reached. "

Talking about the impact of fundraising, the above researchers also stressed that for the fund, the extension of the fund raising period will lead to the extension of the fund raising cycle, and the funds will not be put in place as scheduled, which may have a certain impact on the investment operation and layout of the fund. At the same time, fund companies will also increase fund-raising costs because of the extension of the fund-raising period, which may bring certain challenges to the operation and management of fund companies.

On the whole, there are many funds that have extended the fund-raising period since the beginning of this year. Data show that as of May 22, a total of 56 funds issued recruitment announcements, product types including stock hybrid, FOF funds, stock ETF and linked funds and other sub-categories, most of the fund raising time is extended by about 14-30 days, and some funds plan to extend the raising time by about two months.

The new market shows an imbalance between hot and cold.

The extension of the fundraising period for some products is only a microcosm of this year's new market. On the other hand, there are many funds that end their fundraising early. As of May 22, a total of 173 funds have ended their fundraising ahead of schedule this year, which is much higher than the number of products raised. On the whole, the IPO of Xinji during the year showed an imbalance between hot and cold.

In addition to changes in the fundraising period, the size of the initial public offering of Xinji can also confirm this point. On the whole, the average issuance size of the fund so far this year is 925 million, with a total issuance share of 426.606 billion, but the median issuance share is only 278 million. The maximum amount of product raised is 8 billion, and the minimum is 10 million, with a large variance. It is not difficult to see that some products are popular during the launch period, driving up the average, while most products are mediocre when they raise money.

From the perspective of product types, different types of funds also show uneven heat and cold when they are newly issued, and bond funds are more popular than other products. From the issue share point of view, although bond funds only raise less than stock funds, but the initial offering scale of the debt base accounts for the vast majority.

From the perspective of individual product fundraising, the data show that the largest issuance scale is bond funds, and according to statistics, more than 2.1 billion bond funds have been issued so far this year. The issuance scale of 15 debt bases, such as 0-3 year policy financial bond A, 0-3 year policy financial bond A, 0-3 year policy financial bond A, Taikang debt 0-3 policy financial bond A, Taikang bond 0-3 policy financial bond A, Taikang

In addition, since the beginning of this year, the larger "solid collection +" products issued in the domestic public offering market include Anxin Changxin Enhancement, Yong win Yuehan, Dongfanghong Huihuan, etc., with an issuance scale of 8 billion, 6 billion and 6.135 billion respectively, and the number of days of collection is no more than 10 days.

In contrast, the issuance performance of partial stock hybrid funds is relatively lacklustre, with the largest initial public offering for CEIBS Business Select, which is 1.11 billion. The average share of issuance is 302 million, with a median of 265 million.

Some fund managers pointed out that the A-share market has fluctuated greatly since the beginning of this year, and investors have strong financial needs to avoid stock market fluctuations. Products with relatively low risks are more suitable for the investment needs of current investors. In the past year, the bond market has seen a good trend, and the debt-based subscription enthusiasm has been high. However, due to the large fluctuations in the equity market, the issuance of equity funds is generally relatively difficult.

(Article source: Cailian)