Securities Times reporter Wu Qi Zhan Chen
Time flies, it has been the 7th anniversary since June 12, 2015, when the Shanghai Composite Index peaked at 5,178 points. In the past 7 years, the Shanghai Composite Index has been hovering around 3,000 points for a long time.As of the close on June 10, compared with 5178 points, the Shanghai Composite Index was still down by nearly 36%, and 60% of A-share companies’ share prices were cut in half.However, the long-distance running of public funds still performed well. 92.33% of the fund products had higher returns than the Shanghai Stock Exchange Index over the same period, over 60% of equity fund products made money, and 86 equity funds had doubled their returns.
Although there is still a considerable gap from the index point of 5178 points, the capital market ecology has taken a new look in the past seven years, and the era of institutional investors has come.With the continuous advancement of the registration system, more and more companies with real growth potential have become the dominant force in the market, and the concepts of value investment and long-term investment are gradually gaining popularity.
Over 90% of funds outperformed the index
In the past 7 years, A-shares have experienced the limit of 1,000 shares. The Shanghai Index fell from the lowest point in the second half of 2018 to around 2,400 points, and transitioned to an ultra-low rebound in early 2019. In July 2019, the opening of the Science and Technology Innovation Board set off investment in technology stocks. Upsurge, the epidemic in early 2020 brought about large fluctuations in the stock market, and subsequently launched a strong market for funds with heavy positions in consumption, medicine, and technology.
The public offering fund products established before June 12, 2015 have a total of 1265 equity funds (only the partial equity funds in the stock and hybrid funds are considered, and the shares are combined, the same below), and 92.33% of the fund products have more returns than the same period. In the performance of the Shanghai Stock Exchange, 833 funds had positive returns in the past 7 years, accounting for 65.85%, and 86 funds had doubled their returns. .Of course, in the past 7 years, there have also been public fund products that have suffered losses. However, only 138 fund products have accumulated losses exceeding 30%, accounting for only 10.91%. There are 26 funds whose net value has been halved, and the fund with the largest loss is 7 The accumulated annual loss was 79.15%.
It can be seen that even if they buy funds near the highest point of the Shanghai Stock Exchange in the past seven years, there are still many fund investors who can make money near 3200 in seven years, which shows the professional investment ability and long-term holding of fund managers. Benefits of Fund Products.
Individual stock investors have not been so lucky, though.The data shows that there were 2,691 A-share companies listed before June 12, 2015, and 390 listed companies had a positive 7-year stock price return, accounting for only 14.49%; only 142 companies had doubled their 7-year cumulative return. The top companies in terms of returns are Shanxi Fenjiu, Tianci Materials and Ganfeng Lithium, with cumulative returns of 14 times, 10 times and 10 times respectively.In the past 7 years, a total of 1,612 companies lost more than 50% of their stock prices, accounting for 59.9% of the total. The stock price of the company with the most stock price losses fell by 99.52% in 7 years.
Compared with direct investment in A-shares, it is not difficult to find that the returns from investing in public fund products are more stable, the probability of making money is higher, and the probability of large losses is lower. Although the highest return of fund investment is not as good as that of A-share investment, fund investment yields high returns The probability is obviously higher than that of A-share investment.
It can be said that in the stage of market volatility or downturn, the return of fund investment is obviously higher than that of individual stock investment, and the risk is far lower than that of individual stock investment.
Fund managers show their talents
During the sales process of public fund products, fund products with different risk levels will be sold according to the risk tolerance of investors, with the purpose of selling suitable public fund products or services to suitable investors.China's public fund market has developed rapidly, and the scale of different types of fund products has also expanded rapidly.
For investors, 7 years is enough time to distinguish between the pros and cons of investing in funds and investing in individual stocks.In order to improve the experience of fund investors, public fund managers have never stopped in enriching fund product types and innovation.
In the past seven years, a group of excellent fund products and managers have come to the fore.In terms of absolute returns, 79 active equity funds, including Essence Advantage Growth A, China Merchants Anrun A, E Fund New Income A, Golden Eagle National Emerging, Bank of Communications Trend Priority A and Shenwan Lingxin New Energy Vehicle, have doubled their cumulative returns in 7 years. Provide investors with rich investment returns.
An excellent platform makes it easier to give birth to a cow base.Fund companies with no less than 3 doubled funds are Bank of Communications Schroders Fund, ICBC Credit Suisse Fund, Huaan Fund, SDIC UBS Fund, CCB Fund, Great Wall Fund, Dacheng Fund, Wanjia Fund and E Fund Fund .
Among the doubling funds, Liu Yanchun, Han Chuang, He Shuai and Zhou Haidong all manage 2 products. Excellent fund managers will eventually be trusted by investors, and the management scale will naturally increase. The management scale of the above fund managers exceeds 10 billion yuan. .Not only that, 60% of the doubling funds are held by institutional investors with a ratio of more than 20%, such as HSBC Jintrust Dynamic Strategy A, Bank of Communications Trend Priority A, and Dacheng New Industry Institutional investors with a scale of over 10 billion yuan. The proportions are 61.06%, 55.07% and 25.53% respectively.
Fund products can provide "stable happiness" while providing generous returns.Securities Times reporter statistics show that CEIBS Jinquan A, Tianhong New Vitality, Golden Eagle Flexible Configuration A, Tianhong Huili, Huatai Bairui Xinli A, GF Trend Choice A, Dongfanghong Leading Choice and Yinhua Huili A, etc. The maximum drawdown of 33 funds in the past 7 years is less than 10%, and the cumulative return exceeds 50%.The fund with the largest management scale in the “Stable Happiness” product is Anxin Steady Value-Add A managed by Zhang Yifei and Li Jun. The fund was issued and established on May 25, 2015. It has achieved positive returns in 8 natural years and accumulated returns. 60.33%, while the maximum drawdown is only 3.37%.
In addition to active management capabilities, fund managers also have significant excess returns on passive investments.Securities Times reporter statistics show that among the index stock funds established before June 12, 2015, 86.33% of the products have positive returns that exceed the benchmark.Among the theme funds, Qianhai Kaiyuan Zhongzheng Health, Qianhai Kaiyuan Zhongzheng Agricultural Enhancement A, and Qianhai Kaiyuan AVIC Military Industry A have exceeded the benchmark by more than 50% in the past 7 years. Among the broad-based stock funds, E Fund SSE 50 Enhanced A , Cathay Pacific CSI 300 Index Enhanced A, Huaan CSI 300 Quantitative Enhanced A, China Resources Yuanta FTSE China A50A, Baoying CSI 100 Index Enhanced A and Novo An CSI 100A have exceeded the benchmark by more than 50% in the past 7 years.
There are many types of public fund products, and fund managers have different investment styles, which determines that fund products can meet the needs of most investors on how to balance returns and risks.Fund investing stands out in contrast to betting on a single stock or industry.
Long-term investing requires patience
The public fund has a sound investment management system and risk control system, which lays the foundation for the long-term returns of the fund. The value of the fund manager will eventually achieve long-term excellent returns by increasing the investment winning rate in a long period of time.Short-term big drawdowns do not conflict with the pursuit of high returns.Under extreme market conditions, even the best fund managers are bound to bear the high drawdown brought about by systemic risks.
Investors in China's domestic funds have a high overall risk appetite, and the characteristics of investors' needs determine that high-position and high-flexibility fund product strategies are the most popular.For example, among the active equity funds whose performance has doubled in the past seven years, the shareholding ratio at the end of last year exceeded 75%.
It is worth noting that among the funds with the top performance in the past 7 years, many funds are not high in scale, less than 1 billion yuan.The reason why investors do not catch a cold may be related to their general short-term performance. At present, fund investors are too concerned about short-term returns and operate frequently.These funds have long-term stable profits and weak performance elasticity. They are not outstanding in the years when the fund's income explodes, which makes it difficult to attract investors' attention. Even if the performance is outstanding in the market downturn, few funds enter the market.
In the past 7 years, the stock market has experienced many bull-bear transitions and multiple rounds of market style switching.Securities Times reporter statistics show that among the 79 active equity funds that have doubled in the past 7 years, the median maximum drawdown is 40%, and 4 of them have experienced net worth halving.The time interval for the halving of the net value of these four funds all started in June 2015. The repair time for the largest drawdown took 461 days at the fastest and 1640 days at the longest.
The volatility of China's stock market determines the characteristics of short-term bulls and long-term bears. For fund investors, a retracement spanning such a long period of time will also bring great suffering.
The introduction of new asset management regulations has become a turning point in history
In the past 7 years, the introduction of the new regulations on asset management is of milestone significance.The regulatory standards of the asset management industry are gradually unified, the active management scale of fund companies has increased year by year, and product innovation has accelerated and diversified.It can be said that the new regulations on asset management not only promote the return of the asset management industry to its origins, but also allow public funds to embark on a new journey of rapid progress.
According to the data of the China Fund Industry Association and public funds, as of the end of February 2022, the number of public funds was 9,491, with a management scale exceeding 25 trillion yuan, an increase of 96% and 127% respectively compared with the end of 2017; in addition, the structure of public offerings has also been improved. Continuous optimization, among which the scale of equity funds exceeded 8 trillion yuan, an increase of 11 percentage points compared to the end of 2017.As important institutional investors, public funds are playing an increasingly important role in increasing the proportion of direct financing and serving the real economy.
A person related to Dongfanghong Asset Management told the Securities Times reporter that since the official implementation of the new asset management regulations, the asset management industry has established a unified and standardized new industry ecology.Break the rigid exchange and return to the origin of asset management of "entrusted by others, wealth management on behalf of others"; unify regulatory rules, eliminate multi-layer nesting and regulatory arbitrage, and conduct large-scale benchmarking and public offerings; promote fair value net worth management and reduce risk-free yields ; Prohibit channels and encourage standardized asset investment; prohibit fund pool business to prevent the accumulation of liquidity risks due to term mismatch.
The types of public funds operating in a standardized manner have been continuously enriched, and the industry scale has grown from 13 trillion yuan at the end of 2018 to the current 25.5 trillion yuan, an increase of 96%, becoming an important professional investment force in the capital market.By the end of 2021, the scale of equity funds was 9 trillion yuan, an increase of 291%, and the annualized rate of return in the past three years was 29.4%. Investors' sense of gain has gradually increased.The private equity asset management business of industry institutions has returned to the origin of asset management, and the proportion of active management business has increased by 56% compared with that before the release of the new asset management regulations. Standardized assets such as stocks and bonds have been invested in 12.25 trillion yuan, accounting for an increase of 29%. The scale of investment in unlisted equity assets Over 1 trillion yuan, effectively meeting the needs of serving the real economy.
The wealth management industry is undergoing a major transformation with huge room for growth.In terms of product form, asset management products are transforming from "just exchanged" to "net worth", and in terms of investment targets, they are gradually transforming from "non-standard" as the main body to standardized assets as the main body. Asset management products are facing a comprehensive transformation.It can be said that the wealth management industry in the true sense has just started, and it contains huge development potential and room for growth; but on the other hand, the net worth transformation of wealth management products is gradually accelerating, but customers are accustomed to just cashing out, and their risk appetite is low. It is a huge challenge for regulators to control net worth drawdown and improve returns.
The tragedy of the short-term twists and turns of the explosion fund
On the other side of public funds riding the wind and waves, there is a set of data that is even more thought-provoking.According to Tianxiang Investment statistics, in 2020, the total management fee income of the public fund industry is 93.112 billion yuan, and the management fee income in 2021 will increase by 52.31% year-on-year to 141.819 billion yuan; The total annual profit of Xinfa Fund decreased by 97.47% year-on-year to 6.528 billion yuan.In other words, the management fee income of the public fund industry in 2021 will increase by more than 50% compared with 2020, but the profits of newly issued funds will drop by about 100%.
The newly released "popular" products in the past two years have been raised within five days or less, and the fundraising scale of more than 5 billion yuan is the standard. From the beginning of 2021 to the first quarter of this year, the cumulative loss is nearly 180 billion yuan.In 2020, the top ten new funds made nearly 50 billion yuan in profits, and the bottom ten lost more than 1 billion yuan. The top ten new funds with the highest and lowest profits earned a net profit of 47.009 billion yuan for their holders; in 2021, the top ten new funds made profits The profit of the top ten was less than 17 billion yuan, and the bottom ten lost nearly 20 billion yuan. The top ten new funds with the highest and lowest profits caused a net loss of 3.188 billion yuan for the holders.This also means that in 2020, the new fund will earn more at the head and lose less at the tail, while the new fund in 2021 will hardly make or lose as a whole.
The deep adjustment of A-shares in the past year has exceeded market expectations. There are also quite a number of Christian Democrats who are "trapped" at high points, and the investor experience is not satisfactory.After this round of continuous adjustment, what aspects can fund companies reflect on?How can we really improve the investor's sense of gain?
Yao Zhipeng, managing director of Harvest Fund, told the Securities Times reporter that fund companies should strengthen their ability to educate and accompany investors.In terms of investor education, the Company has always firmly established the marketing concept centered on the interests of investors, strengthened investor suitability management, practiced "reverse sales", actively expanded continuous marketing, innovated investor companionship methods, and increased investor protection efforts. .
Secondly, attach importance to providing investors with daily financial management methods that are more conducive to improving investment experience by improving related services such as fixed investment.We will develop the fund investment and advisory business in an orderly manner, and gradually reverse the trend of “focusing on investment and neglecting investment”.Comprehensively strengthen investor education and continue investment education in the fund industry.
The last is to strengthen product innovation capabilities, provide investors with more products that can meet diversified needs, especially to meet the needs of residents' wealth management. Innovate, focus on improving the core capabilities of investment research, improve the echelon training plan for investment research personnel, and do a good job in the accumulation and inheritance of investment research capabilities.
Bosera Fund believes that, as an investment manager, on the one hand, it should help fund investors to understand the matching degree of the invested fund products with their own income and risk tolerance; From the perspective of experience, for new funds, the steady start of fund investment should be an important consideration, and try to avoid the anxiety caused by short-term large losses to fund holders; for existing market-wide funds, fund managers should try their best to The business cycle of different industries should be relatively balanced. When it rises, there will be steady and sustainable excess returns instead of pursuing the speed of short-term attack. When it falls, it will control the retracement to avoid the fund's net value fluctuating greatly.
【Editor: Shao Wanyun】
