With the recovery of market confidence, equity fund issuance took the lead in picking up.The reporter learned from a number of sources that as of June 30, the three-year fundraising scale of E Fund Quality Kinetic, which is to be managed by well-known fund manager Chen Hao, has exceeded 6 billion yuan, making it the active equity product with the highest share since the second quarter. .The fund has recently been issued through all channels, with a cap of 10 billion raised.It is reported that holding period products have become a unique landscape in the equity market.This year, equity holding period funds sold 46.9 billion yuan, which is close to "half of the country" of equity funds.
Compared with fixed-opening funds and closed-end funds, holding period funds have fewer restrictions on subscription and fixed investment. After purchase, they cannot be redeemed during the holding period, and can be redeemed at any time after the holding period.Since the second half of 2019, equity funds with a holding period have become more popular, and the scale of newly issued funds has grown by leaps and bounds, and the total issuance size has reached 562.2 billion.In the face of the poor market environment this year, the scale of equity holding period funds raised has now exceeded 46.9 billion. Recently, a number of holding period funds are being issued, and the scale will further increase in the future.
The holding periods of the holding period funds are concentrated in six months, one year, two years, three years and five years, of which the one-year period is the largest.However, varieties with longer holding periods are catching up. On April 26, 2022, the China Securities Regulatory Commission issued the "Opinions on Accelerating the Promotion of High-quality Development of the Public Fund Industry", encouraging industry institutions to develop various types of lock-up periods that serve the life cycle of investors fund products.
Analysts said that fund companies hope to lock the investment period through the product design of the holding period, and guide investors to shift from trend investment to long-term investment, so as to obtain better long-term returns.
Liu Yiqian, an analyst at Shanghai Securities Fund Evaluation and Research Center, believes that the issuance of holding period funds in a weak market reflects that managers prefer to guide holders to invest in the long-term from the perspective of product design, lock in the investment time of customers, and avoid short-term market fluctuations. Emotional distractions and inappropriate redemptions come.
A fund evaluator also said that for investors, subscribing to holding period funds can avoid the cost of frequent redemption. Investment experience; for fund managers, it is more conducive to the investment operation of fund managers; equity holding period funds are in line with the concept of long-term investment and value investment, and have developed rapidly in recent years, and are expected to gradually become an important operation form of equity funds .
Chen Hao, vice president of E Fund Fund, said in an interview: "As early as the second half of 2020, three-year products were considered. But I think the expected rate of return for issuing three-year products at that time will be very limited. Points are likely to be a lot looser than at the end of 2020, with a lot less risk and less volatility to get the same returns.”
(Editor in charge: Kang Bo)
