Financial Investment News reporter Liu Qinghua
In the first half of this year, the underlying market fluctuated, and the issuance scale of new funds dropped significantly.Coincidentally, the number of funds voluntarily liquidated also decreased compared to last year.Data show that in the first half of this year, a total of 96 funds were liquidated voluntarily, down about 30% year-on-year.Of the funds that were liquidated, 49 were bond funds and 42 were equity funds.FOF also set a precedent for liquidation. Guolian An enjoys a stable pension for one year and became the first FOF to liquidate.
Overall, among the funds that were liquidated in the first half of this year, mini-funds with an asset size of less than 50 million yuan dominated, accounting for about 73%.
The number of liquidations fell by about 30%
Data shows that in the first half of this year, a total of 96 funds were liquidated, of which 38 funds were liquidated through a vote by the holders' meeting, and the rest were triggered by the termination clause of the fund contract, which automatically terminated operations.Compared with the 136 liquidated funds in the same period last year, the number of liquidated funds in the first half of this year fell by about 30%.In the first half of 2019 and the first half of 2020, 73 funds and 56 funds were liquidated, respectively.In contrast, the number of liquidations in the first half of 2021 is relatively high in recent years.
In terms of product types, 95 of the 96 funds are non-monetary funds.Among them, 49 are bond funds, 42 are equity funds, and some funds such as FOF and QDII are liquidated, many of which are old products that have been in operation for more than 10 years.For example, among equity index funds, SDIC UBS CSI Downstream was established in December 2010 and liquidated in January this year.The fund tracks the CSI Downstream Consumption and Service Industry Index, and mainly holds Kweichow Moutai (600519), Wuliangye (000858), Midea Group (000333), Yili (600887), WuXi AppTec (603259), BYD (002594), Hengrui Medicine (600276), etc., mainly focus on downstream consumption.However, although the consumer sector has performed well in recent years, the fund has been under 100 million yuan since the first quarter of 2015. Before the liquidation, the fund's assets were 34 million yuan.According to the announcement, the reason for its termination of operation was “changes in the market environment, in order to better protect the interests of fund share holders.”
In addition, FOF also set a precedent for liquidation.Guolian Anxiang Stable Pension, which was liquidated in April this year, is the first FOF to be liquidated. The fund was established in April 2019 with a total issued share of 347 million yuan.The data shows that since its establishment and before the liquidation, Guolian An enjoys a one-year cumulative return of 12.18%, and the annualized rate of return is only 3.64%, and the income performance is flat.Before the liquidation, its assets were about 13 million yuan.
The liquidation speed is not as fast as the new issuance speed
On the whole, the funds that were liquidated in the first half of this year were mainly mini funds with an asset size of less than 50 million yuan.According to statistics, according to the latest quarterly report data or announcement data before the liquidation, 69 of the above-mentioned 95 non-monetary funds have assets of less than 50 million yuan, accounting for about 73%.Another seven have assets between 50 million yuan and 100 million yuan.
Before the liquidation, there were 6 funds with an asset size of more than 1 billion yuan, including Hongde Yuxin Pure Debt, Zhongou Credit Zengli, Zhongke Wo Tuwosheng Pure Debt, GF Asset Management Ruili 3-Year Settlement, CCB Henganyi Annually scheduled opening, CCB Hengyuan annual scheduled opening.Hongde Yuxin pure debt is a first-level debt fund, and the other five are medium and long-term pure debt funds.
In recent years, under the circumstance that the number and scale of funds have grown significantly, the liquidation and exit of funds is also very necessary.According to the latest data released by the Asset Management Association of China, as of the end of May this year, the total number of public funds was 9,872, with a total management scale of 26.26 trillion yuan.According to the data, 138 funds were newly established in June, and another 94 funds are still being issued.Based on this calculation, in June, the cumulative number of public fund products has exceeded 10,000.
Since the birth of the first voluntary liquidation of public funds in 2014, as of the end of June this year, the cumulative number of public funds liquidated has reached 1,169, including more than 920 mini funds with a scale of less than 50 million yuan.However, the speed of liquidation is still far from the speed of new issuance and new establishments in the same period.
