With the end of the A-share market in the first half of 2022, the semi-annual report card of public fund performance was officially released.In the first half of the year, when the A-share market fluctuated sharply, public funds first fell and then rose, showing a "V"-shaped trend.It is worth noting that although the performance was relatively flat, the total number of public funds exceeded 10,000 for the first time in the first half of the year, and the total scale exceeded 26 trillion yuan for the first time. At the same time, the accumulated dividends in the first half of the year also hit a record high in the same period, and the public fund industry continued to show a steady development trend. .
Equity funds underperforming
Since the beginning of this year, the A-share market has been greatly impacted by the combination of domestic and foreign factors such as the repeated outbreak of the new crown pneumonia, the tightening of the Federal Reserve beyond expectations, and the intensification of the conflict between Russia and Ukraine.From May to June, under the background of the continuous improvement of the domestic epidemic situation, various regions successively introduced a series of policies to stabilize the economy and promote growth, and A-shares gradually recovered steadily.
Wind data shows that as of June 30, among the major scale indexes, the Shanghai Composite Index, CSI 300, Shenzhen Component Index, ChiNext Index and Kechuang 50 fell by 6.63%, 9.22%, 13.20%, 15.41% and 20.92%.
In terms of industry performance, coal, real estate, transportation and other industries have performed relatively well. Among them, the coal sector can be described as "one of the best", with an increase of more than 30% since the beginning of this year, while electronics, media and other industries have shown a larger decline.
The performance of the A-share market affected the performance of public funds in the first half of the year, especially for equity funds.The data shows that, excluding the new funds established this year, as of June 30, the average performance of stock funds, hybrid funds, QDII and FOF during the year was -9.44%, -7.13%, -9.32% and -4.84% respectively. .
Like the broader market index, public equity funds also experienced a "V"-shaped reversal in the first half of the year, but the vast majority of funds have yet to regain lost ground.Specifically, as of June 30, among the 736 common stock funds, only 38 had positive returns, and there were still 353 with a total return of more than 10% during the year; among the 2,682 partial stock hybrid funds, only There are 176 stocks with positive returns, 1362 stocks with a total return of more than 10% during the year, and 103 of them with a drop of more than 20% during the year.
In contrast, bond funds and money market funds closed up, with an average performance of 0.88% and 0.97%, respectively.Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, said that the decline in the overall performance of public funds was mainly due to the long-term adjustment of the broader market and the decline of most sectors.Since May, the performance of most public funds has been driven by the market recovery, and the decline in performance has narrowed significantly.Due to the relatively low risk of asset allocation fluctuations in bond and currency funds, the overall income fluctuations are not large. At the same time, in order to hedge against short-term macroeconomic disturbance factors, domestic growth stabilization policies have been strengthened, and market liquidity remains reasonable. Abundant, market interest rates have declined, supporting bond fund prices.
From the performance of fund companies, the degree of differentiation of company performance is obvious.According to the research report of Haitong Securities, in the first half of 2022, the active equity funds of 9 of the 163 public fund companies in the statistics obtained positive returns, and the active equity funds of the fund companies corresponding to the top 10% quantiles yielded -3.09%. , and the return rate of the fund company corresponding to the second 10% quantile is -14.58%.
In addition, the research report also pointed out that in terms of branch types, medium-sized fund companies have the best performance, and small fund companies outperform large fund companies.Haitong Securities said that in the first half of 2022, the A-share market fell as a whole, and value-style sectors such as coal and financial real estate saw relatively small declines. Some small fund companies grasped the structural market of related styles and achieved better drawdown control effect. .
Blue-chip funds are "small but beautiful"
From the performance of a single fund in the first half of the year, it can be found that the performance is directly related to the amount of "coal" held by the fund, and the blue-chip funds generally show the characteristics of "small but beautiful".
Against the background of intensified international geopolitical conflicts, the prices of commodities and energy rose strongly in the first half of the year, and the net value of related thematic funds was among the top gainers.From the perspective of the whole market, this year's "half-year" champion was won by crude oil QDII. As of June 30, Harvest Crude Oil ranked first in the entire market of public funds with an annual rate of return of 58.35%. Commodities, E Fund Crude A RMB, and Southern Crude also have annual yields of more than 50%.
It is worth mentioning that in the first half of the year, most of the fund products with outstanding performance were smaller fund products.For example, the scale of Wanjia's macro timing multiple strategy, which has achieved the "champion" of equity performance in half a year, is only 267 million yuan, and the scale of Wanjia Xinli and Wanjia Select A, which are ranked second and third, are only 260 million yuan and 7.63 billion yuan. billion.
At the same time, it can also be seen from the top ten active equity funds in terms of performance in the first half of the year that only 1 fund has a scale of more than 5 billion yuan by the end of the first quarter, while the latest scale of the remaining 9 funds is less than 1 billion yuan Yuan.
In this regard, Deng Haiqing, chief economist of AVIC Fund, said that the stock market fluctuates more frequently this year, and sector rotation is more common. It is easier for smaller funds to quickly adjust investment strategies and directions, and investment transactions are more flexible. Therefore, small-scale funds that accurately grasp the market perform better.
"However, the small size of the fund does not necessarily mean that the performance will be good. Because the small size of the fund means that you can hold more concentrated shares, pay more attention to a certain sub-sector, and adjust your positions more frequently. Once the selected stocks perform well, you can Obtain excess returns; but conversely, if the stock selection is wrong, there will be a significant backwardness." Deng Haiqing said.
The industry achieves steady development
In the first half of this year, both the number and scale of public fund products achieved milestone breakthroughs.The latest public fund market data disclosed by the China Asset Management Association shows that as of the end of May 2022, the total number of public funds was 9,872, and the net asset value of public funds totaled 26.26 trillion yuan. The two figures have achieved steady growth.
Wind data shows that the number of new funds established in June was 138 (combined with different shares), and there are 94 new funds currently in the issuance period, excluding 20 funds that had been liquidated in June. The total number of publicly offered funds has exceeded the 10,000 mark for the first time.
From the perspective of product structure, among the 10,000 public offering funds, there are more than 6,000 equity funds, which are the absolute "main force" in my country's public offering market at this stage, but the product management scale is less than 30%.At the same time, there are more than 1,900 bond funds, accounting for less than 20% of the scale; there are more than 300 currency funds and FOFs, of which the scale of cargo-based funds accounts for more than 40%, which is currently the largest type of public offering products.In addition, there are QDII funds, public REITs and other products on the market.
Regarding the increase in the number of fund products, Huicheng Fund Research Center said that after more than 20 years of vigorous development in China's public fund industry, the market capacity has grown rapidly, and related systems have been continuously improved. Both the number and management scale of public funds have shown accelerated growth in recent years. We can see the continuous change of Chinese investors' financial management concept.This is inseparable from the continuous improvement of the investment and research team of the fund company and the gradual diversification of the product line. It is also inseparable from the increasingly mature wealth management institutions that have built a bridge between the fund company and investors, helping investors to establish long-term correct investment values. It has improved the efficiency of capital allocation and helped the healthy and stable development of the public fund industry.
In terms of the management scale of public funds, as of the end of May this year, the net asset value of public funds totaled 26.26 trillion yuan, an increase of more than 700 billion yuan from the end of April.This is also the first time that the scale of public funds exceeded 26 trillion yuan in February this year, and once again stood at 26 trillion yuan.
"With the growth of China's economy, national wealth is also growing, and institutional investment needs and residents' wealth management needs continue to rise. The development of the public fund industry is a microcosm of the rapid growth of residents' wealth and wealth management needs. Under the background of the implementation of new asset management regulations, public funds The fund industry has also carried out a series of innovations in recent years, and passive investment, theme funds and other bright spots have frequently appeared. It can be said that the innovation of the fund industry on the supply side and the expansion of national wealth management on the demand side have jointly promoted the great development of the public fund industry. "Deng Haiqing said .
In addition, the dividends of public funds in the first half of the year also hit a record high in the same period.Wind data shows that as of June 30, the cumulative dividends of all funds included in the statistics reached 141.17 billion yuan, an increase of 9.4% over the same period last year.Industry insiders believe that the better performance of some equity funds in 2021 provides the basis for fund dividends this year. Against the background of this year's market volatility, fund managers lock in income in advance through dividends to help investors settle down. On the one hand, it can strengthen the Investors' confidence in products, on the other hand, also facilitates fund managers to make periodic adjustments to product operations.
Looking forward to the second half of the year, Zhou Maohua said that from a trend point of view, with the steady recovery of the domestic economy, liquidity remains reasonably sufficient, stock market valuations are low, and market sentiment continues to pick up, the overall performance of public funds is expected to improve, and residents’ wealth management needs are increasing. In the context of , it will promote the further development of the public offering industry.
