China Foundation News reporter Zhang Ling
Since the regulators put forward new requirements for mini funds, nearly a month ago, various fund companies have made continuous actions on the disposal of mini funds. To be specific, in addition to several products being liquidated, many companies have chosen to "keep the shell".
Many insiders said that due to poor performance, intensified homogenization competition and other reasons, the fund product has become a mini fund. At present, under the new regulatory requirements, various fund companies choose different treatment methods based on their own strategic planning and market judgment to actively promote product side reform.
Multiple funds choose to be liquidated
There are also companies actively "keeping the shell"
On May 10, Xingyin Fund released the announcement on the voting results of Xingyin Growth Selected Mixed Holders' Meeting, which showed that the Meeting had considered and passed the Proposal on Termination of Xingyin Growth Selected Mixed Securities Investment Fund Fund Contract, and the product would enter into liquidation procedures from May 10. Wind data shows that Xingyin Growth Selection was established in October 2022; By the end of the first quarter of this year, the fund size was about 7.2 million yuan.
Ping An Fund announced on May 6 that Ping An Yingrui Six month Holding Bond Fund (FOF) A general meeting of shareholders will be held to review About the continuous operation of the fund Proposal of. Wind data shows that Ping An Yingrui was established in May 2022 for six months; By the end of the first quarter of this year, the fund size was about 38 million yuan.
Wind data shows that as of May 10, 71 fund products had been declared to be liquidated during the year. In addition, according to incomplete statistics of the reporter, in the past month, for some of its mini funds, more than 25 fund companies have held a general meeting of shareholders to review the continuous operation of fund products, or modified the terms related to the termination of products in the fund contract to "protect the shell".
Sun Guiping, a senior fund analyst at the Shanghai Securities Fund Evaluation and Research Center, said that there are two main reasons for some fund companies to "protect" mini funds: first, the need for product layout. Some fund companies may invest certain resources to maintain mini funds in order to improve their product lines and better serve customers, even if the scale of the products is small; Second, there is certain growth potential in the future. With the economic development and the increase of residents' wealth, the scale of public funds will continue to expand, and the fund products with small scale but certain characteristics will also have a certain space for scale growth in the future.
"The way different companies deal with mini funds is actually a rational choice based on their own strategic planning and market judgment." Ji Yu Fund said that different companies adopt different strategies according to their own resources, market positioning and product characteristics, which is conducive to the healthy development of the industry and risk management.
Contribute to high-quality development of the industry
Wind data shows that as of the end of the first quarter of this year, there were 1575 mini funds in the whole market.
Ji Yu Fund said that there are many reasons for the fund to become a mini fund. First, the poor performance of the fund has led to the redemption of investors, and the scale has gradually shrunk; Secondly, the homogenization of products has seriously exacerbated the disadvantage of some products in the competition, which eventually eliminated them from the market, and the fund was redeemed due to poor performance; Finally, fund companies generally attach importance to the initial launch of products, and relatively pay less attention to the continuous marketing of products, leading to the loss of fund shares from mediocre funds.
In recent years, the issue of mini funds has also been concerned by the regulatory authorities. According to the new requirements for mini funds reported by this newspaper in early April, the supervision encourages fund companies to independently bear various fixed fees such as information disclosure fees and audit fees for mini funds; If the fund company does not bear the relevant fees, it needs to provide a solution before the end of June this year, and change the mini status or liquidation of the product at the end of this year. At the same time, it is strictly prohibited to avoid violations such as paying fixed fees for mini funds by means of "help funds".
A public offering company in North China disclosed to reporters that the company is actively preparing solutions for the new regulatory requirements.
"From the perspective of the industry, mini products generally meet different investment needs through differentiated product line layout." The company said that it will continue marketing products with small scale but good historical performance to win more customers' recognition; Or it can transform the fund, such as transforming it into an initiating product, to obtain a valuable three-year development period, so as to complete the relevant adjustment of product positioning and performance improvement.
"If the above positive methods fail, the company may choose to end the management of products according to the provisions of the fund contract," the company said.
Another company said frankly that the company currently has many mini fund products, and it is a big cost for the company to bear the fixed expenses of all mini funds. Therefore, the products may be classified and screened, and the products with good "shell preservation" performance or development potential will be given priority, and the remaining funds may be liquidated.
For the current fund companies actively respond to regulatory requirements and take multiple measures to promote product side reform, Sun Guiping believes that this will help to establish an industry market environment where the fittest survive and advance and retreat orderly. Because of the accelerated exit of mini funds, fund companies can pour resources into more excellent products, and excellent products can also get more capital inflows. On the other hand, it will help promote the product design and innovation of fund companies and issue more long-term fund products. In the long run, it will help promote the high-quality development of the public fund industry.
"In general, this will help to streamline fund products, reduce invalid supply, optimize product structure, and help improve the selection efficiency and investment experience of investors." Ji Yu Fund believes that in the future, fund companies will pay more attention to product quality and operational efficiency, and then constantly promote the industry to move towards high-quality development.
Editor: Captain
Reviewed by: Xu Wen
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