14 funds that failed to launch products are optimistic about the subsequent equity market
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Wind data shows that as of press time from the Economic Information Daily, 14 funds have failed to be issued this year. In addition, more than 180 funds have announced to extend their fundraising period this year, and the fundraising period of some funds has been “delayed again and again.” According to industry insiders, the secondary market has continued to fluctuate this year, and investors lack confidence and have a wait-and-see attitude towards the market. However, for long-term and rational investors, this is a time worthy of attention and continuous selection of high-quality funds. Institutions have also expressed their optimism about the equity market next year. With the steady recovery of our country’s economy, the market outlook for the public fund market will gradually improve.
Two fund raisings failed this month
Since December, two more funds have failed to raise funds. Recently, Zheshang Fund announced that its Zheshang Zhiduoheng two-year holding period hybrid securities investment fund had expired on November 30, 2023, and failed to meet the fund filing conditions stipulated in the “Fund Contract.” Therefore, the Fund Contract cannot take effect. According to the data, Zhejiang Business Zhiduoheng has held it as a partial debt hybrid fund for two years and will be publicly raised on September 1, 2023. The prospectus shows that the fundraising period of the fund must not exceed 3 months, the minimum total number of shares raised is 200 million, the minimum fundraising amount is 200 million yuan, and the number of fund subscribers must be no less than 200.
Judging from the configuration of the fund manager, Zhejiang Zhiduoheng has held the position for two years. The proposed fund manager is Chai Ming. He has served as an engineer at the Baosteel Group Research Institute, a senior system engineer at the Battery System Department of SAIC Motor, an analyst at the Dongxing Securities Research Institute, and a National Analyst at Gold Securities Research Institute. Joined Zheshang Fund in April 2020 and currently works in the company’s Intelligent Equity Investment Department, serving as the fund manager of Zheshang Zhiduobao Steady One-Year Holding Period Hybrid Securities Investment Fund and Zheshang Zhixuan Economic Momentum Hybrid Securities Investment Fund .
In addition to the two-year holding period of Zheshang Zhiduoheng, in early December, China Life Security Fund announced that its one-year holding period hybrid securities investment fund, China Life Security Wende, will expire on November 30, 2023. , failed to meet the fund registration conditions stipulated in the “Fund Contract”, so the “Fund Contract” cannot take effect. Compared with Chai Ming, Wu Wen, the proposed fund manager held by China Life Anbao Wende for one year, has more experience in the industry and has more than 8 years of experience as a fund manager.
Public information shows that China Life Anbao Fund is a professional financial institution jointly funded by China Life Asset Management Co., Ltd. and Anbao Capital Investment Co., Ltd. (Australia). It is the first fund management company established in the Chinese insurance industry. As of the end of the third quarter of this year, the number of funds under China Life Security Fund was 92, with a total management scale of 263.217 billion yuan. Among them, the number of stock, hybrid and bond funds are 10, 35 and 37 respectively, and the management scale is 6.418 billion yuan, 8.832 billion yuan and 123.194 billion yuan respectively. In addition, there are money market funds, QDII, etc.
Extend the fundraising period for multiple products
Judging from the situation throughout the year, Wind data shows that as of press time of the Economic Information Daily reporter, 14 funds have announced that they have failed to raise funds this year. It is worth mentioning that among the funds that failed to be issued this year, 10 have the word “holding period” in their names, except for the two-year holdings of Zheshang Zhiduoheng and China Life Anbao Wende mentioned above. In addition to annual holdings, there are also products such as Hui’an Haoyang three-year holdings, Minshengjianyin Excellent Allocation two-year holdings, and Golden Eagle Prosperity Driven one-year holdings.
Among them, Hui’an Haoyang Three-Year Holding is the first three-year holding period product to fail to issue this year. The fund will be publicly raised starting from September 18, 2023. The fund raising period will expire on November 21, 2023. The fund registration conditions cannot be met, so the fund contract cannot take effect. According to the prospectus, the registration conditions for Hui’an Haoyang’s three-year holdings are that within 3 months from the date of sale of fund shares, the total number of shares raised in the fund is no less than 200 million, and the amount raised by the fund is no less than 200 million yuan. And the number of fund subscribers shall be no less than 200. The proposed fund manager of this fund product is Wu Shangwei, who will join Hui’an Fund in December 2021.
Two products under the Minsheng Canadian Silver Fund failed to be issued, namely the Minsheng Canadian Silver Excellent Allocation for two years of holding and the Minsheng Canadian Silver Excellent and Enterprising one-year closure. According to the announcement, the contracts for the above two products failed to take effect because they did not meet the required fund filing conditions. Wind data shows that as of the end of the third quarter of this year, Minsheng Canada Fund managed a total of 99 funds, with a cumulative management scale of 150.245 billion yuan. Among them, the number of stock, hybrid and bond funds are 16, 36 and 36 respectively, and the management scale is 5.196 billion yuan, 14.202 billion yuan and 91.669 billion yuan respectively.
Under such circumstances, many fund companies have chosen to extend the fundraising period of their products. Wind data shows that as of press time from the Economic Information Daily, more than 180 funds have extended their fundraising periods this year, and many fund products have been repeatedly postponed. For example, Golden Eagle Industry Smart Selection, a subsidiary of Golden Eagle Fund, has been held for one year. The fund was publicly sold on July 5 this year, and the original fundraising deadline was August 4. However, perhaps due to the unsatisfactory fundraising amount, the fund has issued multiple announcements to extend the fundraising period. The fund did not close until August 12.
Institutions take a positive view on the equity market next year
According to industry insiders, the secondary market has continued to fluctuate this year, resulting in investors lacking confidence and taking a wait-and-see attitude towards the market. However, for long-term and rational investors, this is a time worthy of attention and continuous selection of high-quality funds. With the steady recovery of my country’s economy and the high-quality development of listed companies, the outlook for my country’s public fund market will gradually improve.
Many institutions have expressed their optimism about the equity market next year. Pengyang Fund said that the absolute valuation of the stock market is low, policy expectations are still there, and the opportunities in the stock market are mainly staged and structural opportunities. In this case, various investment styles will rotate, but generally the small and mid-cap growth style will be stronger. You should maintain a flexible investment strategy and pay close attention to policy changes and market reactions.
Taikang Fund said that the logic of low valuation is an aspect that is highly recognized by the current market and is also the floor that supports the market; the ceiling of the market is mainly due to risk preference, which is currently changing under the improvement of the external environment and the boost of domestic policies. Warm, but the trend reversal of the index still requires a large amount of funds to reverse. The direction that has taken the lead recently is technology and medicine, which were relatively optimistic in the early stage. Among them, a wave of funds with a relatively high risk appetite in the technology direction have taken the lead in capturing the rebound.
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