"Most Popular List" And "Voting With Feet" In Chinese Newspapers: Polarization Of "National Managers" Of Public Funds

After the disclosure of the public funds, the structure of the holders emerged.

According to the data released by Galaxy Securities, in the first half of 2021, the structure of public offering holders is 55% for individuals and 45% for institutions.

Behind it is a surprising growth data: as of June 30, 2021, the proportion of individual holding public funds increased by 5.5 percentage points to 55.49% compared with the middle of 2020, reaching a new high in nearly six years.

The last time this figure was exceeded was on December 31, 2014, when it was 68.62%.

With a large number of individual investors entering the fund in recent years, public funds have become an important force to serve the wealth management of residents.

Since the beginning of this year, a large number of "national funds" which are loved by individual investors have sprung up. However, for individual investors, blind follow-up investment is likely to bring losses. Industry insiders believe that investment in "national funds" should also be carefully screened.

Public funds. Photo by Gan Jun

Organization and individual "playing method" differentiation

According to the data released by Galaxy Securities, by the end of the first half of 2021, the market value of funds held by individuals was 12584.5 billion yuan, accounting for 55.49% of the total funds, and 10092.9 billion yuan was held by institutions, accounting for 44.51% of the total.

Excluding money market funds, individuals hold 6958.6 billion yuan, accounting for 51.90 percent of the total, while institutions hold 6448.6 billion yuan, accounting for 48.10 percent of the total. Individuals and institutions share equally.

As of June 30, 2021, in addition to traditional closed-end funds, equity funds, hybrid funds, monetary funds, bond funds, commodity ETF, fof and QDII have all been bought by individual investors, and the shares held by individual investors have increased.

From the perspective of the holder structure of each subdivision type, only bond fund and traditional closed base, with 90% of the shares held by institutional investors, occupy an absolute advantage, while the remaining types are more individual investors.

However, behind the sharp increase in the proportion of individual funds, institutional investors and individual investors of public funds have different "playing methods" in the first half of this year: institutions increase their holdings of fixed income funds such as monetary funds and bond funds, while individuals prefer equity funds.

Specifically, the share of individual investors in hybrid funds rose from 2080166 million shares at the end of 2020 to 2927.965 billion shares, and the proportion of individual investors increased from 77.50% to 83.44%; The proportion of institutional investors decreased from 22.50% to 16.56%, and the share of institutional investors decreased to 581.030 billion shares.

In terms of stock funds, the shares held by individual investors increased from 791.449 billion at the end of 2020 to 927.069 billion, up nearly 3 percentage points to 75.69%; During this period, although the share held by institutional investors has increased, its share has decreased by nearly 3 percentage points to 24.31% from 27.12% at the end of 2020.

At the end of the second quarter, the share of institutional investors in stock funds and hybrid funds decreased significantly.

In contrast, in 2021, fixed income funds are still the favorite of institutions.

Institutions held 9137.6 billion shares of monetary funds (the largest share among all types of funds), accounting for 38.64%. In the first half of this year, it increased by 1170.1 billion units, or 1.81 percentage points, compared with the end of last year.

The institutional bond funds held 4774.9 billion shares, and the proportion was even as high as 91.03%. This year, it has increased by 332.8 billion shares, but overall, the proportion of institutional holdings has decreased by 1.78 percentage points.

From the perspective of the structure of fund single product holders, the most popular "national fund" among equity funds is the China Securities liquor index managed by Hou Hao. By the end of the second quarter of 2021, the number of holders was 9.849 million, accounting for 99.9% of the total number of individual investors.

It is closely followed by e-fund's blue chip selection mix managed by Zhang Kun, the "first brother of public offering", with more than 7.13 million households, including 89.85% of individual investors and 10.15% of institutions.

The third place in the "most popular list" of equity funds is Jingshun Xinxing growth hybrid owned by Liu Yanchun. By the end of the second quarter of 2021, the number of holders was 6.1013 million, with an average of 2948.73 shares held by each household, and the share held by individual investors accounted for 96.90%.

The fourth place in the "most popular list" of equity funds is China Europe medical and health hybrid C managed by Glenn, with the number of holders of 4.0602 million at the end of the second quarter of 2021.

The fifth place in the "most popular list" of equity funds is the small and medium cap of e fund managed by Zhang Kun, with the number of holders of 3.8984 million at the end of the second quarter of 2021.

It is worth mentioning that in the first half of 2021, the number of equity funds with "million funders" increased to 44, an increase of 10 compared with the end of last year.

According to Yue Kunzhong, an investment researcher with golden Zhang of GESHANG, the funds with the largest number of holders in the first half of this year are mainly concentrated in large consumption areas, including food and beverage, medicine and biology, which is related to the market situation in recent years.

Since 2016, the consumer industry has experienced two rounds of structural bull markets in 2016-2017 and 2019-2020. Among them, the food and beverage industry and household appliances industry rose the best in 2016-2017, with an increase of 80% and 60% respectively; Food and beverage, leisure services and household appliances will rise the best from 2019 to 2020, with an increase of 285%, 256% and 110% respectively.

"For more than five years, food and beverage has been the best performing industry in the consumer industry. Therefore, the funds in these industries have naturally achieved good performance, thus attracting a large number of individual investors to invest. " Yue said.

Vote by foot

In the first half of 2020, A-share experienced a "roller coaster" market. In a volatile market, fundamentalists choose to vote with their feet.

In the first half of 2021, star managers and performance become the general direction of the foundation selection in 2021.

Among them, star fund managers are the biggest reason for fundamentalists to invest in the first half of the year. For example, the fund with the largest share increase in the first half of the year is the blue chip selection of e fund managed by Zhang Kun, the "first brother of public offering", with an increase of 6.198 billion yuan in the first half of the year.

Among the equity funds, among the top 30 equity funds (established before 2021, the same below), a large number of star fund managers managed funds, including Zhang Kun, Liu Yanchun, Xie Zhiyu, Feng Bo, Zhu Shaoxing, Ge Lan, Dong Chengfei, Yuan Fang, Zhou Yingbo, Fu Pengbo and other top star fund managers.

Some star fund managers have many funds listed in the top 30 list, for example, Liu Yanchun has 3 funds and Feng Bo has 2 funds.

Most of these star fund managers have long-term performance as the backing, especially in the past two years A-share bull market performance is relatively good.

In addition, performance is another factor in the first half of the year.

For example, the value of GF managed by Lin Yingrui is ahead of A. in the first half of the big shock market, it achieved 40.16% of the income, ranking first among partial stock hybrid funds. In the first half of the year, a total of 4 billion funds flowed into Guangfa, leading the value. Undoubtedly, these funds were aimed at the invincible profit-making effect created by this fund in the first half of the year.

It is worth mentioning that in the first half of 2021, a lot of fund shares have also decreased significantly.

Among them, the top ten equity fund shares decreased the most in the first half of the year: Hua'an Juyou selection (RAO Xiaopeng) decreased by 8.581 billion shares, Penghua ingenuity selection a (Wang Zonghe) decreased by 8.22 billion shares, huitianfu's open Vision China advantage a (Lao jienan) decreased by 7.822 billion shares, huitianfu's mid market value selection a (Hu Xinwei) decreased by 6.731 billion shares, and southern growth pioneer a (Mao Wei, Wang Bo) decreased by 6.623 billion shares, noan growth (CAI Songsong) decreased by 5.768 billion copies, Jingshun Great Wall competitive advantage (Liu Su) decreased by 5.326 billion copies, innovation driven a (Luo Shuai) decreased by 5.187 billion copies, Guangfa steady optimization held a (Wang Mingxu) decreased by 5.162 billion shares, Penghua growth wisdom selection a (Liang Hao, Bao Binghua) decreased by 4998 million copies.

In this batch of funds whose shares have been greatly reduced in the first half of the year, there are also many funds under the banner of star fund managers.

For example, Wang Zonghe's Penghua ingeniously selected a, with a net outflow of 8.22 billion shares in the first half of the year. The fund was set up at the height of market frenzy in July 2020, and it sold 130 billion yuan a day when it was first launched, setting the highest one-day fund-raising record at that time.

Since its establishment, the performance of the fund is not very good, with a return of 0.79% in the first half of the year. As of September 1, the return this year was - 16.75%, and the return since its establishment was - 5.44%.

Cai Songsong, another star fund manager, whose management of noan's growth mix, lost 5.768 billion shares in the first half of the year.

Noan has grown into a heavy position in semiconductors, but "success is also Xiao He, and failure is also Xiao He". In the first quarter, the cumulative revenue fell by 11.40%. But by the end of the second quarter, noan's growth earnings rose to 23.60%. The investors who scolded Cai Songsong and called "Zhenxiang" one after another.

In the first half of the year, Jiashi core growth a, managed by Guikai, a star fund manager, also decreased by 4 billion shares. The fund's return in the first quarter was - 5%. Due to the unsatisfactory performance in March, Guikai apologized in an online platform, "we strive to control the withdrawal, but the core growth assets as expected fluctuated greatly, so we are also deeply sorry that the withdrawal of the whole fund is relatively large." But by the end of the first half of the year, the fund had gained 7 per cent.

The world is changeable. This year, a large number of "national funds", which are popular with individual investors, have changed their faces repeatedly in the short term. In view of this situation, the insiders point out that for the non professional individual investors who don't have much time to pay attention to investment, there may be the problem of blindly following suit.

Yue Kunzhong said that investment in the "national fund" should also be carefully screened. On the one hand, economy has cycle, market has cycle, style also has cycle. When the market style does not match the plate arranged by fund managers, the performance will fall behind the market periodically. For the consumer funds in the first half of this year, it is suggested that investors can allocate funds in industries and fields supported by national policies; Secondly, it is suggested that investors should screen the fund managers who have experienced at least one round of bull and bear, whose annual performance has remained at the top quartile level, and whose public statements are consistent with their positions.

Yang Delong, chief economist of Qianhai open source fund, believes that "individual investment funds are more reliable than individual stocks, but we should also pay attention to the risks. If we focus on individual hot funds, they may also accumulate certain risks, and this lesson is also relatively heavy. Investors should be cautious in choosing funds that are suitable for their own risk preference and stable investment performance. "