On November 4th, the total size of newly established funds this year exceeded 2.5 trillion, with the number of new funds exceeding 1,500, setting a historical record.
Unlike the situation of 'stock-based dominance' last year, this year's new fund issuance market presents a variety of products such as bond funds, fixed income+, and ETFs.
Many innovative products have emerged this year, including the launch of the Hang Seng Tech Index ETF series at the beginning of the year, the once market-shaking Chinext 50 ETF, and later the public offering of REITs and the first batch of MSCI China A50, and so on.
Most of these innovative products debut with a loud reputation, but how will they perform in the market subsequently? What is the attitude of investors?
46 funds raised nearly 70 billion yuan.
According to Wind statistics, since the beginning of this year, 46 fund products related to Hang Seng Tech, Chinext 50, reits, and MSCI China A50 have been established, with a total issuance of nearly 70 billion shares.
Among them, the most recent four newly established MSCI China A50 ETFs are "leading" in terms of issuance size, attracting market attention more than the "hot" Chinext ETF, with a total fund-raising size reaching 26 billion yuan, and are set to begin trading on November 8.
Among them, products with earlier establishment dates such as E Fund and HuaAn Fund already have holdings exceeding 16%, Southern Fund has 9.5%, and the ChinaAMC Fund established on November 1st has also initiated preliminary positions. (See the chart below)
Most innovative products have mediocre performance.
However, the fund size only represents the market's degree of interest, and the actual performance in terms of 'true value' still needs observation.
As of the latest quarterly report data, many Hang Seng Tech ETFs and Chinext 50 ETFs established and disclosed data in the first half of this year actually performed only at an 'average' level.
Wind statistics data show that out of 20 innovative products with third-quarter data, the net asset value has been negative since inception. This includes 12 Chinext 50 ETFs and 12 Hang Seng Tech ETFs.
As of November 4, the unit net asset value of the above-mentioned funds are all below 1 yuan, with the lowest being 0.78 yuan and the highest being 0.98 yuan.
These innovative products have performed poorly since their establishment, possibly due to the drag from the tracked underlying index. Among them, the Hang Seng Tech Index climbed to a temporary high of 11001.78 at the beginning of this year, then steadily declined, with a maximum drawdown of nearly 50%.
The Zhongzheng Science-Tech Innovation Chinext 50 Index, after reaching a temporary high of 2285.03 points on July 1, has entered a fluctuating downward trend, decreasing by nearly 13% as of now, with a maximum drawdown of 19.41%.
The Double Innovation ETF attracted over 16 billion shares in the third quarter.
Interestingly, although the performance of the net worth has not been ideal since its establishment, the related products have attracted a large amount of net inflows against the market trend.
In particular, according to Wind statistics, 9 companies including E Fund, Chinaamc, Southern, and Jiashi have received a net purchase of approximately 162 shares of the Chinext 50 ETF within the third quarter.
Among them, the scale of E Fund Chinext 50 ETF has reached 8.361 billion yuan, with a scale increase of over 178.32% since its establishment; the latest scale of Chinaamc Chinext fund ETF is 6.624 billion yuan, and the scale increase also exceeds 120%.
At the same time, there are also 3 products that have experienced a certain shrinkage compared to the initial issuance scale. (Refer to the next figure)
Hang Seng Tech Index ETF is also the same, among which ChinaAMC Hang Seng Tech Index ETF is a fund with disclosed data, and the product with the highest net purchase amount in a single quarter. Currently, the fund size has reached 3.239 billion yuan, with an increase of over 122%.
At the same time, there is no shrinkage in the scale of products, and investors may still be waiting for the arrival of Hong Kong stock market technology opportunities. (See the figure below)
This seems to indicate that many investors really do not care about their performance, but only care about the functionality of their investment tools, which may be a new phenomenon in the entire industry.
