Bond fund managers are being reshuffled, with frequent inclusions of fund managers.
I. Market Overview
In the A-share market last week (August 5th-9th), the market continued to fluctuate and grind, and the main indicators generally fell, with the Shanghai Composite Index falling 1.49%, the Shenzhen Component Index falling 1.87%, and the ChiNext Price Index falling 2.60%.
In terms of style, the large-cap blue-chip Shanghai and Shenzhen 300 fell 1.6%, the growth-style SSE Science and Technology Innovation Board 50 and ChiNext Price Index fell 2.8% and 2.6% respectively, and the CSI 1000 and CSI 2000 fell 2.2% and 1.9% respectively.
The average daily turnover of the Shanghai and Shenzhen stock markets was 64.39 billion yuan, a decrease of 74.7 billion yuan from the previous week, and the net outflow of northbound funds was 14.76 billion yuan.
In terms of industries, the real estate, food and beverage, and building materials sectors performed well, while the computer, national defense and military, and electronics sectors lagged behind due to the decline in foreign demand expectations and risk aversion.
Based on the performance of the funds, the performance of fund products tracking themes such as Hong Kong medical and pharmaceuticals, real estate, education, wine, and global Chinese Internet is relatively good, while the performance of theme funds such as computer, artificial intelligence, telecommunications, data, and gold is relatively poor.
II. Capital Trends
Funds flowed significantly into the large-cap index sector, with a net inflow of 12.003 billion yuan throughout the week. In contrast, the financial and real estate sectors and the small and medium-cap index sectors saw large outflows, with net outflows of 3.59 billion yuan and 2.781 billion yuan respectively.
As of August 9th, 2024, the largest ETFs tracking the underlying securities were the CSI 300, with a total size of 715.8 billion yuan, followed by the SSE 50 with a size of 131.8 billion yuan and the SSE Science and Technology Innovation Board 50 with a size of 127.8 billion yuan.
Among the stock broad-based indices, the CSI 300, SSE 50, SSE Science and Technology Innovation Board 50, and CSI 500 have the largest sizes, and among the non-broad-based stock indices, the CSI All Share Investment Banking & Securities, Hang Seng Technology, China Internet 50, and CNI Chip Index have the largest sizes. The NASDAQ 100 is the largest overseas stock index, SGE Gold 9999 is the largest commodity index, and the CSI Short-Term Debt is the largest bond index.
Last week, the net inflows into the CSI 300 were the highest at 12.1 billion yuan, followed by the SSE 50 and the CSI 7-10 Year Policy Financial Bond Full Price (Total Value) Index, while the net outflow from the CSI 1000 was the highest at 1.6 billion yuan.
Since the beginning of the year, the net inflow into the CSI 300 has been the highest at 429 billion yuan, followed by the CSI 500 and CSI 1000, while the net outflow from the SSE Science and Technology Innovation Board 100 was the highest at 8.1 billion yuan.
Specifically, funds continue to favor blue-chip broad-based ETFs, with Huatai Bairen Fund CSI 300 ETF, Huaxia Fund SSE 50 ETF, E Fund Management Huasheng 300 ETF, GF Fund Management CSI 300 ETF, and Huaxia Fund Management CSI 300 ETF receiving a net inflow of 5.52 billion yuan, 4.24 billion yuan, 3.317 billion yuan, 1.423 billion yuan, and 1.183 billion yuan respectively last week.
However, last week, small and medium-cap broad-based indices saw concentrated selling of funds, with four ETFs tracking the CSI 1000 experiencing a net outflow of -1.755 billion yuan, while two ETFs tracking the CSI 500 saw a net outflow of 0.987 billion yuan during the same period.
III. ETF Performance Changes
All A-share sectors fell last week. Among them, the consumer sector had the smallest decline, with an average decline of 0.06% for fund products above a certain scale. In contrast, the national defense and military sector had the deepest decline, with an average decline of 3.88% for fund products above a certain scale.
Last week, the healthcare theme ETF performed the best, with the HuaAn Fund Hang Seng Biotechnology ETF, the HuaAn Fund Hong Kong Stock Connect Innovation Drug ETF, and the Fullgoal Fund Hang Seng Medical Service ETF rising by 5.06%, 4.19%, and 4.07% respectively.
Last week, the performance of the technology and chip ETFs was poor, as the losses of the fund managers of the Fullgoal Fund, Industrial Interconnect ETF, and Integrated Circuit ETF all exceeded 5%.
4. Newly-launched ETF products
Newly-established funds last week: A total of 15 public funds were newly established last week, with a combined issuance of 15.748 billion shares.
First-time issuance of funds last week: A total of 17 public funds entered the issuance stage for the first time last week. The most common public fund type for initial issuance was the passive index fund, with five such funds.
Funds awaiting issuance: As of last Sunday (August 11, 2024), there were a total of 24 public funds awaiting issuance.
5. Hot news
The global ETF market has exceeded $13 trillion in total assets! The US ETF market surged by more than $440 billion in the first half of this year.
As of the end of June, the total assets invested in the global ETF market had exceeded the $13 trillion mark, reaching a record high of $13.14 trillion, marking a new milestone. In June this year, the net inflow of US ETFs was $82.84 billion, and the net inflow of funds since the beginning of the year has reached $440.41 billion.
Newly-approved bond funds have a duration of no more than two years? Some public funds have signed commitment letters.
Recently, there have been market rumors that regulatory authorities have required newly-approved bond funds to issue commitment letters stating that their duration will not exceed two years, mainly aimed at leading fund companies. Some public institutional personnel have confirmed this news to the media.
Gradually lifting restrictions! The purchase limit of several QDII funds has been increased.
The purchase limit of Huabao NASDAQ Select Stocks Initiated (QDII) has been raised from RMB 0.02 million to RMB 0.1 million, and the purchase limit for RMB shares of the Morgan Stanley International Balanced Allocation Mixed Fund (QDII-FOF) has been raised from RMB 0.01 million to RMB 0.05 million. In addition, the purchase limit for RMB shares of the Invesco Great Wall NASDAQ Technology ETF (QDII) and the Jianxin FORTUNE 100 Index (QDII) has changed from being temporarily suspended to being restricted to purchases exceeding RMB 100, while the Wanjia NASDAQ 100 Index Initiated (QDII) has changed from being restricted to purchases exceeding RMB 0.01 million to allowing large purchases.
Bond fund managers are being reshuffled, with frequent inclusions of fund managers.
According to Wind data, there were a total of 628 fund managers in the entire market (excluding money market funds), with 79, 87, and 442 fund managers managing stock, mixed, and bond funds respectively, accounting for over 70% of the total number of bond fund managers.