Yesterday, the fund issuance market ushered in two more popular style products.
Before the launch, the market had expected that the mixed foundation for the three-year holding period of Yifangda quality enterprises would be another popular style. The fund was launched yesterday, and sources said sales were close to 35 billion yuan.
ICBC Credit Suisse high-quality growth yesterday announced the early end of the offering, the initial public offering size of more than 10 billion yuan.
In the last month, coupled with the popular style funds of many fund companies, such as the South and Guangfa, the newly issued equity fund has raised more than 200 billion yuan.
Yifangda high-quality enterprise mix
It is a hot seller of 35 billion
Yesterday, Yi Fangda high-quality enterprise mixed fund limit of 8 billion debut. Capital subscription is hot, to 5: 00 in the afternoon, sales channels revealed that sales of about 35 billion, the proportion is expected to be about 23%. Yifangda Fund immediately announced that Yifangda high-quality enterprise mixed fund ended ahead of schedule.
"the emergence of popular style funds is still due to the recognition of fund managers." Said a bank salesman.
Data show that Yi Fangda high-quality enterprise mixed proposed fund manager Zhang Kun outstanding long-term performance. By the end of the first quarter, his personal management had exceeded 30 billion. The Yifangda small and medium-sized mixed fund, which has been managed since September 2012, has a return of 417.76% and an annualized return of more than 23%.
From the position point of view, Zhang Kun investment heavy stock concentration is high, the turnover rate is low. Yi Fangda small-cap fund quarterly report shows that its top 10 heavy stocks include Hualan Bio, Guizhou Moutai, Wuliangye, Luzhou laojiao, Shanghai Airport and so on, accounting for 80.23% of the total market value. Guizhou Moutai has been a major investor in the fund since the second quarter of 2013.
Zhang Kun summarized his investment style as "pursuing the sustainable growth income of the enterprise under a certain margin of safety, focusing on the competitiveness of the enterprise, the moat, the business model and the ability to create free cash flow." Companies with long-term growth capabilities are found to buy at a relatively reasonable valuation level and hold them centrally in the medium to long term. "
According to Huatai's financial products investment report, Zhang Kun pays more attention to free cash flow per share and interest-bearing debt ratio when selecting stocks.
Zhang Kun said that in the long run, the value of the enterprise depends on the discounted free cash flow. Many A-share companies are profitable, but their free cash flow is so weak that he will not invest in such enterprises.
In addition to the mix of high-quality enterprises of Yi Fangda, the high-quality growth of ICBC Credit Suisse, which ended ahead of schedule yesterday, is also expected to reach the level of 10 billion. The fund is jointly managed by investment veterans Zhang Jisheng and Yuan Fang, and star funds are popular in the market. According to reports, Yuan Fang currently manages a number of active equity funds, such as ICBC sports industry stocks, ICBC new generation consumption mix, and so on. Data show that as of June 12, Yuan Fang has managed 155.32% of ICBC sports and sports stocks since December 2015. Zhang Jisheng, who has worked for 23 years and is good at TMT investment, began to manage the ICBC technology innovation in the first batch of scientific and technological innovation funds in May 2019, with a three-year closed mix, with a net worth growth rate of 51.68% as of June 12. ICBC Internet Plus stocks managed in December 2018 returned 83.78%.
Two fund managers of ICBC Credit Suisse said that the new fund will deeply tap the high-quality development opportunities of China's economy, focusing on and laying out potential races such as 5G, cloud computing, high-end machinery and equipment, semiconductors, AI, new energy vehicles, industrial Internet, consumer electronics and so on.
Popular style fund in recent January
Dense appearance
In the past month, the market has fluctuated, but hot spots have emerged frequently in the issuance of new funds, and the record of issuing scale has been broken one after another.
At the end of May, the balanced growth stock fund of Yi Fangda was established, with a scale approaching 27 billion yuan. Less than two weeks later, this fund set a new record for the largest stock-oriented fund in its initial public offering this year. The Southern growth Vanguard Fund collected 32.1 billion yuan a day, becoming the third largest active equity fund in history after Castrol's strategic growth. Southern growth pioneer fund managers Mao Wei and Wang Bo, who previously managed southern scientific and technological innovation, have made a return of more than 80% for more than a year.
In addition, the quality return of Guangfa, which was established on June 10, raised 7.903 billion shares; Zhang Dongyi, the proposed fund manager, has an excellent past performance. In addition, Huatai Berry Business Optimization also announced the early end of the fund-raising, with a scale of more than 5 billion. An active equity fund under China Merchants Fund raised more than 4.5 billion.
With the help of these popular funds, the issuance of new equity funds has exceeded 200 billion in the past one and a half months since May. Data show that a total of 98 equity funds (including stock, hybrid and index) were established from May 1 to June 15, raising a total of 183.249 billion yuan. With nearly 35 billion of Yifangda's initial public offering of high-quality enterprises, the size of equity funds set up during this period has exceeded 200 billion.
The funds raised by the new fund will bring more new "ammunition" to the market. If calculated according to the average position of 60 per cent, the recent issuance of equity funds will bring at least 120 billion yuan of incremental funds to the market.