A public offering of development space for FOF_ 东方 Fortune Network can be expected

Original title: FOF public development space can be expected

Since the first batch of FOF was issued in October 2017, after three years,Public offerThe number and scale of FOFs grew rapidly. It is worth mentioning that in the field of public FOF,managementThe scale is also obviousHead effectFrom the insiders’ point of view, as it becomes increasingly difficult to obtain absolute returns, it is necessary “not to lower the expected returnVolatility“The profitable FOF development space is worth looking forward to.

FOF public offering management scale

It exceeds 75 billion

At the end of the third quarter of 2020, everyonemarketTo shareFOFbottom132, of which 37 ordinary FOF and pension fundstargets95 FOF funds. The total size of FOF funds exceeded 75 billion yuan, reaching 75.24 billion yuan, an increase of 35.6% from 55.48 billion yuan at the end of the second quarter. The total scale of the ordinary FOF is 29.4 billion yuan and the total scale of the FOF pension is 45.85 billion yuan.

It is worth mentioning that although the overall management scale of the public FOF is not very large, it has gradually shown its main features.

For example, the top 5 executivesFund managerThe total management scale accounts for more than half of the country. between them,Banking Fund of Minsheng CanadaThere are 3 FOFProduct, The total scale reached 13.647 billion yuan, accounting for 18.54% of the scale;Schroder Fund of the Bank of CommunicationsThere are 2 FOF under its umbrella, with a total scale of 10.256 billion yuan, accounting for 13.87% of the scale; China Universal has 5 FOFs with a total scale of 8.599 billion yuan, accounting for 11.63% of the scale. In addition, the two FOFs of the China Industrial Securities Global Fund have a scale of 5.037 billion yuan, which is about 5.88%.Southern FundThe scale of its seven FOFs is 3.004 billion yuan, or about 3.61%.

In addition, the top 10 fund products under management account for more than half of the total market. Statistics show that at the end of the third quarter, there were 12 FOF products with a scale of more than 1 billion yuan, of which 3 with a scale of over 5 billion yuan. The Anxiang Prudential Pension Communications Bank had the largest scale in one year at 9.476 billion yuan. Configured for 6 months at 6.729 billion yuan, people’s livelihood plus silverCorningThe stable pension is 6.442 billion yuan per year, there are 4 on a scale of over 2 billion. The scale of China Huitianfu’s focus on value growth for three months and Xingquan’s three months of aggression are 4.584 billion yuan and 3.495 billion yuan respectively. China Huitianfu is activeinvestmentThe main advantage of the three-month holding period and the one-year scale of SPDB AXA Yihe Prudent Pension are 2.845 billion yuan and 2.162 billion yuan respectively. In addition, Huaan stable pension scale for one year, E Fund Huizhi stable pension for one year, ICBC Zhiyuan three-month holding period, Xingquan Antai (FOF) balanced pension, and Fu Guo Zhicheng selection for three months More than 1 billion. The total scale of the above higher FOFs exceeds 43 billion yuan, accounting for more than 58%.

FOF next year

It will introduce an important development window

According to an industry expert, FOF practice over the past two to three years has shown that there is a history of public FOFPerformanceLess, the operating period is short and the investment capacity of FOF managers needs to be improved, so wait and seeattitudeMost investors. In the future, as the stability of FOF risks and returns continues to be demonstrated, FOFs with the benefits of “not lowering expected returns and lowering volatility” will be increasingly recognized. Therefore, next year will be an important year of FOF investment.

“The new rules on asset management followsupplyThe side angle adjustment and the high historical performance accumulated in the equity market will make it increasingly difficult to achieve absolute returns in the future. As income-oriented expected products move away, fixed income + varieties will become a good alternative.It is worth looking forward to such a fixed income + effect through FOF. “

Xingquan Optimum progressive quarterly fundmanagerLin Guohuai said that in his understanding, FOF is not just a financial product, but a solution for ordinary investors to invest in the secondary market.Although the funds have very good long-term returns, most of themInvestment in fundsThe return on the holding is not high, so I hope to help investors increase the return on the holding through FOF. Specifically, FOF has the following characteristics: Firstly, it can reduce portfolio volatility without reducing the expected rate of return, so that the risk-adjusted return will be higher; secondly, the relatively stable risk-return characteristics thoughshort termIt is difficult to bring big surprises, but it can continue to meet investor expectations; third, the sources of income can be more diverse. These characteristics canOptimizeThe holding experience of fund investors, so that they can hold out longer and better share the investment returns caused by long-term fluctuations in the capital market.

Xu Liming, manager of the China Pension fund in 2045, said FOF is an investment fund based on the idea of ​​asset allocation. The volatility of the Chinese capital market is significantly higher than that of developed countries. However, for a long time in the past, the Chinese capital market has failed to meet the reasonable risk compensation required by high volatility. In this context, it is unreasonable to simply require investors to follow the “value investment” concept and the “long-term investment” principle. Therefore, the basic principles of asset allocation in our country, as well as top-down risk measurement, based on volatility, bottom-up, risk adjustment based on investment direction, are equally important. Only in this way will it be possible to effectively improve the risk-return ratio of the entire FOF portfolio.

(Source: Securities Times)

(Responsible publisher: DF522)