Personal pension fund layout race kicked off?
From November 28 last year, the first batch of personal pension fund products on sale counting, personal pension fund has officially gone through three months of time. The following Xiao Biao brought personal pension fund layout race kicked off, we take a look at it, I hope to bring reference.
Personal pension fund layout contest kicked off
The future of the expected policy guidance with the product's own solid income performance, so that the personal pension fund attracted a large number of head of the public investment to the "beach", have for its pension target FOF fund The personal pension Y share is declared.
But careful statistics is not difficult to find, this hustle and bustle in fact still only belong to a few people. 21st Century Business Herald reporter observed that the current in the establishment of more than a year of the pension target fund products, due to the scale did not reach the standard line and did not shortlisted for the personal pension fund list of the situation is not uncommon.
According to the 21st Century Business Herald reporter statistics, the current market issued a personal pension fund Y share of public institutions for 43, accounting for the proportion of the total number of public institutions is only 27.7%. It is worth mentioning that the absence of some fund companies in the pension target fund is particularly obvious, such as in the public equity "old ten", Changsheng Fund has not even issued any pension target fund products.
In fact, the landing of a personal pension fund product is not easy. As an innovative fund product, pension FOF is successfully shortlisted in the personal pension fund directory, which cannot be separated from the comprehensive investment and support of public equity institutions in investment and research teams, product design, information technology, channel sales, customer service and other capabilities.
Also interviewed institutions pointed out that, in addition to the experience and ability of the institutions themselves, the weak awareness of the personal pension wealth management of Chinese investors, as well as the threshold of understanding of the investment characteristics of the pension fund itself, is a long time in the future, the need for the market to multi-platform **** the same face and solve the challenge.
Head of public equity leading
Personal pension fund opening three months, China's "third pillar" pension system gradually into the comprehensive development of a new stage of perfection.
Choice data show that the current shortlist of personal pension funds has expanded to 137. Product report card is also noteworthy, since 2023, the total size of the Y share of more than 2 billion yuan, the vast majority of funds have achieved positive returns.
The public equity managers behind the products that have landed have reached 43. Specifically, Huaxia Fund leads the way with nine in number, ETF and Southern Fund have eight each, Harvest Fund and Efontaine Fund have seven each, Hua'an Fund and Guangfa Fund are tied with six, and ICBC Credit Suisse and Yinhua Fund are tied with five. In addition, there are 6, 8, 8 and 12 public institutions that have issued 4-1 respectively.
It is not difficult to see that the head effect of personal pension funds is obvious, and most of the larger institutions are rushing to the front line. In terms of non-monetary fund size ranking at the end of 2022, the top 10 public institutions are all shortlisted with two or more personal pension funds, while those with four or more personal pension funds are all ranked within the top 30 in terms of size.
Western Securities said in a personal pension tracking report in February that China's current public personal pension fund market is highly concentrated, and the head of the company "has a strong willingness to promote, channel capacity and product capacity. A number of head funds have set up business segments dedicated to pension management, and have established specialized management systems and processes for personal pension business.
"We have always positioned the pension business as the strategic cornerstone business of the company and set up a business segment dedicated to serving pension management." Tang Tang, fund manager of the FOF investment department of Harvest Fund, pointed out to the reporter of the 21st Century Business Herald, "In terms of the management of FOFs, Harvest Fund has accumulated a wealth of experience, and has formed strategic cooperation with a number of overseas organizations, introducing advanced overseas FOF management concepts."
Not coincidentally, drawing on the advanced asset allocation concepts of overseas pensions, the layout of a perfect pension FOF product system is also an important way for most head fund organizations to make efforts. For example, from the official website, the personal pension fund "brother" Huaxia Fund in the full play of local investment and research advantages at the same time, but also combined with Fidelity International, Russell Investments and other overseas institutions of the pension investment experience.
Besides the product layout, Jianxin Fund pointed out to the 21st Century Business Herald reporter that the company is also in the sales promotion and customer companionship continued to make efforts.
"In the connection with banks or three-party platforms and other channels, we will take into account the risk preferences of the channel pension target fund customers as a whole, and provide different strategies for different risk preferences of customer groups, and pension fund products that match their goals." Jianxin Fund relevant responsible person said, the company is also in the multi-channel pension investment education and customer accompaniment work, and customer managers to carry out in-depth pension planning training.
It is worth mentioning that among the 43 public equity managers that have successfully issued personal pension funds, only 15 institutions have realized all of their pension target fund products, accounting for less than 35%. Specifically, even the head of public equity such as Huaxia, South, and Harvest, respectively, have a few handfuls of pension FOFs that have not opened Y share.
In addition, there are also 10 fund companies such as Anxin Fund, Yongweng Fund, CITIC-Prudential Fund, Cinda Australasia Fund, Genkin Hutchison Fund, TEDA Manulife Fund, and HFT Fund, etc., which have already had a pension target fund issue, but have still not been able to realize the shortlisting from zero to one. A breakthrough in the directory of personal pension funds.
Issue a pension target fund, but absent from the personal pension fund list, the reason?
The reporter combed through the current market 368 (sub-share calculation) pension FOF fund 2022 four-quarter net value performance found that the biggest obstacle to the entry of the public pension target fund, but also lies in the size of the product.
In November 2022, the Securities and Futures Commission (SFC) issued the Interim Provisions on the Business Management of Publicly Offered Securities Investment Funds for Individual Pension Investments, which gives guidance and regulations on the environment for public funds to issue individual pension products, such as fund managers, product design, product management and sales management.
Including in product management, the Interim Provisions emphasize that the scale of personal pension funds at the end of the last four quarters should not be less than 50 million yuan or the scale at the end of the last quarter should not be less than 200 million yuan.
With this scale requirement, the sadness and joy of pension FOFs are not connected.
In fact, the difference in size between pension target funds has diverged significantly, depending on the product's income style and underlying.
The CBI Anxiang steady pension one-year FOF is the only 10 billion yuan level of pension FOF in the current market, its A share 2022 scale was once more than 20 billion yuan at the highest, and its Y share at the end of the fourth quarter less than two months after the establishment of the stand-alone scale has also been close to 30 million yuan. But then comb down, more than 1 billion yuan of pension FOF has been rare.
And most pension-targeted funds have consistently hovered around $10 million-$30 million in size over the past year.
After combining the shares, one of the smallest pension FOF products is the Galaxy Yueling stable pension target one-year holding mixed initiation FOF. this fund was established in August 2021 with a return of -0.61% in the past year, and the size of the fund has not exceeded the ten million yuan scale in the rest of the quarter except last year's second quarter when the size reached 10.02 million yuan.
There are also some longer-established pension target funds that have not been able to wait until the day they are shortlisted as personal pension funds, but have been forced into liquidation due to their size not meeting the target.
On Feb. 27, TEDA's Manulife Pension Target Date 2040 Three-Year Holding Mixed FOF released an announcement about the termination of the fund's contract and the liquidation of its property. The announcement showed that the effective date of the fund's contract was Feb. 27, 2020, and as of the end of Feb. 27, 2023, the size of the fund was less than 200 million yuan, triggering the aforementioned termination conditions agreed in the fund contract.
Not coincidentally, this Prosperity Great Wall Pension Target Date 2045 Five-Year Holding Period Mixed Initiator FOF has been declared liquidated on Nov. 25, 2022, also because its net asset value is still below 200 million yuan as agreed in the contract after three years of issuance.
In addition, the reporter noted that there are also a few products that meet the conditions of the nature of the investment and the size of the fund, but still not included in the directory of personal pension funds.
An investment source speculated to the reporter, considering the fund company in the issuance of personal pension fund before the need to docking system with the CNDC, and complete the industry platform test, its products may still be in the system construction or reporting process. As the disclosure of the shortlist by the SFC is conducted on a regular basis rather than in real time, there may also be cases where the relevant products have been included in the platform but not disclosed to the public.
The absence of the "old ten"
The absence of the institution itself is more noteworthy than whether a single product has been shortlisted as a personal pension fund. According to statistics, 102 public equity institutions have not yet issued a pension target fund, accounting for more than 72.3%.
In the veteran public equity echelon, Changsheng Fund seems to have fallen out of line in the allocation of pension target funds, becoming the only "old ten" public equity institutions without any pension target fund products.
At the end of 2022, Changsheng's fund management size was 63.495 billion yuan, up about 15 percent year-on-year, but still only ranked 69th. In the most glorious time, Changsheng Fund has also entered the ranks of 100 billion, but now a number of old friends who used to be side by side are running toward the trillion, but they fell down the waist, the division between them is inevitably saddening.
In the layout of pension products, Changsheng Fund is also slow to show the strength of the movement. The reporter inquired about the official website and the three-party sales platform found that Changsheng Fund did not open a personal pension area, only in the publicity of other products, has suggested that investors in the form of fixed investment in the future pension, children's education and other long-term planning arrangements.
As for its funds, the only and pension "touch" is probably a product called "Changsheng pension health flexible allocation mix", last year's scale fluctuates between 79 million yuan to 86 million yuan. However, this name mainly lies in the product configuration of innovative drugs, APIs, liquor, medical equipment and other stocks related to the pension health industry.
"The company has actually been brewing and studying this." A source close to Changsheng Fund told the 21st Century Business Herald, "But in a particularly short-term period of time, let's say within six months, there may not be a specific product being launched."
According to the source, in the first two years, Changsheng Fund did not participate in the layout of the pension target fund-related products, mainly with the company's internal judgment of the timing, comprehensive consideration, and even the company's board of directors to the company's assessment. Changsheng Fund had also set up a team of related talents, but then lost some of them.
"Changsheng fund in the past in fact also got the approval of pension products, if the future related products issued, can be activated at any time." The source further told reporters. However, in its view, the issuance of pension target fund is a "need to raise the project", such as the company's short-term profitability pressure, "even if on the product, a moment and a half is not necessarily easy to obtain returns.
In fact, 2021 was a year of sudden personnel changes for Changsheng Fund. 2021 June, the company's general manager Lin Peifu left the post, this position was replaced by the chairman of the board of directors Zhou Bing concurrently. And a month later, on July 21, Zhou Bing handed over the chairmanship to Gao Minhe, who moved on to become general manager. In the same month, Guo, director of the company's research department, was promoted to deputy general manager.
Since 2022, Changsheng Fund's executives have tended to stabilize, but the fund managers of many of its funds are still frequently "changing hands". The difficulty of retaining staff and the relative absence of star fund managers have made it a long road for Changsheng Fund to regain its position in the industry.
After undergoing a round of personnel changes, Changsheng Fund had also determined the development policy of "taking equity as the guide and fixed income as the flanking security". But in terms of current scale, fixed income products are still the main force behind the growth of its scale.
Currently, Changsheng Fund *** issued 110 fund products (divided into share calculation), including 10 stock funds, 63 hybrid funds, 32 bond funds, 4 currency funds and 1 QDII. from the fund scale, the bond fund growth rate is the first, the end of 2022 scale of 31.595 billion yuan, a year-on-year increase of 72.8%. The scale of equity products, on the other hand, increased slightly from the beginning of 2020 to the end of 2021, and exceeded 20 billion yuan in the fourth quarter of 2021, but has continued to shrink since 2022, and is now back down to about 13.503 billion yuan.
Data on the company's official website shows that the three non-LOF equity funds of Changsheng Fund have performed reasonably well in the past year, realizing a positive return of about 5-10 percent on average, but most of the hybrid products have been in the green, with eight of them down more than 20 percent in the past year.
It's worth mentioning that the equity fund that is currently being promoted by Changsheng Fund and occupying the official website and APP "main booth" is the Changsheng Tongsheng Growth Preferred Mixed LOF, which is managed by Guo _ as fund manager. The information shows that Guo _ cumulative length of nearly seven years, joined Changsheng has been more than three years, the total size of the management fund for 4.179 billion yuan.
The reporter noted that in the past six months, the overall performance trend of Guo_s products and the CSI 300 formed a "scissors difference": 2022 when the stock market downturn showed the ability to obtain excess returns, since the beginning of the year, the equity market rebound, but instead of being the performance of the index left behind. But Changsheng Tongsheng Growth Preferred Mix has been a relative outperformer among the company's similar products, resuming its growth trend so far this year, returning 1.52 percent in the opening two months of the year.
Zhou Bing once mentioned in a media interview that he had formulated a two-stage development plan for Changsheng Fund: from 2021-2023 to make up for the short board of the fixed income business and realize the restorative improvement of the industry rankings; and from 2024-2025 to realize the breakthrough to surpass the equity funds and insist on the balanced development of stocks and bonds.
And the aforementioned informed sources further pointed out to the 21st Century Business Herald reporter, the current Changsheng Fund is in accordance with this development plan to steadily advance. "The company in the past two years in terms of equity is mainly to do deeper and more sophisticated, in-depth implementation of the concept of 'research-driven investment'. It also seems to be advancing on the right path at present, only that things are not developing so immediately."
"The company's next step is a balanced development, after the strengthening of the fixed income business, but also on the layout of the future pension products on a relatively large advantage." The source told reporters.
An all-round test
In fact, the landing of a personal pension fund products is not easy. As an innovative fund product, pension FOF successfully shortlisted personal pension fund directory, behind the public equity institutions in the investment and research team, product design, information technology, channel sales, customer service capabilities of the comprehensive support.
Dongfang Securities has pointed out in a recent research report that the personal pension fund as a FOF-type fund, the investment scope usually includes stocks, bonds, funds, ETFs and other types of assets. From the characteristics of the FOF fund, the combination of a basket of funds play a "shock absorber" effect, multi-asset class configuration, can also play a lightning rod effect.
Because of this, the public FOF investment staff have the ability to allocate broad asset classes, fund selection capabilities have put forward new requirements, but also make the cost of building a professional pension investment team has become expensive.
"Forming an investment team to manage the people's pension money is a systematic project." Tang Tang told the 21st Century Business Herald, "For the personal pension business, Harvest Fund has set up a special FOF investment department, FOF research department, and risk management department, behind which is the company's investment and research support of more than 100 people."
In terms of staffing, according to the "Fund of Funds Audit Guidelines", fund managers applying for registration of FOF, should be equipped with at least three or more people dedicated to investment or research, and in addition to ETF-linked funds, FOF fund managers shall not also serve as fund managers of other funds.
In terms of information technology capabilities, public equity institutions with big data and artificial intelligence platform support are also more likely to add wings to their product development, providing individual pension fund products with different strategic distinctions for pension investment groups with different risk preferences and different life cycle stages.
Jianxin Fund further pointed out to the 21st Century Business Herald reporter that fund managers declaring and issuing personal pension fund products also need to do multi-faceted and all-round preparatory work at the information technology level. "For example, developing adapted systems to conduct docking tests with relevant platforms, and continuously improving internal operation and management systems based on personal pension business needs and product characteristics, etc."
Meanwhile, as residents' personal pension accounts are available and unique, wealth management organizations that have the more residents' pension accounts have a clear first-mover advantage in the future wealth management market. Therefore, cooperation with third-party channels to promote the opening of personal pension accounts and follow up on the marketing and promotion of subsequent products has also become a personal pension fund managers to do the "hard homework".
"The third-party Internet platform is an important strategic partner for fund companies to tap the value of Internet customers." Tang Tang pointed out that the current company not only has the right to use the Internet, but also has the right to use the Internet to promote its products. Tang Tang pointed out that the current company not only has its own mobile financial management APP, but also covers third-party platforms such as Ant, Tencent, Jingdong Finance and Daily in terms of Internet business. By providing these platforms with professional services such as investment research, products, investment advisors and Internet operations, it can create a benign ecosystem between fund companies, Internet platforms and investors.
But even the above conditions are leading the public equity, in the promotion of personal pension fund is not all smooth. Interviewed organizations mentioned that China's personal pension development is still at an early stage, the Chinese people's attention to personal pension wealth management is gradually increasing, but the awareness of advance planning is still insufficient, personal pension investment planning and the concept of personal pension wealth management has yet to be further popularized.
"In the process of product promotion, we found that in countries where social pension is the mainstay, the awareness of personal pension is relatively weak. This is what we are relatively worried about, that is, individuals do not have sufficient awareness of their own and their family's retirement planning." Tang Tang pointed out, "We found that the vast majority of clients who buy Harvest Pension Target Fund are over 50 years old, indicating that young people in China are not much prepared when it comes to planning for their future retirement."
As for how to get out of this predicament, in the view of Jianxin Fund, in the coming period of time, the fund company will also need to continue to support pension investment and education with banks, three-party platforms and other customer-touching channels.
"Pension target funds, especially target date funds are different from traditional public funds, often with the approaching retirement age, the proportion of equity positions will continue to decline, so customers with different retirement age and risk appetite need to choose the products that are suitable for them. For retail investors, there is a certain understanding of the threshold, which requires all kinds of institutions to continue to do a good job of pension investment and education, to match investors with truly suitable long-term pension products." Jianxin Fund told reporters.
But overall, with the changes in investors' personal pension concepts and policy support to follow up, both the head and small and medium-sized public institutions, in the future are still expected to tap more market opportunities.
Since this year, a number of public equity institutions that have laid out personal pension funds have said one after another in public platforms that the next step is to develop more innovative and recognizable strategies on the existing basis, and to achieve full coverage of all types of risk-preferring investors in the pension target fund.
And the absence of public equity institutions, is also running to the ranks of personal pension funds. 21st Century Business Herald reporter noted that there has been a CITIC CITIC Fund and other small and medium-sized public equity institutions said in an interview with the media that the future will respond positively to the national policy, the design and issuance of products such as pension FOF into the subsequent planning.
Analyzing a stock's handicap
It is reported that the handicap includes the stock's trend condition of the day, analyzing the size of a stock's handicap mainly consists of five parts, namely, entrusted than; five files of buying and selling pending orders; opening price closing price, up and down, the lowest and highest price, the amount of ratio, inside and outside the disk, the total turnover; turnover ratio, total share capital outstanding share capital, net assets, earnings, dynamic price-earnings ratio; buy and sell orders.
In the stock is the market stock of the stock market is the real-time disk data window in the trading process. The stock market data is usually in the by the commission ratio, trading buy and sell five files pending order data, stock opening price, stock closing price, stock up and down, stock high price, stock low price, stock latest price, stock volume ratio, stock inside and outside of the disk data, total stock volume, stock turnover, stock turnover, stock's total share capital, stock's outstanding share capital, stock's net assets, stock's price-earnings ratio, the expected return, the stock's Net inflow amount, bulk inflow of the stock, the stock belongs to the sector concept and other combinations of comprehensive data.