Source: new economy e-line

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The new economic line has learnedRampagearcadegameThe localization of wholly foreign-funded public offering in China has not been as smooth as expected. The quarterly report of the Fund for 2024, which was recently disclosed, shows thatRampagearcadegameThe products of the newly established wholly foreign-owned public offering have generally shrunk seriously, and the scale decline is in the forefront of the industry.

As the first public offering product since the establishment of the Schroeder fund, Schroeder Hang Schroeder Hang Heng (Schroeder C) suffered huge redemptions in just more than three months after its establishment, plummeting by more than 90% in size. Schroeder Heng Heng is a mixed bond secondary fund, which was just established on December 26 last year. The total number of households effectively subscribed by the fund is 1833, and the initial share raised is 128305.Rampagearcadegame.860,000 copies. However, by the end of the first quarter of this year, the total share of the fund had decreased to 12476.Rampagearcadegame.65 million copies. It can be seen that in a short period of three months, Schroeder's share has shrunk by more than 90%, as high as 90.32%.

Prior to this, Schroeder Fund was officially approved for business development on January 10, 2023, and the company chose to make its debut with fixed-income products, and was equipped with a doubles combination of Shan Kun and Zhou Yun. Among them, Shan Kun is the company's fixed income investment director. Both fund managers joined Schroeder in 2018. The two were former fixed income fund managers and multi-asset fund managers of Schroeder Investment Management (Shanghai) Co., Ltd.

Just during the Spring Festival this year, Zhang Lan, general manager of Schroeder Fund, said that Schroeder Investment Group has been rooted in the mainland Chinese market since 1994 as a global asset manager with a history of more than 200 years. It has always been committed to building blocks for the progress of China's asset management industry. With the accelerating pace of China's opening up to the outside world, Schroeder Investment Group is closely followed, giving full play to its profound investment experience and global network advantages, and actively seize the huge opportunities in the Chinese market. The opening of Schroeder Fund marks the Group's development in the Chinese market to a new level and its firm confidence in the Chinese market.

"the ideal is very plump, the reality is very bony." Obviously, from the actual situation, there is still a long way to go for wholly foreign-funded public offering to achieve its reputation in the domestic market.

The scale shrank collectively in the first quarter

New economy e-line statistics found that by the end of the first quarter of this year, among the four wholly foreign-owned public fund companies newly established and already issued products, Schroeder Fund, BlackRock Fund, Lubermai Fund, Fidelity Fund and other four fund companies have all shrunk as a whole.

According to the quarterly report for 2024 released by Schroeder Heng on April 20, Schroeder Heng Bond An and Schroeder Heng Bond C were significantly redeemed 119.8 million and 1.0890455 billion yuan respectively during the reporting period, while the corresponding applications were only 106200 and 49.8698 million, respectively. the net redemption of the combined shares reached 1158,5695 million. The net asset value of the fund also dropped from 1.2830585 billion yuan at the beginning of the period to 125.6184 million yuan at the end of the first quarter of this year, a decrease of 90.21%.

At the end of the reporting period, the net share of Schroeder Heng Bond A fund was 1.0074 yuan. During the reporting period, the net share growth rate of this kind of fund was 0.71%, and the benchmark yield for the same period was 1.29%. By the end of the reporting period, the net share of Schroeder Heng Bond C Fund was 1.0066 yuan. During the reporting period, the net share growth rate of such funds was 0.63%, and the benchmark yield for the same period was 1.29%. (performance benchmark: China Bond Composite full Price Index yield * 90% + one-year time deposit interest rate (after tax) * 5% + China Securities 800 Index yield * 4% + Hang Seng Index yield (adjusted for RMB exchange rate) * 1%)

From the perspective of fund performance, as a fund that is still in the period of building positions, it should be said that it is not lost. The period of establishment of the fund shall be 6 months from the effective date of the fund contract. As of March 31, 2024, the Fund is still in the period of building positions.

In addition to the leading Schroeder fund, the overall size of BlackRock fund and Lubermai fund also shrank by more than 40% at the end of the first quarter of this year, with the combined size of their funds falling to 4.321 billion yuan and 5.992 billion yuan respectively, down 3.721 billion yuan and 4.27 billion yuan respectively from the end of the fourth quarter of last year, with month-on-month declines of 46.27% and 41.61% respectively, ranking third and fourth on the list of fund companies.

As the first active equity fund under BlackRock Fund and the largest, BlackRock China New Vision (A Greater C) has been shrinking since its establishment on September 7, 2021. By the end of the first quarter of this year, the size of the fund had shrunk to 2.595 billion yuan, compared with 6.68 billion yuan at the beginning of its establishment, a shrinking rate of more than 60%, and the total share of the fund decreased to 4.358 billion. At the end of the period, the net share of the fund was only 0.5965 yuan and 0.5889 yuan respectively, which was nearly halved.

From the perspective of the fund's investment strategy, before the Spring Festival, the stock position of the fund was relatively conservative, and the industry allocation was mainly concentrated in assets with low valuations and high dividends, which significantly reduced its holdings of high valuation subjects whose short-term fundamentals could not quickly cash in on performance compared with the beginning of the year. After the Spring Festival, the position of the fund is relatively positive, and the allocation proportion of high dividends is properly controlled in style, which increases some new energy sub-industries with relatively sufficient adjustment and positive improvement in the future climate; at the same time, we will actively study the potential opportunities under the theme of allocating inflation and Fed interest rate cuts. However, from the perspective of fund investment performance, its portfolio adjustment is not in step with the rhythm of market operation.

According to the new economy e-line, Tang Hua, one of the former fund managers, left office on January 19 this year and was taken over by Shen Yufei. The latter is the company's equity investment director and fund manager of the equity investment department. Another fund manager, Shan Xiuli, has been in office since the establishment of the fund. From the perspective of service return, Shan Xiuli's total return is-39.83%, the annualized return is-17.51%, and the return ranks 1517Universe 2222.

In the BlackRock Fund's active equity funds, in the first quarter of this year, BlackRock Advanced Manufacturing holding for one year (Ascarp C), BlackRock Hong Kong Stock Exchange Vision (Ascarc C), BlackRock Industry Optimization (Amax C), and other three funds have shrunk to varying degrees, shrinking to 246 million yuan, 230 million yuan and 185 million yuan respectively.

And Lubermai Fund's five funds were established last year, 3 are fixed income products, 2 are active equity products. Judging from the change in quarterly size, the two debt bases held by Lubrigman one year (A & A) and Lubermai China Select interest rate bonds have shrunk sharply from 4.058 billion yuan and 4.855 billion yuan at the end of the fourth quarter of last year to 2.647 billion yuan and 2.027 billion yuan at the end of the first quarter of this year, respectively. Similarly, the size of the two active equity products of Lubermai China opportunity (A & A) and Lubermai China Healthcare (A) also decreased to varying degrees, and the net asset value of the fund at the end of the period was only 259 million yuan and 32.45 million yuan respectively. Among them, the latter is the initiating fund.

By contrast, only Fidelity funds have fallen in single digits. By the end of the first quarter of this year, the total net asset value of the company's three funds was 5.503 billion yuan, down 275 million yuan from the end of the fourth quarter of last year, or 4.76% month-on-month.

Wholly foreign-funded public offering continues to expand

However, the e-line of the new economy notes that although the practice of localization needs to be further tested, wholly foreign-funded public offering continues to expand.

On April 18 this year, Allianz Fund was approved to carry out public offering fund business in China. So far, the number of wholly foreign-owned public offerings approved in China has increased to 9. Among them, BlackRock Fund, Fidelity Fund, Luberman Fund, Lianbo Fund, Schroeder Fund and Allianz Fund all obtained public offering licenses by applying for the establishment of new companies. The remaining three former Sino-foreign joint venture public offerings, including Manulife Fund, Morgan Asset and Morgan Stanley Fund, have been transferred to wholly foreign-owned public offering funds through equity transfer.

According to public information, Allianz Fund, with a registered capital of 300 million yuan, is a wholly foreign-owned public offering fund wholly owned by Allianz Investment. Allianz Investment is a diversified asset management company responsible for global asset management business of Allianz Insurance Group (Allianz Group). As of fiscal year 2023, Allianz Group's total business has reached about 162 billion euros, and Allianz investment management has exceeded 4 trillion yuan.

Initially, Allianz Group entered China in 2003 and launched the establishment of Guolianan Fund with Guotai Junan. It is the first Sino-foreign joint venture fund management company approved to be established in China. Guotai Junan and Allianz Group own 51% and 49% respectively. In August 2023, the CSRC approved the establishment of Allianz Fund, which is set up and wholly owned by Allianz Investment, a subsidiary of Allianz Group. In September of the same year, Guotai Junan signed an "equity transfer agreement" with Allianz Group, stipulating that Guotai Junan would acquire 49% of the shares held by Allianz Group in the Guolian Fund.

Since the beginning of this year, in addition to Allianz Fund, Lianbo Fund has also officially opened in Shanghai. According to public information, Lianbo Group set up an office in Hong Kong, China in 1997, and obtained qualified Foreign Institutional Investor (QFII) qualification and RMB qualified Foreign Institutional Investor (RQFII) qualification in 2008 and 2014 respectively.

In addition, according to the e-line of the new economy, from the point of view of product layout, this year, wholly foreign-funded public offering has accelerated the pace of product layout, and the number of new funds declared and issued has increased significantly than in the past. In terms of new product launches, products such as Schroeder China Power stock of Schroeder Fund, Fidelity dividend preferred mix of Fidelity Fund, and Lianbo Zhixuan, the first public offering product of Lianbo Fund, have been issued or established successively.

On April 27, the first active equity fund under Schroeder Fund was established. According to the announcement of the entry into force of the fund contract, the total number of effective subscriptions raised by the fund reached 323.9664 million yuan. The fund is a general stock fund, with an Yun as the fund manager.

According to public data, an Yun joined the Schroeder Group in 2022 and is currently deputy general manager of the Schroeder Foundation. He has served as Chief Investment Officer of Schroeder Investment Management (Shanghai) Co., Ltd., Deputy General Manager of Changxin Fund (in charge of investment business), and Managing Director of Dunhe Capital Management as Fund Manager. Shenyin Wanguo Research Institute strategic analyst and other positions.

Earlier, on April 2, Lianbo Zhixuan issued an announcement that the fund contract would take effect on April 1. The fund is a partial-stock mixed fund, the total number of effective subscriptions raised by the fund reached 4494, and the scale raised was 499.6532 million yuan. Among them, the employees of Lianbo Fund subscribed for 5.0181 million shares of the fund.

According to public information, fund manager Zhu Liang is currently deputy general manager and investment director of the company. He joined Lianbo Group as early as 2006 and served as the head of Asia-Pacific quantitative Research of Lianbo Hong Kong Co., Ltd., and the portfolio Manager of Lianbo Huizhi (Shanghai) overseas Investment Fund Management Co., Ltd. Zhu Liang has 24 years of industry experience and is one of the early public fund managers in China, including Everbright Prudential Fund and Tiantong Fund.

The preferred Fidelity dividend is the second new fund issued by Fidelity Fund this year, which is a partial mixed fund, which is raised from April 10 to April 26, 2024. It is reported that as a dividend-themed product, this product will adopt the dual dimensions of high dividend and high quality to select high-quality stocks with good fundamentals and continuous dividend ability and potential. The company's medium-and long-term pure debt fund, Fidelity 90-day holding (Ascarp C), was established on January 30 this year, raising nearly 1 billion yuan.

In addition, Wind statistics also show that as of April 29, 2024, the number of products declared by wholly foreign-owned public offerings has exceeded 50 in the past year. Among them, there are 27 bond funds, accounting for more than half, reaching 51.92%. For example, the five products declared by BlackRock Fund this year are all debt bases, involving other bond funds and medium-and short-term debt bases. The Lubermai Fund also declared three debt bases and one bond index fund during the year. Similarly, Fidelity has declared two debt bases this year, and Schroeder has declared one in February.