Shanghai and Shenzhen 300 Index rose sharply during the year, but there are related index liquidation
Source: Daily Economic News, editor of journalist Wang Yan, editor of editor Xiao Ruidong This year, the trend of the Shanghai and Shenzhen 300 Index, which reflects the overall performance of blue chip stocks, is remarkable.
Wind data show that as of December 17, the Shanghai and Shenzhen 300 Index rose by 34.
25%, the best performing CSI 300 index enhanced fund yield reached 45.
While major fund companies are stepping up their deployment of mainstream broad-based indexes, a reporter from the Daily Economic News noticed that a Shanghai-Shenzhen 300 Index-enhanced fund had quietly been liquidated recently.
On December 17th, the Anshen CSI 300 Index enhanced initiation announcement of the termination of the fund contract became the first CSI 300 Index to be liquidated during the year.
The competition of similar products is very fierce This year, the wind of passive investment is getting stronger 青岛夜网 and stronger, and the issuance of major public fund index products has become more rapid, especially the mainstream broad-based index layout is more active.There are 37 (A and C are calculated separately), including more than 20 fund companies such as Castrol, Tianhong, Huitianfu, etc., which are helpful in this field.
When the mainstream wide-base index circuit became more crowded, some funds chose to liquidate.
The Anxin CSI 300 Index Enhanced Initiation Fund has entered into liquidation procedures on October 13, and the period for property liquidation is 6 months.
The reporter found that only 65 households subscribed for 1261 when the Anxin CSI 300 Index was enhanced.
280,000 yuan, of which nearly 80% is the company’s own funds.
Although there was a brief large capital increase in the second quarter of 2017, and the scale reached 1.
More than 50,000 points, but it is still difficult to ensure the sustainable effect of scale.
At the end of 2017, the size of the fund fell below 1ppm.
As of October 12 this year, this fund has only 16 million shares.
The reporter noticed that this fund’s “vote with feet” may not be entirely due to performance.
According to Wind data, the Anxin CSI 300 Index enhanced A and C yielded more than 24% in the year, which was slightly lower than the index enhanced fund 28 during the same period.
77% average yield.
Looking at the length of the time period, since its establishment, the Anxin CSI 300 Index has strengthened A and C, and the net increase in C distribution has been increased by 20.
95%, clearly outperforming the industry average.
So why is this fund applauded?
A senior official told reporters: “It may be due to the company’s focus on concentration. After all, the size of the fund has not been very large. After liquidation, it can reduce expenditures such as funds and income.
“From the perspective of a senior public fundraiser, there are already many funds tracking the CSI 300 Index. The homogeneity of such products is obvious and competition is fierce.
The index enhancement strategy is not easy to do, and the liquidation of various types of products is normal.
In addition, enhanced index funds have requirements for tracking deviation and tracking error, which are generally 7.
75% / year.
The reporter inquired Wind data and found that the annual tracking error of the above-mentioned fund has been 8 since the date of establishment.
2% or more.
This is not the first liquidation index. Since last year, the development of domestic index funds has taken the fast track to growth.
Wind data show that as of the end of the third quarter, the size of equity index funds has increased by 211.5 billion yuan, an increase of more than 34% from the end of the previous year.
As of December 18, a total of 262 stock index funds have been newly established this year (A and C split calculations).
At the same time as the explosive growth of index funds, the liquidation of related funds is also common.
This is the first CSI 300 index fund to be liquidated during the year, not the first to be liquidated.
The reporter has sorted out 12 passive investment funds that have been wound up in the market since this year.
What are the characteristics of these liquidated index funds?
From the perspective of fund performance, the net value of passive investment funds rose sharply under the feast of A shares, and these liquidation funds were no exception.
Excluding grading, passive index debt base, only China Resources Yuanda Zhongchuang has suffered a slight loss in revenue since 100 years ago, and the remaining stock index funds have realized a net value increase of more than 10% this year; the one with the highest yield, E Fund Shenzhen Stock Exchange, has reached the ETF within CRevenue increased by 28.
92%, but the fund went into liquidation in June this year.
According to the calculation of the rate of return on the day the fund was established, Qicheng Liquidation Index Funds all made money for investors, and the net value of the three non-graded products rose by more than 20%.
Fund liquidation is often triggered by failure to meet the asset size requirements.
From the perspective of issuance shares, when these funds were established, their ability to raise funds was not strong and the scale was difficult to grow.
Among the 12 funds mentioned above, only the Noon Shanghai Stock Exchange Emerging Industry ETF has raised more than 800 million yuan, and the scale of other products has not been large.
In addition, these fund tracking indexes are different. In addition to the Shanghai and Shenzhen 300, there are mainstream broad-based indexes such as CSI 800 and CSI 500, as well as products that track the Shanghai Stock Exchange Emerging Industry Index, China Chong 100 Index, and Shenzhen Component Index.