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Since the beginning of this year, a total of 65 fund companies have purchased 2.907 billion yuan of their own products, among which China Asset Management has the highest amount of self-purchase, reaching 441 million yuan; Tianhong Fund has purchased 24 times, the most frequently. It is worth mentioning that in March, the fund's self-purchase jumped to more than 747 million yuan, setting a new high this year.

Stock funds become the main force of self-purchase

As of August 9, among the products purchased by public funds this year, stock funds led with a self-purchase amount of 1.38 billion yuan, followed by mixed funds, which reached 565 million yuan. At the same time, FOF funds, bond funds, and QDII also received net purchases from public funds, which were 390 million yuan, 347 million yuan, and 130 million yuan respectively.

The self-purchase behavior of public funds to a certain extent reflects the judgment of industry trends and sector rotation. Sector rotation in the market is normal. By self-purchasing its own stock funds, public fund institutions can flexibly respond to investment opportunities and risks brought about by sector rotation.

The fact that stock funds have ranked high in self-purchase this year is related to the market situation. Industry insiders pointed out that this year, stock funds were affected by the decline in the stock market, and their overall performance was poor. Investors lacked confidence, which led to obstacles in the issuance of stock funds. In this context, public funds strive to enhance investor confidence and reduce fund redemption pressure through self-purchase, while also helping the issuance of new funds.

65 fund companies purchased more than 2.9 billion yuan of funds this year

According to statistics from Securities Times Databao, as of the latest, the total amount of self-purchase by 65 public funds and asset management institutions this year was 2.907 billion yuan (excluding money market funds and alternative investments).

In January this year, the market experienced an irrational decline and investors lacked confidence. Public funds were able to increase investor confidence through self-purchase. In February, the CSI 300 Index rose unilaterally, the market rebounded and affected by the Spring Festival holiday, the amount of fund self-purchase was low. In March, public funds' confidence in the market increased significantly, and the total amount of fund companies' self-purchase reached a monthly peak this year, with an amount of nearly 750 million yuan. From April to July, the amount of fund self-purchase remained above 300 million yuan, and the CSI 300 Index consolidated above 3,300 points.

According to the data from Tonghuashun, in terms of fund types, the types of self-purchased funds mainly include stock funds, mixed funds, and FOF, with subscriptions of 1.38 billion yuan, 565 million yuan, and 390 million yuan respectively, accounting for more than 80% in total. It is worth mentioning that in April and May, the amount of self-purchased stock funds by public fund companies and asset management institutions accounted for more than 60%, 76% and 64% respectively.

In terms of the number of self-purchases, the most frequent purchases during the year wereTianhong Fund, the number of subscriptions is as high as 24 times;China Asset Management, E Fund Management, China Universal Asset ManagementThe number of self-purchases was 23, 19 and 14 respectively. In addition, Southern Fund, Fullgoal Fund and Huaan Fund also exceeded 10 times.

In terms of the amount of self-purchase,China Asset Management ranked first in terms of self-purchase amount, reaching 441 million yuan; E Fund purchased 285 million yuan, ranking second. Southern Fund, Tianhong Fund, Fullgoal Fund, Huaan Fund, Guotai Junan Asset Management, and GF Fund purchased more than 100 million yuan.

In terms of product yield, as self-purchased fund products, the fund yields at the top are mostly semiconductor and gold theme funds, among whichChina Europe CSI Chip Industry Index Launch A, Yongying CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF Launch Link A, China Merchants CSI Semiconductor Industry ETF Launch Link AThe yields were 17.1%, 16.27% and 14.76% respectively, ranking the top three.

In addition, many QDII stock funds such as Huaan Hang Seng Internet Technology ETF Initiated Connection (QDII) A, Hua Xia CSI Hong Kong Mainland State-owned Enterprise ETF Initiated Connection (QDII) A, and Huatai-PineBridge Southeast Asia Technology ETF Initiated Connection (QDII) A also have good yields and are ranked at the top.

11 fund products with a total purchase amount of over 15 million yuan

In terms of fund products, the largest single purchase and the largest total purchase amount this year were both from China Asset Management.Huaxia Pension 2060 Five-Year Holding Mixed Fund (FOF) A, and its self-purchase amount exceeded 200 million yuan. It is worth mentioning that when the fund was established on March 28 this year, the fund company used its own funds to subscribe for more than 200 million shares, accounting for 100% of the total fund shares.

Secondly, Shanghai Guotai Junan Securities asset management products——Guotai Junan China Bond 0-3 Year Policy Financial Bond AThe amount of self-purchase was 61.0127 million yuan, ranking second. In addition, the self-purchase amount of Shenzhen Gao REIT and CSI A50E under E Fund Management exceeded 50 million yuan.

In the past ten years, fund companies' large-scale self-purchases of equity products have mostly occurred at the market's periodic bottom, with an obvious "support" effect.

Industry insiders believe that large-scale self-purchases by public funds will, on the one hand, inject incremental funds into A-shares, and on the other hand, deeply bind the interests of fund companies and fund managers with the interests of investors. It is a way for them to convey confidence to the market and help stabilize market sentiment. Although the scale of self-purchases by public funds is not equivalent to a buy signal, when the market falls to a certain extent or for a period of time, the public funds start a wave of self-purchases, which is often one of the signals that the market has bottomed out.

In this regard, Everbright Securities analyst Qi Yanran pointed out that this will help improve the consistency of risks and interests with investors, boost investor confidence and stabilize market expectations; on the other hand, it can use self-purchase funds to supplement and stabilize the size of fund assets. "When market sentiment is low, fund self-purchases usually appear as a positive signal that the market may stop falling and stabilize." Self-purchase funds tend to favor stable assets with a higher safety margin. When the market tends to bottom out, equity funds are more likely to purchase more intensively.

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: Lin Lifeng

Proofreading: Zhao Yan

Data treasure