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Huang Guixuan, Nancai Finance and Investment Research Group

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Equity public fund management closed up 6.41% in the past six months, and more than 80% of products recorded positive returns

Data from Nancai Financial Management shows that equity-based public offerings have performed well since the Spring Festival. The average net asset value growth rate, annualized volatility and maximum drawdown of 34 equity-based public offerings in the past six months were 6.41%, 17.52% and 11.77% respectively. During the same period, the increases and decreases of stock funds and equity-oriented funds were 1.76% and 2.35% respectively. The increases and decreases of mainstream market indices such as the Shanghai Composite Index, Shenzhen Component Index and CSI 300 were 2.88%, -0.13% and 0.90% respectively. Equity-based public offerings have outperformed market indices and public funds.

From the performance of specific products, more than 80% (82.35%) of the products have recorded positive returns in the past six months. Huaxia Wealth Management's "Tiangong Daily Wealth Management Product No. 8 (Precious Metals Index)" has the highest increase, with a net value increase of 25.89% in the past six months. Another product "Tiangong Daily Wealth Management Product No. 6 (Micro-cap Growth Low Volatility Index)" ranks second in yield, at 21.92%, but the annualized volatility of both products exceeds 30%. In addition, there are 7 products that have increased by more than 10% in the past six months. In contrast, Minsheng Wealth Management's two products "Jinzhu FOF One-Year Holding Period No. 1", "Jinzhu FOF One-Year Holding Period No. 1", Everbright Wealth Management's "Sunshine Red Health and Safety Theme Selection", Huaxia Wealth Management Tiangong Daily Series No. 3, No. 4, and No. 7 have all lost money in the past six months. Among them, "Tiangong Daily Wealth Management Product No. 7 (Home Furnishing Building Materials Index)" has the largest decline in the past six months, at -13.77%, and the maximum drawdown during the period has also reached 27.62%. In terms of the return-to-drawdown ratio, Everbright Wealth Management's "Sunshine Red Infrastructure Public REITs Preferred No. 1" has the highest return-to-drawdown ratio of 12.26. While the product achieved a yield of 13.30% in the past six months, the maximum drawdown was only 2.18%.

The proportion of equity asset allocation continues to decline, and financial management companies are still in a wait-and-see state

In the first half of 2024, as risk appetite continued to decline, the scale and proportion of equity wealth management products declined. The "China Banking Wealth Management Market Half-Year Report (2024)" (hereinafter referred to as the "Report") shows that as of the end of June 2024, the scale of equity products was 0.07 trillion yuan, a decrease of 12.5% ​​from 0.08 trillion yuan at the end of 2023. The scale of equity products accounted for 0.25% of the total scale of bank wealth management, a decrease of 0.05 percentage points from 0.30% at the end of 2023.

In addition, after the new asset management regulations in 2018, the proportion of wealth management funds invested in equity assets has been declining year by year, and the risk preference of wealth management products has continued to decline.The equity investment ratio of bank wealth management products reached a high of 9.92% at the end of 2018. In recent years, the equity investment ratio has gradually decreased. At the end of June 2024, the investment ratio of equity assets had dropped to 2.78%, and the balance of assets was 850 billion yuan.

In contrast, the scale of public equity funds has increased, but the proportion has decreased. Wind data shows that the net asset value of equity funds was 2.83 trillion yuan at the end of June 2024, an increase of 258.096 billion yuan from the end of 2023. Equity funds accounted for 9.21% at the end of June 2024, a decrease of 0.22 percentage points from 9.43% at the end of 2023.

Overall, wealth management companies have been relatively cautious in their layout of equity products this year.In terms of public offerings, only Huaxia Wealth Management issued one public offering product in May, "Tiangong Daily Wealth Management Product No. 14 (SSE 50 Index)", and in terms of private offerings, Minsheng Wealth Management issued 6 products and Xingyin Wealth Management issued 4 products, all of which were closed-end net value products. As of August 12, there were 35 equity public offerings in existence in wealth management companies.

From the perspective of future product layout, index investment may become a mainstream strategy. In recent years, with the continuous increase in the proportion of institutional investors in the A-share market and the improvement of the effectiveness of the capital market, it has become increasingly difficult to obtain Alpha returns. Investors earn more income from asset allocation, and funds continue to flow into the ETF market. The scale of equity ETFs has been rising steadily. As of the net value update on July 31, the total scale of 782 equity ETFs in the market reached 2007.126 billion yuan, breaking the 2 trillion yuan mark. In terms of bank wealth management products, Bohai Bank Wealth Management and Xingyin Wealth Management have some products registered on China Wealth Management Network, but the release time has not been determined. The product issuance is still in a wait-and-see state, but the three products to be sold by Xingyin Wealth Management are all quantitative index enhancement products.

(Data Analyst: Zhang Xunfang)