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The market has recently paid close attention to the impact of the upcoming expiration of a batch of three-year regular active equity fund products established in 2021. The reason is that during the peak of public offerings in 2021, a batch of three-year holding period products were established, which are facing concentrated expiration in August and September this year, which may increase the pressure of redemption by investors and reduction of holdings by institutions.

How big is the scale of these three-year active equity fund products established in 2021? If a new round of redemptions occurs, what will be the impact on the market and fund companies?

Wind data shows that there are 20 three-year active equity fund products that will expire in the second half of this year. The return rates since their establishment have all been negative, with a general loss rate of 30%-60%. Among them, the performance of GF Industry Strict Selection Three-Year Holding A and GF Industry Strict Selection Three-Year Holding C managed by the well-known 10 billion fund manager GF Fund ranked last, with a return rate of -56.98% and -57.49% respectively since their establishment, the largest decline among similar products.

With such appalling performance, given that investors continued to redeem 500 billion yuan of active equity fund products in the first half of the year, it is indeed possible that investors will concentrate on redeeming three-year funds.

What will be the maximum scale of concentrated redemption?

Judging from the scale of fund products announced in the second quarter, as of June 20, the total scale of these 20 closed-end active equity funds was 23.904 billion yuan.

In terms of absolute scale alone, the 23.9 billion yuan will mature in batches, and the impact of the 7.3 billion yuan in July should have been fully released in August.