With less than a month to go until the end of 2023, the number of liquidations during the year has reached 243, surpassing the whole of last year and the second highest number in the past five years.In the liquidation of the first place, there are both excellent and loss-making products, and there are various reasons: such as the performance counterattack but the funds maintain a wait-and-see attitude so that the first share stagnates, or the large-scale redemption of the institution leads to the first "mini base", as well as the scale shackles encountered by the initiator with excellent performance, and finally has no choice but to liquidate.
The number of liquidations surpassed last year
On November 30, Huatai Berry Selected Return Announcement: The net asset value of this ** has been less than 50 million yuan for more than 60 consecutive working days, and according to the "** contract", it was decided to liquidate the ** property and terminate the "** contract" in accordance with the law.
The above-mentioned departures also brought the number of liquidations during the year to 243, which has exceeded that of last year and reached the second highest number in the past five years.
In the context of the overall drastic A-shares, the equity class ** bore the brunt, accounting for about 77%, becoming the main force to be eliminated, a total of 186 products announced liquidation, and the debt gene performed well during the year, so the number of liquidations was only 35, the lowest value since 2016, in addition to 5 QDII** and 11 FOF** liquidation.
At present, there are more than 1,000 products with a net value of less than 50 million yuan, hovering near the liquidation line.
Bosera**, Huabao**, HFT**, SPDB AXA** and Bank of China** have liquidated more than 10 companies.
From the performance point of view, the main reason for many ** liquidation is due to the poor net value trend by the market abandonment, taking the core growth of the Bank of Shanghai that was also liquidated at the end of November as an example, the ** was established at a high market level three years ago, and the scale of fundraising at the beginning of its establishment was 3400 million yuan, and the performance fell immediately after a short period of stability. Although the manager has made an active allocation every quarter and greatly adjusted the heavy stocks, it still can't stop more than 60% after three years, and the net value is only 0 at the time of liquidation38 yuan, and the share is only 8.88 million copies.
A public offering investment researcher in North China pointed out that the increase in the number of liquidations reflects the recession of the market and the aversion of the people to risks. "There are good and bad things in liquidation, and survival of the fittest will prompt companies to strengthen risk management, improve investment levels, and focus more on holding operations. But a large number of liquidations may also exacerbate market uncertainty and lead to a massive withdrawal of funds. ”
The high-performing products were also reluctantly liquidated
Poor performance is not exclusive to liquidation**, in fact, there are many products that have no choice but to be liquidated after a large performance**.
Taking the Cathay CSI Shanghai-Hong Kong-Shenzhen Animation and Game ETF that shined during the year as an example, the ** was established in March last year, and its net value has been tepid, and it has also dropped to 0A low of $75. However, with the explosion of the artificial intelligence sector and the catalyst of an interactive game in the second half of the year, the related ** rose amazingly, and the net value of the ** also soared, and the increase during the year once exceeded ninety.
However, the interest of the people in the ** is relatively flat, judging from the historical data, it is a large-scale flight of funds on the eve of the net value surge, and in the process of reaching a stage high and then falling back, the share has not changed significantly.
In a similar situation, there is also the Great Wall Hengtai Pension 2040, on October 19, the ** disclosed, "the corresponding date after three years from the effective date of the contract (if there is no corresponding date, it will be postponed to the next day), if the net asset value is less than 200 million yuan, the contract will be automatically terminated, and there is no need to convene a general meeting of share holders to deliberate and decide, and the contract term shall not be extended by convening a general meeting of share holders." ”
As an initiator**, the scale of three years after its establishment reached 200 million yuan, which is a hard threshold for avoiding liquidation. Although from the performance point of view, the Great Wall Hengtai pension 2040 to 735% of the income ranked first in this year's FOF** half-way performance, but the scale has always been the shackles that the ** can not break through, and it has remained stable at about 25 million yuan for many quarters, and as of the end of the third quarter of this year, the total share at the end of the period was 2697710,000 shares, corresponding to a net asset value of about 2,451820,000 yuan.
In addition, the above-mentioned Huatai Berry Select Return has had a stable net value since its inception in 2016, and its share has remained at about 500 million yuan for many years. However, from the perspective of the holder structure, the proportion of institutional customers remained above 99%, and as of the end of the second quarter of this year, the ** share fell to 14.1 billion shares, and the share of a single holder is as high as 12.6 billion copies. According to the analysis of industry insiders, most of these products belong to institutional customized products, due to the adjustment of institutional customers' own investment strategies or other changes, the products become mini after large redemptions.
The camp should also be targeted
The poor performance of the ** is abandoned by investors like a piece of paper, but it is reasonable, why do products with good performance also be abandoned by the market?In other words, can the company increase its efforts to hold business in terms of high-performance products?
A public fundraiser in South China told reporters that the holding of ** products is the result of comprehensive factors, and not only excellent performance will necessarily be able to do a good job. "From the perspective of the investment side, since last year, the market has an obvious feature is the acceleration of rotation, in other words, these theme industry strategy is more distinct products, may perform well in the market tuyere stage, but everyone will still have a wait-and-see attitude towards the sustainability of performance, resulting in not much real entry of funds. ”
From the sales side, since the beginning of this year, the retail channel has faced greater pressure from customers, and many bank-side wealth managers are more focused on after-sales maintenance than new product sales. The above-mentioned person mentioned.
There are also third-party institutions who said that the holding can be promoted in real time according to the needs of the market and investors, combined with the characteristics of the product, which is more efficient and more suitable for structure. It is also necessary to reverse marketing, increase publicity, do a good job in investor education, and guide customers to establish a long-term investment concept through the decentralized allocation of time and products, so as to avoid the increasingly fierce dilemma of 'redeeming the old and buying the new'. ”
*:*Times.