Since last June, more than 10 funds have been liquidated every month. The deep-seated reasons for fund liquidation are the large number of funds of the same type, serious homogenization and long-term unsatisfactory performance. So today, Bian Xiao is here to sort out the fund liquidation for everyone, and it has also entered normalization. Let's have a look!

Liquidation has entered normalization.

Wind statistics show that according to the fund share consolidation statistics, as of September 25th, the number of funds due for liquidation this year reached 137. Judging from the reasons for liquidation, most funds have a net asset value of less than 50 million yuan for 60 consecutive working days, which belongs to the withdrawal of mini funds.

In recent years, the number of liquidation of mini-funds has greatly increased, but due to the increase in the number of new funds issued and the sluggish market performance, the number of mini-funds is still high. Wind data shows that as of September 25th, there were 979 mini-funds with a scale below 50 million yuan, while at the end of 20021,there were only 767 mini-funds with a scale below 50 million yuan.

Some fund industry analysts said that the small scale of the fund does not mean that it must be liquidated, because each new fund product needs to meet the basic conditions of 200 million yuan. In addition, the cost of new marketing is quite high, and most managers in Public Offering of Fund can guarantee all the mini-funds, which is the main reason for the high number of mini-funds at present.

There are also some fund products that are voluntarily liquidated "in view of the changes in the current market environment, in order to protect the interests of fund share holders", such as Xingye Gain for five years, Zhongke Wotu Wosheng Pure Bond A, and Furong Fuan A, all of which have a liquidation scale of more than 500 million yuan.

It is worth noting that this year's liquidation fund has many new funds that have not been established for a long time. According to the statistics of the Securities Times reporter, among the funds liquidated this year, there are 18 and 5438+0 funds established in 2026.

Among the above-mentioned sub-new funds, only two bond funds have positive returns this year. Many times, new funds are issued when the market is high, and due to the lack of convincing performance, they are more likely to be "abandoned" by holders when market volatility increases.

Some companies choose active liquidation.

The large number of funds of the same type, serious homogenization and long-term unsatisfactory performance are the deep-seated reasons for the current fund liquidation.

Due to the intensification of market volatility, the number of fund liquidation is also increasing. On the positive side, some fund companies choose to take the initiative to liquidate some products that have poor long-term performance or do not match the company's investment and research strength.

At present, according to the classification of investment scope, the number of partial stock hybrid funds, flexible allocation funds, medium and long-term pure debt funds and passive index funds in the market all exceeds 1000. These types of funds have become the main force of fund liquidation because of their large base. Specifically, since the beginning of this year, the number of liquidation of medium and long-term pure debt funds and flexible allocation funds has exceeded 20, and the number of liquidation of passive index funds, passive index bond funds and partial stock mixed funds has exceeded 15.

It is worth noting that the number of liquidations of partial-share hybrid funds reached a record high this year. Some analysts believe that in the past two years, the number of partial stock hybrid funds has exploded, doubling in two years, with a total of more than 2,000, which is the largest fund type in the market at present. Since the beginning of this year, A-shares have continued to fluctuate, and the poor performance of such funds, which mainly invest in the equity market, has led to a large number of redemptions by investors, and the number of mixed mini-funds with partial shares has surged, which poses the risk of liquidation.

The volatility of A-share market is increasing, the volatility of bond market is small and the income is stable, which attracts the attention of safe-haven funds. However, the number of liquidation of bond funds is not low. This year, 25 medium and long-term pure debt funds were liquidated, which is the largest category of liquidation funds this year. This year, 17 passive index bond funds were liquidated, and the number of similar funds decreased to 197.

According to relevant sources of fund companies, at present, the homogeneity of fund products is serious, and there are more than 2,000 hybrid funds with partial stocks, and fund products with blind issuance and unclear positioning emerge one after another. When the market volatility increases, many funds are at a disadvantage in the competition and become "mini funds" until they are liquidated.

In addition, the long-term performance of some unpopular minority fund products is not as good as expected and has not been recognized by more investors, so some fund companies choose to give up these products voluntarily.

On the other hand, a large number of quantitative funds have been liquidated this year. In August this year, Zhong Jinhui announced the quantitative hedging strategy of liquidation for three months. This is the first liquidation of long and short hedge funds in two years. At present, there are only 24 long-short hedge funds on the market, and the recently approved 1 fund was established at the end of 2020.

The public offering quantitative fund mainly adopts multi-factor quantitative model investment strategy, integrates technical, financial, liquidity and other indicators, and selects stocks for investment. However, in recent years, the performance of public offering quantitative funds is less than expected, and it has failed to control the withdrawal and obtain more excess returns. For example, the net value of two publicly-funded quantitative funds liquidated this year has fallen by more than 20%, and only three active quantitative funds and two long-short hedge funds have achieved positive returns this year.

Since 20 10, the scale concentration of public offering quantitative funds has shown a downward trend. In August this year, nearly 11barely pressed the end button for only1established quantitative funds. Since this year, nearly 10 quantitative funds have been declared liquidated.

In April this year, Guolian 'an enjoyed the liquidation of one-year stable pension target (FOF), and announced the liquidation of the first FOF (fund in fund) fund since the birth of the domestic pension target fund three years ago.

The amount of liquidation this year is less than last year.

Now the fund liquidation has entered the normalization. Since June 2020, at least 10 fund products have been declared liquidation every month. However, the market is extremely depressed this year, and the number of fund liquidations is hard to exceed 254 of 202 1. Wind data shows that the number of fund liquidations from 20 17 to 202 1 is 65438, 430 and 133 respectively.

Except for 20 18, the number of fund liquidations has increased year by year. This year, the total number of funds exceeded 10,000, and the number of mini funds once exceeded 1000. However, the trend of continuous growth in the number of liquidation funds this year may be terminated.

Some insiders said that in the past, the liquidation of mini funds was mainly driven by policies, and the market driving force was still relatively weak. The source said that the previous requirement for mini funds was that a fund company needed to control the number of mini funds below a certain number, otherwise it would affect product approval. Under the background of stricter supervision, if fund companies issue new funds, they must clean up the mini-funds.

In the past two years, the issuance of new funds was relatively smooth. In order to issue new funds, fund companies have a strong incentive to liquidate mini-funds, which is also the reason why the number of liquidation funds and new funds in 202 1 has increased significantly. This year, the fund issuance market is cold, and the fund companies are not motivated to liquidate the mini-funds, preferring to choose continuous marketing and shell protection.

The person in charge of a fund sales organization said that fund liquidation is a process of survival of the fittest. From the holder's point of view, even some excellent mini-funds, because of their small scale, will lead to higher investment costs. This kind of product has the risk of liquidation, and its net value may fluctuate greatly, so it is often not recommended by sales personnel and sales platforms. From the company level, small-scale fund products will only consume the company's operating costs, occupy too many human resources, liquidate mini-funds, pay more attention to flagship products, create influential products and win the favor of holders. This is the general trend. This is also conducive to the improvement of industry resource utilization efficiency.

A fund evaluator believes that there are too many products in Public Offering of Fund now, and the experience of fund investors in choosing funds is very poor. At present, the process of supervising and approving new funds has been greatly shortened, and the issuance of innovative products has also been encouraged. Fund liquidation is a common phenomenon in overseas mature markets. Fund companies should resist the impulse of blindly expanding the scale and product line and give up products with poor performance and substandard scale.