China Fund News reporter Fang Li
As the fund’s 2023 quarterly report has been disclosed, the latest scale of the fund manager has been released.
In the "bond bull and stock bear" market in 2023, the scale of bond funds surged by more than one trillion yuan, reaching a total scale of 8.8 trillion yuan, setting a record high; under the stock market shock, stock ETFs and other index funds "fell further and further" "Vietnam Buy", the scale surged by 417.4 billion yuan during the same period. However, active equity funds suffered setbacks due to factors such as poor market conditions and partial fund redemptions, and their scale shrank significantly.
The ebb and flow of the scale of various fund products has led to a major reshuffle in the ranking of public funds. Against the backdrop of the market, some fund companies have achieved steady growth in scale by relying on their rich ETF product lines, strong fixed-income investment capabilities, and quantitative and other characteristic business development. China Asset Management's non-goods scale will grow by more than 100 billion yuan in 2023, Harvest, Huatai Bai Rui's growth exceeded 50 billion yuan, and some public fund companies with a high proportion of active equity funds shrank by more than 60 billion yuan last year.
The scale of debt funds will grow by more than one trillion yuan in 2023.
Tianxiang Investment Consulting statistics show that as of the end of December 2023, all public fund managers have 11,001 funds and 513 funds that have not disclosed their 2023 quarterly reports. The total size is 27.31 trillion yuan, an increase of 1.562662 billion yuan from 25.75 trillion yuan at the end of 2022, with a growth rate of 6.07%.
Looking at various types of funds, in the "bond bull and stock bear" market conditions in 2023, the scale of active investment stock funds, hybrid funds, and FOFs has shrunk, while bond funds, currency funds, pure index stock funds, qdii and other funds have become larger The main force of growth.
Specifically, the scale of bond funds has grown most significantly. In 2023, the scale will increase by more than one trillion yuan, reaching 13,500 yuan, which will also bring the total scale of debt funds to 8.8 trillion yuan, a record high.
In the subdivision of equity funds, the scale of index funds has grown significantly. Among them, the scale of pure index stock funds has surged by 417.491 billion yuan, and the total scale has exceeded the 2 trillion yuan mark, reaching 2.06 trillion yuan, indicating that the index represented by stock ETFs The fund is in a state of "buying more as it falls". The scale of enhanced index stock funds will also grow by nearly 21 billion yuan in 2023, an increase of 12.05%.
In addition to the above-mentioned funds, overseas investment funds will increase in size by 83.837 billion yuan in 2023, commodity funds will increase in size by 12.951 billion yuan, and other funds will also increase in size by 24.108 billion yuan. The growth rates of these three types of funds in 2023 will all exceed 25%.
Among the major categories of public offering products, active equity funds have shrunk significantly. Under the pressure of the shrinking market value of stock holdings and the redemption of some funds, the scale of hybrid funds has shrunk significantly. Data show that in 2023, the scale of hybrid funds shrank by more than one trillion yuan, reaching 1.061736 billion yuan, and active investment stock funds shrank by more than 87.759 billion yuan during the same period. In addition, the scale of publicly raised FOF shrank by more than 36.5 billion yuan, a ratio of 19.21%.
Looking at individual fund companies, at the end of last year there were 5 fund companies with full-scale public funds exceeding 1 trillion yuan, of which the largest was 1.68 trillion yuan.
The "top ten" fund companies occupy almost 40% of the market share. Data shows that as of the end of the fourth quarter of 2023, the total scale of the top ten managers is 10.82 trillion yuan, the total scale of fund managers in the market is 27.31 trillion yuan, and the top ten managers account for 39.62% of the scale. The fund industry " "Head effect" is still obvious.
A major reshuffle in the scale of fund managers
In 2023, index funds, bond funds, etc. will develop greatly, the scale of active equity funds will shrink, and the scale of public fund managers will also undergo a major reshuffle: some fund companies will have tens of billions of dollars in scale. While there has been a shrinkage, there are also fund companies that have grown in size by hundreds of billions.
At the end of the fourth quarter of 2023, the non-material scale of E Fund reached 1,014.067 billion yuan, and it is still the only fund company in the market with a scale exceeding one trillion yuan. However, in 2023, E Fund's non-cargo scale will decrease overall by 11.477 billion yuan.
Benefiting from the sharp increase in the scale of stock ETFs, China Asset Management's non-stock scale has reached 876.92 billion yuan. In 2023, the scale of non-stock management has increased by more than 120 billion yuan, reaching 122.47 billion yuan. It is the largest increase in the scale of non-stock management in 2023. fund company.
Guangfa Fund, which ranks third, has a non-material scale of more than 600 billion yuan, reaching 671.2 billion yuan, also ranking at the forefront of the market.
The management scale of Wells Fargo Fund, China Merchants Fund, Harvest Fund, Boshi Fund, and Southern Fund also exceeded 500 billion yuan; China Universal Fund and Penghua Fund both exceeded 400 billion yuan, ranking among the top ten.
Judging from the scale growth list, China Asset Management will have the largest growth in non-material scale in 2023; Harvest Fund ranks second with a scale growth of 75.547 billion yuan; also benefiting from the contribution of index funds, Huatai-PineBridge and Cathay Fund have also grown in scale during the same period. Reaching 62.72 billion yuan and 42.639 billion yuan respectively, ranking at the forefront of the market. Yongying Fund and Changxin Fund, which have strong fixed income capabilities, also performed well, with greater growth in scale in 2023.
From the perspective of scale shrinkage, some fund companies with a relatively high proportion of active equity funds will shrink more in 2023. The three public fund companies with more serious scale shrinkage have reduced their scale by more than 60 billion yuan.
According to an industry insider, the fund industry depends on the weather, and changes in the scale of fund managers are closely related to their own business structures. Under a market pattern like 2023, it is often those with strong capabilities in the fixed income field and early passive business layouts. Fund companies that benefited more, or fund companies whose overall business was more balanced, were less affected, while public equity companies with a higher proportion of active equity business were greatly affected, and their scale declined significantly.
Overall, the top ten fund companies have a balanced business layout and the market structure is still relatively stable. The overall ranking has not changed much, and only a few fund companies have significantly improved their rankings. Among the "top 20", Harvest Fund, Huaan Fund, Cathay Fund, Huatai-PineBridge Fund, etc. have improved their rankings due to their growth in scale.
ChinaAMC, Harvest, Huatai-PineBridge, etc.
The scale of equity funds has grown against the market.
The scale of equity funds that reflects the core competitiveness of public funds has attracted much attention from the market. The disclosure of the 2023 quarterly reports of public funds is showing the "muscle show" of the increase and decrease in the equity scale of fund companies in a volatile environment.
According to the statistical caliber of equity funds, E Fund ranks first in the scale of this type of product with 563.346 billion yuan; thanks to the contribution of index funds to the adverse market scale growth, China Asset Management ranks second with 536.601 billion yuan, with a new scale of 87.399 billion yuan.
Guangfa Fund ranked third with 312.893 billion yuan, followed by Wells Fargo Fund with 289.499 billion yuan. There are many fund managers such as Harvest Fund, Southern Asset Management, China Universal, Huatai-PineBridge, China Europe Fund, etc. The scale of equity funds exceeds 200 billion yuan, ranking second in the market.
Looking at the scale growth, in addition to China Asset Management, which has a larger new scale, Huatai-PineBridge Fund also has a new scale of 55.755 billion yuan, ranking second. The scale of equity funds of China International Finance Fund, E Fund, and Dacheng Fund has also increased by more than 10 billion yuan; in addition, Guolianan, Huashang, Xixili De, Quanguo Fund, etc. have also increased by more than 5 billion yuan. This is in the downturn of the equity market in 2023. Times are indeed not easy. Some of them are active equity fund managers with charisma, some of them have made distinctive quantitative investments, and some of them have benefited from the development of ETFs and attracted funds.
However, some public equity funds with large scales and few index products have shrunk in size, with the largest shrinkage exceeding 68 billion yuan.
In terms of the ranking of active equity funds that can reflect the market influence of fund companies to a certain extent, Tianxiang Investment Consulting data shows that including estimated scale and qdii funds, as of the end of the fourth quarter of last year, the scale of active equity funds managed by E Fund reached 301.718 billion. Yuan, it is currently the only fund company with an active equity fund scale exceeding 300 billion Yuan.
Guangfa Fund and China Europe Fund followed closely with scales of 221.293 billion yuan and 204.744 billion yuan. In addition, Wells Fargo, Invesco Great Wall, China Universal, ChinaAMC, Harvest, and Industrial Securities Global also had higher scales.
talked about the changes in the scale of equity funds of fund companies in 2023. A person from the fund company said that the stock market has been adjusted a lot this year, and the scale of equity-containing assets is under great pressure. The companies with an increase in equity scale are mainly those that are biased towards ETFs in business structure. Fund companies will be affected if their active equity business accounts for a high proportion.
The above-mentioned person believes that the increase or decrease in the scale of fund companies can also reflect the resource endowments of different fund companies. Relatively speaking, the competition among leading fund companies is more intense and no obvious shortcomings in a single business are allowed. Small and medium-sized fund companies may have advantages in a certain field and can achieve significant scale growth once the "wind" comes.
Editor: Joey
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