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清盘潮又起,一批公募FOF规模大考临近
Di Yi Cai Jing·2025-05-18 13:34

Core Insights - The number of FOFs (Fund of Funds) being liquidated continues to rise, with at least 7 public FOFs announcing potential liquidation in May alone, adding to the 6 that have already been liquidated this year [1][2] Group 1: Reasons for Liquidation - Initiated FOFs are facing liquidation primarily due to failing to maintain a minimum asset value of 200 million yuan three years after establishment, while open-end FOFs are at risk if their scale remains below 50 million yuan for 20 consecutive working days [2][3] - Despite some products outperforming benchmarks, they are still unable to grow in scale, leading to their unfortunate closure [2] Group 2: Scale Growth Challenges - The concentrated liquidation of initiated FOFs established in May 2022 highlights the "three-year test" where funds must maintain a net asset value of at least 200 million yuan to avoid termination [3] - For instance, the Huaxia Balanced Pension Target Three-Year Holding FOF, which started in May 2022, has a current scale of only 12.94 million yuan, prompting a suspension of subscription activities [3][4] Group 3: Market Trends - Despite the challenges, the total scale of public FOFs saw a growth of 13.5% in the first quarter of 2025, reaching 1510.79 billion yuan, marking a new high for the year [7] - As of May 18, 2025, the total scale further increased to 1598.52 billion yuan, indicating a potential recovery trend in the market [7][8] Group 4: New Market Dynamics - In 2025, 24 new public FOFs were established, raising a total of 20.8 billion yuan, nearly doubling the total issuance scale of 12.3 billion yuan from the entire year of 2024 [10] - Notably, six FOF products raised over 1 billion yuan, with the largest being the Fuguo Yinghe Zhenxuan Three-Month Holding FOF, which reached its fundraising cap of 6 billion yuan [10] Group 5: Future Recommendations - Experts suggest that FOF products should return to their core asset allocation principles, incorporating a wider range of assets such as gold, overseas investments, REITs, and commodities to meet the needs of pension investments and absolute return demands [11]