持有期基金成清盘主力 流动性风险不可不防

Core Insights - The number of public fund products (excluding asset management plans) that have been liquidated this year is approaching 200, with periodic open and holding period funds being the main contributors, accounting for over 40% of the total liquidated funds [1][3][4] - The survival space for actively managed equity funds continues to be squeezed due to the rapid development of index investing in recent years, with over 70 actively managed equity funds liquidated this year, representing nearly 40% of the total [2][3] - The design of holding period funds aims to reduce friction costs from investor behavior, but many investors have sacrificed liquidity without achieving satisfactory returns, leading to a poor investment experience [1][6][7] Fund Liquidation Trends - As of November 18, nearly 200 public funds have been liquidated this year, a decrease compared to the same period last year [2] - Among the liquidated funds, over 70 are actively managed equity funds, including various types such as mixed equity, flexible allocation, and balanced funds [2][3] - Notable liquidated thematic funds include those focused on carbon neutrality, advanced manufacturing, and healthcare, many of which were launched in 2022 and have net assets below 200 million yuan, triggering contract termination [2] Holding Period Fund Performance - Holding period funds, particularly those with fixed opening periods, have been the primary contributors to fund liquidations, with over 30 FOF products being affected [3] - Many fixed income products, including pure bond and "fixed income plus" funds, have also faced liquidation, with various terms ranging from 30 days to 30 months [3] - In the third quarter, the total number of holding period fund shares decreased by nearly 800 billion, with significant reductions in mixed equity and pure bond funds [4] Market Dynamics - Despite the overall decline, some categories of holding period funds, such as "fixed income plus" and FOFs, have seen growth, indicating a mixed market response [5] - The design of holding period funds is intended to limit frequent trading and enhance returns, but the actual investment outcomes are influenced by market conditions and fund management capabilities [6][7] - Investors are advised to carefully consider liquidity risks and the overall market environment when investing in holding period funds, as these factors can significantly impact their investment experience [6][7]