绩差基金密集清盘 公募加速“断舍离”

Core Insights - The article highlights the ongoing trend of mutual fund liquidations in the Chinese market, with 274 funds being liquidated in 2023, marking the second-highest number since 2018, following 293 in the previous year [2][6] - The trend is attributed to the increasing competition in the mutual fund industry, leading companies to focus resources on more competitive products and actively choose to liquidate underperforming "mini funds" [5][6] Fund Liquidation Details - Four mutual funds from Changjiang Asset Management, PICC Asset Management, Invesco Great Wall Fund, and Chuangjin Hexin Fund announced liquidation on December 19, 2023, due to underperformance against benchmarks and small asset sizes [2][4] - The reasons for liquidation include failing to meet minimum asset thresholds, such as having net assets below 50 million yuan for 50 consecutive working days or failing to reach 200 investors [4][5] Performance Analysis - The four funds that were liquidated reported significant underperformance, with losses of 34% and 12.26% against their respective benchmarks, which yielded returns of 23.97% and -11.54% [5] - The trend of underperformance is exacerbated by the market's shift towards larger, more successful funds, leading to a concentration of capital among top fund managers [6][7] Fund Types and Trends - There has been a notable increase in the liquidation of money market funds and Funds of Funds (FOFs), with 11 and 35 funds respectively being liquidated this year, marking a record high for FOFs [3][7] - The rise in money market fund liquidations is linked to declining yields and increased competition, prompting investors to seek higher returns in alternative products [7][8] FOF Specifics - The number of liquidated FOFs has increased from 4 in 2022 to 35 in 2023, driven by poor performance and the expiration of three-year terms for many newly launched funds [8] - The challenges faced by FOFs include underwhelming returns, dual fee structures, and a lack of investor confidence, leading to persistent underperformance and subsequent liquidations [8]