迷你基金难逃清盘 多只绩优产品退场

Core Insights - Over 270 public funds have been liquidated this year, primarily due to insufficient scale, indicating a trend towards normalization of fund closures in the industry [1][2][4] - Even some small-sized high-performing funds have faced liquidation, as investors redeem their shares after achieving profits or breaking even, leading to insufficient scale [3][4] Fund Liquidation Details - As of mid-December, 21 funds have been liquidated in December alone, contributing to the total of over 270 funds this year [2] - The types of funds affected include bond funds, actively managed equity funds, ETFs, and FOFs, with both small and large fund companies involved [2] - Funds are terminated if their net asset value falls below 50 million RMB for 60 consecutive days or if the number of shareholders drops below 200 [2] Performance and Scale Issues - Some funds, despite achieving high returns, such as a 21.99% return for a healthcare fund in Q1 and a 71.03% return for another fund, still faced liquidation due to low asset values [3] - As of the end of Q3, there were still 2,924 funds with assets below 50 million RMB, including 324 funds with assets below 10 million RMB [3] Market Dynamics - The lowering of approval and issuance thresholds for new funds has diminished the "shell" value of funds, allowing fund companies to discontinue underperforming or small-scale products [4] - The market is experiencing a natural selection process, where mini funds and fund liquidations are becoming a common occurrence [4] - Investors are advised to prioritize funds with moderate scale and to avoid those with high institutional ownership, as large-scale redemptions can lead to rapid declines in fund size [4]