35只清盘、146只成立 发起式基金成长之“怪”现状

Core Viewpoint - The article discusses the contrasting trends in the initiated fund market, highlighting the simultaneous occurrence of fund liquidations and new fund issuances, indicating a "dilemma" faced by initiated funds in the current market environment [2][3]. Fund Liquidation - A total of 125 funds have been liquidated this year, with 35 being initiated funds, and 6 of these had a liquidation scale of less than 10 million yuan [5][6]. - Initiated funds face strict exit mechanisms; if they do not reach a scale of 200 million yuan after three years, their contracts automatically terminate [6][7]. - Many initiated funds have performed poorly, with some, like the Shangyin New Energy Industry Selected Fund, losing over 50% since inception [8]. Fund Issuance - Despite liquidation pressures, the issuance of initiated funds remains robust, with 146 new initiated funds launched this year, totaling 32.481 billion yuan, which is an increase from 5.34% to 6.45% of the total public fund issuance compared to the previous year [10]. - The flexibility of initiated funds allows public institutions to launch products more quickly, especially in niche markets, despite market downturns [10][11]. Growth Challenges - Initiated funds face a "growth dilemma" due to low establishment thresholds leading to small scales, combined with strict exit mechanisms that create significant pressure for growth [13][14]. - The competitive landscape is intense, with nearly 13,000 funds in the market, leading to homogenization and making it difficult for initiated funds to stand out [17]. - Initiated funds often struggle to attract retail channels due to their small size and performance volatility, which makes them less appealing compared to more stable fund products [17].