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43只发起式基金未过三年之坎,清盘高发为何反成布局热土?
Di Yi Cai Jing· 2025-07-15 12:07
Core Insights - The rise of "initiated funds" has led to a significant number of funds facing liquidation due to not meeting the 200 million yuan threshold after three years [1][2] - Despite the high rate of liquidation, initiated funds remain a key strategy for fund companies, raising questions about their sustainability and operational costs [4][5] Group 1: Fund Liquidation Trends - As of July 15, 2023, 43 initiated funds have been liquidated this year due to failing to reach the required 200 million yuan, marking a historical high [1][2] - The average decline in value for these funds over three years is 18.65%, with nearly half experiencing a drop of over 20% [3][4] - Specific sectors like renewable energy and healthcare have seen significant performance issues, with some funds reporting cumulative returns as low as -53.43% [2][3] Group 2: Fund Company Strategies - Fund companies continue to launch initiated funds despite the risks, with over 404 such funds issued in 2023 alone [4][5] - The relatively relaxed establishment conditions for initiated funds allow companies to quickly enter niche markets and develop new fund managers [6][7] - Initiated funds serve as a "incubation" platform for new strategies and managers, providing opportunities in less recognized sectors [6][7] Group 3: Future Outlook - As of mid-July 2023, 183 initiated funds are approaching their three-year mark, with 98 of them still below the 200 million yuan threshold, indicating potential future liquidations [7] - Some initiated funds have successfully surpassed the threshold, such as the Yongying Advanced Manufacturing Fund, which has achieved a cumulative return of 82.35% [7]
如何看待发起式基金又现“清盘潮”
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-02 10:02
Core Insights - The phenomenon of fund liquidation, particularly among initiator-style funds, has become increasingly common in 2025, with at least 16 such funds announcing liquidation in June alone [1][2][3] - Despite the liquidation trend, new initiator-style funds continue to emerge, indicating a persistent interest in this fund type among public fund institutions [7][8][9] Fund Liquidation Trends - As of July 1, 2025, a total of 127 funds have been liquidated this year, with over 40 being initiator-style products [2] - The average net asset value of the 16 initiator-style funds liquidated in June was only 0.81 yuan, with an average scale exceeding 20 million yuan [2] - The majority of the liquidated funds were established between May and June 2022, focusing primarily on sectors like pharmaceuticals and renewable energy [3] Performance Issues - The average decline for the 16 funds from inception to liquidation was over 28%, with seven funds experiencing declines of more than 20% [3] - Specific funds, such as the Baoying New Energy Industry Fund, saw significant losses, with declines reaching 54% [3] - Fund managers' operational strategies have also contributed to capital outflows, with some funds exhibiting erratic investment styles [4][5] Market Dynamics - The overall market environment has been challenging, with many initiator-style funds struggling to meet the 200 million yuan threshold for continued operation [7] - As of the first quarter of 2025, nearly half of the 1,112 initiator-style funds had net asset values below 200 million yuan, with 574 funds below 50 million yuan [7] - The trend of "mini funds" being liquidated has become normalized as public fund institutions focus on cost reduction and efficiency [8] New Fund Launches - Despite the liquidation trend, 378 new initiator-style funds were launched in 2025, with a total issuance scale of 41.66 billion yuan [8] - The proportion of initiator-style funds in the total public fund issuance has increased compared to the previous year, indicating a growing acceptance of this fund type [8] - The regulatory environment is encouraging fund managers to adopt initiator-style funds as a means to align interests with investors and enhance long-term performance [9]
涨势正酣却黯然清盘,多只发起式基金倒在黎明前
券商中国· 2025-06-16 14:55
Core Viewpoint - Several funds have announced liquidation despite rising net values, particularly in the strong-performing pharmaceutical sector, due to failure to meet the required scale after three years [1][2]. Group 1: Fund Performance and Liquidation - Many initiated funds have faced liquidation as they failed to pass the "scale test" after three years, even if they had strong performance [2]. - As of June 15, the market was led by sectors like "new consumption" and innovative pharmaceuticals, with related thematic funds showing significant gains [3]. - For example, the Huazhong Innovation Pharmaceutical Fund had a net value increase of 22% by April 1, but had to liquidate due to a total scale of only 11 million yuan, far from the 200 million yuan threshold [4]. Group 2: Challenges of Initiated Funds - Initiated funds face significant challenges due to their low starting point for fundraising, which makes them more susceptible to market fluctuations [5]. - The automatic termination clause for initiated funds means that even with good performance, they must achieve rapid scale growth within three years to avoid liquidation [5]. - In contrast, regular public funds only need to maintain a net asset value of at least 5 million yuan for 60 consecutive days to avoid liquidation risk [5]. Group 3: Market Dynamics and Fund Management - The market has seen accelerated rotation in recent years, leading to a cautious approach from investors regarding the sustainability of fund performance [6]. - High operational costs associated with smaller initiated funds can erode returns, making it difficult to attract new investments [7]. - Successful cases of initiated funds overcoming scale challenges highlight the necessity of strong performance and support from distribution channels [8][9]. Group 4: Success Stories - Some initiated funds have successfully scaled up, such as Yongying Advanced Manufacturing, which grew from 300 million yuan to 11.5 billion yuan due to strong performance in the robotics sector [8]. - Other successful examples include funds like China Europe Era Pioneer, which achieved a cumulative return of 112% since its inception [8]. - The competitive landscape for funds is intense, and achieving significant scale requires not only good performance but also strategic support and resources [9].
规模大考面前闯关失败 多只发起式基金遗憾清盘
Zheng Quan Shi Bao· 2025-06-15 17:38
Group 1 - Several initiated funds have been liquidated this year despite having strong performance, primarily due to failing to meet the minimum asset size requirement after three years [1][2] - For example, the Huazhong Innovation Pharmaceutical Fund had a year-to-date net value increase of 22% but was forced to liquidate due to its size being only 11 million yuan, far below the 200 million yuan threshold [1] - Similarly, the Jinying Quality Consumption Fund, which held stocks like Tencent and Pop Mart, was liquidated on May 20 despite its holdings performing well [1] Group 2 - The Fuyong Medical Health Fund is at risk of termination if its size remains below 200 million yuan by June 2025, with its current size at approximately 13 million yuan [2] - Initiated funds face significant challenges in maintaining their size due to their lower fundraising thresholds and stricter exit mechanisms, which can lead to rapid liquidation in volatile markets [2][3] - Unlike regular public funds, which only need to maintain a net asset value of 5 million yuan for 60 consecutive days to avoid liquidation, initiated funds must achieve substantial growth within three years [3] Group 3 - The operational costs of initiated funds are often high due to their smaller management scale, which can erode returns and hinder the attraction of new capital [4] - Successful growth of initiated funds requires not only good performance but also strong support in terms of distribution channels and marketing resources [4] - Many initiated funds are created to train new talent or fill gaps in institutional channels, indicating that performance alone is insufficient for long-term survival [4]