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休眠一年“复活”吸金逾80亿!这类债基凭啥遭疯抢?
第一财经· 2025-06-03 15:21
Core Viewpoint - Recently, funds that had been dormant for months have attracted significant capital upon resuming operations, highlighting the flexibility of institutional design and the demand for bond market allocation [3][5]. Group 1: Fund Resurgence - The fund "Hui'an Hengli 39-Month Open" saw over 8 billion yuan in subscription applications, triggering a proportional allocation mechanism with a confirmation ratio of 92.81% [5][6]. - This fund had previously suspended operations due to insufficient holders, with its share count dropping from 4.2 billion to 100 million in a year [6]. - After a year-long hiatus, the fund resumed operations on May 26, 2023, implementing a fee reduction from 0.3% to 0.15% for management fees [6][7]. Group 2: Market Dynamics - The recent surge in bond fund interest is evident, with new bond fund issuance accounting for over 55% of the public offering market in May, an increase of 18.53 percentage points from the previous month [7][8]. - Bond ETFs have also seen accelerated inflows, with net inflows of over 40 billion yuan in May, a 45% increase month-on-month [3][8]. - The resurgence of these funds reflects a broader trend of increasing bond fund popularity, driven by favorable market conditions and institutional demand [7][8].
休眠一年后“复活”吸金逾80亿,这类债基为何总遭机构“控场”
Di Yi Cai Jing· 2025-06-03 12:15
Group 1 - The core phenomenon observed is the revival of previously dormant fund products, such as Huian Hengli 39-month open-end fund, which attracted significant capital after resuming operations, triggering a proportional allotment mechanism [1][2] - The revival of these bond funds is attributed to several factors, including flexible institutional design, the need for institutional capital allocation, and fluctuations in the bond market [1][4] - The recent increase in attention towards bond funds is evident, with new bond fund issuance in the past month rising nearly 20% compared to the previous month, and bond ETFs seeing a net inflow of over 40 billion yuan in May, a 45% increase [1][6] Group 2 - Huian Hengli 39-month open-end fund saw a significant turnaround, with subscription applications exceeding 8 billion yuan during its recent open period, leading to a confirmation ratio of 92.81% [2][3] - The fund had previously faced challenges, including a drastic reduction in fund shares from 4.2 billion to 100 million and a decrease in the number of holders from 236 to 183 due to insufficient holders during its first open period [3][4] - The fund management announced a fee reduction upon resuming operations, lowering the management fee from 0.3% to 0.15% and the custody fee from 0.06% to 0.05% [3][4] Group 3 - The underlying logic for the revival of these funds is linked to the temporary suspension due to low bond yields, which made the products less competitive, leading to institutional redemptions [5][6] - Once the bond market adjusts and yields become more attractive, fund managers can restart operations, allowing institutional capital to re-enter [5][6] - The recent surge in bond fund popularity is reflected in the public offering market, where bond fund issuance accounted for over 55% of the total in May, an increase of 18.53 percentage points from the previous month [5][6]