Every reporter Ren Fei, every editor Xiao Ruidong
On May 14, Penghua Fund issued a notice saying that its Penghua Changle steady pension target one-year FOF fund net asset value has been lower than 50 million yuan for 60 consecutive working days, the fund contract will be terminated and will enter the liquidation process on May 17.
Wind statistics show that this is the year's third announcement of liquidation of the pension target FOF. As an initiating fund, such products are more common in the funds that terminate the contract and liquidate at present. It is worth noting that many of the funds set up in the past three years have a scale of less than 200 million yuan.
Another pension target FOF is about to be wound up.
Although pension FOF is a kind of long-term and stable capital allocation tool products, more and more products appear in the industry.BaccaratsaThe scale of the "mini" situation, and even some termination contracts are about to be liquidated.
Penghua Changle steady pension goal one-year FOF has become another product that is about to be wound up this year. According to the announcement of the fund company on May 14, from May 17, 2024, the fund will enter the liquidation process, no longer apply for purchase, redemption and regular fixed investment, and stop collecting fund management fees and fund custody fees.
This is a start-up fund, so there are higher requirements for the scale after its establishment-the fund contract will expire for three years, if the fund's net asset value is less than 200 million yuan, the fund contract will be terminated automatically, and shall not be renewed by convening a general meeting of fund share holders.
The announcement also mentioned that the fund contract will continue to exist after three years of entry into force on April 22, 2019, but as of May 13, 2024, the net asset value of the fund has been less than 50 million yuan for 60 consecutive working days. According to the contract, the manager shall enter the liquidation procedure and terminate the contract.
It is worth noting that the fund also has a Y share. The company said that the redemption of the shares of the fund category Y fund or the allocated liquidation funds will be transferred to the individual pension fund account, and when the investor has not reached the basic pension age or other conditions stipulated in the policy, you can't get a personal pension.
In fact, the liquidation of similar funds is not alone, this year alone there have been two pension targets FOF liquidation. Wind statistics show that, including Ping an pension target date 2045 five-year FOF, Citic Prudential pension target date 2035 three-year FOF, the fund contract termination and fund property liquidation have been announced during the year.
It is difficult for the launch fund established in the past three years to survive.
It is worth noting that there are many new public offerings FOF are aimed at the old-age FOF this track. Interestingly, many funds are initiated products, although this type of fund has a lower threshold at the initial stage of raising, but after its establishment, it has higher requirements for the maintenance of scale.
As restricted in the foregoing clause, the effective date of the fund contract shall expire for three years, and if the net asset value of the fund is less than 200 million yuan, the fund contract shall be terminated automatically and shall not be renewed by convening a general meeting of fund share holders. And this is also a common constraint clause of the initiating fund.
So, what is the current situation of sponsored funds in the industry? Is this only the case of pension goals such as FOF?
Judging from the data, the initiating funds established in the past three years generally have a "mini" scale, and the subsequent survival pressure is not light.
Wind statistics show that at present, there are 2010 public offering funds in the industry (counting the initial share), but the size of the fund and the date of establishment of the fund have obvious characteristics, especially the launch funds established after 2020, full of a large number of "mini-bases".
In terms of scale, the largest fund size in the top 100 is 0.Baccaratsa101.2 billion yuan, of which only 8 are funds set up before 2020. There are 1014 funds with a total size of more than 200 million yuan, of which 485 are established before 2020.
However, in the current market where it is difficult to raise funds, start-up funds can indeed bring institutions more convenient layout opportunities, and subject to the pressure of performance and homogenization competition, the continuous marketing of many products is not ideal. for some mini-products that lack performance support, there is still a great risk of liquidation in the future.