Entering May, the new development of dividend-themed funds is still hot.
A few days ago, Fidelity announced that the company's dividend-themed fund raised more than 900 million yuan, becoming the leader in the newly issued active equity fund this year, highlighting the high recognition of the dividend strategy in the market.
In the current market environment, dividend strategy funds continue to be favored by investors. Industry insiders believe that in the market defense stage, dividend assets can often provide stable returns. At the same time, in the long run, high-quality enterprises should repay shareholders in the form of dividends.
At the same time, the strong performance of bond funds in the newly issued funds has also aroused widespread concern in the market. The data of the newly issued funds in 2024 show that the issuance share of bond funds is as high as 80%, reflecting that in the current market, bond funds are still the first choice for investors.
Bonus-themed funds issued in a pile
On May 1, Fidelity completed the offering of its fourth public fund product, Fidelity dividend preferred hybrid securities investment fund. The fund is a stock dividend strategy fund managed by fund manager Zhou Wenqun.Baccaratonlinewithfriends2.5 billion yuan, not only ranked second in the new issuance of active equity funds this year, but also ranked first in the issuance of dividend-themed active equity funds.
With regard to the positive response of this dividend fund in the market, Huang Xiaofeng, managing director of Fidelity International China and general manager of Fidelity Fund, said that the fund is one of the few actively managed dividend funds in the Chinese market. relying on Fidelity's professional research strength and strong stock selection ability, the fund has made an eye-catching performance. At the same time, it also marks the first time that Fidelity Fund has introduced a series of Fidelity dividend products with mature global operation into the Chinese market.
Since the beginning of this year, with the rise of high dividend strategy, a number of dividend-themed funds have been released one after another. Specifically, in the field of active equity funds, more than a dozen funds have been established. For example, Dacheng dividend Convergence established in January this year, Yongwin bonus Huisuan and Huaxia State-owned Enterprise dividend established in February, and Shanghai Bank State-owned Enterprise dividend, Xinao dividend Smart selection, CITIC Prudential State-owned Enterprise dividend quantitative Stock selection, Ping an Hong Kong Stock Connect dividend selection and Xiangcai dividend quantitative Stock selection established in March.
In terms of passive index funds, the issuance of dividend-themed funds is even more hot. By the end of April, nearly 20 funds had been established. Among them, BoCom China Stock Exchange dividend low volatility 100 Index, Taikang China Stock Exchange dividend low fluctuation ETF, Pengyang China Stock Exchange State-owned Enterprise dividend connection, Boshi China Stock Exchange dividend connection, Guangfa China Securities dividend ETF and other products have all raised more than 500 million yuan.
Jiao Wei, a manager of Yinhua Fund, elaborated on his understanding of dividend assets in the quarterly report. He believes that in the short term, the performance of dividend assets is closely related to market sentiment. When the market is in the defensive stage, dividend assets tend to perform better, while in the market rebound stage, dividend assets are relatively weak. In the medium term, the performance of dividend assets depends on the actual changes in social returns and market expectations of asset returns. If productivity fails to achieve a qualitative leap, dividend assets will remain attractive in the medium to long term.
Jiao Wei further pointed out that in the long run, all high-quality companies should repay shareholders in the form of dividends, rather than constantly demanding capital from shareholders. Capital can be converted into assets, but eventually the assets should also achieve a return to the owner. "from this point of view, all assets, including growth assets, should eventually return to shareholders in the form of dividends."
Lao Jie Nan and Huang Yaofeng, fund managers of Huitianfu Fund, said that looking forward to the second quarter of 2024, as the policy gradually falls to effect, the domestic economy is expected to continue to repair. At the same time, the market begins to trade expectations of a Fed rate cut, and risk appetite will pick up significantly. In terms of style, as the interest rate downward space is limited and the economy continues to repair, the dividend strategy still has a strong allocation performance-to-price ratio.
Bond funds take the lead in the new issue scale
However, from the overall situation of fund issuance, compared with equity funds, bond funds are still the first choice for investors.
As of April 30, the total number of new funds issued in 2024 was 349, with a total issuance size of 359.86 billion yuan. Among them, there are 133 equity funds, accounting for 11.56% of the issued share; 71 mixed funds, accounting for 6.01% of the issued share; 117 bond funds, accounting for 80.04% of the issued share of 14 TQDII funds, 6 of 0.59% of the issued share of the REITs fund, 8 of the 0.97% of the issued share of the China FOF fund, and 0.83% of the issued share. Obviously, although the number of bond funds issued is not the largest, but the scale of its fund-raising accounted for the vast majority, the proportion reached 80%.
From the perspective of scale, among the new funds issued in the first four months, Anxin Changxin enhanced A has the largest combined offering scale, reaching 8 billion yuan.
In addition, more than a dozen funds raised more than 7 billion yuan, including passive index bond funds such as Xingzheng Global China Bond 0-3 policy financial bonds, Taikang China Bond 0-3 policy financial bonds, Yi Fangda China Bond 0-3 policy financial bonds, Yinhua China Bond 0-5 policy financial bonds and so on. And medium-and long-term pure debt funds such as UBS Qiyuan interest rate bonds, Wells Fargo Ruixia pure bonds, Pudong Bank Axa Puan interest rate bonds and so on.
At the same time, there are also some mixed bond secondary funds, such as Dongfanghong Huiheng, Yongsheng Yuehan, and mixed bond primary funds, such as Pengyang Wynn's 90-day holding, which have raised a larger scale.
As for the opportunities in the bond market in the second quarter, Yuanxin Yongfeng Fund believes that from the perspective of fundamentals, credit supply and demand, and policy, the long-end interest rates are in front of historic lows, and there is limited room for further sharp cuts in the short term. Based on the economic growth target of about 5%, the policy's willingness to stabilize economic momentum will not be too weak. Therefore, based on the assumption of sustained economic recovery, policy stability and relatively neutral progress, interest rates are more likely to fluctuate in the range. From the perspective of credit spread, medium-and short-end, high-grade credit has a certain allocation performance-to-price ratio.
转债方面，圆信永丰基金认为，转债的整体估值水平仍处于近两年相对低点，具有一定的性价比。随着基本面好转和市场风险偏好的恢复，投资者对于转债的走势可以适当乐观。策略上，投资者应优选基本面收益的个券标的，并在结构上保持相对均衡，关注债底定价的修复以及资金对转债替代配置的需求。
华富基金的固定收益部基金经理姚姣姣表示，展望后市，居民消费和社会需求有望进一步恢复。在经济转型和高质量发展的背景下，债券市场面临的整体外部环境相对温和。总体而言，2024年宏观经济在结构和质量上将继续进行调整和改善。相应地，利率中枢维持在与经济总量相匹配的低位，仍可能是2024年的一个特征。因此，债券是2024年值得配置的底仓品种。在投资上，更多的需要从市场的波动中寻找机会，依赖于基金经理的阿尔法能力来实现收益。
本文首发于微信公众号baccaratonlinewithfriends：券商中国。文章内容属作者个人观点，不代表和讯网立场。投资者据此操作，风险请自担。
