QDII Net Worth Returning To Awkward Redemption Embarrassment

After a year and a half, the QDII fund moved to the "fast lane" again in 2010, with a total of more than 30. However, QDII's "accelerated run" has been neglected. Not only the scale of the new fund has shrunk, but also the old fund has suffered massive net redemption. Amid the doubts of investors, can the new generation of QDII be reunited and sail smoothly?

QDII speed up running and big capacity expansion

In 2008, the global financial crisis brought huge stock market losses. Affected by this, the first generation of QDII, which is mainly invested in developed markets, inevitably suffered a total loss. Not only did QDII products enter the "three hair era", but also the liquidation caused by Lehman bankruptcy.

After more than a year, the financial crisis has gradually gone, and the overseas market has been strong again. This has made the long-standing fund company once again ignite the hope of going out to sea. Meanwhile, the safe began issuing QDII quotas, indicating that regulators are confident of their return to the sea.

Data show that this year, the newly established QDII fund totaled 20, plus 10 previously established QDII, and now there are 30 QDII funds in the market.

Behind the QDII expansion is the strengthening of overseas capital markets this year. Since the three quarter, the global stock market rebound has been quite obvious. The Nasdaq 100 index, represented by technology stocks, has hit a new high since January 2008, leading the developed market to become stronger. At the same time, emerging markets are also coming out of a beautiful market.

In this case, QDII realized "salted fish turn over", and the first generation of QDII basically returned to face value. Data showed that as of December 15th, the net growth rate of QDII, which was included in the statistical range, reached 5.21% this year. Among them, Haitong overseas and Bank of communications Global Select Fund also reached 1.40 yuan per share.

Looking ahead, QDII issuance will continue to accelerate. The latest report of Z-BEN Advisors, a fund industry consultancy, predicts that by the end of 2011, the number of QDII funds will exceed 60.

Net worth returning to embarrassment and redemption embarrassment

It is worth noting that although the number of QDII funds has gone forward this year, the scale of single issue has shrunk seriously. Compared with the infinity of 20 billion -300 billion yuan issued by the first generation of QDII, the two generation of QDII in 2010 was almost under 700 million yuan. Investors are not very interested in such products.

A salesperson from Haitong fund told reporters: "because of the poor performance of previous investors, investors also try to avoid selling QDII when they sell. This year, the QDII fund that has been launched simultaneously conflicts with each other and there is a diversion effect. "

Not only the size of the new fund is not satisfactory, but also the old fund is suffering from redemption. In the three quarter, the total share of QDII fund decreased by nearly 5 billion, becoming an absolute redemption major.

Ma Yongan, general manager of the fund research center of Minsheng Securities Research Institute, reduced the scale of QDII to "disposal effect". "Because of the uncertain market expectations, coupled with the long time of QDII quilt, the slight improvement in performance has led investors to rush to redemption."

Another important reason for the "sudden downsizing" of QDII products is the departure of large "help funds". This is particularly prominent in the two generation of QDII products. Reporters observed that many newly issued QDII funds were built by the company's own purchase capacity of about 500 million yuan, barely able to be established.

Data from the good buy fund research center showed that, at the end of the three quarter, the size of the UBS emerging market fund had shrunk from 443 million to 67 million. In addition, there are 3 funds in the first half of this year, including the Changsheng global prosperity industry, and the redemption rate exceeds 50%.

Diversified product system gradually formed

Investors are very concerned about the performance of QDII fund again. If a year ago, QDII in Hongkong and the United States in the investment area "two big", then the new generation of QDII investment direction has quietly changed. A diversified and differentiated Global Fund Allocation Strategy for QDII funds is gradually taking shape.

Li Laisi, chief economist of Standard Chartered Bank, pointed out: "the world economy is showing a trend of resurgence, and the contribution of emerging economies to world economic growth will exceed 2/3, which will bring huge investment opportunities."

In the newly released QDII, Fua selected 31.69% of its net assets in the Australian market; Yi Fang Da chose 27.29% of its net assets in the Korean market; the southern BRICs and the fidelity BRIC countries were the typical funds to choose emerging markets as investment areas.

Yu Wenbing, an analyst with Changjiang Securities, believes that through the formation of global asset allocation in these markets, the QDII fund can avoid systemic risks arising from redistribution in a single Hongkong or US market and balance investment volatility.

Corresponding to the diversification of investment zones, the design of QDII products is also more abundant. China's first bond QDII - rich country global bond and China's first QDII linked to the gold index - launched the new gold fund, launched a new stage of QDII varieties.

Lin Ruhui, manager of Wells Fargo Global Bond Fund, said that in the past, the main investors in the bond market were sovereign funds, retirement funds, insurance companies and so on. But in 2009, because of the financial crisis, the risk appetite of individual investors began to decline, and they began to join the bond market through mutual funds. "Before the QDII market focused on non debt products, the global debt base is a new investment allocation tool for investors."