Ten billion top-tier, the current public offering fund industry, is no longer a rarity.
Unfortunately, size is always the worst enemy of profitability . In 2022, the tens of billions of top fund managers will eventually lose out to the scale again.
In August last year, I was in “Outperforming the China Securities Partial Stock Fund Index, how simple it is!” “I mentioned a “spreading pie” strategy, and compared in detail all partial stock fund spreading pies and funds that specially selected more than 5 billion yuan to spread pies. What I found at that time was that except for 2020, funds with more than 5 billion yuan Spreading the pie is always an underperformer.
At that time, the income in 2022 was not complete. Now that 2022 has finally been completed, it can be tested again.
This time, the author focuses on the two categories of stock funds and partial stock funds, both of which are active funds, and index and index enhancement are not included.
For a more detailed comparison, this time the scale of the fund (calculated based on the consolidated scale at the end of 2021) has been classified in more detail according to the thresholds of 1 billion yuan, 2 billion yuan, 5 billion yuan, and 10 billion yuan. The figure below shows different The number of funds under the scale (different shares are combined into 1 calculation). It can be seen that the number of tens of billions of active partial stock funds is quite large, and there are 64 funds in the two categories.
It is a pity that, according to the above classification, the median value of income in 2022 is calculated. Generally speaking, the larger the scale, the worse the performance. It is worth noting here that the scale of 5 billion yuan is still an important hurdle . The performance of the fund’s income of 5 billion yuan can be described as plummeting.
Of course, the above is based on the overall appearance of statistics. Although scale does become an important factor affecting earnings, it is not a decisive factor.
The following table shows the top ten scale in 2021. It can be seen that Zhang Kun, Liu Yanchun, and Xiao Nan, the top consumption styles, are still resistant to falling in 2022. It can be seen that for the top stream, the temperature of the track is more important than the scale. big .
Which scales are top-notch, but the income is still good? Listed below are the top 20 companies with a scale of over 10 billion by the end of 2021 and revenue rankings, for reference only:
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