Third-party platforms suspend the release of high-frequency subscription and redemption data, drawing attention to the trends in bond fund scale.
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The subscription and redemption situation of bond funds has now attracted the interest and attention of some people.
According to information from channels and the market, a well-known third-party fund sales institution headquartered in Shanghai suspended the release of high-frequency bond fund subscription and redemption data to institutional clients on Thursday.
It is understood that this institution usually routinely sends net subscription and redemption data of bond funds to some institutional clients on a daily basis, but some clients reported that they did not receive the relevant data on Thursday evening.
In addition, it was verified that the institution’s app for individuals recently also suspended the release of some “special profit data” for bond funds, and all the funds for which data announcements were suspended had recently shown signs of suspected “large redemptions.”
High-Frequency Data Attracts Attention
According to market information, for the purpose of serving clients in recent years, some channels and direct sales outlets provide high-net-worth and institutional clients with additional “special data”, such as daily subscription and redemption data of merged fund scale, the investment views of fund managers, and even subscription and redemption information at the account category level.
This information has also spread to more areas, such as in analysts’ viewpoints and some individual investors’ analysis articles, where similar high-frequency data from these sources are used as supporting information for various viewpoints.
Bond Fund Scale Shows Signs of Turning Point
Whether looking at bond fund scale data disclosed by channels (image above) or the ETF scale data publicly available on the market, both indicate that the scale of bond funds has recently shown some signs of a turning point.
Take the bond ETF shown in the figure below as an example: the estimated scale on September 11 decreased by 48 million yuan, and from September 5 to 11, the estimated scale decreased by 602 million yuan. Previously, in January, the estimated scale decreased by 4.274 billion yuan.
Bond fund subscription and redemption data were “suddenly suspended” after a turning point in fund scale, which is worth pondering over the considerations behind this action.
Some Bond Funds Suspend Disclosure of “Special Data”
The disclosure information of the same-source online app of this third-party institution has also changed recently.
On the detailed information pages of some leading long-term bond funds, the special profit statistics have been suspended.
Judging from the net value, the relevant funds most likely experienced large redemptions in recent months.
The Scale of Redemptions is Not Particularly Large
It is worth mentioning that, at present, whether looking at the fund scale or the proportion relative to the outstanding volume, the speed of this round of bond fund scale loss is not particularly large.
However, historically, A-share bull markets generally begin when the risk-return ratio reverses between stocks and bonds (that is, when the dividend yield of some broad-based indices far exceeds the bond yield).
Once under such conditions, if a bull market trend emerges, it often brings a transfer of funds from the fixed income market to the equity market.
Given the hot and congested A-share market in the past two months, the future trend of bond fund scale at this time is worthy of close attention from all parties involved.
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