The ranking of public offering funds has changed, with variables in ETFs and bond funds. Some public offering funds have seen an increase of 50 billion in a single quarter, while others have seen a decrease of 30 billion.

With the strong development of ETF and bond fund businesses, the development pattern of the public offering industry underwent profound changes in the past year of 2024. Although the disclosure of the quarterly reports has just begun, many public funds have already estimated their size and ranking data for the year 2024. According to industry insiders, among the top ten public fund companies in terms of non-monetary fund size at the end of the third quarter of 2024, more than half of the companies saw a decrease in non-monetary fund size in the fourth quarter. Among the top public funds, one company from South China and one from North China saw an increase in non-monetary fund size, while two companies from East China saw a slight increase in non-monetary fund size. One top public fund disclosed that their size had grown by nearly 50 billion yuan in the past four quarters, with the growth mainly coming from bond funds. This increase in bond fund size is not only reflected in the holdings of existing products but also in new product launches. Changes in non-monetary ETF business also affected the non-monetary management size of fund companies. The movement of broad-based ETFs led to periodic increases and decreases in size, which was particularly pronounced in the past four quarters and directly impacted the overall size and rankings of top fund companies. One fund company that saw rapid growth in size in the first three quarters of 2024 due to index business, likely experienced a certain degree of decline in non-monetary management size in the fourth quarter of 2024. Variable 1: New issuances and holdings of bond funds "In 2024, the significant changes in fund management size were mainly caused by the growth and decline of money market and ETF product sizes," said an executive from a large fund company in South China. Among them, bond funds have undoubtedly been the main source of incremental growth for many fund companies this year. Despite experiencing a redemption wave at the end of September, many fund companies have tackled the challenges in the fourth quarter and managed to capture institutional clients' hearts to achieve growth in bond fund size. From industry sources, it was learned that a top fund company in South China saw its size grow by nearly 50 billion yuan in the past four quarters, with the growth mainly coming from bond funds. This growth in bond fund size was not only reflected in the holdings of existing products but also contributed to some extent by the issuance of new products. "To this day, it is still very difficult to get bond funds approved. Once approved, the fund company will see growth in size," said a medium-sized public offering executive in East China. Data shows that out of the total size of 118 billion yuan in new funds established in 2024, 83.08 billion yuan belongs to bond funds, accounting for over 70%. Among them, the size of new bond funds established in the fourth quarter of 2024 reached 309.528 billion yuan, accounting for 81.72% of the total size of new funds in that quarter. Overall, among the bond fund companies established in the past four quarters, only a few companies such as Bosera and Jiashi established four or more products, with most companies establishing only one or two products and some companies not establishing any bond funds in the fourth quarter. Some companies were able to garner nearly a hundred billion yuan or even more in size increase with just a few new bond funds established. For example, Jiashi established four bond funds in the fourth quarter with a combined size of 12.931 billion yuan; Everbright, CSOP, and Jingshunchangcheng each won nearly 11 billion yuan in new size by establishing new bond funds; Bosera established four bond funds with a total issuance size of 9.085 billion yuan; Fuguo, Huaan, Morgan Stanley, and Minsheng Jiayin and other companies also gained over 8 billion yuan in size increment in the fourth quarter due to the issuance of new bond funds. "However, for a company's size to grow steadily and sustainably, holdings are more crucial than new issuances," said the aforementioned public offering executive from East China. Variable 2: Movement of broad-based ETFs It was learned that in the fourth quarter of 2024, the size of non-monetary management of some top fund companies increased to a certain extent due to the growth of their non-monetary ETF businesses. However, some top public offering companies saw a decrease in size in the fourth quarter, mainly because their ETF businesses experienced a slight contraction in size. For example, a certain fund company that experienced rapid growth in size in the first three quarters of 2024 due to the development of its index business saw a certain degree of decline in size of non-monetary management in the fourth quarter of 2024, mainly due to the movement of broad-based ETFs. Wind data shows that in the fourth quarter of 2024, more than 10 fund companies such as Bosera, GF, Fuguo, Jingshunchangcheng, CMB, Jiashi, GTE, Industrial Bank Ruixin, Huitongfu, and Haifutong saw an increase of over 10 billion yuan in the size of non-monetary ETF management. Among them, the size of non-monetary ETF management of Bosera Fund increased from 110.292 billion yuan to 134.696 billion yuan in the fourth quarter, with an increment of 24.4 billion yuan; GF, Huaan, Fuguo saw their non-monetary ETF management sizes increase by 23 billion yuan, 21.9 billion yuan, and 20.9 billion yuan respectively; Jingshunchangcheng, CMB, Jiashi, and GTE saw their non-monetary ETF management sizes increase by 18.1 billion yuan, 16.6 billion yuan, 15.4 billion yuan, and 15.2 billion yuan respectively. "Our company saw a slight increase in non-monetary management size in the fourth quarter of 2024, mainly driven by the development of our ETF business, especially the sharp increase in the size of our newly established A500 ETF, which offset the periodic decline in the size of other businesses," said an executive from a top fund company. Some fund companies saw a decrease in their non-monetary ETF size in the fourth quarter, such as Huaxia Fund, whose non-monetary ETF management size decreased from 677.965 billion yuan at the end of the third quarter to 658.481 billion yuan; Nanfang Fund, whose non-monetary ETF management size decreased by 16.1 billion yuan to 242.930 billion yuan; Huatai Bairui's non-monetary ETF management size decreased by 8.8 billion yuan to 470.404 billion yuan. The movement of broad-based ETFs leading to periodic increases and decreases in size was particularly prominent in the past four quarters, directly impacting the overall size and ranking of fund companies. Taking Huatai Bairui's Shanghai and Shenzhen 300 ETF as an example, although the product saw an increase in size of 228.538 billion yuan in 2024, reaching 359.629 billion yuan, its size decreased by 37.917 billion yuan in the fourth quarter. Similarly, Southern CSI 500 ETF and Southern CSI 1000 ETF saw a combined size increase of nearly billion yuan in 2024, but saw decreases of 22.1 billion yuan respectively in the fourth quarter.The total shrinkage was 384.48 billion yuan, including 63 billion yuan and 162.85 billion yuan. The Huaxia Fund's Huaxia SSE 50ETF, Huaxia CSI 1000ETF, and Huaxia HS300ETF saw a total increase of 218.754 billion yuan in size in 2024. However, in the fourth quarter, they each shrunk by 135.24 billion yuan, 95.02 billion yuan, 94.20 billion yuan, 32.22 billion yuan, and 30.66 billion yuan, totaling 260.10 billion yuan. In addition, the E Fund HS300ETF saw an increase of 198.8 billion yuan in size in 2024, but it shrank by 157.33 billion yuan in the fourth quarter.On the contrary, the newly established 28 ChiNext A500ETFs attracted nearly 240 billion yuan in the fourth quarter. By the end of 2024, 12 ChiNext A500ETFs had a size of over 10 billion yuan, among which Guotai ChiNext A500ETF had a size of 26.152 billion yuan, GF ChiNext A500ETF and Southern ChiNext A500ETF had sizes of 20.837 billion yuan and 20.642 billion yuan respectively. Huaxia ChiNext A500ETF was close to 20 billion yuan, while Huatai Bairui ChiNext A500ETF and E Fund ChiNext A500ETF had sizes exceeding 15 billion yuan. This article was reprinted from "Cai Lianshe", GMTEight editor: Chen Xiaoyi.