Investment Report Of Pension And Enterprise Annuity In The First Quarter: 11 Public Funds Competing

Recently, the social insurance fund supervision bureau of the Ministry of human resources and social security released the operation of pension and enterprise annuity in the first quarter.

By the end of the first quarter, the scale of enterprise annuity accumulation fund was 2.32 trillion yuan, and the investment income in the first quarter was 5.979 billion yuan, and the weighted average rate of return was 0.3%.

From the perspective of pension, the net asset value at the end of the period is 1.58 trillion yuan, and the return on investment is 0.33%.

"The income of enterprise annuity and pension is not ideal in the first quarter." A person in charge of public pension business said frankly.

According to reports, in the past 10 years, the average annualized income of enterprise annuity investment was 6% - 6.5%, which means that the investment income in a quarter is generally between 1.5% - 2%; In the past 20 years, the average annualized return of pension investment is 8% - 8.5%, which means that the investment income of pension in a quarter should be more than 2%.

The above-mentioned public offering people pointed out that the income of enterprise annuity and pension was not ideal in the first quarter. The direct cause was that the A-share market fluctuated in the first quarter of this year, and the market was not very good. At the same time, the bond yield was also affected by default events such as permanent coal bond in the bond market. As a result, the equity and bond yield were low in the first quarter Pension benefits are directly affected.

Industry insiders believe that although the short-term performance of pension and enterprise annuity is affected by market shocks, the long-term performance will still be relatively stable.

However, the industry insiders frankly say that, in terms of long-term income, the income of pension and enterprise annuity is low. The biggest problem is that as long-term funds, the principal's risk preference is low, especially the enterprise annuity, which pursues the annual absolute income target. If the fund manager does not obtain positive return on the enterprise annuity investment in that year, it will be removed from the "white list", In the pursuit of stable positive returns, the proportion of investment in equity market is very low, which eventually leads to low long-term returns.

It is understood that the long-term average returns of public funds, pension funds and enterprise annuity funds managed by the same fund manager are gradually decreasing, that is to say, the income of general public offering is higher than that of pension, and the average return on investment of pension is 2% higher than that of enterprise annuity every year.

Among the 22 pension management institutions, 19 are increasing

On June 21, the Ministry of human resources and social security released the national enterprise annuity fund business data.

On the whole, the scale of the enterprise annuity accumulation fund and the number of participants reached a new record. By the end of the first quarter of 2021, the total scale of enterprise annuity accumulated by 109000 enterprises nationwide was 2.32 trillion yuan, an increase of 66.791 billion yuan compared with that at the end of last year, a record high. At present, the number of employees participating in enterprise annuity has increased to 27.7892 million.

The first quarter investment income of the enterprise is 5.979 billion yuan, and the weighted average rate of return is 0.3%. In the roller coaster market, enterprise annuity has gained steady positive income.

From the first quarter of the year's gold portfolio income specific:

The weighted average return of fixed income portfolio in single plan is 0.98%, and that of equity portfolio is 0.2%;

The average return of fixed income portfolio in collective plan is 0.53%, and that of equity portfolio is 0.11%.

All in all, the average return of the fixed income portfolio in the first quarter of the year is 0.86%, and that of the equity portfolio is 0.20%.

Data show that the return of equity portfolio in the first quarter is significantly lower than that of fixed income portfolio.

Industry insiders pointed out that the direct fuse is the first quarter of this year a share market shock, the market is not very good. The performance of Shanghai Composite Index, Shenzhen Composite Index and gem index in the first quarter of 2021 is - 0.90%, - 4.78%, - 7.00%; However, the bond market rose in a relatively volatile way, with the total wealth index of China bond up 0.68%.

According to the public data, in the first quarter of the 22 enterprise annuity management institutions, 19 managers achieved positive growth in investment, indicating that the pension assets are running steadily.

Taikang Asset Management Co., Ltd. ranks first in annuity management scale, with a scale of 381.9 billion yuan in the first quarter. The management scale of Ping an Endowment Insurance Co., Ltd. and China Life Endowment Insurance Co., Ltd. also exceeded 250 billion yuan, ranking second and third.

Among the 22 enterprise annuity management institutions, 11 are public fund companies. Among them, ICBC Credit Suisse fund, Huaxia Fund and e fund fund have annuity management scale of more than 100 billion yuan, which are 165.8 billion yuan, 129.4 billion yuan and 128.3 billion yuan respectively. In addition, the management scale of China Southern Fund, Harvest Fund, Haifutong fund, Fuguo fund and Boshi fund is more than 50 billion yuan.

Some enterprise annuity management institutions performed well in the first quarter.

From the performance of fixed income portfolio of single plan, the weighted average return of China Merchants Fund, Harvest Fund and CCB Pension Management Co., Ltd. in the first quarter were 1.45%, 1.35% and 1.33%, respectively, ranking 1-3. The weighted average returns of Cathay Pacific Fund, Xinhua Endowment Insurance Co., Ltd. and Harvest Fund are 1.59%, 1.47% and 1.11%, respectively.

In the portfolio with equity in the collective plan, Harvest Fund, Cathay Pacific Fund and CITIC Securities are in the lead, with an average return of 0.98% - 1.68%.

However, in the equity portfolio, the first quarter earnings of six enterprise annuity management agencies in a single plan are negative; Among the collective plans, there are more than 8 companies with negative income, accounting for nearly 40%.

In addition to the enterprise annuity investment, the relevant investment data of pension in the first quarter were also disclosed at the same time.

By the end of the first quarter, there were 636 registered pension products and 573 actually operated pension products. The net asset value at the end of the first quarter was 1.58 trillion yuan, and the return on investment in the first quarter was 0.33%.

It is worth mentioning that the scale of some pension products exceeds 10 billion yuan. For example, the scale of Taikang asset Fengyi Hybrid Pension product reaches 11.638 billion yuan, and that of Fuguo Fuyuan mixed pension product reaches 11.5 billion yuan.

Low risk determines low return

From the public data, some investment managers who manage annuity and pension products also manage public funds, including star fund managers. For example, Huang Xing, general manager of Fuguo pension investment department, manages Fuguo Fuqiang stock type pension products and Fuguo fuyienterprising No.2 fixed income pension products. He also manages a public fund, Fuguo Tianxing return hybrid fund.

Fuguo Tianxing return fund, established on December 16, 2020, is a partial debt hybrid fund. The first quarter income of Fuguo Tianxing return a is 2.2%, which is obviously far higher than the average return of 0.3% of annuity and pension in the first quarter.

In addition, Zhang Qinghua, a big star of the "fixed income +" fund, manages the growth stock type pension products of e fund, Feng Bo, the star fund manager, manages the stock type pension products of e fund Taiqi Hong Kong stock, and Yuan Fang, the star fund manager, manages the stock type pension products of ICBC Credit Suisse Ruixiang. The public offering scale managed by the above star fund managers is over 10 billion yuan, and the long-term performance is excellent.

A public fund raiser told reporters that the company chose to let the best fund managers manage the investment of public offering, pension and annuity at the same time. The company attaches great importance to the management of these three types of funds. In fact, the scale of pension and annuity management of large fund companies is as high as hundreds of billions, and it is a long-term stable fund, which is of great significance to fund companies. As the management organization of annuity and pension, this is an honor and endorsement.

But even for the same star fund manager, the performance difference of the three management is relatively large.

According to the public offering person mentioned above, 20% of the secondary bond base managed by a star fund manager of the company has been invested in stocks and 80% in bonds. The average annual return is about 10%, which is higher than the annual average income of pension and enterprise annuity managed by him for a long time.

"The public offering income managed by the fund manager exceeds that of the pension and enterprise annuity, not that the fund manager fails to do his best in managing the pension and annuity, but because the risk preference of the principal affects the investment of the fund manager." The public offering person said.

According to reports, from the average annual income of the past 10 years, the income of pension is 8% - 8.5%, and that of enterprise annuity is 6% - 6.5%. The annual income of enterprise annuity is generally 2% lower than that of pension.

For example, in the case of enterprise annuity, the principal's risk preference is low, and he pursues the goal of absolute return. If the fund manager does not obtain positive return on the enterprise annuity investment in that year, he will be removed from the "white list". In the case of pursuing stable positive income, the proportion of fund managers allocated to equity products is generally about 10%, Generally, it does not exceed 15%, that is, if the equity investment loses 20%, the fund will lose 2% - 3% on the whole, and the bond yield can be covered, so that there will be no negative return in the whole year.

However, high risk and high return, low risk and low return, in this investment style, the proportion of investment equity market is very low, eventually leading to low long-term returns.

According to reports, the proportion of pension investment in stock market and bond market in Europe and the United States and other overseas markets is 50% respectively, while the proportion of domestic pension investment in equity is 20%, and the proportion of annuity investment in equity is 10%. This also leads to that in terms of long-term investment income, public offering is greater than pension, and pension is greater than annuity.

It is worth mentioning that at the end of 2020, the notice on adjusting the investment scope of annuity fund (hereinafter referred to as the notice) issued by the Ministry of human resources and Social Security stipulates that from January 1, 2021, the investment scope of annuity fund will be expanded, and the upper limit of equity investment proportion will be increased to 40%. Market participants believe that this will enhance the investment channels of annuity funds, and will greatly improve the investment operation ability and performance of annuity funds.

However, in practice, the public offering personage told the reporter that since the client of enterprise annuity requires absolute income, the annual income can not be negative, which makes the proportion of investment in equity only keep about 10%. The above-mentioned "notice" can not change the status quo.