Multiple funds have issued over 100 million "red envelopes"! Bond funds and REITs have become the main forces

In the just-passed April, funds once again concentrated on distributing dividends, with many products generally reaching single transactions of one billion yuan.

From a structural perspective, April’s dividends mainly came from passive index funds, medium- and long-term pure bond funds, and REITs, with active equity products also participating but accounting for a relatively limited proportion overall.

Looking at a longer time horizon, since the beginning of this year, the number of fund dividends still primarily comes from bond funds. Specifically, medium- and long-term pure bond funds, passive index bond funds, hybrid first-tier bond funds, short-term bond funds, etc., together constitute the main sources of bond fund dividends.

In April, with frequent dividend payouts, bond funds and REITs dominated

Since April, public fund dividends have continued to be “large-scale,” with many products paying out over 100 million yuan in a single dividend.

Regarding specific products, Changxin Jinli Trend A and C paid dividends of 961 million yuan and 428 million yuan respectively, ranking among the top in that month’s dividend scale. Additionally, medium- and long-term pure bond funds such as CITIC Prudential Jiarun 66-month fixed-open and Minsheng JiaYin FengXin also paid dividends exceeding 300 million yuan.

Meanwhile, REITs products also maintained a high frequency of dividends, including Guojin China Railway Construction High-Speed REIT, Ping An Ningbo Transportation Hangzhou Bay Cross-Sea Bridge REIT, and CICC Anhui Traffic Control REIT, with many products paying out between 100 million and 200 million yuan per transaction.

In terms of type distribution, aside from a few mixed funds with a bias toward stocks, medium- and long-term pure bond funds and REITs dominate in both the number and amount of dividends, with passive index funds also participating to some extent. This structure to some degree reflects that, under the current market environment, assets with stable cash flow and predictable returns are more suitable for dividend distribution.

Bond funds remain the main force of dividends this year

Looking at the overall situation this year, fund dividends show a clear concentration among leading products, with single dividends exceeding 1 billion yuan mainly concentrated in passive index funds. Among them, Huatai-PineBridge CSI 300 ETF paid dividends of 9.81B yuan, E Fund CSI 300 ETF paid 4.59B yuan, and other products like Southern CSI 500 ETF and Southern CSI 1000 ETF also paid dividends exceeding 1 billion yuan.

In addition, some bond funds also achieved large-scale dividends, such as Southern Changli Fixed-Term Open and Bosera Fu’an Pure Bond 3-Month, with single dividend amounts over 500 million yuan.

In terms of the number of dividend-paying funds, bond funds still account for the vast majority. Specifically, medium- and long-term pure bond funds, passive index bond funds, hybrid first-tier bond funds, and short-term bond funds together form the “main force” of dividends, reflecting investors’ current preference for stable returns and cash flow in the market environment.

Dividend rhythm continues, structural pattern stabilizes

Overall, fund dividends this year show the characteristics of “continued rhythm and stable structure.” On one hand, dividends are still delivered in phases with frequent bursts over time; on the other hand, in terms of asset structure, medium- and long-term pure bond funds and REITs with stable cash flow sources continue to dominate, becoming the main recipients of dividends.

A fund industry expert in Shanghai commented that, from a longer-term perspective, although passive index products perform outstandingly in single dividend scale, in terms of dividend quantity and participation breadth, bond funds still constitute the core support of the market. This pattern of “scale concentrated among top players and quantity distributed among bond funds” allows fund dividends to maintain a certain degree of flexibility while also sustaining a relatively stable distribution foundation.

【Author: Wang Xiaoqin】 (Editor: Wen Jing)

Keywords: Fund