How Do Idle Funds Pass Through The Spring Festival?

"Main Let... Lie idle Funds are invested in the IMF, and there is no better fund at this time than the fund. A senior manager of a fund company in Guangdong said that if he wanted to use the money in the Spring Festival holiday, he would use the money to make money. Monetary Fund It's a very good choice.

Although the relevant investment transactions such as securities and futures are suspended during the Spring Festival holiday, funds can continue to operate. So, how can we arrange idle funds for a good investment before the Spring Festival? According to the reporter, monetary fund, pure debt fund, bank financial products, reverse repurchase and bond buying are all suitable for investment before the Spring Festival.

　　 Method 1: Monetary Fund and Short debt fund

Monetary funds mainly invest in central bank bills, treasury bonds, repo and so on. The yield is generally higher than demand deposits, which may be slightly lower than the one-year fixed deposit. In 2011, when almost all fund products were completely annihilated, IMF was the only breed that achieved positive returns. According to Wind data, the average yield of the IMF in 2011 was 3.58%, and the first year of the GFA was 4.4%.

However, the market is worried that if the monetary policy is loose in the future, the yield of the fund will probably decrease after the central bank cut down the deposit reserve ratio. Ling Chao, manager of Everbright Baode monetary fund, said in an interview with reporters that the impact of lowering the deposit reserve ratio on the IMF can not be treated simply.

"There is no doubt that the negative impact is the IMF. Investment The overall yield decreases, but the advantage is that it will generate liquidity for the assets it has invested in. Ling Chao pointed out that to some extent, it can compensate for the negative impact of the decline in market interest rates.

The IMF has low investment threshold, 1000 yuan can invest, and no purchase and redemption fee, management fee is only 0.33%, only 1/5 of equity funds. In addition, the IMF can withdraw at any time, and T+2 workdays can be realizable. The general fund needs T+5 working days to arrive. The general financial arrival date of financial products is 1~3 working days after maturity, or even up to 7 working days.

At present, almost all the fund companies have launched the IMF. In the face of so many monetary funds, how should investors choose? Many analysts have pointed out that the purchase of IMF should first choose a larger fund, preferably at more than 5 billion yuan, the larger the norm, the greater the space for fund operation, which is more conducive to capital operation and better control of liquidity risk. Second, we should choose the monetary fund of large fund companies whose past returns have been in the middle and upper level.

In addition to monetary fund, Jiashi ultra short debt such short debt fund is also a good choice. The cashmere ultra short debt is equivalent to the enhanced Monetary Fund. On the one hand, most of the assets of the fund are invested in money market tools to provide stable returns; on the other hand, a small portion of assets are invested in fixed income investment instruments with high returns, which provide excess returns for fund assets. "Cashmere ultra short debt is somewhat similar to floating rate debt, with short portfolio duration and frequent dividends." Sun Zhiyuan, a good buy fund researcher, said that such funds are more suitable for short-term holding in holidays, with low risks and stable returns.

Investors need to pay attention to the IMF and the short and medium term debt fund before the Spring Festival will normally suspend the purchase, mainly because banks and other channels for the sale of funds for the purchase of funds often takes 2 days to arrive, so the fund companies will often suspend several days ahead of schedule. Therefore, if we want to purchase the short and medium term fund of the IMF before the festival, we need to start early.

　　 Mode two: bank financial products

Within a month, the 7 day financial products issued by banks may be the best choice for settling idle funds in the Spring Festival.

"Now the major banks have not issued financial products within a month, but there will be some 31 days, 35 days and other financial products issued." A financial manager of Everbright Bank told reporters that the expected annual yield of these products is about 4%~5%. "This year, market funds are expected to be relatively loose, and the regulatory authorities' restrictions on the use of fund-raising funds are also more stringent. The yield of bank financial products may decline in the future."

According to the statistics of reporters, the bank has issued 29 such financial products of 31 days, 33 days and 35 days this year, and the annual yield is expected to be between 3.5%~5.4%. In June last year, the average annual expected yield of short-term financial products issued by banks in January could reach 4%. In July, it even reached 4.4%. {page_break}

Although short term financial products have been halted within a month, the bank's previously issued "weekend" and "holiday" financial products are still running. "This kind of product is not a short-term financial product, it is rolling operation." The financial manager told reporters that such products are allowed in regulation, but new releases may be subject to certain restrictions.

If Everbright Bank's "sunshine financial holiday surplus 2010 phase fifth products" will be issued before June 25th this year, at least 73 models, with a period of 3 days, 5 days or 10 days, the expected annual yield is 3.5% to 3.8%. Bank of China is also raising similar "weekend edition" financial products, with a duration of 3 days.

"This product is mainly targeted at stock investors, and can still be fully utilized during the stock market break." The financial manager pointed out that this "weekend edition" is mainly invested on the three days of Friday, Saturday and Sunday. If investors choose to make an appointment redemption, the money can be returned to the account on Monday. If no redemption is made, the principal and proceeds will continue to be invested in the next product.

However, this kind of holiday and weekend version of the financial products raised threshold is relatively high, the initial capital is 100 thousand or 500 thousand.

　　 Mode three: reverse buy back or buy debt.

"In fact, before the Spring Festival, bond reverse repurchase is undoubtedly a good investment choice." A researcher from an insurance Asset Management Co in Beijing told reporters that the capital market in the coming Spring Festival market was relatively tight, and the reverse repo rate would rise relatively high, which is the most suitable time for reverse repurchase.

"At present, the yield of the reverse repurchase can reach about 3%~4%. If the central bank does not carry out the reverse repurchase operation before the Spring Festival, the market interest rate will rise, and the reverse repo rate will probably rise to about 5%." The researchers pointed out that in late 2011 12 and early January 2012, the reverse repo rate had risen to around 5%.

A bond fund manager in Beijing also told reporters that counter repurchase is basically a risk-free transaction, because investors lend money and get mortgage bonds. "Generally, before the Spring Festival, the agencies will keep an eye on reverse repurchase, and the market interest rate will generally rise very fast in those days."

According to the central bank's regulation, non-financial institutions and individuals should not participate in interbank bond repo business. However, individual investors can participate in the pledge repurchase of the exchange bond market. At present, the Treasury bond repurchase transactions in the market include 1 days, 2 days, 3 days, 4 days, 7 days, 14 days, 28 days, 91 days, 182 days, and so on. The main varieties are 1 heaven debt repo and 1 day treasury bonds repurchase. When a securities company opens this business, it can operate in the securities trading system. Unlike ordinary stock exchanges, the operation of individual investors is to sell "a" variety of transactions, such as GC001 (1 country debt repurchase), and in accordance with the time limit for repurchase varieties, investors' funds will be referred to the repurchase Party of treasury bonds. The principal and interest can be credited on the day of the transaction, but as with stock trading, funds can only be transferred to the bank account on second days, but other transactions can be made on that day.

Personal participation in the reverse repurchase minimum transaction unit is 100 thousand yuan. However, the fee is lower than the stock transaction, for example, the 1 day reverse repurchase transaction, the 100 thousand yuan only receives 1 yuan service charge, and the 7 day period only has 5 yuan service charge.

In addition to counter repurchase, some investors believe that buying bonds is a good choice. "The price of the two tier market of some bond varieties is relatively stable, but the interest rate can reach 6%." One investor pointed out that if the purchase of such bonds is secure, interest income is relatively stable.

The researchers pointed out that if individuals buy bonds, they should choose a higher credit rating, and avoid city investment bonds.

However, Sun Zhiyuan believes that there may be some risk in short selling a bond, especially during the 7 days of the Spring Festival, the repo rate will rise very quickly, and the price of the spot bond may fall, so that there is a certain risk in the principal. In addition, although there are some stable prices of bonds, but usually its volume is very small, can not be realized in a timely manner.