"C+A" Sets The Price Of Killing Two Birds With One Stone.

The new strategy for the whole three quarter has been pursued.

The reporter learned that, after the combination of "new and quantitative Hedging under the net", various kinds of enhancement strategies used to hedge the risk of silos are frequent, including stock T+0, stock return swap, C+A play and quantitative arbitrage.

Fund researchers said that a combination of class enhancement strategy and new strategy to achieve a multi strategy model will not rule out more innovative models in the future.

The fund managers hope to hedge the risk of the bottom position through the strategy of class enhancement, and at the same time, increase marginal returns for the whole product.

As we all know, in the new process of net down, investors who meet the threshold of capital and accurate quotation can get the proportion of new shares allotment, which is different from the new low threshold and low success rate on the Internet. Therefore, the new C class investors can get a good rate of return under the net.

According to statistics, from the beginning of this year to the end of June, the average yield of new products under the net is 10% to 15%, that is, the annual yield is 20% to 30%.

High yield leads to a large increase in the number of C investors participating in the offline placement. As a public fund of class a investors, the public funds of the A-type investors have repeatedly pushed up the new threshold, and the bottom warehouse requirement has reached 60 million yuan.

Fund accounts for C class investors and class a investors.

It is also popular in the near future.

The Fund believes that this approach can enhance the new performance of special account products, and expand the scale of public offering funds. For the same fund company, it is a good thing to kill two birds with one stone.

Wang Mengmeng said, "set dozen" refers to a fund company's internal special products, the purchase of its own company's public funds to fight new fund products.

For example, suppose that a fund company has a 300 million yuan scale fund account, and uses 240 million yuan to purchase its own public funds, and the remaining 60 million yuan is used to configure the new market value of the new warehouse. This is equivalent to getting the new double income from the public offering new fund (class a) and the fund account (class C), thus achieving the "C+A" of the new revenue.

For fund accounts, the C+A mode can achieve double new revenue; for the public offering products, that is, the scale expansion of the product can be achieved, and the new performance can be increased, and the double growth of management fees and performance royalty income will be achieved. The fund company's motivation is very strong.

However, the actual performance of this type of product will take time to test, and investors need not be overly optimistic.

Such a high base position requires the public offering fund to suffer a higher risk of net value fluctuation.

It is reported that this type of fund managers in addition to the main choice of smaller fluctuations, valuations attractive stocks, but also joined some of the class enhancement strategy, "stock return swap" is one of them.

The so-called stock return swaps, that is, the fund company will stock the proceeds of the shares to be packaged, and the securities and futures institutions signed an agreement, in the form of fixed income products sold to the broker, when the product expires, the broker pays the fund company a fixed income.

Reporters learned that the current practice is to pay about 3% of the annual yield, regardless of the final profit and loss, brokerage institutions bear the risk of market volatility.

However, there are also fixed fund managers who pay fixed securities.

Practice.

Wang Mengmeng, a financial researcher, told reporters that some fund managers in order to completely replace the risk of stock fluctuations, will pay a certain percentage of the cost to the broker, such as 5% to 8% of the bottom warehouse, as a manager to manage the cost of the product, and the bottom store's income and volatility are borne by the broker.

"When the product expires, the fund manager obtains the original market value of the bottom warehouse, plus the new income, and then subtracts the fixed cost paid to the broker."

"According to the first half of the year, it is not difficult to cover the cost of 5% to 8% of the bottom warehouse," she said.

She mentioned in particular that stock return swaps belong to the scope of OTC derivatives business. Because of the fact that every single case is different, similar to the non standard business of OTC derivatives, there is no need for a discussion with the brokers to discuss a unified standard of the industry. It depends on the bargaining power and actual communication results of the fund companies.

She said that at present, there are few fund companies attempting this aspect, and the market demand of such businesses will not be excluded.

Since the three quarter, there has been an increasing number of new investors coming into the net.

The pace has not changed, and accordingly the proportion of each investor's distribution will drop.

At the same time, underwriters can not afford too many investors, only to raise the threshold.

The direct result of this change is the continuous expansion of new products under the network, and the contribution of new strategies to product net value will decrease.

"For example, the scale of 70 million yuan now is the bottom line for new products, and the proportion of allocation has dropped to zero point seven in the year from the beginning of the year, and the current average allocation rate is zero point five."

He said.

Since each strategy has its own capacity, the overall yield of the new fund will be sinking in the future. The annual return rate from 8% to 10% may be a relatively average level.

However, with the increase of new investors and the expansion of the fund scale, the contribution of both the main strategy and the enhancement strategy is convergent. The annual return of 8% to 10% may become the general return of such products.