Cash Assets Such As IMF Are Good Timing For Allocation.

Recently, the central bank has adjusted MLF interest rate, open market repo operating interest rate and SLF interest rate. The main maturity varieties have been raised by 10 basis points, Shibor and pledged repurchase periods.

Continuous upward trend and cash asset allocation opportunities.

According to the author's statistics, the average annual yield of the IMF in the whole market has been over 3% in recent 7 days, and the premium varieties can exceed 6%.

According to official data and author statistics, as at the end of 12 in 2016, there were 286 monetary funds in the whole market, with a total asset value of 4 trillion and 284 billion 57 million yuan, accounting for 44.67% of the management scale of the public offering market.

In 2015 and 2016, the total net asset value of IMF remained at 50% of the total market size.

The monetary fund is basically the "standard" of the fund managers' product line: as of the end of 2016, 104 of the 108 public offering managers in our country had operated such funds. The Celestica fund company had a management scale of over 800 billion yuan by means of channel advantages, and 11 of its management scale exceeded 100 billion yuan, mostly large companies with comprehensive strength.

IMF is also a good choice for expanding scale and starting products for companies with or below scale.

From the perspective of investment income, the average income of the IMF in 2016 was 2.56%, and the single fund with the best performance was 3.53%, which is far superior to the bank's time deposit interest rate in the same period.

In the short term, as of February 17, 2017, the average annual yield of the IMF was 7, which was 3.17%. According to the basic share, 157 of the 244 monetary funds that met the performance statistics had an annual yield of over 3%, 6 of which exceeded 4%, and the annual yield of Jiu Tai's products was 5.8990%.

In recent trading days, a few products have remained at the 6% line level for the past 7 years.

When we extend our attention again, in 2013 and 2014, the annual income of 6%-7% is more common, but after 2015 and 2016, the market interest rate gradually descended, and the IMF earnings began to go down to the average 2%-2.5% interval.

From the point of view of the operation and institutional view that the central bank raised the interest rate of multiple funds, the increase of repo rate means that the return on cash assets is rising, and it is a good time to configure cash assets such as monetary fund.

Monetary fund can usually be considered from three angles: historical performance, size and holder structure, and portfolio allocation.

First of all, a more sound approach is to refer to the historical performance of the IMF and choose a variety with a certain operation cycle and better performance in the medium and long term.

In general, the yield of IMF will be presented in two forms: "7 days" and "ten thousand shares".

The former is the average annual yield index of the fund in the past 7 days, and every ten thousand earnings refer to the actual income that can be obtained if the share of the product share is held on the previous trading day, so that it is closer to the current level in the current ten thousand days.

It should be noted that the monetary fund will release some of its earnings at the end of a certain cycle, pushing up the 7 day yield rate of the day, for example, at the end of 2016, the 7 day yield of Jiahe currency has exceeded 24%, which is usually not sustainable. Therefore, it is recommended to avoid buying too high yield in the near future if there is no reliable information.

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Secondly, the scale is moderate and the holder structure.

Larger monetary funds have stronger bargaining power and more opportunities to buy cheaper assets.

However, if the scale is too large and the holders are dispersed, it is necessary for the fund to hold a large amount of bank deposits to deal with redemptions at any time. The rate of return will be relatively low. The scale is too small and the bargaining power is relatively weak.

In addition, we should be vigilant against the size of the money fund, which may mean problems in liquidity management or capital channels.

It is better not to choose institutional investors of Monetary Fund to take up a larger variety, because institutional investors tend to have a similar rhythm, and the amount of purchase and redemption is very large, which affects fund returns.

According to the disclosure of the fourth quarter of 2016, the author reported that the scale of products over 10 billion yuan accounted for 35% of the total market monetary fund, accounting for about 12% of the total 30 billion yuan.

Finally, we can further examine the asset allocation, securities allocation, leverage, average residual maturity and deviation of Monetary Fund.

In regular information disclosure, it can be seen that there are four major asset allocation directions: bonds, bank deposits, buy back securities and other assets.

Usually, large and stable products are used.

In order to enhance and ensure the stability of returns, the performance of the fund managers is better. If the fund managers have strong initiative management ability, some additional benefits can be obtained by configuring the bonds with reasonable duration, and more money will be gained by increasing the fluctuation of the leverage and the deviation of the shadow price, but the balance of risks should also be paid attention to.

In addition, although the scope of the IMF investment is similar, different products also show slightly different characteristics, which can deal with the demand for cash management of different investors: the size of the traditional large money fund is usually close to hundreds of billions of billion yuan, the liquidity is better, the fund is relatively balanced and stable in management and revenue performance, can be configured at any time to avoid risk, and can be purchased at the same time. The money fund based on the Internet is characterized by flexible and convenient redemption and usually T+0; the field Monetary Fund provides a very large convenience for the two level market investors who often use securities to buy and sell the stock, and some specific products are specialized financial funds and margin tools such as securities brokers and other institutions.

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