The Pension Fund Has Finally Come To The Clouds.

This week, a draft of the guidelines on pension funds has been issued to some public fund managers and began to seek advice.

Some securities regulatory bureaus even require that the relevant opinions of fund managers should be feedback today, that is, before May 18th.

This means that the long-standing pension fund in the industry has finally "let the clouds see the sun".

Varieties are expected to be born.

We know that the public offering fund has the characteristics of pparent information disclosure and flexible investment, and it is a good channel for the pension account to realize asset appreciation.

However, for pension investment, risk control is the first. While maintaining capital preservation, we must maintain a high return rate, which puts forward high requirements for pension fund's investment strategy and operation standard.

According to the draft guideline, pension funds should adopt other strategies including target date strategy, target risk strategy and China Securities Regulatory Commission approval.

In addition, strict restrictions on entry threshold have been made for managers and fund managers of pension funds.

Regarding this, Gui Haoming, chief analyst of Shen Wan Hongyuan Securities Research Institute, said the guidelines are mainly guided by prudent investment principles to ensure steady growth of pensions.

People's demand for safety is relatively high.

Now such a new guideline, the general principle tends to allow itself to have relatively large asset scale, rich management experience, and a relatively stable style, and pay more attention to some of the funds allocated to the middle and long term to become its managers.

The purpose is still in accordance with

The established goal is to maintain a steady investment in the pension system, and to achieve the corresponding benefits every year when avoiding risks.

This is also an inevitable choice for the development of pension in the world.

Strict entry threshold means that some smaller fund companies that are not well governed will be excluded, and some large and medium sized fund companies with strong strength and operation will benefit.

Pension funds are designed in the form of FOF or general fund.

Upper limit.

In terms of fund category and investment target, according to the draft guideline, pension funds can adopt FOF, that is, funds in the fund, or in the form of general fund.

However, they limit investment in pension funds, and the proportion of stocks invested in stocks in principle does not exceed 30%.

Gui Haoming said that because the risk preference of pension fund investors is relatively low, the use of funds in the fund can effectively reduce the risk of non system.

FOF, the fund of the fund, is still more risk spreading.

Because the fund itself adopts a diversified investment strategy, I do not buy stocks directly, and let the fund repurchase funds through the way of buying funds. Through such a two level disposition, the risk can be further dispersed.

The fluctuation of a single stock is large, and the fluctuation of a fund is small. When it comes to a parent fund, that is, FOF, the risk will be further ironed. The maximum range will be able to realize the risk while controlling the risk.

As of the beginning of May this year, more than 30 fund companies in China have reported 67 FOF products, that is, fund products in the fund, of which 3 are "pension" logo products.

It is foreseeable that the pension FOF will benefit from medium and long term investors, including pension funds, with the help of "long money".

The marketization of pension has always been the focus of discussion among all parties. Insiders say that the current pension fund is just around the corner.

Data show that the proportion of assets that our residents specializes in providing for the aged account for less than 5% of the total assets. In contrast, in the United States, by the end of 2015, the personal pension assets amounted to US $7 trillion and 300 billion, which is 2.5 times the public pension.

Under the background of the intensification of population aging and the increasing pressure of financial expenditure, the basic old-age insurance is overburdened, and the coverage of enterprise annuity is low. Therefore, the construction of the third pillar based on individual independent pension has great potential.

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