More Capital Preservation Funds Or Pformation Of Mixed Base Financial Market, "Protect Yourself"

Entering the July, the pace of the pformation of the capital preservation fund has also been accelerated. Since the southern guaranteed capital was pferred to the southern equilibrium allocation hybrid fund in July 15th, the guaranteed life cycle will expire in July 31st. Yinhua Yongxiang Bao Ben announced on Friday (21) that it will be pformed into Yin Huayong Xiang to flexibly configure the hybrid fund.

China Securities Journal reporter learned that since January 24th this year, the securities and Futures Commission issued the guidance on risk avoidance strategy fund, there has been no case that the capital preservation fund has been renamed as a hedge fund after its expiration. It has been pformed into a hybrid fund, especially the partial debt mixed fund has become the mainstream way of capital preservation fund.

And the guarantor is hard to find and become.

The fundamental reason why the fund is tardy is difficult to emerge.

A fund company in Shenzhen said that due to the tightening of financial regulation, banks are very cautious about the guarantee of guaranteed funds. For fund companies, the direct choice of pformation is probably the easiest way.

According to the insiders, if a previously issued capital guaranteed fund reaches the guarantee period, the net value of the fund is lower than the investment principal. There will be a third party guarantee agency to cover the deficit. At the same time, the guarantee institution also has the right to pursue the responsibility to the fund company, which is equivalent to double insurance. In short, the guarantee institution and the fund company must be accountable to the investors.

The new regulation abolished the joint guarantee mechanism, which means that the guarantor can not be accountable to the fund company.

This makes the guaranteed fund only rely on its own investment strategy to maximize the security of the principal.

At the same time, guarantee rates and fund management rates will also rise.

Owing to the risk assumed by the guarantee agency, the guarantee rate of the guarantee will naturally increase.

The reporter understands that the mainstream management fee rate of the capital preservation fund is between 1%-1.2%. After the implementation of the new regulation, the management fee rate of the hedge fund will be raised to 1.5%-2%.

In addition, there have been reports recently that

Some banks are required to reduce the rate of return on their financial products to control risks, which is targeted at the financial management of the table, that is, capital preservation.

"Nowadays, the proportion of non guaranteed products accounts for almost half of the bank's financial products.

Whether it is public funds or bank financing, the products of capital preservation type are no longer respected. They are trying to prevent investors from forming "rigid payment" expectations for absolute guaranteed capital for such products, which is not conducive to stable and healthy development of the industry.

A bond fund manager in Southern China told the China Securities Journal reporter, "breaking the rigid exchange is an inevitable trend, and accordingly, all kinds of products should be adjusted accordingly."

Hedge fund has always been difficult to produce.

After the expiration, it becomes a mixed fund or the most mainstream way.

According to Wind statistics, as of July 21st, a total of 9 guaranteed funds have been chosen since the beginning of this year, and another 5 have chosen liquidation directly because they failed to meet the existing conditions.

In the 9 pformation guaranteed funds, in addition to the pformation of China's financial security protection fund into a flexible allocation fund, and the pformation of Milky Way's capital reserve into a balanced allocation fund, the other seven funds have been pformed into partial debt mixed funds.

"Now it is not easy to declare the new fund. The shell value of the fund is very high, and it can not be cleared up if it can be pformed."

The above bond fund manager said.

After pformation, although many fund managers of products have not changed, but after the pformation of the products, the original investors do not buy too much, and the majority of the investors have chosen to redeem funds.

According to Wind statistics, the average share growth rate of the 9 guaranteed funds in this year's pformation is -32.56%, with no change before and after the two funds.

And the share that has shrunk larger has changed from 2 billion 199 million and 1 billion 641 million to 223 million and 438 million respectively, with an average share growth rate of -89.85% and -73.28% respectively.

"Many investors are waiting for the expiration of the guaranteed cycle. They will immediately redeem the funds, mainly because the products after the pformation are mixed funds, which are inconsistent with the original venture's investment risk preferences, and the funds will naturally choose to redeem them."

Insiders said.

A pformation fund of a guaranteed fund said that after the pformation, equity assets accounted for 30%-80% of the assets of the fund, and the market value of all the warrants held by the fund was not higher than 3% of the fund's net assets. The proportion of other fixed income assets such as bonds, money market instruments, laws and regulations or the CSRC allowed the fund to invest in the assets of the fund was 20%-70%, of which the cash or maturity of government bonds within a year is not less than 5% of the net assets of the fund.

However, it is worth noting that according to Wind statistics, the average size of the 9 funds that have been pformed this year is not very high, only 546 million, but the 21 guaranteed funds that are about to expire in the second half of the year will be larger, with an average size of 1 billion 467 million. If the product has already been selected after the pition, whether the scale will be changed or not, there is still a need for continuous attention.

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