Whether Funds Can Be Guaranteed Or Not Depends On Many Factors.

At present, many "capital preservation" funds also adopt the CPPI strategy, such as the southern Antai pension, Changsheng Tong Tai mixed, TEDA Hongli Ding macro mixing, etc., the fund contract expressly stated that "CPPI strategy is adopted in asset allocation". Different from the traditional capital preservation fund, most of these products have "lock in" mechanism, that is, through compulsory dividends to protect revenue. For example, Taida Hongli Ding Hong's net value of 1.1 yuan will be paid dividends, and South Antai stipulates that when the net value of the fund continues to exceed 1.15 yuan, a large proportion will be reduced and the dividends will be paid more than 90% of the proceeds.

It is reported that the traditional guaranteed fund has not clearly stated in the dividend policy, most of which are consistent with other types of funds, that is, at least once a year, once the statutory dividend conditions are met. This can also improve the situation of "roller coaster" in the market, and the situation that products appear to be ups and downs and no profits will, to some extent, increase the mechanism of stopping profits. This kind of fund adopts the strategy of "ladder position", that is, with the increase of returns, stock positions will be gradually raised, so as to achieve the purpose of controlling risks and achieving positive returns.

The Shanghai Composite Index has been around 3000 points in a narrow range during the year, and the market risk appetite has shifted down, and investors are beginning to turn their attention to the low risk products with guaranteed capital gains. Due to the suspension of approval of the guaranteed fund, some funds that have no guaranteed capital requirements but are seeking absolute gains have come to prominence. According to the reporters' collation, the investment strategies such as "capital preservation, ladder position and share debt" have been optimized by optimizing the allocation of equity assets, and thus seeking positive returns. Can such a guaranteed fund really "keep the capital"? Can ordinary basic people buy at ease? Let's analyze one or two:

Such funds do not introduce security clauses, but use capital preservation strategies to pursue absolute returns. In short, although it has a guaranteed capital, there is no guarantee mechanism in fact. Most of the capital preservation funds in China adopt the CPPI strategy, that is to say, through the investment portfolio, the capital guarantee is guaranteed: after the maturity of the security assets such as investment bonds, the principal is not in deficit, and the stock assets investment is responsible for achieving excess returns.

This strategy was adopted by UBS, ruining and ruining funds, which were founded during the year. It is understood that the proportion of assets invested by UBS in the assets of the fund is 0%~60%. In the process of investment management, the stock positions are divided into 3 stalls according to the fund yield. With the gradual increase of the yield, the stock positions are correspondingly increased. When the yield exceeds 10%, the stock positions can reach up to 60%; while the UBS, ruining, set up when the fund yield is less than 5%, the stock positions are not more than 20%, and gradually increase with the increase of the fund income; when the yield exceeds 20%, the stock positions can be opened up to 95%.

Market analysts believe that during the year A shares frequent shocks, this strategy is conducive to the fund's control of retracement and net value fluctuations. It is similar to the CPPI strategy. The higher the net value of the fund is, the higher the position of the fund can be used to invest in stocks. But the difference is that the "ladder position" strategy gives the fund managers a relatively high degree of flexibility and the highest stock position can reach 95%.

Such funds, such as China Europe Rui Shang, Huaan Rui Xiang, Fu Guo Rui Li, etc., all achieve the "offensive and defensive" characteristics through the way of stock debt splitting. In short, two types of assets, such as stocks and bonds, operate separately, usually with equity and two fund managers. For example, the Huaan Rui Xiang fund was managed by Hu Yibin, a performance fund champion of the Morningstar radical allocation fund in the past year, and He Tao, the best fund manager of the five year fixed income fund; the rich country Ruili was invested by Yuan Yi, the deputy director of equity investment. Investment Manager Huang Jiliang co managed.

Unlike the "ladder positions", such strategic bases do not make frequent active asset allocation adjustments during the period of gold operation. When the stock market value exceeds 50% of the fund assets, they immediately sell cash proceeds, control stock assets no more than 50% of the fund assets, and bond assets are always no less than 50%. A little different is that China EU Rui Shang and Fu Rui Li in the initial stage of operation are using 2:8 ratio to configure stocks and bonds, while the initial position of Huaan Ruixiang stock / bond is 3:7. in the operation period, and the above funds are different from the long term closed period of the guaranteed fund. Most of them are open regularly, such as Huaan Ruixiang and China Europe Rui Shang every half a year.

stay Breakeven After the fund has been restricted, can the above-mentioned "guaranteed capital" fund take over to help investors achieve "stable happiness"? First, in the most important capital preservation mechanism, the guaranteed fund will introduce third party guarantee institutions to guarantee the principal, and investors can be described as "drought and flood protection." While the class guaranteed fund adopts a capital preservation strategy, it does not commit itself to capital preservation. This means that without the guarantee of principal and safe system, the overall risk of products will be enlarged. This is also the focus of some market participants to question whether they can realize the "capital preservation".

Secondly, compared with capital preservation fund, the guaranteed cost product is much cheaper in terms of investment cost. For example, in addition to not paying the 0.2%~0.6% guarantee fee (depending on the holding period), management fees and custodian fees are lower, and some of the class guaranteed products can be purchased through the company's Monetary Fund. In addition, in order to control the frequency of capital flows, capital preservation is guaranteed. fund Usually, a higher redemption rate will be set up. The redemption rate currently under 1 years of investment is mostly around 2%, and the high rate even reaches 3%, while the similar premium rate is much lower. For example, the sum of redemption fee for the Long Sheng Tong Tai mixed category 1 is less than 0.1% within the year. The holding time limit of the South Antai pension is less than 1 months, and the redemption fee is 0.3%.

From the perspective of liquidity, the class guaranteed fund avoids the shortcoming of the capital preservation fund's locking period. Most of them are open regularly for 6 months, and because the redemption rate is low, liquidity is higher than that of investors. However, there are also some market participants who worry that there are differences in the overall investment strategy of the guaranteed fund in several years of its operation, and whether the relatively flexible liquidity will affect the effectiveness of the guaranteed investment strategy. It is worth noting that the strategy of "guaranteed capital preservation" is beautiful, but whether the fund can be "guaranteed capital" depends on the factors such as the future operation of the fund managers and the corresponding market environment.