Fund Company: Monitor Your Investment Strategy Without Dead Ends.

The birth of hedge fund is a microcosm of the information management industry's farewell to the rigid payment era.

From trust, to bank financing, and then to public offering funds, no one is quietly "off Gang".

As early as a few years ago, the trust scheme based on coal real estate enterprises broke the rigid payment as early as possible. Now it is bank financing and fund. Recently, the China Securities Journal reporter also found that almost all of the banks' financial products have become net worth, that is, the purchase and redemption according to the net value of the funds, which means that investors should bear the net value of possible losses.

The bear market is a pressure on bank financing. According to Jiang Chao, chief economist of Haitong Securities, the total size of the major credit debt varieties that will expire on 2017 will be about 4 trillion yuan. Considering the unissued short-term financing coupons, the total scale will reach 5 trillion and 500 billion yuan, and the maturity will be concentrated in the one or two quarter. The expected maturity in the first half of 2017 will be at least 2 trillion and 300 billion yuan.

Refinancing is hindered due to the expiration peak, and the debt repayment pressure of enterprises is bigger.

We entered the era of "no guarantee fund". This afternoon, the SFC issued a guidance on Risk Avoidance Strategy Fund (hereinafter referred to as investment advice), which stipulates that the capital preservation fund should be renamed "hedge fund".

What is a capital preservation fund? As the name suggests, such funds achieve guaranteed capital in the guaranteed capital cycle by introducing a guarantee mechanism, a cycle usually 18 months or 24 months.

But regulators are worried because there are three problems with the guaranteed fund.

1, the name of the capital preservation fund may easily lead to "rigid payment" expected, in fact, under extreme circumstances, capital preservation fund may still lose capital.

What are the extreme cases? Xiaobian found a fund manager to interpret: first, the strategy of capital preservation failed, for example, the bond market was slumped and the debt was not sold. It could only be seen falling or falling below the security cushion of the guaranteed fund. Two, Guarantee Corporation did not have so many Qian Danbao.

2, there are counter guarantee phenomena in the current capital preservation fund, that is, the joint and several liability guarantee mechanism, and most of them require the guarantor to have the unconditional recourse clause to the fund manager.

That is to say, even if the loss is borne by the Guarantee Corporation, the fund company should bear joint and several liability.

The SFC believes that such a safeguards arrangement will bear the ultimate possible risk loss by the fund manager, which is not compatible with the capital system of the fund company.

With the rapid expansion of the capital reserve fund, the potential risk loss may jeopardize the fund company system and ultimately damage the interests of the holders.

3, part of the capital preservation fund to increase yields, there will be low-grade credit debt into the scope of robust asset investment, the remaining maturity mismatch, risk assets magnification is too high, so that the fund's net volatility increased.

For the above-mentioned "joint and several liability guarantee mechanism", which puts the fund industry in a dangerous position, the guiding opinions clearly indicated that the share should be abolished. When the fund expires, if the net share value is lower than the investment principal stipulated in the fund contract, the obligor shall be responsible for making up the difference to the fund share holder.

The guaranty obligor (hereinafter referred to as the guaranty institution) has no right to recover the fund manager after making up the difference to the fund share holder.

Since the counter guarantee is not allowed, it is bound to be a mechanism with a certain strength to protect the obligor.

The guidance also laid down a series of threshold:

1. The commercial banks and insurance companies that stipulate the conditions can act as the protection obligor of the hedge fund.

2, its registered capital should be no less than 500 million yuan, and the net assets that have been audited in the past 1 years are not less than 2 billion yuan.

3, the amount of liability it takes to cover the difference between the hedge fund and the external guarantee assets is limited to 10 times the audited net assets of the previous year.

According to the regulations, the relevant reserve fund should be adjusted after maturity.

The industry believes that many of the guaranteed funds may not choose to survive. The 300 billion scale "Damour's sword" will be resolved by this rule.

In order to reduce operational risks in implementing investment strategies.

The guidance also strengthened the investment strategy of Hedge Strategy Fund, and defined the investment scope of hedge fund.

The "robust assets" in the investment strategy has been clearly defined in the investment scope and refined the relevant varieties that can be invested, including bonds with credit rating above AAA (inclusive), and non-financial corporate debt financing instruments with credit rating above AAA (inclusive), and the proportion of prudent assets investment shall not be less than 80% of the net asset value of the fund.

It is said that it was previously stipulated by the companies themselves.

(Interpretation of fund managers: we should know that previously robust assets were defined by the fund companies themselves, and some companies also counted AA+ bonds in sound assets).

As for the investment proportion of risky assets, the guiding opinions stipulate that the investment amount invested in equity assets in venture assets should not exceed 3 times the safety cushion.

(fund manager interpretation: the so-called safety pad, in the

During operation, it refers to the income that the fund has obtained, and generally refers to the risk-free rate of return at the initial stage of the fund.

It is reported that this ratio was 4 times.

That is to say, assuming that the current risk-free rate level is 3%, then the risk assets that can be invested at the beginning of the year are 9%.

How much you can have after that depends on your level! Well, it's more difficult than before.

The SFC also called for strengthening risk monitoring. First, it explicitly requested the fund managers to monitor daily changes in the accumulated net value of hedge fund units. The net principal value would exceed 2% if the net value fell below the maturity date, or the net value of the 20 consecutive trading days (except for the warehouse period) was lower than that of the investment contract stipulated in the maturity date. The fund manager was required to report to the regulatory authorities in a timely manner.

Two, it is clear that the Chinese Securities Investment Fund Association regularly organizes fund managers to carry out stress tests.

The SFC also requires that if the fund manager is a securities company, it should calculate the specific risk capital reserve in accordance with the amount of 12.5% stipulated in the contract for the difference between the obligor and the obligor, and the total amount of the liability to be paid by the underwriter should be no more than 8 times the net assets audited by the fund manager in the recent year.

First, hedge fund will no longer be as fast as the capital preservation fund.

To see these strict regulations, some people in the industry are also introspection, which is also the bitter fruit of the industry itself.

If it were not for the "collective unconscious" large-scale use of counter guarantee to issue products and bring the "sword of Damour and Chris" to the industry, it would not be the case.

Second.

The premium rate of the fund will be increased.

The new regulation will lead to the raising of guarantee rates and fund management rates. After all, the guarantee institutions finally take risks.

In the past, the guaranteed rate of guaranteed funds was 1 per thousand to 2 per thousand, and the mainstream management fees of guaranteed funds were between 1% and 1.2%. A guaranteed fund manager who ranked the top ten last year predicted that the guarantee rate of hedge fund would double to 5 per thousand, while the management fee rate would be increased to 1.5% to 2%.

There is no doubt that these prices will "wool out of sheep", but this is also the current debt market bear market, credit risk ascension, this should be said to be a fair price.

After all, the price is cheap, that is, let the risk of drumming and spreading flowers.

Here, the reporter wants to praise the public fund. After all, we have prepared for a rainy day without breaking the rigid payment.

Considering that hedge fund may not expand in scale, some fund companies that have made more capital preservation funds are also seeking pformation.

A fund company has said that they want to issue more equity funds mixed with 30%-40%, and the asset allocation ratio is also close to the hedge strategy.

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