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澳门赌博送彩金体验

澳门赌博送彩金体验:More than 100 funds were liquidated this year, mostly out of banks. There are still 570 products sold in the company.

时间:2018/5/2 18:11:40  作者:  来源:  浏览:0  评论:0
内容摘要:Fund companyInsiders said that for products that are not suitable for regulatory requirements, have no obvious market prospects, and homogen...

Fund company Insiders said that for products that are not suitable for regulatory requirements, have no obvious market prospects, and homogeneity is too severe, the company will be wound up in accordance with relevant legal procedures to protect the interests of investors

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This year, the speed of liquidation of public offering funds has accelerated significantly. The data shows that 115 funds have been liquidated since the beginning of the year. This amount is much larger than the same period of last year. The lack of scale is the main reason for the liquidation of these funds. It is worth noting that after the round of liquidation, there are still a large number of mini-funds with a scale of less than 50 million yuan.

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Why did the fund company liquidate these mini-funds? Their existence, what management pressure for the fund company? Will there be more mini-funds to be liquidated in the future? Why did these funds fail to attract enough investors and how would the fund company's future product design be improved to avoid the phenomenon that the size of the fund was so small that the liquidation would occur?

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In relation to the above issues, the “Investor” reporter interviewed several fund companies and third-party sources and obtained some answers.

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Significant increase in the number of liquidations

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In recent years, the speed of liquidation of public funds has increased by an order of magnitude. Only 5 months have passed since the end of this year. The data shows that 127 funds have already been liquidated. For the entire year of 2017, this number is 150. From the above data, it can be speculated that in the first half of this year, the number of liquidation of public funds will be close to the total amount of the previous year.

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There are many companies in this industry that have large-scale companies such as Bo Shi, Minsheng Canada, China Merchants, and Yinhua. In the liquidation fund, the scale of less than 50 million yuan accounted for more than 75%. Another obvious feature is that the majority of fund holders are mainly institutions, with more than 60% holding more than 90%. Among them, most are flexible allocation funds, partial loans hybrid funds , medium and long-term pure debt base gold, it can be seen from that most of the net assets are liquidated.

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Before 2017, there were no more than 100 publicly funded funds in the industry. In 2016 and 2015, 35 and 55 public funds were liquidated. In 2014, only 6 funds were funded by the entire public fund. In 2013 and 2012, no public fund was declared liquidated.

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The first liquidation of the public funds appeared in 2011, when Huaan International Configuration declared a liquidation. The data shows that among the 380 funds that have been liquidated so far, only 70 have exceeded 50 million, which means that nearly 80% of the liquidation funds are mini-funds with a scale of less than 50 million yuan.

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According to the regulations of the China Securities Regulatory Commission, during the existence period, the number of fund holders will not reach 100 persons within 60 consecutive working days, or the fund's net asset value will be less than RMB 50 million for 60 consecutive working days. The fund manager may apply for liquidation, and the CSRC approves After the termination of operations.

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Mostly a mini fund

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Why did the fund company choose to liquidate the mini fund? A fund company in Beijing told Investor that according to relevant laws and regulations, fund management fees, custodian fees, information disclosure fees, etc. are listed in the fund assets. If the scale is too small, some fixed fees will increase management costs. The interests of the holders are infringed. Therefore, according to the principle of fund holders' interest priority, the fund company will generally choose to deal with liquidity for products that have no vitality and no market prospects.

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Insider of a fund industry gave an example to the reporter of “Investor Daily”: “A fund is required to disclose the latest net value, position stocks, and regularly publish quarterly and annual reports regardless of the size of the fund. These have increased the work of employees. The amount needs fund companies to bear certain costs.”

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It is worth mentioning that of the 380 funds that have been liquidated since 2011, only 112 had yields of more than 10% since their inception, and most of the liquidating funds have fallen behind in similar products. Product performance is behind, investors choose to vote with their feet, making some underperforming funds gradually become mini-funds. Since 2015, the issuance of fund products has accelerated, and similar products have increased. This has given investors more room to choose and created the survival of the fittest within the industry.

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The aforementioned fund industry insiders said: "Mini funds have always been in the industry, but before the fund companies did not issue so many products, this problem is not outstanding. In the past, people were ashamed to wind up and considered this behavior to be equivalent to admitting to the outside world. The performance of this fund is not good enough to attract investors. As the fund industry gradually matures, everyone's attitude has changed, and it is considered that the liquidation is not shameful, and the fund company should also reduce its operational burden for itself."

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The liquidation wave will continue to continue

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The reason why these batch of liquidation funds hold a relatively high percentage of institutions, mostly bond-based, because they are mostly bank outsourcing funds products.

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For the phenomenon of mass liquidation of the bond fund , people in the industry once revealed to the media: “Dueji has been deeply favored by banks and other subordinate funds due to its low risk, but with the new regulations of the committee last year. After the introduction of strict supervision, the withdrawal of institutional funds, coupled with the bond market downturn in the past two years has also indirectly contributed to the reduction of the size of the debt base, large-scale liquidation is inevitable."

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The insider of a fund company in Beijing stated to reporters that the introduction of the new policy resulted in a capital flow of moving . Financial de-leverage policy imposes a certain limit on the proportion of single holders, and some over-proportioned funds adjust investment methods according to new management methods. For example, the classification fund introduced the regulations, which have a higher threshold for investor participation and the number of investors who can participate in these fund products.

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Looking at the available data, the liquidation of public funds will continue. However, despite the accelerated speed of liquidation, there are still a large number of mini-funds on the market. The data shows that of the 7,226 funds currently sold, 570 are still under 50 million yuan in size and 2208 are under 200 million yuan.

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For the future development direction of mini-funds, the insider of a certain fund company in Beijing believes that for products that have market prospects and meet the company's development strategy needs, fund companies will invest more resources, improve product performance, and increase the intensity of continuous marketing. , Carry out fixed investment business, take off mini hats; and for products that are not suitable for regulatory requirements, no obvious market prospects, homogeneity is too serious, the company will be wound up in accordance with relevant legal procedures to protect the interests of investors.

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An industry source has publicly stated that the highly competitive U.S. fund industry, fund liquidation is commonplace, and it also maintains the ecological health of the fund industry. Funds that face liquidation may have long-term sluggish performance, higher costs than ordinary funds, or investment styles that are no longer suitable for investors' needs. Instead of continuing to contribute management fees to those “zombie funds” who are struggling with dying performance and hopes for a change in their performance, investors are better off re-selecting other merit funds.


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