Guaranteed fund release brings the fund supply thinking-4000dy

Guaranteed fund release brings the fund supply thinking for a long time, the stock market due to the lack of short mechanism promotes fund management and operation ability, especially the stock market faces systemic risk when the T+0 stock exchange mode, the stock fund a new face embarrassment: when the market improves, the stock fund the number of issued and raise the scale will appear explosive growth; once the stock market downturn, the stock fund products with poor performance, the size of the decline, thus affecting the stock fund issue. The mode of issuing such funds directly leads to the homogeneous distribution of fund products, but it can not effectively solve the phenomenon that stock funds are accompanied by the ups and downs of the stock market in the process of management and operation. – Blue Wave in the overall market downturn in the background, this awareness of investors is getting stronger, promote the capital preservation fund products hot issue. According to media disclosure, since December 2015, the number of newly established capital preservation funds has reached 31 (A, B class separately calculated), raising the scale of 70 billion 579 million yuan, set off a wave of fund issued small climax, causing widespread concern of investors. In fact, the capital preservation fund is not guaranteed to make money, but not the experience of no loss. But investors are not really aware of the capital preservation fund real management and operation mechanism, understand the true meaning of the guaranteed fund guaranteed, especially is a prerequisite for preservation and related background, are the needs of investors in many types of funds in the process of product selection. But investors only grasp the capital preservation fund, only in the subscription period to buy, held for three years hedge period, can guarantee the principle of safe choice of principal, is not comprehensive. It is a rational choice for investors to change from the stock fund to the guaranteed fund, although it is a rational choice in combination with the change of the market environment, but the essence is the insufficient supply of fund products in the fund industry. For a long time, the stock market due to the lack of short mechanism promotes fund management and operation ability, especially the stock market faces systemic risk when the T+0 stock exchange mode, the innovation of stock funds face the embarrassment: when the market improves, the stock fund issue number and raise the scale will appear explosive growth once; stock market downturn, the stock fund products with poor performance, the size of the decline, thus affecting the stock fund issue. This kind of fund distribution model, led directly to the foundation of the homogenization of the product distribution, and can not effectively solve the stock fund in the management and operation of the process with the stock market ups and downs of resonance phenomena, is troubled by the development of the fund industry bottlenecks, but also fund investors with wind investment fund, origin and short-term speculative net operation. The hot issue of the capital preservation fund is just the epitome of the change of the market environment and the change of the investment demand of the investors. But this change was not due to a complete fund system of products, especially the stock market fluctuations with management ability, but a passive investor investment goal and the direction of change, but also causes the stock market instability, especially investors blindly follow the trend of

保本型基金火爆发行带来的基金供给思考   长期以来,证券市场由于缺乏推动基金管理和运作能力提升的做空机制,尤其是面临证券市场系统性风险时的T+0等证券交易模式,而使股票型基金的创新面临尴尬:一旦证券市场好转,股票型基金的发行数量和募集规模都会出现爆发式增长;一旦证券市场行情转淡,随之而来的股票型基金产品的业绩不佳,导致规模下降,从而影响股票型基金的发行。这种基金发行的模式,直接导致了基金产品的同质化发行,而无法有效解决股票型基金在管理和运作过程中伴随证券市场涨跌共震现象。   □兰波   在市场整体低迷不振的大背景下,投资者的保本意识渐浓,推动了保本型基金产品的火爆发行。据媒体披露,2015年12月以来新成立的保本基金数量已经达到了31只(A、B类分开计算),募集规模达到705.79亿元,掀起了一波基金发行小高潮,引起了投资者广泛关注。   其实,保本型基金也不是保赚不赔,更不是没有亏损的经历。但投资者是不是真正明白了保本型基金真正的管理和运作机理,了解保本型基金保本的真正含义,尤其是保本的前提条件及相关背景,都是需要投资者在众多类型基金产品选择过程中注意的。   但投资者只把握保本型基金,只有在认购期购买,持满三年避险期,才能够保证本金安全的选择思路,是不全面的。投资者由选择股票型基金而转向保本型基金,虽然是一种结合市场环境变化的理性选择,但本质是目前基金行业的基金产品供给不足造成的。   长期以来,证券市场由于缺乏推动基金管理和运作能力提升的做空机制,尤其是面临证券市场系统性风险时的T+0等证券交易模式,而使股票型基金的创新面临尴尬:一旦证券市场好转,股票型基金的发行数量和募集规模都会出现爆发式增长;一旦证券市场行情转淡,随之而来的股票型基金产品的业绩不佳,导致规模下降,从而影响股票型基金的发行。这种基金发行的模式,直接导致了基金产品的同质化发行,而无法有效解决股票型基金在管理和运作过程中伴随证券市场涨跌共震现象,是目前困扰基金行业发展的瓶颈所在,也是基金投资者跟风投资基金,及进行短期净值投机操作的根源所在。   保本型基金的火爆发行,恰恰是市场环境发生变化,投资者的投资需求发生变化的缩影所在。但这种变化,并不是由于完善的基金产品体系,尤其是应对证券市场行情波动的管理能力所在,而是一种被动的投资者投资目标和方向变化,也是导致证券市场不稳定,尤其是投资者盲目跟风投资的原因所在。   可见,改变证券市场现有的投资者资金变化情况,不断满足投资者的投资需求,还需要通过加大基金行业的资源改革,增加基金产品的有效供给,避免重复性的资源运用,克服无效供给,降低同质化发行,尤其是要避免被动式满足投资者的投资需求,而应当是建立满足投资者长期投资股票型基金的机制和操作模式,尤其是要通过大力开发和设计各类金融衍生产品工具,及鼓励基金以分享上市公司现金分红的基金盈利模式,从而改变基金依赖赚取股票价差的单一模式,从而建立稳定性盈利环境,满足投资者投资需求同时,促进行业的健康持续发展。   分析保本型基金的管理和运作机理,了解其持仓状况,主要投资品种仍然是股票。投资者为什么要弃股票型基金选择保本型基金,基金管理人为什么不能够发行满足投资者保本需求的股票型基金呢?这都是基金供给改革中需要着重思考的问题。通过这种思考,将会给我们更多的反思和总结,究竟应当探索一种什么样的基金产品供给体系,才能够真正满足投资者的个性化、特色化和差异化需求。   目前的基金产品类型丰富,产品众多,但这些基金产品应当在同一市场存在,且能够满足不同投资兴趣和偏好的投资者需求才行。只有这样,才能够真正起到资产配置作用,避免集中持有一种类型基金产品而产生集中投资风险。但事实上并非如此。基金产品的规模性流动,尤其是不同类型基金产品的轮动转换,恰恰说明了基金在财富管理和运作过程中的资金不理性投资行为,也是引起证券市场波动的原因所在,更不利于推动基金行业规模的稳定增长。   笔者认为,建立于满足投资者个性化、特色化、差异化为导向的基金产品体系,不是扎堆发行一种类型基金产品,而应当是对于各类基金产品管理和运作模式,尤其是盈利手段的创新。只有在同类型基金产品上做好差异化供给,不断提升满足投资者资金保本增值需求的各项基金产品体系改革,才能够真正形成促进基金行业发展的产品格局,不断完善基金管理人的基金产品体系,从而满足投资者的基金产品需求,从而完成“受人之托、代人理财”的使命,才能够更好地促进基金行业发展。   当然,有基金产品的供给改革,还应当加快基金产品的优胜劣汰机制建设,使长期业绩不佳的基金产品,尤其是管理和运作成本较高的迷你基金产品,尽管退出市场,从而起到调整和优化基金产品资源作用。只有加强基金产品的结构性改革,在立足管理和运作好基金产品业绩,在提升基金管理人管理和运作基金产品能力上下功夫,才能够真正避免投资者在不同类型基金产品之间的频繁变化和转移,才能够形成真正意义上的资产配置体系,才是对于“不把鸡蛋放在同一个篮子里”的最好理财实践。只有这样,投资者才不会只依赖选择保本型基金而应对基金下跌措施,而是在坚持长期投资和价值投资基础上,在遵循良好盈利模式前提下,通过长期持有股票型基金,同样可以实现最终的理财目标,才是最积极最有效的基金产品资源供给管理,基金行业的财富管理形象才能够得到逐步树立。(作者系资深市场评论人)THE_END 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章: