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新加坡金沙官方网址:The proportion of publicly funded FOF investment money funds is limited

时间:2018/7/11 20:08:20  作者:  来源:  浏览:0  评论:0
内容摘要: With the second batch of approved public fund (FOF) prospectus and fund contracts disclosed, the rumors that “the public fundraising FOF in...

With the second batch of approved public fund (FOF) prospectus and fund contracts disclosed, the rumors that “the public fundraising FOF investment money fund ratio should not exceed 5%” was confirmed.

A number of industry insiders revealed to the Securities Times reporter that this restriction comes from regulatory requirements, mainly to prevent the risk of the money fund market, and to return to the source of the asset allocation of public fundraising FOF funds.

second batch Monetary Fund raised FOF investment ratio restrictions

Recently, JP Morgan Core yet officially released hybrid FOF fund prospectus. So far, the second batch of three publicly-funded FOFs officially approved on March 5 this year have issued share announcements, prospectuses and fund contracts. It is worth noting that these three publicly-funded FOFs impose restrictions on the fund's investment portfolio, and the money market fund investment ratio does not exceed 5% of the fund's assets. The same letter was made in the long-term stable asset allocation hybrid FOF approved in April and released today.

The reporter learned from relevant industry insiders that the limit on the proportion of public offering FOF investment monetary funds comes from regulatory requirements.

A medium-sized public offering from South China told reporters: "This regulation is imposed by the regulatory authorities. As the size of the money fund grows, the potential liquidity risk and credit risk of the market are of great concern. The restrictions on fund investment are also becoming more and more strict."

According to the analysis of the person, the restriction on the proportion of public offering FOF money fund assets may be to prevent the fund company from borrowing money funds, and thus amplifying the risk of the money fund market.

The person told the reporter, "From a practical perspective, the public offering FOF can buy its own money fund. If you don't want to buy your own money fund, you can expand the scale by swapping mutual benefits. For example, I can buy your home. Monetary funds, on the condition that you buy my own money fund, through such cross-positions, can achieve the effect of cooperation and mutual benefit. But this approach also magnifies the liquidity risk of the Monetary Fund, and it is reasonable to be strictly controlled by the regulation."

A public fundraising person in Beijing also confirmed to reporters that the second batch of public offering FOF limits on the proportion of investment in the money fund comes from regulatory requirements, but should not be traced back to stock products. In this person's view, in addition to concerns about the rising size and liquidity risk of the money fund market, the first batch of publicly-funded FOF holdings of monetary funds may also trigger market-to-publicfunding FOF in terms of “asset allocation”. Drift doubts.

hold a large proportion of the Fund phenomenon has alleviated

last September 6 approved the first batch of six raised FOF, have established between October and November. South-weather strategy, Harvest pilot asset allocation in its annual report last year, the complete disclosure of position data, because the two funds hold a large proportion of money market funds have attracted much attention. Among them, the South-weather strategy Monetary Fund holdings ratio of total net assets of the Fund up 80.46%, the former top ten heavily loaded with funds, there are nine to currency funds ; pilot Harvest Asset Allocation Fund held by the proportion reached 77.94 %.

However, this year, a quarterly show, phenomenon raised FOF hold a large proportion of the IMF is clearly eased. For example, the total of the top ten heavyweight funds in the South All-weather strategy accounted for 64.64% of the total, of which, the money fund accounted for only 26.9%, less than half of the top ten heavy positions; in the top ten heavy positions of Harvest's asset allocation, the money fund accounted for The ratio also dropped to 38.68%.

In the other four newly disclosed FOFs, except for the top ten heavy positions of Jianxin Fuze Antai, which still hold 60.63% of the money funds, the other three publicly-funded FOF funds account for less than 10%. Hui Jianjian's target investment money fund accounted for the lowest proportion, only 2.51%.

The above-mentioned public fundraiser in Beijing said, “The purpose of public offering FOF is to do asset allocation. In investment, it is necessary to adhere to the investment strategy of multi-asset allocation. In the past, the basic market has repeatedly experienced the phenomenon of double-killing of stocks and debts. indeed there is a configuration value of the asset. the first public offering FOF most sought robust operation in the relatively conservative investment. If you have a large proportion of configuration monetary Fund, could not achieve the target asset allocation. proposed regulatory limit on money fund investment, perhaps it is to let them Really do the allocation of large-scale assets."

The above-mentioned South China medium-sized public offerings said that his company received the third batch of public offering FOF approval, is expected to be issued at the end of July, "this product also made the right currency The fund investment ratio does not exceed the limit of 5%".


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