Registration System Top Debt Based Leverage Mini Fund Road Where?

< p > < strong > Mini fund winding up > /strong > < /p >

< p > according to the "management measures", products that are applicable to summary procedures include regular stock funds, mixed funds, bond funds, index funds, monetary funds, launching funds, qualified domestic institutional investors (QDII) funds, financial funds and pactional index funds (including single market, cross market / cross-border ETF) and their connecting funds.

However, the classification fund and other special products identified by the SFC do not apply for summary procedures.

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< p > "registration system greatly reduces the time of reporting and issuing of fund products, and the products designed by the fund company can better fit the market.

But it is not without malpractice. The fast release of fund products will enable fund companies to distribute products of the same type if they cater to the market too much.

Some people in the Fund pointed out.

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< p > in addition, the regulatory authorities have made clear that for sixty consecutive working days, the number of fund holders is less than two hundred or the net asset value of the fund is less than fifty million yuan, and the fund company should propose solutions, such as switching operation mode, merging with other funds or terminating the fund contract.

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< p > at present, there are many mini funds with a scale of less than 50 million.

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< p > third party statistics show that as at the end of June 2014, more than 130 net assets were less than 50 million yuan, and the scale of some fund products was even less than ten million.

The size of Yi Fang Da gold ETF, the League of nations small and medium-sized plates, and the global resources of the bank are all less than 10 million.

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< p > "the management cost of some fund products is relatively high, so it is not as good as liquidation from a financial point of view, but the liquidation is too damaging to the fund companies. Although no fund companies dare to liquidate, they are waiting to wait and see, hoping that the liquidation will become a normal market behavior."

2 reporters interviewed Shenzhen fund manager pointed out.

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< p > < strong > bond fund > a href= "http:// www.sjfzxm.com/news/index_c.asp" > lever < /a > /strong > /p >

< p > "management measures" clearly stipulates that the total assets of the fund should not exceed one hundred and forty percent of the net assets of the fund, which means that the leverage limit of the fund investment is 140%.

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< p > for the purpose of making good use of highly leveraged debt base, the implementation of the management measures will start its deleveraging process.

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< p > "in the course of the operation of the past bond funds and the capital preservation fund, the fund managers in the bond investment, in order to increase the rate of return, reinvest the mortgage bonds through the repurchase method.

Guaranteed funds and bond funds often obtain more excess returns by increasing the leverage ratio of holding bonds.

Take the first half of this year as an example, the bond market has gone out of the bull market, and many bond funds have increased leverage to increase the allocation of bond funds so as to gain excess returns.

Shenzhen, a bond fund manager introduced.

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< p > according to the statistics of 2 journalists, the leverage ratio of more than 100 bond funds exceeds the above regulations.

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< p > "next many bond funds will start to leverage."

In fact, the pledge of credit bonds is not easy now. First of all, we need to look at the qualifications. There are relatively few institutions to accept credit ratings with low ratings, especially at the critical time points such as the end of the year. Banks have higher requirements for the adequacy ratio, and it is more difficult to pledge loans to AA- and AA private enterprises.

Acceptance of 2 reporters interviewed a bond fund manager said.

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< p > the fund managers at the same time remind that when the bond < a href= "http:// www.sjfzxm.com/news/index_c.asp" > fund < /a > deleveraging will reduce the allocation of the bonds, or this will impact the exchange bonds significantly.

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< p > in addition, < a href= "http://? Www.sjfzxm.com/news/index_c.asp" > management method < /a > also has requirements for fighting new.

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< p > < Management > > points out that the amount of funds declared by a single fund can not exceed that of the total assets when the fund property participates in the stock issue. The number of stocks declared by a single fund shall not exceed the total amount of the stock issue issued by the stock issuing company.

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< p > "is mainly aimed at some new funds that are dedicated to new sub funds and leverage funds.

When the new shares were restarted, they expected the winning rate to be very low, so even if the total assets were exceeded, the new problem would not be great.

But when we purchase new shares, we generally do not exceed 10% of net assets.

There are security fund managers pointed out.

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< p > "if the new issue does not have the lockup period and the circulation is not restricted, some large scale positions will be used to fight the new stocks. After the IPO, the fund can have 10 trading days to adjust.

But now some old shareholders are involved in the limited circulation. This part should be locked for 12 months. The fund is very cautious about the purchase of this part of the new stock. Once the high position is new and more than 10%, it will not be shipped within 12 months. This may cause irregularities.

Therefore, there is a very strict examination and approval for the purchase of restricted stock.

The fund manager told 2 reporters.

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