Puyin Ansheng Fund, the largest in its kind in history, reports a closed period of 9 and a half years.
Back to the old Fengji era overnight?
The market is surprised to find that the closed period of up to 9 and a half years has been settled on a debt-based basis. Daily economic news reporter Wang Kun has broken the new rules of the fund management. Just after the fund industry 西安耍耍网 has cashed in, only the determined debt-based basis among the new funds can use the amortized cost method.At a time when the income of the stock money funds is declining, this kind of net value curve has a smoother amortized cost. The legal debt-opening-based new public offering products declare new darlings.
In the approval schedule of the CSRC, SPDB Ansheng Fund reported a fixed-open bond base with a closed period of 9 and a half years.The largest closed period in the history of the foundation, it is reported that the fund is a customized product of the institution using the amortized cost method, and recently this long-term closed fixed-debt foundation has not accounted for a minority. Why is the market turning its attention to this fund category
The closing period of the fixed-open bond base is getting longer and longer. Unlike before, the fixed-open bond base with overlapping closing periods has frequently appeared in the approval schedule of the Securities and Futures Commission for several months. Recently, the fund company had to report a long closed period.Debt-based products that have been open for 9 and a half years, according to the official website of the China Securities Regulatory Commission, this is a bond fund product called Puyin Ansheng Pujia’s nine-and-a-half-year regular report. It was reported on September 18. The current fund status display materials have been released.Be received.
According to relevant sources, this fund uses the amortized cost method, which is an institutional customized product, which is targeted at all markets rather than just institutions.
So why is the closed period so long? The relevant person in charge of Puyin Ansheng Fund said, “Regulatory regulations require the termination of the amortized cost law debt base, so long-term bonds can be bought. Everyone has expectations of the long-term low-interest market environment in the future.It seems that long-term debt returns can better lock in long-term returns.
In order to meet the different needs of investors, the current closed cycle of the debt base in the market is generally 1 to 3 years, and there are also debt bases as short as 6 months or using the quarterly alternating open model. Wealth management is the best (ID: buerniu5188) It is noted that the fixed-term debt-based bond maturity that has recently expired is quite popular in the reporting process. From the perspective of product closure period, Hive Fund reported on September 12th that “Hive Nest Tianxi 87-month regular open bond fund, thisOnly fund closure period is up to 7.
In 25 years, Zhongrong Ruixiang’s 86-month regular open bond fund was replaced in June this year. In addition, the East Securities Asset Management and the Taikang Asset Management respectively reported one.
The 5-year fixed bond issuance base, Oriental Red Xintai is 66 months fixed and Taikang Runze is 66 months fixed.
A person from the fund’s e-commerce department said that in general, such long-term closed debt-opening bases are customized products of institutions that use the amortized cost method. Institutions in the market have a high demand for long-term capital allocation, and they hand over funds to public funds.You can avoid tax and get an extra income.
Why do institutions fall in love with debt?
I remember in particular that the debt-based fund was established two years ago. It is still a little-known fund category because the fund holding cycle is continuous and lacks liquidity. It is in a weak range in the debt-based category. At the same time, the large-scale advancement of institutional funds has advanced funds.The demand for long-term allocation has increased significantly, and the debenture base has recently become hot again.
”Since the end of 2017, the debt market has entered a round of slow bull market. At this time, the low-risk investment products of the pure debt category are more attractive to large funds.After the new regulations were issued, the fixed bond base became the only type of fund that can be approved using the amortized cost method, instead of pure bond funds. The fixed bond bond yield curve is smoother and the returns are more stable.This is also one of the most important factors for large funds such as banks.
“Said the third-party channel personnel.
From the perspective of some fund companies, the bond market will continue to improve in the future, and the long-term low interest rate environment has become the main theme of the market.
Morgan Stanley Huaxin Fund believes that the global currency easing cycle has continued, and the domestic bond market has remained unchanged for a long time.
With the expansion of the range of negative interest rates in Europe and the Federal Reserve’s continued interest rate cuts, major global economies have entered a monetary easing policy cycle, a long-term low interest rate environment or the theme of future time.
Focusing on the country, increasing the countercyclical adjustment of monetary policy has become the main tone of the policy, lowering the expectations of MLF to guide the decline in loans. Although the gradual disturbance has put pressure on the short-term debt market, the long-term positive layout remains unchanged.
“货币基金也是以往机构注资偏好类别，不过货币基金收益率不如从前，且这类基金对流动性要求更高，更容易被短期‘留宿’的机构资金青睐，像具有长期配置需求的机构通常不This type of fund will be selected.
“The person in the fund channel department said.
According to the WinD data, as of September 19, the 7-year annualized return of the money fund averaged 2.
4%, compared with 3 at the beginning of the year.
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