From the exposure draft, we can see nine key points that deserve investors' attention, and fund managers will sort them out one by one.
First of all, pension funds should take the form of FOF.
What is the pension target securities investment fund? According to the exposure draft, the pension target fund refers to a publicly raised securities investment fund that aims at pursuing the long-term steady appreciation of pension assets, encourages investors to hold them for a long time, adopts a mature asset allocation strategy, and reasonably controls the risk of portfolio fluctuation.
Pension funds shall operate in the form of funds or other forms recognized by the China Securities Regulatory Commission.
Comment: The pension target fund obviously takes the form of FOF.
Second, pension funds should adopt asset allocation strategy.
According to the regulations, the pension target fund should adopt a mature and steady asset allocation strategy, control the downside risks of the fund, and pursue the long-term steady appreciation of the fund. Investment strategies include target date strategy, target risk strategy and other strategies approved by China Securities Regulatory Commission.
Among them, the fund adopting the target date strategy should gradually reduce the allocation ratio of equity assets and increase the allocation ratio of non-equity assets as the target date approaches. Among them, equity assets include stocks, equity funds and hybrids.
A fund.
Funds adopting target risk strategy should set a constant allocation ratio of equity assets and non-equity assets according to specific risk preferences, or adopt widely recognized methods to define portfolio risks (such as volatility), and take effective measures to control funds.
Comprehensive risk. The target risk fund shall specify the risk level and its meaning, and indicate it in the prospectus.
Comments: Encourage the adoption of mature and stable asset allocation strategies to control the downside risks of funds, similar to the relevant provisions of FOF.
3. The shortest closed operation period shall not be less than 1 year.
The pension target fund should adopt a regular open operation mode or set a minimum holding period for investors to match the investment strategy of the fund. The closed operation period or minimum holding period of the pension target fund should be no less than 1 year.
If the closed operation period or minimum holding period of pension funds is not less than 1 year, 3 years or 5 years, the proportion of funds invested in stocks, stock funds and hybrid funds shall not exceed 30%, 60% and 80% in principle.
Comments: The closed operation period or minimum holding period of pension fund should be no less than 1 year, which is more proportional to the scale of operation cycle. Obviously, fund investors are encouraged to hold funds for a long time. According to the past data, the 70% probability of holding the fund 1 year or more is positive income, and the high probability of holding the fund for more than 3 years can get positive income.
Four, the sub fund operation cycle of not less than 3 years and the scale of not less than 300 million.
The fund manager of the pension target fund shall formulate the criteria and system for selecting sub-funds, pay attention to risk control and compliance operation, and evaluate the medium and long-term income against the benchmark of product performance. The sub-funds invested shall meet the following conditions:
1. The operation period of the sub-fund is not less than 3 years, the average net assets of the fund at the end of the last 3 years are not less than 300 million yuan, and its performance in the last 3 years exceeds the performance benchmark;
2. If the sub-fund is an index fund, ETF or commodity futures fund, the operating period shall be no less than 65,438+0 years, and the net assets of the fund disclosed in the latest periodic report shall be no less than 6,543,800 million yuan;
3. The sub-fund manager and the sub-fund manager have no major violations of laws and regulations in the last three years;
4. Other conditions stipulated by China Securities Regulatory Commission.
Comments: Fund Jun suggested that investors should know more about this standard to choose funds when making their own investments.
5. The manager requires no less than 20 people who have been established for 2 years.
The fund manager of the pension target fund shall meet the following conditions:
1, the company was established for 2 years;
2. Sound and stable corporate governance;
3. The investment and research team of the company shall be no less than 20 people, at least 3 of whom meet the requirements of pension fund managers;
4. There have been no major violations of laws and regulations since its establishment or in the last three years;
5. Other conditions stipulated by China Securities Regulatory Commission according to the principle of prudential supervision.
Comments: Compared with the requirements of the previous exposure draft, there is no requirement for scale, and there are many funds that meet the relevant regulations.
6. The fund manager has worked for more than 5 years.
The fund manager of the pension fund should be a stock, bond or hybrid fund manager who has worked in the company for more than 5 years, or have more than 5 years of experience in asset allocation of pension funds, with stable and good historical performance, no major management misconduct, and no record of violation of laws and regulations in the last 3 years.
Comments: Fund managers who have worked for more than 5 years are popular, and "novices" cannot manage pension target funds.
Seven, the fund rate should be "60% off".
Pension target funds can set preferential fund rates and encourage investors to hold pension target funds for a long time through differentiated rate arrangements.
In principle, the product rate of the pension target fund shall not exceed 60% of the same type of products.
Comments: The rate is equivalent to a 60% discount, and investors are also encouraged to hold pension target funds for a long time.
Eight, pay attention to the appropriateness of sales.
Fund managers and fund sales organizations shall follow the following principles when recommending pension target funds to investors:
1. Introduce appropriate pension target funds to investors according to their age, retirement date and income level, and guide investors to make long-term pension investment;
2. The target date of the fund recommended to investors should match its expected investment period;
3. Other conditions stipulated by China Securities Regulatory Commission.
Comments: Pay attention to matching the investor's age, retirement date, income level and investment period.
Nine, can not casually use other funds of the "pension".
The pension target fund shall include the words "pension target" in the name of the fund and reflect the investment strategy. Pension target funds with target risk strategy also need to specify the product risk level in the fund name. Other publicly issued funds shall not use the word "pension".
In the publicity and promotion materials of pension fund, it should be made clear that the name of "pension" does not represent income guarantee or any other form of income commitment, and the product is marked in a prominent position that it is not guaranteed and may lose money. Fund managers should prepare special risk disclosure statements for pension target funds, and require investors to confirm their understanding of product characteristics in written or electronic form. The risk disclosure of pension fund should include but not limited to fund investment strategy, proportion of equity assets, fund risk characteristics, fund management fee, custody fee and sales fee.
In the existing products, Public Offering of Fund whose fund name already contains the word "pension" does not meet the requirements of the Guidelines, the fund manager shall go through the formalities for changing the name of the fund within 3 months, except for the theme fund of "pension" industrial investment.
Comments: General funds can not be more "old-age". Only pension target funds can use "pension" in their names. At present, some pension funds in the market may need to be renamed.
X. What is the significance of launching the pension target Public Offering of Fund?
According to the CSRC, at present, it is of great significance and necessity to formulate the Guidelines and launch the "Pension Target" fund: First, it is conducive to giving full play to the role of professional financial management in Public Offering of Fund's pension investment. At present, Public Offering of Fund has become the largest professional institutional investor in China stock market, with strong asset management ability and good historical performance. Public Offering of Fund manager is an important investment manager of national social security fund, enterprise annuity, basic pension and other pension funds, and is the main force of pension management in China. Second, it is conducive to the formation of special pension investment fund product categories, which is convenient for investors to identify and choose investments. At present, there are a large number of Public Offering of Fund, more than 4,000, with different styles. Formulating the Guidelines and clarifying the relevant arrangements of pension funds in terms of investment strategy and investment proportion will help to form a special product category of pension funds and facilitate investors' identification and selection. Third, it is conducive to the long-term sustainable and healthy development of pension funds. In recent years, some pension funds have been launched in the industry, and most of them have achieved good returns by adopting a prudent investment strategy and controlling their positions. Summarizing the operation experience of pension funds in the early stage to form industry standards is conducive to the long-term sustainable and healthy development of pension funds.