In the past, investors generally believed that open-end funds could better meet their own demand for liquidity. However, with the improvement of understanding of funds, investors gradually realize that the redemption of open-end funds will affect the operation and performance of funds; On the contrary, closed-end funds are famous for their stable scale. In fact, the performance of closed-end funds is not inferior to that of open-end funds, no matter from the history of other countries or from China in the near future.
Why choose closed-end funds?
Compared with open-end funds, closed-end funds have the following advantages: (1) There is no worry about redemption, and the scale is stable, which is convenient for fund managers to fully realize their investment strategies. Because open-end funds will face redemption in the process of operation, especially huge redemption, the general response of fund managers is to sell some shares to realize redemption, which will affect the investment strategy of managers and miss investment opportunities, thus affecting the interests of fund holders. (2) It is an important aspect for closed-end funds to increase returns by investing in some targets with low liquidity but high potential returns. Open-end funds generally do not participate or rarely participate. (3) It can be traded continuously to capture the investment opportunities brought by price changes in time. From the fund manager's point of view, closed-end funds belong to trading products and are suitable for frequent operation; From the perspective of fund holders, open-end funds belong to non-transactional products and are suitable for long-term holding. (4) Cost advantage. Closed-end funds are less than open-end funds in terms of types and amounts of expenses. If there is no redemption fee and conversion fee, the trading commission is also less than that of open-end funds.
Where is the sealing innovation of innovation base?
At present, the innovation of innovative closed-end funds mainly involves two aspects:
1. During the fund's existence, if the discount rate exceeds 20% for 50 consecutive trading days after listing, the fund can change its operation mode by convening a fund share holders' meeting, become an open-end fund (LOF), and accept investors' redemption applications. This content is called "lifeboat clause". For example, Dacheng Optimal Hybrid Securities Investment Fund, which is about to be issued, takes this measure to deal with the long-term high discount rate.
2. Structured graded funds consist of two levels of shares: priority shares and ordinary shares. The two levels of shares are raised and priced separately, but the operation of asset merger is the same fund in legal subject.
The fundamental difference between the two levels of funds lies in the difference in distribution rights. Preferred stock enjoys the priority of income distribution, and most of the income after meeting the income distribution of preferred stock will be distributed to common stock. The cash flow of preferred stocks will be relatively stable and continuous, and its risk-return characteristics are similar to those of low-grade bonds. By transferring the priority of the benchmark income of the priority share, the ordinary share obtains a higher proportion of the right to distribute the excess income, which improves the investment participation of the market and thus shares more opportunities for the excess income brought about by the growth of fund income. Therefore, graded funds provide asset matching opportunities for both stable and enterprising investors, and at the same time realize the absolute appreciation of the market value of closed-end funds. (For more financial knowledge, please see Aliye Financial Blog/)
The first innovative bottom cover has three characteristics.
It is understood that the upper limit of the fund's fundraising scale is 6 billion yuan, which is the first graded innovative base cover. The fund has been modified and innovated in product design, distribution mode and operation mode. It has the dual advantages of both open-end funds and closed-end funds, and can be purchased through online and offline channels.
● Feature 1: Income classification
According to reports, the fund not only has different product designs, but also has different income distribution, which will be divided into two different levels: expected income and risk, namely Ruifu priority and Ruifu enterprising. Among them, the cash flow of priority shares will be relatively stable and sustainable, while the enterprising shares will gain a higher proportion of excess income distribution rights by transferring the priority distribution rights of the benchmark income of priority shares, thus sharing more opportunities for excess income brought about by the growth of fund income.
● Feature 2: Distribution and classification
In addition, the innovation of the issuance model is another major feature of the fund. It is understood that the fund will be issued in three parts. The first part is mainly based on Ruifu, and the selling institutions are Industrial and Commercial Bank of China and UBS Direct Sales Center. The maximum share raised is 3 billion copies, and the minimum subscription amount for the first order is 5,000 yuan (including subscription fee); The second part is the offline sale of Ruifu Enterprise, with a single minimum subscription share of 6,543,800+million and a maximum sale scale of 600 million; The third part is Ruifu's aggressive online sales. The largest offering scale is 2.4 billion copies, and the single subscription share must be 65,438+0,000 copies or an integer multiple thereof, and the maximum number shall not exceed 99,999,000 copies.
● Feature 3: Purchase and redemption restrictions
Different from ordinary funds, even one year after the contract comes into effect, the innovative base cover can not be purchased and redeemed at any time, but can only be purchased and redeemed centrally within the prescribed opening hours every year. Ruifu gives priority to opening once a year after the fund contract takes effect. According to Manager Han, the open day of centralized subscription and redemption of UBS Ruifu Fund is the last day of each complete year after the fund contract takes effect. If the fund cannot be opened for subscription and redemption on time due to force majeure or other circumstances, the opening day shall be the next working day after the force majeure or other factors are eliminated.
In the previous round of stock market, the traditional base cover has shown good resilience. Therefore, the timely launch of this innovative base cover has attracted the attention of some large investors. "
Investment channels can be selected according to the amount of funds.
Professionals suggest that investors can choose different subscription channels according to the amount of funds, and once they buy, they should have a long-term mentality. Investors can choose different investment channels according to the amount of investment. This time, SDIC Credit Suisse launched three sales channels. If you buy directly from the website of a securities company or fund company, you can get a certain fee discount, but for large customers with an amount of more than 6,543,800 yuan, you can also get the corresponding discount through bank purchase. In addition, the innovation-based closure has certain restrictions on the closure time and the number of purchases and redemptions. Therefore, Manager Han suggested that investors should have a thorough understanding of fund companies and product structures in advance and have a long-term holding mentality.
How to buy the innovative cover of SDIC Credit Suisse?
SDIC UBS Ruifu Innovation Fund can be divided into two types: Ruifu priority and Ruifu enterprising, and can be purchased in the following three ways. The first type: Ruifu Priority (subscription code: 12 1007), the offering period is from July 9 to July 20, 2007, and the offering institutions are China Industrial and Commercial Bank of China and UBS Direct Sales Center. The minimum amount of the first subscription of China Industrial and Commercial Bank for the priority of Ruifu is 5000 yuan (including subscription fee), and the minimum amount of the additional subscription is 1000 yuan.
The second type: Ruifu's aggressive offline sale (subscription code is 15000 1). From July 2007 10 to July 20, 2007, the minimum single subscription share was100000. The agencies handling offline sales are china galaxy Securities, CITIC Jiantou, CITIC Securities, Shen Yin Wanguo, Guotai Junan, Haitong Securities, BOC International Securities, Industrial Securities, Cai Xiang Securities, Huatai Securities, Guoxin Securities, China Merchants Securities, Guangfa Securities, Ping An Securities, United Securities and CITIC Jintong Securities.
Part III: The online sale of Ruifu Enterprise (subscription code is 15000 1). From July 2007 1 1 day, the single subscription share must be 1000 or an integer multiple thereof, and the maximum subscription share shall not exceed 999000.