After the capital preservation fund is renamed as hedge strategy fund, the so-called strategic hedging will really mean capital preservation.
2. After assuming the responsibility, the debtor who is guaranteed the principal waives the right of recourse against the administrator.
Remember: The Guiding Opinions on Capital Protection Funds developed into the Opinions on Hedge Funds.
1 hedging insurance strategy: as long as it is the operation of financial derivatives, there is no such product in China.
2 Fixed proportion investment insurance strategy: set the bottom line of portfolio value and calculate the multiple of actual value exceeding the bottom line. This value is the safe cushion and tolerable range of venture capital. Determine the proportion of venture capital according to the multiple of safety cushion. The remaining assets are invested in capital preservation assets (bonds, etc.). In other words, the actual value of the fund exceeds the multiple of the bottom line of the final value of the fund. Use the extra money for venture capital.
Classification of hedge strategy funds: active capital preservation (100% capital preservation)+income protection fund+dividend protection fund. (Not in China)
This is the earliest capital preservation fund issued in China in 2003, and it was sold out at that time, which proved that the market demand was great. It is characterized in that:
1 capital preservation: 100% capital preservation. The principal includes = net subscription financing+subscription fee+interest during subscription period. (Purchase date to fund establishment date = one month)
2? Capital preservation period: 3 years. Relatively lock in investment. Over time, it will cause some pain.
3 Double capital preservation measures:
The first capital preservation measure: the proportional portfolio insurance strategy (CPPI), which specifically means: the potential income of bond investment+the realized income of the fund in the early stage = the risk loss limit of the later investment. Allocate assets according to this principle.
The second capital preservation measure: CITIC Credit Guarantee Company fully guarantees the investment of fund holders.
Derivatives: stock index futures+warrants. Benchmark of fund performance: 3-year bank time deposit after-tax rate of return +0.5%.
Example of capital preservation calculation: learn how to preserve capital through cases.
The known investment is 654,380,000 yuan, the subscription rate is 65,438+000%, the subscription rate is 65,438+0%, the interest during the raising period is 50 yuan, and the dividend per share during the holding period is 0.08 yuan.
Net subscription amount =100000.00/(1+1%) = 99009.90 (RMB)
Subscription fee =100000-99009.90 = 990.10.
Subscription share =100000.00-990.10+50/1= 99059.90
(1) The net value of fund shares on the maturity date is 0.900 yuan, which obviously breaks through the bottom line of principal.
Capital preservation amount = investment amount =100000.00+50 =100050 (RMB)
Actual maturity amount =99059.90 (shares) *0.9 (net value per share) = 89 153.95438+0 (yuan)
Cumulative dividend due: =99059.90 (shares) *0.08=7924.79 (yuan)
Total amount = 89153.91+7924.79 = 97078.70 (yuan)
Conclusion: The total amount of "principal guaranteed amount = 97078.70"100050. Compensation difference: 297 1.30
(2) The net fund value at maturity date is: 1.380 yuan. Obviously profitable. No more guarantees.