Short-term financial management fund is an innovative fund product that appeared in 20 12, especially an innovative bond fund for short-term financial management market. For your convenience, let's take a look! Let's share with you the characteristics of short-term financial management funds. Welcome to read!
What is a short-term financial fund?
Short-term financial management fund is an innovative fund product that appeared in 20 12, especially an innovative bond fund for short-term financial management market.
20 1 1, CBRC officially stopped the short-term wealth management products of banks within 30 days, and the huge short-term wealth management demand did not match the products. At this time, the fund company took the opportunity to take Huitianfu and Huaan as pioneers and take the lead in entering the short-term financial market. Among them, Huitianfu 30-day wealth management fund, 60-day wealth management fund and 14-day wealth management fund are the earliest in China. The great success of the two has opened up the progress of short-term financial management funds.
Characteristics of short-term financial management funds
At present, the short-term financial management funds in the market are basically based on the earliest issued Huitianfu model. Usually, short-term financial management funds have the following characteristics:
First, the threshold is low.
Compared with ordinary bank wealth management products, short-term wealth management funds have obvious low threshold characteristics. Generally, there is a subscription limit of 50,000 for purchasing bank wealth management products, and it is generally impossible to buy less than 50,000. 1000 yuan can buy short-term financial management funds. This is a more important factor to attract small ordinary investors.
Second, zero cost.
There is no charge for the subscription and redemption procedures of short-term financial management funds. However, a small amount of management fees, custody fees and sales service fees will be charged. According to media statistics, the annual expense ratio of monetary fund is about 0.43%, and the average annual expense ratio of short-term financial management fund is about 0.36%. So generally speaking, the cost of buying short-term short-term financial management funds is still very low.
Third, buy at any time.
The first phase of bank wealth management products was issued, and the trading time was limited. There are two modes of short-term financial management funds. One is that Huitianfu can buy it on any trading day as long as the fund subscribes. The other is the Hua 'an model, which is similar to bank wealth management products and is open for subscription and redemption on a regular basis. At present, the vast majority of short-term financial management funds in the market are mainly based on the mode of exchange and enrichment, which is conducive to the formation of stable capital flow and the improvement of income.
Fourth, regular redemption.
Short-term financial management funds have an operating period and cannot be redeemed before the operating period expires. You can't redeem it until it expires. The operating period of short-term financial management fund includes 7 days, 14 days, 28 days, 30 days, 60 days, 90 days, etc.
Verb (abbreviation for verb) low crisis
Short-term financial management funds have strict restrictions on the types and duration of their own investments. You can't invest in A shares and convertible bonds, but you can only invest in short-term high-security varieties such as central bank bills, short-term financing bills, and agreed deposits within 397 days. So its crisis is very low, comparable to the money fund. In addition, compared with the bank's wealth management products, short-term wealth management funds have another advantage, that is, their operation will be more transparent. Because it is a fund custody, the data of the fund's seven-day annualized rate of return and other yield data will be published every day.
Daily carry-over of intransitive verbs
Short-term financial management funds are generally valued by amortized cost method similar to that of money funds, so their unit net value is similar to that of money funds, which is always 1 yuan, and their income is calculated daily and carried forward on schedule.
Seven, automatic rollover
Short-term financial management funds have a time limit. Compared with the method of redemption of bank wealth management products, if the short-term wealth management funds are not redeemed at maturity, the user's principal and interest will automatically become the share of short-term wealth management funds, which will be rolled over to the next period for investment, so there will be no income blank period similar to that of bank wealth management products. In addition, short-term financial management funds mainly invest in the money market, and there are also benefits on holidays.
Comparison of short-term financial management funds with bank financial management products and money funds
1. Comparison with bank wealth management products
The minimum subscription amount of short-term financing funds for bank wealth management products is generally 50,000 yuan or more, and the minimum subscription amount for Class A shares is 1 10,000 yuan. Whether it is automatically extended or not, most of them are repayment of principal and interest, and they cannot continue after the expiration, so they need to choose another product in the market. Be able to scroll
The yield of bank products deposited is relatively low.
After the expiration of the operation period, if the investor does not apply for redemption, the share held by the investor will be automatically transferred to the next operation period.
The scope of investment bank wealth management products is supported by a huge asset pool, which has strong ability to cope with asset price fluctuations and can be transported.
Use many tools
There are fewer investment targets to choose from, and the term of its portfolio target is also shorter.
Information disclosure The asset pool of bank wealth management products is opaque, and information is only disclosed to big customers.
Information disclosure is more detailed and transparent. 2. Compared with the IMF.
The upper limit of the remaining term of the short-term wealth management fund portfolio of the Monetary Fund can reach 180 days, and the upper limit of the remaining term of some product portfolios is lower than 180 days. Purchase and redemption are open every trading day, with stronger liquidity and closed operation period. Unable to apply for redemption fees, management fees and custody fees are higher. In general, the highest management fees are 0.33% and 0. 1% respectively.
From the perspective of product attributes, both are bond funds. And in the investment strategy, they all adopt fixed income strategy and tend to absolute income. The biggest difference between them lies in the difference of duration strategy, investment scope and purchase and redemption mechanism. According to the fund prospectus, the remaining term of short-term wealth management funds is short, which is controlled within 150 days, while the only short-term debt-based fund in China, Harvest's ultra-short debt, maintains a fund duration of more than 0.5 years and less than 1 year. Generally speaking, the longer the duration, the higher the expected rate of return, but it also means that investors need to bear a higher interest rate change crisis.
In addition, although both of them focus on money market instruments and tend to adopt enhanced investment strategies on the basis of money market fund investment strategies, there are certain differences in the choice of varieties that pursue excess returns. The selection range of short-term debt funds is relatively higher, such as subprime bonds and floating rate notes, which are not within the investment range of short-term financial management funds. In the mechanism of purchase and redemption, short-term debt funds are relatively more flexible and more suitable for investors with high liquidity requirements, because they can choose to purchase and redeem funds on any trading day, while the purchase and redemption of short-term wealth management funds are limited by the operation cycle.