Of the more than 800 new funds established this year, none is a flexible allocation fund. A few years ago, it was still a variety issued by institutions, and this year is zero new development. What happened to Flexible Configuration? So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!
Not "flexible" or too "flexible"
In the fund exchange community, the flexible allocation of hybrid funds is often questioned by fund holders that the investment style is inconsistent with the fund name. One type of holder thinks that the flexible allocation fund is not flexible enough-"The name of the fund is' flexible allocation hybrid', so can the fund manager play' flexible allocation'?" "I have been in a heavy position in an industry and there is no flexible configuration at all." Other holders think that the flexible allocation fund in their hands is too flexible-"I was partial to stocks when I bought it some time ago. Why should I change my debt base? No wonder I haven't followed suit recently. "
In fact, the flexible allocation of funds refers not to the "flexible allocation" of industries and individual stocks, but to the "flexible allocation" of positions. Flexible allocation fund is a secondary classification of hybrid funds. The market usually defines the fund with the word "flexible allocation" in the product name and the stock position between 0-95% in the product prospectus as "flexible allocation hybrid fund". Due to the wide adjustment range of stock positions, flexible hybrid funds can switch back and forth between stock funds and bond funds, and such products are often concerned because of unclear and unstable investment styles.
Flexible allocation of funds is an important force that cannot be ignored in the fund market. Wind data shows that there are more than 1.200 funds with stock investment accounting for 0-95% of fund assets, and there are more than 1.300 funds with full name of "flexible allocation". In addition to the large number of products, many flexible hybrid funds have also performed well. For example, the top two funds with active equity this year and the top two funds with active equity of 202/kloc-0 are all flexible hybrid funds.
Many professionals in Public Offering of Fund also believe that the flexible allocation of hybrid funds has caused great confusion and interference to the market. "This kind of product has a lot of ambiguities in the fund prospectus. For example, what is the basis for adjusting positions between 0-95%? The positioning is not clear and the name is easy to cause misunderstanding. " A person from Public Offering of Fund said.
A fund evaluator said that the main problem of flexible allocation is that the stock position of product design is too flexible, and the position changes between 0-95%. For the holder, you don't know what level the fund manager's position is at a certain moment. In practice, on the one hand, it brings inconvenience to the supervision, on the other hand, it makes it difficult for investors to grasp, and investors' expectations of products are easy to deviate from the actual situation. For example, an investor bought a flexible allocation fund with the mentality of buying stock funds in order to obtain high returns, but the fund manager greatly reduced the stock position and allocated more bond targets in the later period. For the fund manager, this may be due to the consideration of preventing market risks, but for investors, this product is not the same as his original preset.
"Not only that, the performance benchmarks of flexible allocation hybrid funds are different, and the positions fluctuate greatly. When classifying and rating, how to classify such funds has been controversial and there is no uniform standard. " She told China reporter, a brokerage company.
Become a "mini base" and become the main force of liquidation.
The flexible allocation of hybrid funds increased wildly from 20 15 to 20 16, and they were issued together. Although the supervision regulated this phenomenon as early as 20 18, it has now formed a huge stock market. Fortunately, the market is gradually correcting itself.
At present, there are many "flexible hybrid mini funds" on the market. Wind data shows that there are more than 2,000 funds with a scale of less than 200 million yuan, and flexible hybrid funds are the largest type, with a total of 569 funds, accounting for nearly 40% of the total number of flexible hybrid funds.
The flexible allocation of hybrid funds has also become the protagonist of fund liquidation in recent years. Since the beginning of this year, 20 flexible hybrid funds have declared liquidation, accounting for 17%. From 20 17 to 202 1, 24, 193, 37, 16 and 46 flexible hybrid funds declared liquidation respectively. In 20 18, the number of liquidation of flexible hybrid funds accounted for 45% of the total number of liquidation funds in that year.
However, more Public Offering of Fund still wants to "protect the shell" as much as possible. A fund practitioner told China Daily that apart from liquidation, fund companies often save such "mini funds" by modifying fund contracts and adjusting fund managers. For example, in the second quarter of this year, after the fund managers of several flexible hybrid "mini funds" were replaced by fund managers with market appeal, the fund share increased by dozens of times compared with the previous period.
In addition, some tax practitioners told China reporter that some short-selling mini-flexible hybrid funds may also be used for tax avoidance. "Flexible allocation of hybrid funds is almost the only Public Offering of Fund product that can operate with zero positions on the market at present. The fund purchases the fund before the fund product announces the dividend, and the dividend can be tax-free. "
In this regard, lawyer Wang Huayu of Beijing Yingke (Shanghai) Law Firm believes that the current tax policy has implemented certain differentiated policies for different types of funds. For example, certain funds such as Public Offering of Fund have preferential policies on value-added tax because they do not have the interest or interest characteristics of some non-guaranteed businesses; At the same time, the state will also have some preferential income tax policies for investors to obtain the distribution income of securities investment funds. In the choice of business logic, I chose a certain fund trading arrangement, which saved the tax burden. In this case, it is not a business matter that the tax law should adjust. If the main purpose of fund establishment, operation or specific transaction itself is based on tax considerations, especially tax avoidance factors, this tax avoidance behavior may be concerned by tax authorities and may even lead to tax adjustment.
Supervision, zero issuance during the year.
Recently, the issuance in Public Offering of Fund has rebounded, and the issuance of new funds has accelerated. Wind data shows that as of August 13, there were 102 new funds issued in August, and at the same time, many fund companies announced that their new funds would end raising ahead of schedule. In 2022, a total of 870 new funds were established, with a share of * * * 8715.43 million, of which the majority were partial-share hybrid funds, bond funds and equity funds.
It is worth noting that the flexible allocation hybrid fund, which occupies a large market share, did not issue new funds during the year. Generally speaking, stock funds, partial stock hybrid funds and flexible allocation funds all belong to stock funds. Wind data shows that the number of flexible hybrid funds in operation exceeds 1.500, accounting for nearly one-third of equity funds, and the total net assets are as high as 1.53 trillion, which is an important part of equity funds.
The flexible allocation of hybrid funds has stagnated, while the scale of equity funds and partial stock hybrid funds has continued to grow at a high speed. The data shows that 250 partial stock hybrid funds and 174 stock funds have been established since this year, and the total number of these two types of funds exceeds 1900, and it is expected that they will both exceed 2,000 this year.
In fact, the clue that the flexible allocation of hybrid funds has been neglected has already appeared. From 20 19 to 202 1, the number of flexible hybrid funds began to drop sharply, and only 5 1, 55 and 29 new funds were established respectively. Prior to this, there were 288 flexible hybrid funds and 182 flexible hybrid funds in 20 17 and 20 18 respectively.
In this regard, a person from a public offering product department in Shanghai said that there are clear regulations and incentives for the risk-return characteristics of fund products, and the investment style does not follow the trend. Flexible product risk-return function positioning is somewhat vague, so it is not recognized. The above-mentioned fund appraisers also said that the regulatory authorities now require the fund product style to be clear. Whether the style here is clear or not refers not to the classification of industry themes, but to the classification of positions, that is, what kind of assets the fund mainly invests in. "From the perspective of fund evaluation, a clearer classification will also help us screen out excellent products under the same style. After all, the risks and expected returns of different assets are very different. "
The asset allocation category needs to be clear.
A fund salesperson said, "For flexible hybrid funds,' flexible allocation' is no longer the focus of publicity, and the description of product positions is mainly treated differently according to the investment style of fund managers."
Not only that, the regulatory authorities also hope to strengthen the tool attributes of products and give investors better expectations by strengthening the norms of "flexible allocation" of new funds. In the last year, the word "flexible configuration" no longer appeared in the name of new fund products.
Take a one-year open-end fund issued in June 5438+ 10 this year as an example. The fund stated in the product prospectus that the investment ratio of stock assets (including depositary receipts) is 30%-80% of the fund assets. It is worth noting that when the fund was first declared, there was "flexible allocation" in its name. After approval, the word "flexible configuration" no longer exists in the product name.
In addition to the name specification, the supervision also requires new fund products to clarify the proportion of stock positions. For example, a number of flexible hybrid funds approved last year have clearly defined the basis for changes in stock positions in the product prospectus. There is a product mentioned in the prospectus that the proportion of the fund's stock and depositary receipts investment in the fund's assets is between 0% and 95%. The Fund will actively judge market opportunities and actively and flexibly allocate stock assets according to domestic and international macro-economy, monetary policy, capital market environment and other factors. Specifically, the allocation ratio of stock assets will be determined according to the valuation level of the stock market and the changing trend of the profitability of listed companies. For example, the risk premium level of (1) Shanghai and Shenzhen 300 Index is in the last 20% in the past decade, and the average forecast profit growth rate of A-share listed companies (except the financial and petrochemical industries) will increase in the coming year, and the proportion of stock assets and depositary receipts in fund assets will be 50%-95%; (2) The risk premium level of the Shanghai and Shenzhen 300 Index has been in the top 20% in the past decade, and the average profit growth rate of A-share listed companies (except the financial and petrochemical industries) will decline in the coming year, and the proportion of stock assets and depositary receipts in fund assets will be 0-45%; (3) Except for the above two situations, the proportion of the fund's stock assets and depositary receipts in the fund assets is 40%-90% (excluding 40%). At present, the focus of fund stock asset allocation is industry allocation and individual stock selection.
One of the reasons why the fund has not been issued is related articles:
★ What kind of fund is the North Exchange Fund?