However, some fund managers reminded investors that although the investment scope of interbank deposit index funds is very close to that of money funds, their valuation methods are different. Monetary funds use amortized cost method, while interbank deposit index funds use market value method, so there is still some interest rate risk. In other words, the net value of the interbank deposit index fund fluctuates, and negative returns may occur on the same day.
What is the interbank deposit index fund and how to raise it?
Four funds, including Penghua and AVIC, ended their fundraising ahead of schedule, and the maximum net subscription amount exceeded 2.4 billion.
What is the Interbank Deposit Certificate Index Fund? As an innovative fund product, ordinary investors may not be familiar with it.
To understand this kind of products, we must first understand the interbank deposit certificate. Interbank deposit certificates are book-entry time deposit certificates issued by banks and other deposit-taking financial institutions in the interbank market. They are short-term financing tools for banks, with a term of no more than one year, good liquidity and high security. For example, the person who repays credit bonds is an enterprise, and the person who repays interbank deposit certificates is a bank.
More than 80% of the funds of the interbank deposit index fund are invested in interbank deposit certificates. The first batch of 6 products all tracked the AAA index of CSI interbank deposit certificates. The assets invested in the underlying index constituent bonds and their alternative constituent bonds are not less than 80% of the assets of non-cash funds, and they can also be invested in bonds, bank deposits, central bank bills and other financial instruments with good liquidity.
The AAA index of China Securities Interbank Deposits was released by China Securities Index Co., Ltd. on 20 18 1 1, with the base date of 20 14 12 3 1 and the base point of 100. The index sample coupons are composed of AAA-rated interbank certificates of deposit with an issuance period of 1 year or less and a listing time of 7 days or more. According to the information released by CSI Index Co., Ltd., the number of samples of the index has reached 9,558, with an average duration of 0.45 years and an average yield to maturity of 2.58%. The top ten sample coupons include interbank deposit certificates of Bank of Communications, Agricultural Bank of China and Bank of China. Judging from the number and scale of constituent bonds, the investment space of the index is relatively broad.
In the second half of this year, institutions in Public Offering of Fund began to intensively lay out inter-bank deposit receipt index funds, and applications were very popular. 165438+1On October 23rd, six fund managers, including Guo Fu, Penghua, Huisheng, AVIC, Nanfang and Huafu Fund, obtained the first batch of approvals, and the CSRC approved the registration of six interbank deposit receipt index funds.
From February 3, 65438, these six interbank deposit index funds entered the fundraising period. The original deadline for raising funds was 65438+February 16, and the upper limit of raising scale was 10 billion yuan.
Judging from the fundraising situation, four of the first six funds have ended their fundraising ahead of schedule. Among them, Penghua and AVIC advanced the deadline for product collection to 65438+February 9; Guo Fu and Huisheng advanced the product collection deadline to 65438+February 13 and 14 respectively. At present, only two funds owned by South China and Hua Fu are still being raised.
65438+February 65438+March, two fund contracts, namely, the 7-day holding period of the AAA index of Penghua interbank deposit receipt and the 7-day holding period of the AAA index of AVIC interbank deposit receipt, came into effect. Judging from the subscription situation, the net subscription amount of Penghua and AVIC during the fundraising period reached 24 1 billion yuan and 643 million yuan respectively, and the total number of effective subscriptions was 9,522 and 3,767 respectively.
Most of the fund managers of the first batch of six inter-bank deposit receipt index funds have some experience in fixed income products. For example, the proposed fund managers held by the Southern Interbank Deposit Certificate Index for 7 days are Xia Chenxi and Jia Zhu, among whom Xia Chenxi has 9.38 years of experience as a fund manager. From July 20 12 to the present, we have managed 17 fixed-income fund products, including money funds and bond funds, with a total managed capital of over 300 billion yuan. Jaco, the proposed fund manager of Guo Fu Interbank Deposit Index Fund, has served as a fund manager for 3.84 years, with 8 funds, with a total scale of nearly 260 billion yuan.
What are the risks and benefits of such products?
Higher than the money fund and lower than most short-term debt funds, the annualized rate of return is about 3%
What investors are more concerned about is what is the risk and return of such products? Compared with money funds and short-term debt funds which are cash management products, the return, risk and liquidity of interbank deposit index funds are somewhere in between.
According to its tracking index, from February 20021to February 2002 13, the yield of AAA index of China Securities Interbank Deposits was 2.85%, the annualized rate of return in the latest year was 3.06%, and the annualized rate of return in the last three years and the last five years was above 3%. Since its establishment, the index has basically achieved a stable upward trend of the yield curve and maintained a low performance fluctuation.
The benchmark for the performance comparison of the first batch of six inter-bank deposit receipt index funds is "AAA index yield of CSI inter-bank deposit receipt ×95%+ RMB one-year time deposit interest rate (after tax) ×5%". At present, the interest rate of one-year fixed deposit is roughly between 1.35%-2%. Based on this calculation, the yield of such funds is about 3%, which is higher than that of money funds and lower than that of most short-term debt funds. At present, the 7-day annualized rate of return of money funds is basically between 1.8%-2.5%, the rate of return of short-term debt funds is about 2%-5%, and the rate of return of some ultra-short debt funds in recent years can reach more than 3.5%.
From the risk level, the product risk level of this kind of products is R 1, which is the lowest level; The credit rating of the main body of financial instruments actively invested is not less than AAA, which is the highest level. The investment scope of this kind of products is limited to money market instruments, and it does not invest in stocks or convertible bonds.
The liquidity of interbank deposit index funds is also between money funds and short-term debt funds. At present, the minimum holding period of the first batch of interbank deposit receipt index funds is 7 days, and they can continue to hold or redeem at any time after the expiration, and the redemption rate is zero. Comparatively speaking, money funds are more liquid and can generally be sold on the same day; The liquidity of short-term debt funds is relatively low. If it is held for less than 7 days, a redemption fee of 1.5% will be charged, and if some short-term debt products are held for 7 -30 days, a redemption fee of 0.05%-0. 1% will be charged.
From the operating rate, the interbank deposit index fund, like the money fund, does not charge subscription fee, subscription fee and redemption fee, but it needs to charge 0.2% sales service fee, 0.2% management fee and 0.05% custody fee every year, with a total rate of 0.45% per year, which is basically consistent with the average rate of money funds in the market and lower than the average rate of short-term debt funds.
Zhang Hui, an analyst at Guo Jin Securities, pointed out that the AAA index of China Securities Interbank Deposits of Deposit is abundant and huge. Relying on the interbank deposit certificate market, it has both security and liquidity advantages. Under the short-term characteristics, the index as a whole shows the characteristics of low volatility, high stability and good risk-return ratio, and is a good cash management tool. Compared with the money fund, the inter-bank deposit receipt index fund can obtain higher income than the money fund by extending the term and increasing the leverage, but there are also some exit risks. Compared with short-term pure debt funds, the rate advantage is more obvious, and the investment scope shows that its credit risk level is relatively low. The risk level of the overall interbank deposit receipt index fund is between the money market fund and the short-term pure debt fund. In addition, because the interbank deposit index fund tracks the AAA index of CSI interbank deposits, the transparency of the portfolio is relatively higher than that of the other two types of funds.
Which investors is the fund suitable for?
Suitable for investors with short-term balanced risk demand, it is necessary to pay attention to the possible fluctuation of net worth.
Which investors are suitable for interbank deposit index funds?
Jaco, the proposed fund manager for the 7-day holding period of AAA index of China Securities Interbank Deposit Certificate, said that this fund is suitable for three types of investors. The first category is investors who have short-term capital appreciation needs and seek short-term idle money management tools; The second category is investors who want to launch a short-term "defensive war" and allocate low-risk and low-volatility products to deal with short-term market shocks; The third category is investors who already have a certain asset allocation in the stock market and want to allocate some low-risk products to balance risks.
Jaco reminded investors that although the investment scope of the Interbank Deposit Index Fund is very close to that of the Monetary Fund, their valuation methods are different. Monetary fund adopts amortized cost method, and interbank deposit index fund adopts market value method, which still has certain interest rate risk. In other words, the net value of inter-bank deposit receipt index funds is fluctuating, and there may be negative returns on that day.
Zhao Chenxi, an analyst at Shanxi Securities, pointed out that considering the trend of net worth management in the asset management industry and the medium-and long-term trend of increasing credit supply in manufacturing and small and medium-sized enterprises, the prospect of interbank deposit receipt index funds is good, but at the same time, it is necessary to consider the possibility that monetary policy will limit the upward speed of interbank deposit receipts to some extent. From the perspective of fund managers, South China, Guo Fu and Penghua have advantages in the scale of bond fund management, among which South China is dominant in the scale of newly issued bond funds.
Investors should also note that although the minimum holding period of such funds is 7 days, since the new fund has a 30-day opening period after its establishment, it can only be sold after the opening period, so it needs to hold 1 month as a whole. At present, the latest redeemable time of the first batch of 6 products is about 65438+20221October 20th.
In addition, in terms of the minimum subscription amount, the subscription threshold of interbank deposit index funds is low. Among the first batch of 6 products, the minimum subscription amount of each account is 10 yuan, except for the products of AVIC and Hua Fu, and the minimum subscription amount of the other 4 products is 1 yuan.