Yu 'ebao is a balance appreciation service and current fund management service product under Ant Financial, which was launched on June 20 13. Tian Hong Fund is the fund manager of Yu 'ebao.
Yu 'ebao is connected with Yu 'ebao Monetary Fund under Tian Hong Fund, which is simple to operate, low in threshold and free of handling fee. In addition to the financial management function, Yu 'ebao can also be directly used for shopping, transfer, payment, repayment and other consumer payments. It is a cash management tool in the era of mobile Internet. At present, Yu 'ebao is still the largest monetary fund in China.
There are three main reasons for the continuous decline in the income of Yu' ebao:
1, too big.
The scale of Tian Hong Yu 'ebao money market fund increased by 6.92% from 1 5,798.32 million reported in the fourth quarter of 2065 to 438+068,965,438+0.85 million reported in the first quarter of 2065. In the case of limited purchase of Yu 'ebao, it is terrible that the growth rate is so rapid. There are two points involved here:
A. Too large a scale will weaken flexibility, which is not conducive to the fund manager's position adjustment operation and directly affects the liquidity of the portfolio;
B. Regulators don't want monopoly and bring systemic risks.
So what should we do? It's simple. Just directly reduce the rate of return and reduce the enthusiasm for investment.
2. Increase the cash ratio.
From the fourth quarter of last year to the first quarter of this year, the proportion of cash assets of Yu 'ebao rose from 56.65% to 6 1.03%, and the total assets rose from1580.695 billion yuan to1695.087 billion yuan. Let's estimate that, on average, the total assets are 16378.95438+0 billion yuan, of which cash assets increase by 4.38% and bonds decrease by 3.2%. That is to say, the income level of about 710.74 billion has dropped, and most of the income has dropped from the bond level to the deposit level. For example, if you sell a bond with a higher yield, the money you get will go to the bank to pay interest.
3. Upgrade of Yu 'ebao
After the upgrade of Yu 'ebao, two new money funds (Bosera Cash Income Currency A and Central Europe Qian Bao Currency A) haven't had time to open positions, but they want to share the income of Tian Hong Monetary Fund equally, so the higher income compared with the previous one will be shared equally by the new fund, resulting in a decline in annualized rate of return on the 7th.
"T+0" mode is to prevent risks.
In recent years, the shortage of asset allocation in China market has become more and more serious, and there is no money-making effect, so residents' deposits have nowhere to invest. As a result, due to the demand for value preservation, a large amount of funds poured into the money fund market.
In fact, the domestic monetary fund industry also has liquidity problems. In 20 16, a fund product named xingye xintianying currency a under the industrial fund was shocked by the huge redemption, and the annualized rate of return for seven days was negative.
The trivial redemption of retail investors can still lead to negative returns of money funds. Once institutional investors redeem on a large scale, the impact may obviously be even more terrible.
Although Yu 'ebao is dominated by retail investors, due to its large scale, it may also suffer certain redemption pressure at the end of the season, the end of the year and the Double Eleven. Under the T+0 redemption mode, if a considerable amount of cash positions are not prepared for advance payment, risks may occur.
"T+0" is risky. If the prepayment institution is a bank, it needs the bank to ensure that the transfer is completely smooth. However, in practice, problems in the "banking system" or other reasons often lead to transfer failure.