The hottest word in Internet finance recently is "JD". COM 8.8 ",which is the first customized Internet wealth management product launched by Jingdong Financial Platform. Its essence is the Cathay Pacific Ankang regular payment hybrid fund, which is connected with cathay pacific fund. Before it was launched, it fell into the whirlpool of "stealing the concept and confusing investors".
The words "20 14, 8.8% annual quarterly periodic payment" are undoubtedly very attractive to investors who are not familiar with the concept of periodic payment fund, while ignoring the hidden small word "8.8% cash payment ratio is not equal to annualized rate of return".
The reporter's investigation found that none of the existing regular payment funds has an annualized rate of return of more than 8.8%. Who gave JD a luxurious coat? COM 8.8”？
Neither capital preservation nor income guarantee.
On April 15, the super wealth management product "JD. COM 8.8 "was officially launched on the Jingdong financial platform.
Journalists log on to JD.COM's financial platform, and slogans such as "Super Financial Management" and "20 14 Annual 8.8%" come to my face. As soon as investors who don't know the truth see 8.8%, compared with 5% of the money fund, their investment enthusiasm is instantly detonated.
In fact, this is the "stimulant" that the Internet throws at investors with "8.8%" when the yield of the money fund falls below 6% or even approaches 4%. The final truth is that 8.8% cash payment ratio is not equal to annualized rate of return. When you get the agreed cash flow regularly, there is also the risk of principal loss.
The proportion of cash payment is not equal to income, nor is it equal to dividends. It only guarantees to pay cash according to the agreed payment ratio on a fixed day, and the final principal status is not guaranteed. To put it simply, it means that the capital is not guaranteed.
According to public information, "JD.COM. COM 8.8 ",a super wealth management product, is connected with the Cathay Pacific Ankang Pension Regular Payment Hybrid Fund, with a limit of 65.438+0 billion copies and an investment threshold of 654.38+0,000 yuan; Pay cash to investors on the 20th of the last month of each quarter, and the cash payment ratio is 20 14, which can be adjusted every year.
"I am curious to see this 8.8% gain. What kind of public offering products can give such certain high returns? At first I thought it was a subsidized product such as Baidu platform. " Wang Lele, head of product innovation planning of Huatai Securities, said in an interview, "After careful study, it is found that this is a regular payment fund. No matter whether the fund loses money or not, it will pay cash to users at an annualized cash payment rate of 8.8% on the 20th of the last month of each quarter. Finally, if the fund's rate of return is lower than 8.8%, the customer's principal will be less and less until the principal is exhausted; If the yield outperforms 8.8%, the final principal will also increase. "
In this regard, the person in charge of e-commerce of a fund company commented in the WeChat circle of friends: "You lend me a pig, and I tell you,' As long as the pig is still with me, I will give you a catty of pork every quarter, and you can live a happy old age with pork!'" "One day you miss your pig, and when you bring it back, it is already a pile of bones! "
The person in charge of cathay pacific fund replied that "pigs may have a pile of bones", but most of the time pigs will lay "piglets" and piglets will keep coming out.
However, it is worth noting that both cathay pacific fund and JD.COM have made it clear that they will never guarantee the rate of return through subsidies and other means.
Where does 8.8% confidence come from?
Another focus of "JD". COM 8.8 "entered the war of words, and the annual default cash payment ratio of several regular payment funds in operation did not exceed 6%, while Guotai Ankang Pension Regular Payment Hybrid Fund docked with JD. COM 8.8 "has raised the cash payment ratio in 20 14 to 8.8%. Is this eyesight or ability?
According to the product introduction materials, Cathay Pacific regularly pays the investment income of hybrid funds in three aspects: one is the large deposit income of banks, the other is the increased income from participating in IPO market, and the third is the fixed coupon income of preferred stocks.
Xiang Yongyong, deputy general manager of cathay pacific fund, said that Guotai Ankang Pension Regular Payment Fund is positioned as a hybrid securities investment fund, which indicates that this product has a larger investment scope than previous Internet financial products, and also provides cathay pacific fund with more space to show its professional investment ability. Cathay pacific fund's rich experience in asset management of various products is the confidence to achieve a return of more than 8.8%.
However, according to public statistics, there are eight regular payment funds * * * that have been issued and established, namely ICBC monthly salary, Bosera monthly salary, Bosera double salary, Xincheng quarterly salary, Bank of Communications double interest balance, Bank of Communications monthly salary, regular payment and Xincheng monthly payment. In the first year, the default monthly salary of ICBC is the highest, and the annualized cash payment ratio is set at 6%. In addition, the annual cash payment rate of Xincheng, which was established on March 20 this year, is only set at 4%.
In addition, as of April 15, the highest rate of return this year is the quarterly regular payment of Xincheng, which is 2.74%, and the annualized rate of return is 7.307%. The lowest rate is a hybrid fund similar to Guotai Ankang Pension Regular Payment Fund-Bank of Communications Regular Payment Double Interest Balance Hybrid Fund, and the annualized rate of return after conversion is less than 1%.
The debt-based manager of a large fund company in Guangzhou told the reporter that if it can successfully participate in innovation, it is very likely that the yield will outperform 8.8%.
Regular payment is hard to pick a big job.
In JD. The original intention of the planning of COM is to use this super wealth management product to kill a bloody road in the internet finance of shopping around and open up a new road in the process of the bank "baby army" approaching the internet finance. Although it has a huge market share in mature markets such as the United States, it is obviously difficult for regular payment funds, which began to test the water in China's capital market in July last year, to take over the responsibility of Yu 'ebao.
The reporter noted that as of 6: 00 pm on April 15, "JD.COM COM 8.8" did not exceed10,000. According to authoritative sources, the sales volume of "JD.COM". COM 8.8 "was less than 200 million yuan on the first day, far from being" magnificent "when it was publicized.
The aforementioned debt-based manager of a large fund company in Guangzhou revealed to reporters, "Last year, we conducted an in-depth study on this product. If it is the first regular payment product on the market, it may have some effect if it is well publicized. However, the essence of regular payment fund is lifelong investment, which highlights a concept of cultivating rational cash flow planning. However, in the China market, investors aim to make money. "
"And we have done a lot of research on offline investors. Most investors feel a little fooled after seeing the essence of the product." The debt-based manager of the above-mentioned large fund company in Guangzhou said.
According to the latest statistics, the total size of the existing fixed payment funds is still hovering around 5 billion yuan. The monthly salary of the first batch of approved ICBC is as high as 3 billion yuan, and the rest is between 200 million yuan and 500 million yuan.