Recently, many fund companies have launched their own versions of T+0 redemption business of account money fund. A common feature of these versions is that when investors redeem a certain number of account money funds, the redeemed funds will be invalid in real time, which is greatly improved in timeliness compared with the original T+2 (some varieties are T+ 1) model. The T+0 redemption versions of these fund companies are quite similar, and their operating principles are basically similar, but some terms and details are different. This paper tries to introduce the T+0 redemption versions of the account bases of Huitianfu, Nanfang and Huaxia in detail, for investors' reference when choosing an account base with T+0 redemption function.
T+0 Redemption Edition of Huitianfu Money Market Fund. Huitianfu's account money market fund with T+0 redemption function is a newly issued account money market fund, but it is an upgrade of the original account currency A(5 195 18) to make it have T+0 quick redemption function. The actual operation principle is that after the investors of Huitianfu account currency A fund apply for quick redemption, the fund company will apply to the bank.
T+0 Redemption Edition of Southern Money Market Fund. After Huitianfu, southern fund Company also launched its own account T+0 redemption version. However, unlike Huitianfu, southern fund adopts its own fund advance method, and the expenses are borne by investors. The fund company undertakes the expenses paid in advance by the fund, and the fund used for T+0 redemption business is Southern Cash Increase Fund A (20230 1).
China Money Market Fund T+0 Redemption Edition. Huaxia Fund Company recently launched its own account money fund T+0 redemption business, and the fund product used is Huaxia Cash Increase Fund (003003). This model is the same as that in southern fund, and it is also advanced with its own funds, but different from the first two models, it is more beneficial to investors in the confirmation of real-time redemption income, which is the same as the abnormal redemption model.
Investment strategy: (1) For investors seeking high liquidity, we suggest to choose T+0 redemption mode of Huitianfu, which is extremely liquid and almost comparable to bank demand deposits (only in some cases, real-time redemption will lead to brain drain), and the income level is significantly higher than bank demand deposits.
(2) For investors who pursue investment income, it is suggested to choose Huaxia mode. First of all, Huaxia Fund, as the fund management company with the strongest comprehensive strength in the industry, has strong operational strength of account money fund, and its own funds are large enough to cope with ordinary real-time redemption applications. In addition, the most favorable place for investors in this model is that the profits on the day of redemption (in case of holidays, profits are also calculated) are also owned by investors, which are owned by the other two models. Therefore, from the perspective of comprehensive liquidity and income level, this T+0 model of Huaxia has more investment value.