According to industry insiders, with the development of the market, emerging investment targets such as stock index futures and options will be continuously introduced in the future. The characteristics of high liquidity and short-term operation of the portfolio caused by the free subscription and redemption rules of open-end funds conflict with the medium and long-term terms of some investment targets, but there are some problems in the existing closed-end funds. It is in this context that the regulatory authorities put forward the development ideas of innovative closed-end funds.
Hu, chief analyst of Galaxy Securities Fund Research Center, said: "The existing closed-end funds have some defects in fund governance structure, investment scope, investment ratio limit, duration, trading means and rates." . "Therefore, the design of innovative closed-end funds must foster strengths and avoid weaknesses."
Although the innovative closed-end fund did not show its true colors in the end, based on the above judgment, its general outline has been faintly visible. The innovation of new closed-end funds can be reflected in the following aspects: first, improve the fund governance structure, clearly stipulate the holding time of the holders' meeting, and ensure that the holders' meeting can exercise the rights entrusted by the Fund Law. Secondly, innovative closed-end funds may moderately relax investment restrictions and expand the scope of investment targets. Third, the restrictions on investment ratio are moderately relaxed. Fourth, it can be designed as a "semi-closed and semi-open" or other innovative trading mode, which can reduce the discount rate and improve its liquidity through regular and moderate opening. Fifth, shorten the duration. Sixth, reduce the rate of fixed increase and improve performance rewards, so as to urge managers to be diligent and conscientious.
Its specific molding scheme is: the term is not more than five years; In terms of scale, most of the fund companies reported at present limit their scale to around 4 billion; In terms of trading methods, it will be semi-closed and semi-open. When the continuous discount rate reaches a certain range, such as more than 10%, innovative closed-end fund holders can choose to redeem. The insiders believe that once the plan is passed, it means that the closed-end fund issuance that has been stagnant for five years will be restarted.