Wang Qunhang fund company internal fof never do little – fund channel-demonophobia

Wang Qunhang: the fund’s internal FOF always do a little — fund channel Author: Ji An Jinxin Fund Evaluation Center Director Wang Qunhang WeChat public number: wang-qunhang (1) the development of the public offering of previous FOF will have two main forms: first, internal FOF, pure internal FOF, or to self fund as the main investment targets. The internal FOF; second key investment index fund FOF, especially ETF, because we are a serious lack of fund researcher, in this regard, the industry is almost blank. (2) there are many for the United States FOF, early market opinion, the FOF that may not apply to the domestic market, such as the life cycle of FOF, the target date FOF, because the domestic fund has completely failed, the future may not change the subject of investment will be successful, not to mention the location of the investors the product has a lot of defects. Also, are those FOF in the United States the FOF that conforms to the Chinese legal definition? That is "80%" the strict and clear quantitative criteria, we can make nothing of it, at least from the current point of view introduced a lot, there are a large number of stocks and bonds, many FOF in the United States, and other types of assets. "Not all the milk is deluxe, similarly, not all the other investment fund products are FOF. (3) management fees, custodian fees, sales charge of these three charges against double charge, which will be issued within FOF on the relevant fund’s enthusiasm, for the related sales channels and hosting enthusiasm greatly. It’s important to note that the internal FOF is extremely easy to go to the dead end of the linked fund. From an industry wide point of view, the internal FOF, never do much. (4) "disclosing net value once again" may require specific consideration. If the FOF is the subject of investment fund is that the fund venue, the venue FOF FOF is, then calculating the net according to the closing price, to achieve synchronization with the existing fund, whether you need to "again"? If FOF holds other open end funds, that is, OTC trading, the other is T+1 disclosure net value, FOF is "T+2" disclosure, normal. (5) because of the fact that FOF fund managers are unable to act as fund managers for other funds, the current situation is: is there anyone like that? How many? Who wants to do it? Fund managers with linked funds manage FOF, which is not appropriate in the long run, because FOF is also a profession. At present, there seems to be no full-time fund manager with connection fund. (6) grading Fund: bye bye! (7) closed-end funds, regular open funds: into the FOF portfolio, is the future thing. (8) a small micro fund with a scale of less than 100 million yuan: bye bye! All the proposals are winding up as soon as possible.

王群航 :基金公司内部FOF永远做不大-基金频道作者:济安金信基金评价中心主任 王群航 微信公众号: wang-qunhang   (1)公募FOF前期的发展将有两种主要形式:第一,内部FOF,即纯内部FOF,或以自家基金为主要投资标的的的内部FOF;第二,重点投资指数基金的FOF,尤其是ETF,因为大家都严重缺乏基金研究员,在此方面,行业几乎就是空白。   (2)前期市场上有许多对于美国FOF的介绍,个人认为,那些FOF多数可能不适用于国内市场,如生命周期FOF、目标日期FOF,因为国内这个方面的基金已经完全失败了,未来,不可能更换了投资标的就会成功,更何况这些产品的投资者定位有着很大的缺陷。还有,美国的那些FOF,是否就是符合中国法律定义的FOF呢?即“80%”这个严格的、明确的量化标准,我们不得而知,至少从目前的很多介绍来看,美国的很多FOF组合中有大量的股票、债券,及其它类型的资产。“不是所有的牛奶都叫特仑苏”,同理,不是所有投资了其它基金的产品都是FOF。   (3)管理费、托管费、销售费这三项费用禁止双重收取,这将会对相关基金公司发行内部FOF的积极性、对于相关渠道的销售和托管积极性等影响较大。要注意的是:内部FOF极其容易走上联接基金的死胡同。从全行业的角度来看,内部FOF,永远做不大。   (4)“再次日披露净值”,可能需要具体标的具体看待。如果FOF所投资的标的基金都是场内基金,即该FOF是场内FOF,那么,按照收盘价计算净值,能够做到与现有的基金同步,是否需要“再次日”呢?如果FOF持有的是其它开放式基金,即场外交易方式的,人家是T+1披露净值,FOF是“T+2”披露,正常。   (5)由于不能够让FOF的基金经理兼任其它基金的基金经理,行业当前的情况是:有这样的人吗?有多少?谁愿意干?联接基金的基金经理管理FOF,长远来看,是不合适的,因为做FOF也是一个专业。目前,似乎没有专职的联接基金的基金经理吧。   (6)分级基金:拜拜了!   (7)封闭式基金、定期开放基金:进入FOF组合,是未来的事情。   (8)规模低于1亿元的小微基金:拜拜了!建议都尽快清盘吧。相关的主题文章: