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    Increase investment income, fund companies push new strategies

    2019-05-15 03:50:04

    Securities TimesShould be better

    With the approach of the science and technology board, the new fund of the science and technology board has been sought after by various funds. In order to balance risks and ensure the stability of earnings, some companies are planning new strategies for hedging. The reporter learned that recently, Huatai Bairui plans to add new strategies to its hedge funds, while others plan to use hedging strategies in special accounts.

    Use stock index futures

    Hedging risk

    The reporter learned that Huatai Bairui's two hedge funds will join the new strategy in the near future. They believe that the new strategy can play a certain role in the performance of these two hedge funds. Other fund company related people told reporters that they will use the new strategy of hedging on some special products to get new rewards.

    “Using the new strategy of hedging is a more stable way to obtain new revenues.” Some fund managers told reporters that “the use of stock index futures for hedging can hedge the risk of fluctuations in the bottom position and ensure that pure new income is enjoyed. ”

    In public funds, the number of funds that can use the hedging strategy is small, only 20. After the stock index futures were restricted, no new products were approved for such funds. Therefore, the new strategy of rushing is more “scarce” in public offerings. According to the new rules of the science and technology board, the fund company's special account products are identified as C-type investors, while the public fund is a class A investor, the success rate is quite different. "The success rate of the special product is about 20% of the public fund's winning rate." A fund manager told reporters.

    As stock index futures gradually become normalized, the effectiveness of public fund fund's stock index futures hedging strategy is increasing. Du Xiaohai, Alpha Hedge Fund Manager of Haifutong, said that after the latest adjustment of stock index futures, the gap between the relevant restrictions and 2015 is already very small. The fund manager of another company told reporters that in 2017, the use of stock index futures hedges will cost six points for its products, and in 2018 this cost is also around five points. However, this year, the situation has changed significantly. As of the end of April, the hedging cost of stock index futures was negative, and the hedge itself contributed 2 points of revenue.

    The volume of this new strategy has already raised concerns among some institutional investors as a large amount of institutional funds chasing the board to generate new revenue. Some institutional investors said that the current capacity of stock index futures is still limited, and its ability to undertake has not yet returned to its peak stage before the restriction. In the future, if a large amount of funds adopt a hedging strategy, it may affect the ability of stock index futures to bear, thus affecting the cost of hedging.

    However, Du Xiaohai judged that this effect was not great. He said that the current scale of Alpha's hedging has increased from more than 200 million yuan at the beginning of last year to more than one billion yuan at the end of March.

    New year yield

    Expected large difference

    Some fund managers told reporters that they have carefully measured the new revenues of the science and technology board. Judging from the scale of the board's issuance, there are already more than 100 companies' listing applications accepted. They simply estimate the average size of the future is about 1 billion yuan. If there are 50 companies in the second half of the year, When the board is listed, the scale of the issuance may reach 50 billion yuan during the year.

    Judging from the new winning rate, the public fund is a Class A investor, and the new ratio will be higher. However, due to the certain scarcity of the science and technology board, the number of institutions participating in the new game will increase, so they It is estimated that the future of the science and technology board will continue to maintain the current winning rate.

    From the perspective of new strategies, in general, the best strategy for traditional branding is to sell at the first opening. They estimate that the traditional single stock returns are between 100% and 200%. However, the new rules of the board were different, and there was no limit for the first five days. They compared it with the new strategy from 2000 to 2008. The new rules in that period were that there was no ups and downs on the first day. The best new strategy was to sell on the first day and hit a new average during the period. The yield level is around 140%. Therefore, they expect that the next best strategy for the new board will be sold on the first day of listing. Due to different pricing methods, they expect that institutional investors will see new expected returns on Kodak in the future. They expect institutional investors to choose to sell when they get 40%-80% of their income. .

    A number of fund managers said that for the new fund, the product scale of about 200 million yuan is the optimal size. “This scale guarantees that more than 80% of the stocks will be top-up, and the fund will be smaller and the yield will be better.”

    Shanghai has a fund company to measure the net of the 200 million yuan fund, the annualized rate of return is between 1.2% and 6.4%, and the median is between 3% and 4%. Another Beijing-based fund company has calculated a much higher new revenue. The annualized revenue of the new fund of 200 million yuan is expected to be 9.84%, and the income of 300 million yuan is expected to be 7.91% annualized.

    Hot searchNew strategy Stock index futures fund company

    Editor in charge: Fu Jianqing RF13564

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