The public fund will improve the investment management system to further control liquidity risk 豪门通缉令老婆你站住

Public fund said it will improve the investment management system to further control the liquidity risk. According to the editor: since the sharp adjustment of the stock market, fund risk events occur frequently, causing strong concern of the market and regulators. Securities Times reporter interviewed the fund industry insiders, reveals the risk situation faced by the fund operation, to help fund industry to improve prevention and risk control measures. Securities Times reporter Li Shuchao in January this year, with the stock market fell sharply, the fund awkwardness larger decline, "Baotuan heating" fund also suffered heavy losses, net retracement amplitude once exceeded the mainstream market index. Many accept the Securities Times reporter, insiders said, raised the concentration of ownership of stocks led to severe sell-off, the net value of the fund will have large retracement, but the liquidity risk not stocks and funds, will strengthen the investment management system, improve the investment portfolio, diversified investment management system. The fund opened in general was hit in 2016, A stock market dismal start fund awkwardness, individual avalanche plummeted. Data show that as of the end of 1 2016, the Shanghai Composite Index, SZSE gem index fell 22.6%, 25.3%, 26.5%; less than the decline in the Shanghai index industry only 3, respectively (-13.7%), coal Bank (-14.0%) and food and beverage (-20.8%); 50 at the end of last year the fund awkwardness, in addition to the space information, LETV suspension, the remaining 44 awkwardness 1 month average decline of up to 25.38%, which is up to 18 awkwardness 1 months or more than 30%, or more than the gem index fell more than 40%, and the awkwardness also have 8 only. North Ruifeng letter fund deputy general manager, director of Investment Summit said that this phenomenon is the extreme market background. He believes that the beginning of the new year, the market appeared two times fuse, the market crash brought heavy blow to investor confidence. The extreme lack of investor confidence in the circumstances, the market turnover in the doldrums, stop financing, absolute return products take the initiative to clean up the disk with the passive explosion caused a sell-off to market one disaster after another. "Part of the fund awkwardness is the original hot stocks, the cumulative increase is large, profit accumulation and absolute return products hold more, in the part of the fundamentals of a market crash, will naturally become the most heavy plate for selling." Peak scale. Yimin’s Blue Chip Fund Yimin service leading fund manager Li Daoying found, excluding the suspension shares, A shares rose decline in median -31.2%, median and comparable partial shares of the fund price is -23.8%. Li Daoying believes that this is a show that most industries and stocks are greater than the market index; the two is as a whole, partial shares of the fund’s performance is not significantly weaker than the index, and better than all the A shares of the median level; the three is the individual sales of the fund awkwardness is individual phenomenon in the fund industry in the individual fund, with data selection bias, the overall situation is not representative of the fund. Li Daoying said that in any period, there will be a large number of funds to win and lose a specific index, and most of the fund’s performance theory

公募基金称将完善投资管理制度 进一步控制流动性风险   编者按:股市大幅调整以来,基金风险事件频发,引发市场和监管层强烈关注。证券时报记者就此采访了基金业内人士,揭示基金运作中面临的风险状况,以有助于基金行业完善预防和风控措施。   证券时报记者 李树超   今年1月份,随着股市大幅下跌,基金重仓股跌幅较大,“抱团取暖”的基金也遭受重创,净值回撤幅度一度超越主流市场指数。多位接受证券时报记者采访的业内人士表示,公募持股集中导致个股抛压严重,基金净值也产生较大回撤,但个股和基金的流动性风险不大,以后会更加强化投资管理制度,完善组合投资、分散投资等管理制度。   基金开年普遭重创   2016年,A股市场开局惨淡,个别基金重仓股出现雪崩式暴跌。数据显示,截至2016年1月末,上证综指、中小板指、创业板指分别下跌22.6%、25.3%、26.5%;跌幅小于上证指数的行业只有3个,分别是煤炭(-13.7%)、银行(-14.0%)和食品饮料(-20.8%);基金去年底50大重仓股中,除航天信息、乐视网等停牌外,其余44只重仓股1月份平均跌幅达到25.38%,其中有多达18只重仓股1月份跌幅超过30%,跌幅超过创业板指数,而跌幅超过40%的重仓股也有8只。   北信瑞丰基金副总经理、投资总监高峰表示,这种现象的出现是以极端的市场行情为背景的。他认为,新年伊始,大盘就出现两次熔断,市场的暴跌给投资者的信心带来沉重打击。在投资者信心极度缺乏的情况下,市场成交低迷,绝对收益产品的止损、融资盘主动清理加上被动爆仓带来的抛压让市场雪上加霜。   “部分基金重仓股正是原来的热门股,累计涨幅较大,积累的获利盘以及绝对收益产品持有也较多,在部分基本面暴跌的市场中,自然会成为抛压最为沉重的板块。”高峰称。   益民旗下绩优基金益民服务领先基金的基金经理李道滢发现,剔除停牌股,A股涨跌幅的中位数为-31.2%,而可比的偏股型基金涨跌幅的中位数为-23.8%。   李道滢认为,这表明:一是大部分行业及个股的跌幅都大于大盘指数;二是作为一个整体,偏股型基金的业绩并没有明显弱于指数,并且要好于全部A股的中位数水平;三是个别跌幅较大的基金重仓股是基金行业内个别基金的个别现象,具有数据选择性偏差,并不代表基金的整体状况。   李道滢说,在任何一个时期都会有大幅跑赢和跑输特定指数的基金,而绝大部分基金的业绩和指数的表现应该不会有可持续型的显著差异。   公募称流动性风险可控   有市场人士认为,基金重仓股大幅下挫与基金持股集中有关,而在恶劣的市场环境下,基金遭遇赎回,又会加剧重仓股下跌和基金流动性危机等“踩踏式”风险。   李道滢认为,“下跌―赎回―卖券―下跌―赎回―卖券”的可能性在理论上是存在的,个别基金卖重仓股时确实存在一定程度的流动性不足。   也有业内人士注意到,由于机构风险偏好相似,抱团持股的不止公募。   高峰表示,由于公募基金风险收益偏好类似,本来就较为容易形成抱团取暖的现象。但仔细分析就可以注意到,很多跌幅较大的个股前10大流通股股东中,除了公募基金外,也有私募及信托产品的身影。   集中持股和分散持股历来都是投资理论界和实务界争论的焦点。在李道滢看来,集中持股和分散持股孰优孰劣主要取决于特定的市场环境,一般而言,牛市中高仓位集中持股好,熊市中低仓位分散持股好。   集中持股是一把双刃剑,运用得当有利于组合净值的快速增长,运用不当则会导致净值的快速下跌,甚至有可能会产生个股的流动性风险。   李道滢认为,基金重仓股的大幅下跌,确实对组合业绩形成较大负面影响。此外,资产配置、行业配置、行业集中度等也是影响基金组合业绩的重要因素。   对于基金集中持股导致的流动性问题,多位业内人士表示,整体风险不大。   高峰表示,长期来看,只要投资标的基本面良好,增长能够兑现,短期个股的流动性风险并不是严重问题,至于基金本身的流动性风险,主要还是取决于赎回压力和仓位情况。   北京某中型公募基金经理透露,“在市场大幅下跌期间,确实有部分资金在赎回避险。我们的仓位本来就偏高,只能被动卖股。但这次只是流动性不足,不像去年股灾期间千股停牌导致的流动性枯竭,整体的流动性风险没有那么大。”   李道滢也称,“流动性不足并不等于没有流动性,相对于2015年6、7月大面积股票停牌而言,目前流动性风险总体还是可控的。”   将完善投资管理制度   对于本轮基金持股集中导致的净值大幅回撤和流动性风险等问题,多位业内人士表示,基金公司应建立完善的投资管理制度,监管层也应采取有效举措,避免市场恐慌情绪的蔓延。   李道滢认为,应在事前、事中做好风险防范,一是在持股集中度上,应完善投资备选库制度以及投资比例权限审批制度,对不同投资备选库中个股的投资比例以及基金经理授权范围内的个股持仓比例进行规范,在事前防范持股过于集中的风险;二是应由金融工程部量化分析师定期测算投资组合中重仓个股的变现能力,协助基金经理及时了解持仓个股的流动性,并根据组合特点和市场状况,适当调整以防范个股的流动性风险;三是应树立组合投资理念。   李道滢称,应建立一套完善的投资管理制度,对投资决策各个环节、流程进行合理的约束和规范。基金经理更重要的工作是管理好整个投资组合,防范伴随组合可能产生的各种风险,选股只是一部分工作。   高峰则表示,当前市场趋势投资者和短期投资者比例很高,投资决策主要依据市场走势,在信息传递速度极为迅速的情况下,投资者趋同心理形成也非常快,尤其是市场下跌时,很容易形成市场恐慌。监管机构应该针对信息时代的新情况,采取有效措施,避免市场恐慌心理的形成和蔓延。 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章:

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