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首只市值法货基上报募集申请 买货基告别“只赚不赔”
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Topic: 首只市值法货基上报募集申请 买货基告别“只赚不赔” (Read 115 times)
linlin69708
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首只市值法货基上报募集申请 买货基告别“只赚不赔”
February 23, 2018, 12:52:54 PM
#1
日前,国内首只市值法货币基金易方达市值法货币基金向中国证监会上报募集申请。从名称看,该基金没有采取惯用的摊余成本法估值,而是采取市价估值法。这是自2017年证监会下发《公募基金流动性风险管理规定》以来,首只采用市值法的货币基金,也是目前整个国内基金行业第一只采用该估值法的货币基金。
自2003年首只货币基金华安现金富利投资基金成立以来,我国货币基金一直采用摊余成本法估值。其方法是,基金将买入的债券、票据、证券等资产,按照票面利率或协议利率并考虑其买入时的溢价和折价,在剩余存续期内按实际利率法摊销,每日计提损失或收益。
金牛理财网研究员宫曼琳认为,摊余成本法是将货基存续期内的所有收益平均分摊到每一天。即使资产价格出现剧烈波动,基金净值的变化也会被“减弱”。看看货币基金的7日年化收益率或万份收益曲线就会发现,其波动幅度一般都比较平缓。
市价估值法则完全不同。这种估值方法反映了基金持有资产在即期的价格变化,当资产价格出现较大幅度波动时,基金净值也会跟随同步波动。目前,股票基金、债券基金基本上采用这种估值法,其净值波动率远大于货币基金。通俗地说,采用市值法的货币基金,其净值有可能像股票基金一样波动,极端情况下还有可能出现亏损。
在摊余成本法估值下,货币基金的账面净值与实际净值会产生偏离,当负偏离度大于等于0.5%时,即实际净值比账面净值低0.5%及以上时,基金管理人需要使用风险准备金或者固有资金来弥补潜在资产损失,将负偏离度绝对值控制在0.5%以内。这种潜在的“刚兑保本”机制,是过去货币基金收益率相对稳定的秘密。
之所以会产生市值法货币基金,主要有公司和行业发展两个因素。从公司层面看,根据2017年实施的公募基金相关流动性规则,货币基金单一投资者持有基金份额比例超过基金总份额50%时,基金管理人不得采用摊余成本法对基金持有的组合资产进行会计核算或者80%以上的基金资产需投资于现金、国债、中央银行票据、政策性金融债券以及5个交易日内到期的其他金融工具。
国元证券分析师冯迪昉表示,易方达此次推出以市价估值法计价的新货基,目的也是为了满足流动性新规的要求。易方达目前的风险准备金还可支撑5000亿元左右的货币基金规模,为防止未来货基规模增长超过风险准备金上限,公司率先尝试推出市值法货币基金。这也意味着一向以安全稳健的收益率吸引投资者的货币基金今后也可能产生收益波动。
从货币基金行业自身发展看,也迫切需要打破刚性兑付类别的产品,让资产管理规模增速回归理性。基金业协会统计显示,2017年货币基金迎来历史上第四个发展高峰,规模从2017年初的4.28万亿元增长至2017年末的6.74万亿元,占公募总规模比例为58.07%,这一水平仍处于历史高位。
Alicelinlin
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Activity: 126
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Re: 首只市值法货基上报募集申请 买货基告别“只赚不赔”
February 23, 2018, 12:54:24 PM
#2
从货币基金行业自身发展看,也迫切需要打破刚性兑付类别的产品,让资产管理规模增速回归理性
fat0cat
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Activity: 70
Merit: 0
Re: 首只市值法货基上报募集申请 买货基告别“只赚不赔”
February 23, 2018, 01:18:29 PM
#3
这种估值方法反映了基金持有资产在即期的价格变化,原来我小白,还是看不懂
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