As of March 14, 2011, 5 establishment, and even to survive only until 2011 the capital preservation fund accumulated net worth in $ 1 money week reporter Xiong Tingting/text above this spring is the spring of capital preservation fund. GF capital preservation raised $ 4.109 billion, build capital preservation and China universal capital preservation raised $ 3.126 billion and $ respectively, Cathay capital preservation and the great capital preservation is also raised. Before this spring, as one of the low-risk fund in capital preservation funds, have experienced are not short of winter, approval was once the capital preservation fund into anxiety.
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Now press is still in the break cycle, and set up a standard filter for more than a year, the traditional capital preservation funds only four, including YINHUA capital preservation value added (180,002, funds), South Haven (202,202, Fund) value-added, southern Heng Yuan, bank capital preservation (519,697, Fund) and mixed (Wind data, as of March 22). how the capital preservation fund capital preservation? method of capital preservation and appreciation of the capital preservation fund, mainly through the method of constant proportion portfolio insurance (CPPI) to achieve.
CPPI is a portfolio of international insurance policy, it is mainly through quantitative analysis, according to the fluctuations of the market to adjust magnification, amendment of risk assets (risk multiplier), to ensure that the value of the portfolio over a period of time of not less than the prior set a target value, so as to achieve the purpose of the portfolio's value. Buy fund analysts have made China told reporters: "the CPPI had now is a more mature technology, are using this technology in General, while specific technical difference on how to determine the safety mat. Fund managers are also important, of course, needed both to do investments in bonds, and stock investment, capital preservation fund, on the whole, of course also has a relatively fixed income a little.
"Under the consistent capital policies, what is the difference between the capital preservation fund design?
Buy fund analysts have made China told reporters: "first, capital preservation cycle, two years, three years and second, to capital guaranteed range, only covers capital guaranteed gold, is principal and also purchase third, is the Fund's assets in stock, warrants, bonds, bank deposits and investment restrictions between stock index futures. "Despite the low risk fund in capital preservation funds belonging to, but not without risk, the risk is that investors exit in the Middle, would not enjoy the guaranteed commitment. "In addition, existing in a capital preservation fund, most funds only to the amount subscribed capital preservation, do not purchase, the amount of capital preservation.
Investors only during the Fund raising new subscription of fund shares, and held to maturity, you can enjoy the principal protection.
Reviews four traditional capital preservation fund, reporters found that both low-risk in capital preservation funds, on the actual asset allocation, there is still no small difference, and the income of the Fund, according to their different style and specific configuration manager, there are also large differences.
four only traditional capital preservation fund, South risk aversion value-added leads YINHUA capital preservation (180,002, Fund 's) value-added, and South risk aversion value-added, and South constant Yuan capital preservation, and cross silver capital preservation mixed four only Fund of capital preservation cycle are for three years, performance comparison benchmark, except South risk aversion value-added Fund for "CITIC full debt index x80%+ CITIC comprehensive means x20%" outside, are for over Bank will save income rate.
South Haven value Fund, for the industry's first capital preservation fund, to scale and complex rights of more than $ 11 billion net growth rate (since the date of the establishment as of March 23, 2011) 267.66% achievement leads the capital preservation fund.
South Haven value Fund was established on June 27, 2003, there have been five fund managers managing the Fund, currently Manager for Sun Lu min.
As the industry's first eat "crabs" company funds related to people in the South, mainly the South Fund for bullish on capital preservation fund market development prospects in China, think it is very suitable for China's vast low risk appetite of investors a fund products, currently owned by the South Fund for individual investors accounted for more than two capital preservation fund is as high as 98%.
South risk aversion value-added 2003 years of Fund contract conventions, Fund early bond investment in assets configuration in the of proportion does not below 75%, thereafter in accordance with the investment combination insurance mechanism on bond and stock of investment proportion for dynamic adjustment, investment combination in the investment Yu stock assets of proportion ceiling as Fund early income situation and fund net level, in accordance with the constant proportion investment combination insurance mechanism for dynamic adjustment, to reached defense fell, and participation value-added of purpose.
With the rise of net, safety mats ever-thickening of the Fund, according to the 2010 annual report disclosure, its market capitalization than to 44.08% the net assets of the Fund, and the market value of net assets of the Fund than is 53.62%. These Fund told journalists in the South, southern capital preservation fund is the core competitiveness of CPPI strategy and a strong interest in optimizing the class strength and comprehensive asset management of fixed income assets.
In addition, the southern capital preservation fund for risk-free return and low risk gain (such as discount high directional add-issuance project) is also relatively successful.
Constant capital preservation was established in November 2008 in the South, was established by Jiang Feng as a Fund Manager. In accordance with the contract of the Fund, the proportion of funds invested in stocks, bonds, not less than the assets of the FundTotal value of 80%; invest in national bonds Fund of not less than net asset value of the ratio of 20%.
From the asset category configuration, the Fund more proactive and focus on value added.
According to the 2010 annual report disclosure, its stock market value of Fund assets to net worth $ 60.85%, net growth rate of 34.68% complex right on the date set up units.
YINHUA capital guaranteed appreciation Fund was founded on March 2, 2004, from inception to February 5, 2007, managed by the Fund Manager Wang Hua is now managed by Jiang Yongkang. In accordance with their contracts, securities investment in the allocation of assets of no less than 60%; fixed income financial products and assets other than bank deposits in the asset allocation in a proportion no higher than 15%. According to its 2010 annual report, the market value of net assets of the Fund than for 91.43%, the traditional capital preservation fund, the Fund bond configuration the highest.
Since the establishment of complex rights net growth rate of 76.42% as of March 23, 2011.
Bank of mixed capital preservation fund, was founded on January 21, 2009, the Fund Manager for the army.
Bank portfolio ratio of mixed capital preservation fund: income assets such as stocks, warrants accounted for 0-40% of the assets of the fund; capital preservation assets such as bonds, money market instruments, 60% per cent of the total fund assets. According to the 2010 annual report disclosure, its stock market value of Fund assets to net worth $ 29.58%, from the date of the establishment of complex rights net growth rate of 12.77% as of March 23, 2011.
