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博时基金魏凤春:基金的“工业化革命”正由FOF开启

2017-09-08 15:16:44   中国经济网

中国经济网北京9月8日讯 从某种程度来看,FOF是一场投资革命,需要管理团队进行全方面的投资研究能力提升。其克服了原有的单一资产的投资管理、相对收益的考核指标,更加注重风险与回撤控制,更加注重投资者的理财体验。投资正在从靠天吃饭的草莽时代,转向工业时代的系统化、流程化操作,由组合经理的个人管理转为团队的系统管理势在必行。为此,博时基金设立了具有宏观研究、策略配置、风险管理综合背景的多元资产管理部,专门负责国内市场FOF产品与业务的研发与投资管理。将FOF定位于以绝对收益为目标的资产配置工具。

1、 FOF在全球资产配置中占有重要的一席之地,但对于国内公募FOF还是新事物,请问您如何看FOF发展前景?或改变行业生态?

魏凤春 :FOF出现有时代背景,其一是投资者的需求在变化。近几年单一资产大幅波动,立足于单一资产或市场的投资产品大起大落,不能较好满足投资者求稳的理财需求。当前的理财市场更注重风险和收益的平衡,在这种情况下,单一的资产较难做到,我们需要从单一资产的投资转向多资产的综合管理,利用多种资产此消彼长的轮动效应,在降低组合波动的同时获得稳健的投资收益。第二个背景是投资选择更加多元,经过多年发展,国内已经有一个多层次的资本市场,而且通过互联互通,直接投资港股已经实现。在可投资的选择多样化之后,如何帮投资者做好选择或配置,就成为国内资产管理业的一个现实问题。

从某种程度来看,FOF是一场投资革命,需要管理团队进行全方面的投资研究能力提升。首先FOF更强调团队管理,由原来包打天下的基金经理到现在的团队协作,需要投研团队成员都能独当一面,更好地发挥多资产、多市场研究的优势;其次是标的选择,在市场上选择基金时既要考虑选人,也要考虑选资产,而对资产的选择可能会更重要一些;第三是相比于普通基金,FOF更注重资产的择时配置;最后是要边做边开发,逐渐丰富FOF的配置工具与产品。

2、 对于公募FOF有内外部之争,投主动管理基金和指数基金的之辩,双重收费的质疑,对这些问题,您怎么看?

魏凤春:根据国外市场的运行经验,FOF的投资标的主要有三类:第一类标的是指数基金、ETF等被动管理型基金产品,它们具有的优势就是对资产的跟踪能力好,交易成本较低。比如,股票ETF的年管理费率一般为0.5%左右,而一般的主动型股票基金是1.5%,而且ETF交易免印花税,做配置起来更方便,这些特点使它很适合作为FOF的配置工具。第二类标的是主动管理型基金,配置主动管理型基金的好处是能找到一些创造超额回报的投资经理,缺点是持有成本以及交易费用较高,但是国内靠调研确实能发现一批优秀的基金经理,这取决于FOF管理人的挑选眼力。第三类标的是私募基金,这与MOM业务有一定的重叠或者相似。

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