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80亿定增基金将到期 公募求解流动性

2017-09-21 06:47:05   中国经济网

今年5月27日出台的减持新规给定增基金出了一个不小的“难题”,首当其冲的就是于年内到期的7只产品,财通多策略升级、博士睿远定增、博士睿利定增、国投瑞银瑞盛、信诚鼎利定增、国泰融丰定增、招商增荣等,面临集中赎回后的流动性考验。

7只定增基金年内相继到期

除了财通多策略升级外,公开信息显示,今年年内,还将有博时睿远定增、国投瑞银瑞盛、信诚鼎利定增、国泰融丰定增、招商增荣、博时睿利定增等6只定增主题基金相继到期,最近的博时睿远定增到期日为10月15日,距今只剩下10余个交易日;最远的招商增荣和博时睿利定增,到期日为12月1日,距今也不过两个多月时间。

据统计,上述6只即将到期的定增基金按照今年半年报的数据计算,合计规模约为80.96亿元。依照合同规定,它们到期后也将转型为LOF基金,打开申赎,这也意味着,在极端情况下,投资者赎回所有份额,6只基金就将面临逾80亿元的流动性压力。而从它们的半年报情况分析,这6只基金除了招商增荣股票市值占基金净值比例较低,仅为27.37%;国泰融丰定增也还算好,股票市值占基金净值比例为56.12%外,其他的,博时睿远定增、博时睿利定增、国投瑞盛、信诚鼎利定增的持股比例都在80%左右,最高达到87.74%。

上海一家公募基金投资总监表示,“持股比例越高,遭遇赎回时流动性压力就越大,对于定增基金来说,还需要对比减持新规看目前持股中有多少受限股,有多少禁售股。不过,由于目前的持股比例来自于半年报,最新的情况需要进一步了解,据悉部分基金公司已经在通过不同的方式进行减持,毕竟保证流动性至关重要。”

制定预案破解流动性压力

原则上,应对赎回基金卖出持仓即可,但定增基金有所不同:一方面,该类基金到期从封闭式转为开放式,被封闭了很长一段时间之后,投资者本身就有强烈的兑现和落袋为安的欲望;另一方面,也是更重要的,今年5月27日减持新规的出台,给存续公募定增基金变现带来了挑战。新规要求,非公开发行股票一年内减持数量不超过定增持股量的50%,在任意连续90个自然日内,通过大宗交易减持相应股份的数量不得超过公司股份总数的2%;受让方还须遵守6个月禁止转让的限制。

值得一提的是,财通多策略升级应对流动性压力的做法正在被其他有定增产品的基金公司视作样本和标杆。有基金公司透露,也不排除在极端情况下,公司和大股东方面出资自购。但财通基金方面表示,自购3亿元多策略升级份额与应对流动性无关,不过也不否认,这种做法对于稳定赎回压力起到了作用。

目前来看,年内面临定增基金到期的5家基金公司采取的最普遍做法是配合监管部门,以及自身进行了多次压力测试,与投资者沟通,增强投资者信心,减少短时赎回压力,同时,在保证净值不发生大幅波动的情况下,尽量做好仓位管理,留足现金头寸。据了解,到现在为止,基金公司方面认为定增基金六成以内的赎回压力不大,但为了应对极端情况还是会提前做好应急方案。

“定增基金的流动性应是基金公司首要确保的,这是一种契约精神,是行业的生命线”,上海一家基金公司副总经理表示。日前,九泰锐益恢复了第二次受限开放申赎,但赎回确认比例很低, 9月18日确认比例约为0.0502%,即赎回10000份,实际赎回仅5份。由此可见,定增基金赎回压力较大。

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