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基金公司忙增资 发起式基金暗潮涌动

2017-09-07 06:46:58   中国经济网

从营销角度看,绝大多数发起式基金在发行阶段都会以基金公司或基金经理自投为卖点进行宣传,用以印证管理人对产品未来回报能力的信心。搜索今年新发行的发起式基金产品,发现不少产品均将“基金管理人还将以固有资金参与认购,利益与持有人捆绑”作为一大卖点。

从发行角度看,业内普遍认为公司选择发起式基金的原因无非三点:发起式基金拥有“政策红利”,可以不受“2亿份、2亿元、200人”的公募基金募集条款约束;发起式基金审批快,成功率高,可快速完善基金公司产品线,增强市场竞争力;以及新规要求下,委外定制基金必须以发起式基金形式设立。

不管发起式基金具备再多优势,每只基金1千万元的资金自投还是给基金公司增加了不小的压力。一位业界资深分析师表示,基金公司是否有充足的资金、股东对自家管理人是否有信心,相关边际成本和机会成本是否在可接受范围内等等问题,都将影响发起式基金的扩容。

发起式基金争议仍存

诞生于2012年基础市场行情低迷时期,发起式基金的最大特点是将投资者和基金管理者实现“利益捆绑”,以期对产品业绩起到正面激励作用。由于并未在业绩上表现出明显的优势,尽管凭借政策红利获得了基金公司的偏爱,市场对发起式基金一直以来都有着诸多争议。

Wind数据显示,342只有数据统计的发起式基金中有209只成立以来累计净值增长率不超过10%,其中69只成立以来累计净值增长率为负,33只基金亏损额度甚至超过10%。对此有分析师认为,一方面,利益捆绑也许会使得基金经理的投资风格趋于谨慎,从而降低基金业绩;另一方面,很多发起式基金受制于规模偏小,在投资上的掣肘较多,进而影响到产品业绩,规模进一步缩水。

据Wind数据,截至9月6日,纳入统计的340只发起式基金中,有122只属于规模在5000万元以下的迷你基金,其中有50只为2015年9月之前成立的。而根据《公开募集证券投资基金运作管理办法》,发起式基金的基金合同生效3年后,若基金资产净值低于2亿元的,基金合同将自动终止。事实上,截至目前,已经有17只发起式基金进行了清盘,其中4只为2015年7月以后成立的基金,甚至尚未达到3年期限。

“如果因为采用发起式使得业绩变好了,那么基金公司是否对其他非发起式基金尽责管理了呢?对于发起式基金,是否有利益输送的嫌疑呢?而如果不管是否采用发起式结果都一样,那么推行发起式基金又意义何在呢?”

在王群航看来,发起式基金的基本原理在逻辑上存在一个“两难问题”。他强调,好业绩是不缺投资的,不论是不是发起式基金,最重要的还是靠业绩说话,正所谓“桃李不言,下自成蹊”。

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