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首批公募FOF闪电开售 基金投资再添新翼

2017-09-29 15:07:51   

新兴的公募FOF基金并无过往业绩可供参考,也成为投资者犹豫的因素之一。嘉实基金副总经理李松林表示,相比普通基金,公募FOF具有与之不同的优势,但他同时建议,投资者在选择公募FOF前,应充分了解公募FOF与以往普通基金之间的差异。在FOF产品的选择中,最重要的是充分评估自己的风险承受能力,不能盲目追求高收益而忽略了风险。同时,在公募FOF尚没有丰富的历史业绩作为参考的情况下,投资者仍需要关注普通基金产品的历史业绩和基金公司规模。

“FOF当前面临的挑战是投资者教育的问题,作为创新产品,市场需要时间去熟悉了解并理解。”泰达宏利张晓龙表示。泰达宏利投资总监王彦杰建议,投资者在选择FOF时可把握以下几点:一是基于自身的风险偏好;二是选择FOF产品定位清晰的基金管理人,以避免FOF产品的风格偏移。投资者在投资FOF基金之前要考察FOF基金管理人是否专注于FOF业务,应当选择专注于FOF业务的基金管理人。三是应当审慎考察FOF基金管理人的投资能力,了解其投研团队实力、动态跟踪调整能力等。

  养老金入市助推FOF长远发展

所谓公募FOF基金,也就是基金中的基金,通俗地说,一般的证券投资基金是由基金公司代替投资者炒股、买债券、买黄金等,FOF产品是专业机构代替投资者买合适的基金。

从海外市场参照来看,美国公募FOF的资产规模与基金数量近年来增长迅速。来自川财证券研究所数据显示,截至2016年年底,美国公募FOF的基金数量达到1445只,管理的资产规模达到1.87万亿美元,1990到2016年间资产规模的年均复合增长率高达28.89%,而同期美国整个公募行业总规模的年均复合增长率只有13.89%,公募FOF的年均复合增速是整个公募行业的两倍有余。

1996年以来,美国公募FOF的资金净流入一直为正值,即使在2009、2010、2011以及2015和2016年公募行业整体上出现资金净流出的情况下,公募FOF依然保持了资金的净流入。事实上,公募基金在美国普通民众和家庭中的普及度很高,据调查,截至2016年年中,美国共有9400万位个人投资者、5490万户家庭持有公募基金,在家庭总数中的占比是43.6%,并且美国持有公募基金的家庭数量占比自2000年以来一直比较稳定,在45%上下浮动。而退休金则为美国公募FOF的发展提供了源源不断的长期资金。

川财证券研究所认为,我国适合公募FOF发展的环境已经具备。Wind数据显示,截至2017年9月15日,我国全部A股共有股票3363只,公募基金数量为6708只,如果包含未成立和已到期的基金,公募基金的数量则达到了7302只,也就是说公募基金的数量已经远超过A股的股票数量。而公募基金的投资已经相当普及,截至2017年6月30日,我国公募基金份额持有人户数总计为5.98亿户。

同时,1989年以来,我国的养老金规模也在不断增长。截至2015年年底,社会保险基金累计结余以及其中的基本养老保险累计结余双双创下历史新高,分别达到5.95万亿元和3.99万亿元人民币。可以预见的是,随着我国老龄化的加重,未来我国的养老金形式将变得更加多样,规模也将保持增长趋势,这些资金有望成为进入公募FOF的源头活水。

不过,川财证券研究所也指出,促进公募FOF发展的法律法规仍然有相当大的完善空间。展望未来,就法律法规来说,一方面与公募FOF自身直接相关的法律法规势必将越来越完备,另一方面,借鉴美国的经验,对促进公募FOF发展而言,更重要的法律进展可能并不在金融市场内部,而是在养老金领域。如何鼓励人们增加养老金储蓄以及如何将养老金的保值增值与公募FOF关联起来,可能是决定未来我国公募FOF发展更重要的力量。随着我国经济转型的完成以及社会发展的日趋成熟,这方面的发展和完善值得期待。记者 韦夏怡

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