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幸运飞艇彩票:Tianhong Fund: Fund investment for the purpose of pensioning You need to know these!

时间:2018/7/23 3:36:09  作者:  来源:  浏览:0  评论:0
内容摘要: Recently, at the China Securities Investment Fund Association, Southern Finance and Media Group, and 21st Century Media, the “Honor to the ...

Recently, at the China Securities Investment Fund Association, Southern Finance and Media Group, and 21st Century Media, the “Honor to the 20th Anniversary and Pension Management Summer Seminar”, Tianhong Fund Deputy General Manager Mr. Xiong Jun published Keynote Speech "Pension Investment and Trust Relationship and Trust."

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The following is the full text of the keynote speech: "Pension Investment and Trust Relationship and Trust"

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First, we need to divide the basic characteristics of pension investment. The general understanding of pension investment mainly refers to the investment operation of the accumulated pension fund, including the enterprise annuity, occupational annuity, the third pillar, and the investment operation of the pension reserve fund.

\n?If it is not classified by the fund owner, the basic characteristics of the investment for the purpose of pension can be summarized as two points. The first feature is that the investment period is longer and there is a certain risk-taking ability. The long term means that when the asset price falls. The pressure to obtain cash flow from realizing assets is small, so it can bear part of the risk of volatility;

The second characteristic is that there is a clear requirement for the long-term income level. As an investment for the old-age goal, the income expectation is generally based on three aspects. The first is the amount of investment in each period, the second is the length of investment, and the third is the long-term return of funds during the accumulation period. These three factors are the most critical factors for medium and long-term returns, especially the level of long-term returns.

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If we understand this, many of the funds in our real life are all pensionable, including some bank financial management funds, including some wealth management funds. These funds can be managed in terms of investment management and in accordance with the structure and model of pensions.

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Second, we need to pay attention to what is the main contradiction of pension investment. The basic law of the capital market is that high returns correspond to high risks and low returns correspond to low risks. The inherent essence is the nature of capital chasing profits and the liquidity of capital markets.

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For pension investment, the main contradiction is the contradiction between the higher long-term income target and the limited risk-taking ability. If you want to obtain more income, you must bear more risks, but the risk that investors bear is limited. And thus formed such a contradiction.

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It should be noted that the risk of pension can be divided into long-term risk and short-term risk. The long-term risk of pension is that the long-term average income is too low to achieve the expected accumulation scale; the short-term risk is the risk of asset fluctuation.

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Among them, because the biggest characteristic of pensions is the long period of time, long-term risks are often overlooked. This is reflected in our pension investment. Many funds have the ability to take risks, but they have no willingness to take risks. . Managers are chasing the positive gains of the current period, and putting the risk exposures small, resulting in low long-term investment yields, which is a prominent problem in the management of pension funds that we currently have public attributes.

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Therefore, the key to pension investment is to strike a balance between the long-term profit goal and the risk level assumed. Similar to companies paying attention to the balance of assets and liabilities, investment is focused on the balance of income and risk, as is pension, but it is only a balance between long-term income goals and risks.

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Pension investment involves a very wide range of funds, and the scale of funds is large. This kind of investment involving the welfare of the whole people needs to diversify risks. It cannot allow a few financial institutions to become the risk-bearing body of a national pension fund. This will only increase the financial system. Vulnerability.

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And in the management of the third pillar funds, the government should avoid guarantees or implicit guarantees as much as possible, because once secured, it may lead to moral hazard, investors will choose to amplify risks to obtain income, which is unfavorable to the whole society.

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Diversified pension investment risks should be based on trust relationships. In the trust relationship, the principal decides the level of risk taking, the principal bears the risk, and obtains all the proceeds. The investment management institution only manages the assets according to the requirements of the principal, does not participate in the fund income distribution, and the fund assets do not enter the investment management. People's balance sheet.

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We compare the market financial products, insurance products and public funds, we observe that short-term absolute returns, investment in pensions is very attractive. In the past few years, the scale of bank wealth management has grown rapidly, in large part because it can provide investors with short-term absolute returns, which has won the trust of investors.

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However, the short-term absolute return of the bank is at the expense of the bank becoming the subject of risk-taking, and it is difficult for wealth management products to meet the higher requirements for long-term benefits of pensions.

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Insurance products can also provide short-term absolute returns, which can be one of the choices for some low-risk preference groups. However, after investors choose pension insurance products, in most cases, the assets are entered into the balance sheet of the insurance company. It is ok to do the pilot, but if it is only done in this single mode, it is unfavorable to the national finance. Therefore, we believe that insurance products are not the only model that applies to pension investment in the whole society.

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In contrast to public funds, we believe that the development of the third pillar pension investment in the future will be based on the trust relationship, which is fully compatible with the public fund based on the trust relationship, and also in line with the state's regulatory requirements for the financial system. However, as a public fund based on trust, there is a short-term, it is difficult to provide short-term absolute returns compared with wealth management products and insurance products.

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However, after the issuance of the new asset management regulations, all asset management products are on the same starting line. After the implementation of the net value method and the “three separates”, it is necessary to obtain short-term absolute returns, either strictly controlling the risk asset exposure or allowing the investment manager to substantially adjust the proportion of risk assets. The former leads to low long-term yields, while the latter lacks risks. Management means.

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In the management of pension investment, it is the key to gain the trust of the client. No matter what kind of organization, only the trust of the trustee can win the competition. We believe that there are two ways to win the trust of the client:

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First, the trust of the trustee is obtained by historical performance. If the historical performance is based on the ability, after a long period of time, it can attract the client by creating excess income.

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The second is to start with risk control and gain trust from the client with a clear and concise source of income and risk level. For example, the current pension risk fund set up by the China Securities Regulatory Commission has a simple structure and is equipped with this element, which has a good development prospect.

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I believe that in order to obtain the trust of the principal, the fund products must have a clear investment benchmark based on the market index, reveal the fund investment strategy and risk exposure through the investment benchmark, and give the client clear expectations.

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At the same time, after the benchmark has been clarified, in the fund's investment management process, the guiding role of the investment benchmark must be effectively implemented. Investment management activities must comply with the investment benchmark to obtain the trust of investors. If both can be done, the entire fund investment management process will become a repeatable process, which is what is followed and pursued in investment management.

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Emphasize that the benchmark will have a profound impact on the development of the entire fund investment. I think there are the following points: First, the principle of investor suitability is well adhered to, because the risk has been clearly stated in the product design and is operating. It has been well adhered to; secondly, it will help to establish a market-based performance evaluation standard, distinguish between the risk-taking return and the value created by investment management, and avoid amplifying risks for the pursuit of short-term returns.

\n?The far-reaching impact is that the emphasis will be on converting the investment management of public funds from short-term absolute returns to relative returns, and promoting the division of labor management. In the future, it will no longer be the fund manager's free decision on risk exposure, but rather the benchmark. To manage assets, to a certain extent, we can give more play to the tooling function of public funds.

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