The last 1 capital preservation Huitianfu Baoxin transformation in the future market will no longer have capital preservation funds
As of today, the market no longer has a capital protection fund source: Bao Zijun On October 15, 2019, the last capital protection fund in the market, “Hui Tianfu Baoxin Capital Guaranteed Hybrid Securities Investment Fund”, completed its conversion. The name of the fund has since changed to”Hui Tian Fu Baoxin Flexible Configuration of Hybrid Securities Investment Fund.”
With the completion of the transformation of Huitianfuxinxin Capital Guaranteed Fund, the Capital Guaranteed Fund with a 16-year history of development has officially withdrawn from the market.
Starting today, the market no longer has a capital protection fund.
I. Origin: The birth of the capital preservation fund The so-called capital preservation fund is a fund product in which investors can get back the original investment principal and invest in a certain amount of income after a certain period of hedging (usually 1-3 years).If you redeem in advance, you will not enjoy the guaranteed capital.
Most domestic capital preservation funds adopt a fixed proportion portfolio insurance strategy (CPPI). This investment strategy divides fund assets into a safety bottom line and a safety pad. The safety pad refers to the part of the fund assets that exceeds the safety bottom line.
By investing part of the safety bottom line in fixed income instruments to obtain stable returns, the fund can be guaranteed to achieve capital preservation.
The first existing capital preservation fund was “Southern Hedging and Appreciation”, which was established on June 27, 2003, and the fund’s share once exceeded 53.
Second, the stock market is good, who cares about capital preservation — the era of stagnant capital preservation fund development 2005-2008, a large wave of market conditions appeared in the stock market, in this context, investors’ enthusiasm for direct investment in equity assets rose, which also makes capital preservationFund issuance tends to stagnate.
After 2008, the stock market was in a doldrums. Although the risk of investors declined, but because of the strict scale of the issuance system of the capital preservation fund at that time, there was basically only one new capital preservation fund in the market at that time.
Third, I did n’t know how good the capital 武汉夜生活网 preservation was after the big loss. The highlight of the capital preservation fund was until the end of October 2010. The CSRC issued the “Guiding Opinions on Capital Protection Funds” to regulate and loosen the capital preservation funds.
Since 2011, the number and size of issuance of capital preservation funds have gradually increased.
The climax of the capital preservation fund appeared after the stock market disaster in 2015.
By the second half of 2015, many investors injured in the stock market had significantly increased their acceptance of capital preservation funds with the concept of capital preservation.
From the end of 2015 to 2016, the capital preservation fund has been sought after by a large number of investors and has developed greatly.
There were 103 capital preservation funds successively established in 武汉夜生活网 2015 and 2016, accounting for more than half of all capital preservation funds.
Fourth, the breakthrough has just arrived. The decline of the capital preservation fund started in 2016, and the regulatory authorities stopped approving the capital preservation fund in May 2016.
In January 2017, the China Securities Regulatory Commission issued the “Guiding Opinions on Hedge Strategy Funds”, which stipulated that after the maturity of the fund is maintained, the name of the fund should be adjusted in accordance with the “new and old cut off” principle, and the method of capital protection should be changed.Renamed to “Hedge Strategy Fund” and cancelled joint liability guarantee mechanism.
In April 2018, the “New Rules for Asset Management” was officially issued, which clearly called for breaking the “just exchange”.
After the introduction of the new rules on asset management, in order to prevent investors from forming “rigid redemption” expectations of capital preservation funds, capital preservation funds have adjusted their strategies and carried out conversion operations.
So far, all the capital preservation funds have been transitioned to hybrid funds or directly wound up.
From the beginning of the southern hedging and appreciation to the end of Huitian Fubaoxin’s capital preservation, in the 16 years, a total of 174 capital preservation funds have been established in the market, all of which have been included in history.
By the way, there is no capital protection fund in the market. Investors who have previously insured the fund can pay attention to some funds that operate with a CPPI-like strategy.
Fifth, the public offering funds will not be cashed out until now. Say goodbye to public offering funds and rigid payment.
The product that could just be cashed out in the past was bank wealth management, and now bank wealth management has to go to net worth.
In the future, if investors want to protect their capital, in theory, investors can only buy government bonds or deposits, and they only promise to keep their capital if the deposit is less than 500,000.
The returns and risks of investment are equal. If you want to obtain high returns, you must bear high risks.
By the same token, if you are unwilling to take risks, the return on your investment may be relatively low, but you are not promised to keep your capital.