55 FOF pension funds have been established to manage public offerings and continue to enrich their product lines.

The public pension fund (FOF pension fund for short) will be approved for the first anniversary on the 6th. Over the past year, the total size of FOF pension fund has exceeded 20 billion yuan, and has achieved stable investment income. Analysts said that compared with other theme funds, the income of pension FOF funds should have an "eye-catching" perspective. With the improvement of market acceptance and expected to be included in the scope of tax extension policy, the future pension FOF fund will "go up a storey still higher".

The pension target fund has been running smoothly for one year.

According to the data, as of 2065438+August 5, 2009, the total scale of 55 old-age FOF funds that have been established and operated has reached 2065438+29 million yuan. Specifically, except for the one-year stable pension enjoyed by Bank of Communications (2.053 billion yuan) and the one-year stable pension enjoyed by Minsheng Plus Yinkangning (65.438+50.9 billion yuan), the scale of other products is below 65.438+0 billion yuan.

In terms of income, the average income of 55 pension FOF funds since its establishment is 2.54% (the average income of target risk funds is 2.23%, and the average income of target day pension funds is 2.72%), but the income structure is obviously differentiated. Among them, CEIBS foresees that in 2035, the income of 6 products, such as pensions, will exceed 5% (the highest is Xingquan Antai balanced pension, with the income reaching 1 1.84%), while the income of 30 products will be less than 2%, of which 3 products will have negative income.

"Regardless of the scale or investment income, the development of the pension FOF fund has been steadily advanced in the past year." Yang Lei (pseudonym), an analyst of South China Fund, told reporters that FOF Pension Fund not only grasped the huge potential demand for pension investment, but also developed strategic model innovation of target risk and target date. With the continuous release of effective demand, it is expected that FOF pension fund will still have a lot of room for development.

At the same time, Hu Feng (a pseudonym), a fund manager of a public pension FOF in Shenzhen, told reporters that from the experience of the United States, the pension market is one of the main positions of public offering. But from the process point of view, it is generally to do a good job in the early stage, and then gradually expand the scale and product line layout with the improvement of market acceptance. Among them, Hu Feng mentioned that the initial scale of the pension FOF fund is generally around 200 million yuan, and the scale will gradually increase with the continuous improvement of performance and market acceptance.

Jin Ya, assistant general manager of Guangfa Fund, said that the company plans to make a comprehensive layout on two kinds of pension FOF funds: target risk and target date. For example, during the period of 2035-2050, a product will be set up every five years to meet the needs of customers of different ages.

Yang Lei believes that the FOF pension fund is the main highlight of the theme fund. However, whether the market recognizes it and whether the return on investment can meet investors' expectations is an important factor. "From the situation in the past year, the average return close to 3% is good. However, in order to outperform inflation in a long period of time (this is the basic requirement for old-age care), it is best to raise the yield of 5%. "

Based on personal experience, Hu Feng said that compared with other theme funds, the income expectation of pension FOF funds should be "long-term and eye-catching". First of all, for fund holders, the annualized investment income of more than 5% is a good income, but if you pursue the interval (such as one year) income, it is difficult for the pension target fund to outperform the radical stock fund in order to be stable. Hu Feng takes the target risk pension FOF fund he runs as an example, saying that the product uses the fluctuation range of 5% as the upper limit for asset allocation, which is dynamically adjusted every month, and the investment ratio of equity assets and commodity funds does not exceed 30%. The data shows that the return of the fund since its establishment is around 2%, but the absolute value of the maximum withdrawal is less than 0.3%, and its performance is relatively stable.

Secondly, Hu Feng believes that investors should have a long-term and stable perspective on "pension money". "The focus of the old-age FOF fund is not only a three-year or five-year closed period, but a longer period in the next twenty or even thirty years. Therefore, you will see that the FOF Senior Foundation follows the strategy of decreasing equity ratio. For example, when it was established, the stock position was 60%, which fell to 30% in the tenth year and 20% in the fifteenth year. In the end, it may drop to 5% or even 0%. " Hu Feng said that investors should also have the above psychological expectations. "Based on the confidence in the macroeconomic development prospects, if it is held for a long time, the 20-year compound rate of return is still good."

"There are many financial products in the name of pension, but it is not easy to really invest in pension. The pension FOF fund has the advantage of relative investment and research, but it needs to improve investment awareness, pension awareness and market acceptance to make great progress. " A brokerage analyst in South China told reporters.

"It is very urgent to make up for the pension gap by vigorously developing the second and third pillars." Hu Feng believes that the pension replacement rate should generally reach 70%, and the living standard of the elderly can be maintained at the pre-retirement level. However, the domestic pension replacement rate has already fallen below the international warning line of 50% (according to Zheng Bingwen, director of the Social Security Research Center of China Academy of Social Sciences, the average pension replacement level in China has been around 45% in recent years. "Public offering should enrich the pension product line so that investors can better allocate assets in different risk categories." (China Financial Information Network)

Balance long-term performance and short-term fluctuations, and the pension FOF runs smoothly.

On August 6, 20 18, the first batch of 14 pension target funds got the approval. A piece of approval opens a new space for fund industry to raise funds. Over the past year, most pension target funds established at different times have achieved positive returns, and gradually gained absolute returns on the premise of stabilizing short-term fluctuations.

Huaxia Pension Fund 2040 was first established in September of 20 18 and 13, and then a number of pension fofs were established and put into operation. The data shows that most of the 44 funds with performance statistics have achieved absolute returns, and only two funds established in March this year have not yet achieved positive returns. Among them, four funds have achieved a return of more than 5%. Xingquan Antai Balanced Pension Fund, established at the beginning of this year, has achieved a rate of return of11.84% since its establishment. Since its establishment in June last year, China-Europe Prospective Pension 2035 has achieved a return rate of 9.59%; Since its establishment in June last year, Southern Pension 2035 has achieved a return rate of 7.86%. And TEDA Honglitai and Pension also achieved a rate of return. Generally speaking, the FOF fund for the aged established last year has generally gained more than 3% income.

Sang Lei, fund manager of FOF, a China-Europe pension fund, said that the fund adopted a prudent strategy in the early days of its establishment to get rich returns from fixed-income investments and avoid short-term stock market risks. In the first quarter of this year, the stock market rebounded, and the opportunity of equity funds was seized through asset allocation, and the net value was further improved. In the second quarter, the A-share market fluctuated widely, and the Fund gradually increased the investment ratio of equity assets to near the benchmark of the downward curve.

Lu, fund manager of Southern Pension 2035, said that in pension investment, we must adhere to the concept of value investment, lengthen the investment perspective and reduce the frequency of short-term trading operations. At the same time, we should strictly abide by investment discipline, pay close attention to credit risk and reduce portfolio withdrawal.

Jiao, fund manager of Penghua Pension 2035, said that in the process of operation, long-term investment, reverse investment and value investment were implemented. If the investment target has no time value, the accumulation of time will not help the investment income.

Guo Fu Fund said that Guo Fu Wang Xin's stable pension target fund has been in operation for more than half a year. On the basis of robust strategic asset allocation strategy, the quantitative model is superimposed, and the capital optimization strategy of two-wheel drive is qualitatively analyzed, and the risk and exit level of portfolio are strictly controlled, and the ideal risk-return ratio is obtained.

Regarding the investment and operation objectives of pension funds, many pension FOF fund managers told reporters that they hope to minimize fluctuations on the basis of obtaining long-term absolute returns.

Lin, manager of Xingquan Antai Balanced Pension Fund, said that many investors don't know much about equity products. Therefore, in the process of operation, it is even more necessary to operate in strict accordance with the established strategy and product positioning, adhere to the principle of "short-term pursuit of relative income and long-term pursuit of absolute income", and control the volatility as much as possible without reducing the expected income.

Wang, manager of Manulife Taihe Pension Fund, said that they tried to keep the fund's performance depressed, reduce the turnover rate and save operating costs. "Pension products emphasize long-term cumulative effects and adhere to medium-and long-term value investment, instead of frequently adjusting positions or chasing short-term market hotspots with market fluctuations."

"The old-age FOF is a long-distance running, and long-term stability is the investment requirement and purpose of the old-age FOF." Liu Wei, fund manager of Warburg Steady Pension FOF, said: "We have allocation positions and trading positions to achieve a balance between long-term returns and short-term fluctuations."

In terms of specific investment strategies, although companies have similar goals, they adopt different emphases.

Yang Zhe, the fund manager of Bank of Communications who enjoys a stable pension for one year, said that during the investment operation, the risk exposure and withdrawal of the fund will be closely tracked and monitored, and the portfolio will be adjusted regularly and irregularly according to the market environment to control the short-term fluctuation of the portfolio. The position adjustment of pension funds should not be frequent, and the redemption fee of the bottom sub-fund will erode the portfolio income, which needs to be carefully weighed by the fund manager.

Ping An Fund said that in investment, on the one hand, it should adopt a mature and steady asset allocation strategy, on the other hand, it should strictly control the selection of the underlying sub-funds. (China Fund News)

(Clouds grow long and water grows long)