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盛世彩票网手机版:Being caught in the storm of default debts

时间:2018/6/1 18:41:27  作者:  来源:  浏览:0  评论:0
内容摘要: The chain reaction of the first domino falling has rapidly ruffled.Guohai Franklin, the Sino-foreign joint venturefund companyestablished o...

The chain reaction of the first domino falling has rapidly ruffled.

Guohai Franklin, the Sino-foreign joint venture fund company established over 13 years, has become one of the financial institutions to which the bond default has been affected. While others suffer with those who differ, the impact on fund companies start from the "diss".

May 10, CITIC capital outflow pipe-line employees a certain circle of friends shot, saying "customized two dozen new base gold, (the National Sea Franklin) does not comply with our CD% 2B equity strategy, secretly hid an upcoming bond default after default sent general manager of the plight of the play to stop play redemption, immediately cut the valuation of the night "and refers Franklin China sea as a" liar fund companies. "

Subsequently, the protagonist of the event - China Sea Franklin immediately responded that "found that individual people spread the company and its funds and false statements, malicious slander the company's image and reputation in the market Division I solemnly declare: The company has always been law-abiding compliance management. All fund products are carried out in accordance with the fund contract investment, and protection of rights and interests of all investors. Our company has commissioned lawyers to release those who spread false statements to take legal action, and will continue to safeguard the legitimate rights and interests of the company and investors through legal means. "

It is not current or difficult to judge, but the punctuation finance researcher noted that Cosmopolitan Franklin Fund's company is not in a "minefield" of bond defaults: at the end of the fourth quarter of 2017, the company public offering of products Shigekura bonds with "11 Cadillac debt", "16 Cadillac 02" related to bond two Cadillac ecological , and the recent ecological Kaidi "11 Di MTN1 "has been a material breach.

Undoubtedly, choosing the right investment target is not only related to the performance and fate of the fund, but also comprehensively reflects the professional investment management capabilities of a fund company. What is the professional investment management ability of the Franklin Fund Co., Ltd.? From the perspective of past performance, the company has many fund products ranked in the middle and lower reaches of the same category.

Involvement in the Caddy Ecological Bonds

The default year of 2018 or into bonds. Statistics show that since the beginning of this year, 19 domestic bonds have defaulted and the amount involved exceeds 13 billion yuan. The companies involved include Chunhe Group, Fugui Bird , Dandong Port, Zhongcheng Construction, Dalian Machine Tool, Yiyang Group, Sichuan Coal. , Zhong An Xiao, Shen Wu environmental protection , Kaidi ecology.

Among them, Kaidi Eco's mid-term bill “11 Cadillac MTN1” failed to pay principal and interest on time on May 5 in full, constituting a material breach of contract. In this regard, China Credit Rating Co., Ltd. (hereinafter referred to as “Zhongxin Credit Assessment”) decided to reduce the credit rating of the Kaidi Ecological Group from AA to C, to “16 Kaidi 01”, “16 Kaidi 02” and “16 Kaidi 03 "The credit rating of debts was lowered from AA to C, and the company's main body and debt credit rating were continued to be included in the credit rating watch list.

From the screenshots of the friends circle of the above-mentioned exposure of the CITIC Asset Management team, it is not clear which of the two funds are involved and therefore there is no detailed verification. However, judging from the recent two quarters of heavy-yield bonds, some of Gonghai’s Franklin-listed public offerings have indeed moved on the blade. According to the statistics of TianTian Fund Net, in the bond investment details of the fund company at the end of the fourth quarter of 2017, there are two related to the companies involved in the above-mentioned 19 default bonds, namely “16 Cadillac 02” and “11 Cadillatic debt”.

Specifically, at the end of the fourth quarter of 2017, “16 Kaidi 02” was the largest heavy-duty bond of Guofu New Growth Fund, holding 130,000 shares and a fair value of RMB 12.5230 million, which represented a proportion of the net assets of the fund. 8.13%; "11 Cadilla Debt" is the second largest heavy bond bond of China Wealth China Income Fund, holding 104,220,000 shares and a fair value of approximately RMB 1,021.36 million, accounting for 3.6% of the fund's net assets. Among them, Wu Xinyan and Deng Zhongfeng are the fund managers in charge of Guo Fu’s new growth, while Guo Fu’s Chinese revenue is jointly managed by Xu Yurong and Wu Xiyan.

Although the top five bond investments of the two funds in the first quarter of 2018 have no longer appeared in the top five bond-related bonds, they cannot completely exclude the possibility that they still hold. On May 8th, the day after Katie's eco-disclosure "11 Katie MTN1" defaulted and the Zhongxin integrity assessment lowered the credit rating of the company's related debts, the net value of China Fortune's new growth A and C shares fell by 5.22% and 5.21%, respectively. , China Fortune China's net income fell 1.8%.

Performance is hard to be optimistic

Regardless of the results of the “Rashomon” of the Sino-British Asset Management, it seems that Franklin of the country cannot completely get rid of the correlation with the default bond. At the same time, the performance of the Franklin-owned products of the country is also difficult to satisfy investors.

According to the data provided by Wind, after excluding funds established in 2018, according to different share calculations, as of May 22 (the same below), the equity fund of Franklin (excluding QDII) has an average yield of 0.22. %, 13 of the 27 fund shares recorded negative returns, accounting for nearly half. The worst performer was Guofu Zhongzhong 100B, which had a yield of -7.41%, ranking 5/6 in the same category; Guofu Financial Real Estate A, Guofu Financial Real Estate C, and Guofu Growth Power both lost more than 5% in net value. Ranks in the same category are 1666/1746, 1638/1746, 487/575 respectively; in addition, Guofu Hushen 300, Guofu Flexible Market Cap, Guofu Zhongzhong 100, Guofu New Growth C, Guofu New Growth A, Guofu Health and Quality Life The rankings of the focus driver of the China International Assets Co., Ltd. are flexibly placed in the same category are also in the second half of the year. In respect of the debt-based , 8 out of 11 fund shares have been in the same post-1/2 position, including Guo Fuheng. Rui A, Guofu Hengrui C, Guofu Hengli A, Guofu Hengli C, Guofu Everlasting Credit A, Guofu Everlasting Credit C, Guofu Year Old Hengfeng A, Guofu Year Old Hengfeng C.

If short-term performance involves many sudden factors that are not enough to truly reflect the investment management capabilities of a fund company, what is the long-term performance of the Franklin-owned fund?

The punctuation finance researcher extended the investigation time to three years and divided them according to different shares. Among the 13 equity fund shares (excluding QDII) established under Franklin Co., Ltd. for the past three years, 9 had a negative rate of return for the past three years. The rankings of China Fortune Research Select, Guofu Deepening Value, and Guofu's growth momentum all dropped by more than 40%, ranking 428/455, 422/455, and 410/455 in similar products; Guofu Strategy Returns and Guofu Securities 100B The performance rankings of China Fortune CSI 300 are also in the same category 1/2. In the partial-debt-type funds that have been established for three years, the three-year rate of return has ranked at 1/2 of the same type with Guofu Everlasting Credit A, Guofu Everlasting Credit C and Guofu China's earnings.

The punctuation finance researcher also noticed that as of the end of the first quarter of 2018, the selection of Guofu Research, the Return of China Wealth Strategy, and the net asset value of Guo Fu Financial Real Estate were all less than RMB 50 million, and it has entered the “mini-fund” camp.





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