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公募FOF季报首秀南方、嘉实为何重仓货币基金?

来源: 南方日报网络版     时间: 2019年06月25日 19:47:18
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(从)(该)(基)(金)(的)(持)(仓)(明)(细)(来)(看)(,南)(方)(全)(天)(候)(策)(略)(的)(前)(十)(大)(持)(仓)(均)(为)(货)(币)(基)(金)(,占)(基)(金)(净)(值)(比)(例)(为)(80.11%,其)(中)(前)(八)(位)(持)(仓)(分)(别)(是)(南)(方)(基)(金)(内)(部)(所)(管)(理)(的)(货)(币)(基)(金)(,占)(比)(基)(金)(资)(产)(净)(值)(76.15%,外)(部)(基)(金)(仅)(占)(3.96%。
回)(顾)(2017年)(的)(债)(券)(市)(场)(,整)(体)(波)(动)(幅)(度)(较)(大)(,尤)(其)(11月)(下)(旬)(,债)(市)(出)(现)(了)(一)(定)(回)(撤)(。而)(去)(年)(10月)(19日)(成)(立)(的)(南)(方)(全)(天)(候)(策)(略)(从)(上)(述)(原)(因)(考)(虑)(,选)(择)(重)(仓)(了)(货)(币)(基)(金)(。
南)(方)(全)(天)(候)(策)(略)(基)(金)(经)(理)(夏)(盈)(盈)(表)(示)(,其)(需)(要)(比)(较)(各)(类)(资)(产)(的)(收)(益)(性)(、安)(全)(性)(、流)(动)(性)(和)(风)(险)(性)(。在)(不)(同)(的)(市)(场)(阶)(段)(,各)(类)(资)(产)(的)(特)(性)(具)(有)(一)(定)(差)(异)(。在)(目)(前)(金)(融)(监)(管)(加)(强)(,全)(球)(逐)(渐)(进)(入)(紧)(缩)(,债)(券)(市)(场)(仍)(然)(面)(临)(一)(定)(下)(行)(压)(力)(和)(不)(确)(定)(性)(的)(背)(景)(下)(,货)(币)(基)(金)(相)(比)(债)(券)(类)(基)(金)(具)(有)(更)(好)(的)(性)(价)(比)(,并)(且)(还)(具)(备)(很)(好)(的)(流)(动)(性)(,配)(置)(价)(值)(凸)(显)(;其)(次)(,南)(方)(全)(天)(候)(FOF定)(义)(为)(低)(风)(险)(产)(品)(,初)(期)(运)(作)(以)(建)(立)(安)(全)(垫)(为)(主)(。考)(虑)(到)(以)(上)(因)(素)(,在)(运)(作)(初)(期)(组)(合)(配)(置)(的)(货)(币)(基)(金)(占)(比)(较)(高)(。
而)(另)(一)(方)(面)(,2017年)(下)(半)(年)(以)(来)(,货)(币)(市)(场)(利)(率)(持)(续)(走)(高)(,7日)(年)(化)(收)(益)(率)(接)(近)(4.5%,部)(分)(甚)(至)(超)(5%,那)(么)(货)(币)(基)(金)(替)(代)(债)(券)(基)(金)(,自)(然)(成)(为)(彼)(时)(公)(募)(FOF的)(选)(择)(。
嘉)(实)(FOF注)(重)(风)(险)(分)(散)(
再)(来)(看)(嘉)(实)(领)(航)(资)(产)(配)(置)(,从)(2017年)(四)(季)(报)(中)(可)(见)(,其)(持)(有)(93.05%的)(基)(金)(,6.80%的)(现)(金)(以)(及)(0.15%的)(其)(他)(资)(产)(,并)(未)(配)(置)(股)(票)(和)(债)(券)(。
与)(此)(同)(时)(,其)(前)(十)(大)(重)(仓)(股)(占)(基)(金)(净)(值)(比)(为)(93.56%,与)(南)(方)(全)(天)(候)(策)(略)(截)(然)(不)(同)(的)(是)(,该)(基)(金)(仅)(有)(一)(只)(嘉)(实)(基)(金)(内)(部)(管)(理)(的)(嘉)(实)(快)(钱)(货)(币)(A,其)(余)(均)(为)(外)(部)(基)(金)(。持)(仓)(方)(面)(,该)(基)(金)(持)(有)(7只)(货)(币)(基)(金)(,基)(金)(资)(产)(净)(值)(占)(比)(77.94%,1只)(债)(券)(型)(基)(金)(,占)(比)(12.75%,一)(只)(黄)(金)(ETF,占)(比)(2.27%以)(及)(一)(只)(偏)(股)(混)(合)(型)(基)(金)(,占)(比)(0.60%。
事)(实)(上)(,从)(公)(募)(FOF即)(将)(落)(地)(时)(,业)(内)(普)(遍)(争)(论)(的)(焦)(点)(之)(一)(就)(是)(内)(外)(部)(FOF的)(问)(题)(。投)(资)(外)(部)(基)(金)(将)(面)(临)(双)(重)(收)(费)(的)(问)(题)(,当)(收)(益)(接)(近)(时)(,内)(部)(基)(金)(将)(实)(现)(的)(收)(益)(更)(高)(,遂)(南)(方)(基)(金)(选)(择)(以)(投)(资)(内)(部)(货)(币)(基)(金)(为)(主)(。
而)(嘉)(实)(基)(金)(更)(为)(注)(重)(组)(合)(的)(风)(险)(分)(散)(能)(力)(,方)(正)(证)(券)(FOF研)(究)(认)(为)(,从)(持)(仓)(的)(管)(理)(人)(来)(看)(,嘉)(实)(控)(制)(单)(一)(管)(理)(人)(占)(比)(,防)(止)(持)(仓)(趋)(同)(性)(过)(高)(;从)(货)(币)(基)(金)(的)(规)(模)(来)(看)(,嘉)(实)(该)(FOF持)(仓)(的)(货)(基)(整)(体)(规)(模)(更)(大)(,流)(动)(性)(更)(强)(,组)(合)(整)(体)(的)(风)(险)(更)(低)(。
具)(体)(来)(看)(,嘉)(实)(领)(航)(资)(产)(配)(置)(重)(仓)(基)(金)(中)(的)(三)(只)(非)(货)(币)(基)(金)(,分)(别)(为)(华)(安)(黄)(金)(ETF、中)(欧)(明)(睿)(新)(常)(态)(和)(新)(华)(纯)(债)(添)(利)(A。
华)(安)(黄)(金)(ETF为)(目)(前)(市)(场)(规)(模)(最)(大)(、流)(动)(性)(最)(强)(的)(黄)(金)(ETF,目)(前)(规)(模)(约)(为)(50.67亿)(元)(。去)(年)(10月)(至)(今)(,跌)(幅)(为)(1.55%。
中)(欧)(明)(睿)(新)(常)(态)(为)(偏)(股)(型)(基)(金)(,风)(格)(偏)(向)(大)(盘)(价)(值)(,重)(仓)(股)(有)(伊)(利)(股)(份)(、联)(创)(电)(子)(、三)(一)(重)(工)(、国)(电)(南)(瑞)(、平)(安)(银)(行)(、保)(利)(地)(产)(等)(,去)(年)(10月)(至)(今)(,涨)(幅)(1.19%。
新)(华)(纯)(债)(添)(利)(A主)(要)(持)(有)(超)(短)(融)(,前)(5只)(重)(仓)(债)(券)(中)(超)(短)(融)(4只)(,占)(到)(总)(净)(值)(比)(的)(18%。从)(净)(值)(表)(现)(看)(,该)(基)(金)(近)(似)(货)(基)(,净)(值)(波)(动)(较)(小)(,与)(另)(一)(只)(重)(仓)(基)(金)(建)(信)(现)(金)(添)(利)(货)(币)(基)(本)(一)(致)(。
从)(保)(守)(走)(向)(多)(样)(
从)(最)(新)(的)(净)(值)(情)(况)(来)(看)(,首)(批)(6只)(FOF的)(单)(位)(净)(值)(均)(在)(1元)(以)(上)(,其)(中)(以)(海)(富)(通)(聚)(优)(最)(高)(,截)(至)(2月)(1日)(其)(单)(位)(净)(值)(为)(1.0237元)(。
从)(公)(布)(2017年)(四)(季)(报)(的)(两)(只)(FOF表)(现)(来)(看)(,报)(告)(期)(内)(嘉)(实)(领)(航)(A、C份)(额)(的)(净)(值)(增)(长)(率)(分)(别)(为)(0.47%、0.28%,同)(期)(业)(绩)(比)(较)(基)(准)(收)(益)(率)(为)(-0.13%。南)(方)(全)(天)(候)(A、C级)(净)(值)(增)(长)(率)(为)(0.56%,同)(期)(业)(绩)(比)(较)(基)(准)(增)(长)(率)(为)(0.36%。
而)(对)(于)(2018年)(FOF基)(金)(是)(否)(会)(继)(续)(重)(仓)(货)(币)(基)(金)(,夏)(盈)(盈)(表)(示)(,后)(期)(运)(作)(上)(将)(根)(据)(市)(场)(情)(况)(均)(匀)(提)(升)(权)(益)(类)(资)(产)(的)(程)(度)(,降)(低)(组)(合)(中)(货)(币)(资)(产)(的)(占)(比)(。对)(于)(债)(券)(类)(资)(产)(,配)(置)(吸)(引)(力)(提)(升)(。对)(于)(基)(金)(配)(置)(,偏)(股)(型)(基)(金)(方)(面)(,将)(选)(取)(alpha获)(取)(能)(力)(较)(强)(,稳)(定)(性)(较)(好)(,注)(重)(组)(合)(风)(险)(控)(制)(的)(产)(品)(作)(为)(核)(心)(配)(置)(,并)(适)(度)(搭)(配)(基)(金)(风)(格)(明)(确)(且)(适)(应)(当)(前)(市)(场)(风)(格)(和)(主)(题)(的)(产)(品)(进)(行)(卫)(星)(配)(置)(。在)(债)(券)(型)(和)(偏)(债)(混)(合)(类)(基)(金)(方)(面)(,基)(于)(对)(债)(市)(偏)(谨)(慎)(的)(观)(点)(,在)(获)(得)(足)(够)(债)(券)(市)(场)(风)(险)(暴)(露)(的)(情)(况)(下)(,对)(于)(债)(券)(型)(基)(金)(的)(配)(置)(在)(现)(阶)(段)(偏)(谨)(慎)(,选)(择)(短)(久)(期)(、低)(杠)(杆)(操)(作)(偏)(灵)(活)(,风)(险)(控)(能)(能)(力)(强)(,业)(绩)(表)(现)(稳)(定)(,偏)(绝)(对)(收)(益)(类)(产)(品)(进)(行)(配)(置)(。考)(虑)(到)(港)(股)(市)(场)(具)(备)(较)(高)(的)(投)(资)(吸)(引)(力)(,也)(将)(参)(与)(配)(置)(部)(分)(沪)(港)(深)(或)(港)(股)(基)(金)(。此)(外)(,为)(增)(强)(组)(合)(弹)(性)(,在)(安)(全)(垫)(累)(积)(后)(运)(用)(少)(量)(仓)(位)(参)(与)(ETF交)(易)(。
嘉)(实)(FOF虽)(然)(没)(有)(给)(出)(未)(来)(市)(场)(展)(望)(,但)(从)(持)(仓)(中)(可)(以)(发)(现)(,嘉)(实)(领)(航)(资)(产)(配)(置)(持)(有)(了)(2.27%的)(黄)(金)(,黄)(金)(、石)(油)(等)(商)(品)(类)(基)(金)(。
此)(外)(,方)(正)(证)(券)(FOF研)(究)(表)(示)(,多)(数)(FOF在)(投)(资)(范)(围)(中)(都)(明)(确)(了)(可)(以)(投)(资)(QDII配)(置)(海)(外)(资)(产)(。在)(后)(期)(FOF积)(累)(到)(足)(够)(安)(全)(垫)(,股)(债)(安)(全)(性)(提)(升)(的)(环)(境)(下)(,FOF可)(能)(会)(进)(行)(更)(多)(样)(的)(资)(产)(配)(置)(方)(法)(。返)(回)(搜)(狐)(,查)(看)(更)(多)(
责)(任)(编)(辑)(:
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