Five highlights of fund QDII:
Huaxia Fund Company and southern fund Company obtained QDII qualification recently (July 26th, 2007), which took the first step of "going out" strategy, and opened a new era for domestic fund companies to enter the international market, which will provide investors with more abundant investment varieties.
Faced with many concerns of investors, fund industry insiders pointed out that the launch of QDII products will probably take 1-2 months. If the pilot is successful, the QDII process of the fund industry will be significantly accelerated. The launch of QDII products will not have much impact on the capital of the A-share market. In the future, the improvement of fund companies' international investment ability will definitely improve their domestic investment management ability.
How high is the income?
At the recent press conference held in southern fund, "How high will the yield of QDII products be" became the most concerned issue for the media. Some investors are also worried that the domestic fund industry has provided investors with quite good returns in the current bull market. At this time, what should QDII products do to attract investors and let them invest RMB in QDII instead of just A-share funds?
Xie, the proposed fund manager of QDII products in southern fund, told reporters that although the domestic market is booming, there are good returns from investing abroad. According to Morgan Stanley's index statistics, the annualized rate of return of China in recent three years is 45%, while the annualized rate of return of overseas investment including Egyptian, Argentine, Indonesian and other countries in recent three years is 47%-77%. Extending the time period to the past decade, countries such as Colombia also have very high return on investment. If you only invest in a single country, you may have a good return on investment, but the risks you take are also high. If you allocate investment in overseas markets, you can gain the benefits of world economic growth with reasonable and relatively low investment risk.
How fast does it run?
Although China and South China have obtained QDII qualification, it may be too early for their first QDII product to appear. Gao Liangyu, general manager of southern fund Company, said that the launch of specific products needs to go through a complicated process to declare, and it will only be released to the public after approval. It is estimated that this process will take about 1-2 months.
Relevant people believe that the approval of China and the South is of a pilot nature to a certain extent. If it goes smoothly and operates well, the QDII process of the fund industry will be significantly accelerated. In fact, from the macro level to fund companies and investors, it is necessary to speed up the launch of fund QDII. Gao Liangyu told reporters that QDII is a measure that benefits the country and the people. We can encourage more domestic funds to invest in overseas markets, reduce the high domestic foreign exchange reserves, ease the pressure of RMB appreciation, and at the same time promote the domestic fund industry to develop internationally as soon as possible, and strive to compete with internationally renowned asset management institutions on the overseas stage. In this process, the improvement of international investment ability will inevitably enhance the domestic investment management ability of fund companies. In addition, QDII can make the fund better serve the holders and allocate investors' funds more appropriately at different times. For example, when the A-share market fluctuates, international investment can be made appropriately to avoid domestic market risks.
Will it divert A-share funds?
QDII has always been regarded as bad by the market, because investors are worried that funds will flow out of the A-share market to a large extent. In this regard, Xie believes that it will not have much impact, and QDII will provide a diversified opportunity. From the perspective of markets such as the United States and Hong Kong, the more products there are in the financial market, the more funds can be attracted to this market. Xu, deputy general manager of southern fund Company, said that just as A-shares rose, so did real estate prices. Foundations distinguish investment types, and investors will also analyze the risks and benefits of products. Judging from the experience of the region, QDII did not significantly divert the funds on the island when it was launched. The funds in the A-share market are mainly related to the confidence of investors and the performance of the A-share market.
According to the researchers, from the perspective of actual capital supply, the savings deposits of Chinese residents exceed 18 trillion yuan, and the foreign currency deposits also exceed 1 trillion US dollars. The capacity of A-share market is limited, and residents need more investment options.
Will it stimulate the skyrocketing H shares?
As long as the new news about QDII is announced, the H-share market will always be stimulated, and the market expects to bring fresh living water to H-shares. But this may not be the case. Xie said that QDII products launched in the South will not exclude Hong Kong stocks, but the opportunities are global and will not be sought after when Hong Kong stocks are hot. This is not the original intention of setting up QDII products. Moreover, even if you invest in Hong Kong stocks, it is not only H shares, but also Hong Kong local stocks such as HSBC have great investment value. Gao Liangyu said that QDII products should pursue global investment and not be confined to a specific region, which can broaden their horizons. The first QDII product in South China is configured globally, covering eight developed countries and emerging market countries. At the same time, taking into account the neighboring Hong Kong market, we strive to concentrate the essence of the world on this QDII product, thus absorbing more and more global opportunities.
Is it just a foreign agent?
Will China's fund industry improve its investment management level if it only sells foreign wealth management products? According to industry insiders, obviously not. Therefore, regulators have repeatedly stressed that to avoid becoming the sole agency of foreign securities institutions in China, they should have their own development model and build a global investment and research team. Judging from the situation of southern fund companies, they are trying to build their own international investment team. At present, the QDII product staff has reached 65,438+00, and the fund manager has hired Xie with 65,438+02 investment experience from Hong Kong. Mellon Asset Management Company, the foreign partner of QDII products, mainly provides quantitative analysis tools and tactical asset allocation strategy suggestions to the South. South China will learn from Mellon Asset Management's overseas investment experience, because overseas investment will encounter complicated procedures in different regions and different investment products, including exchange rate conversion and different trading systems. The insiders believe that this mode of cooperation will be beneficial to the development of the international investment team in southern fund.
According to relevant sources, Southern QDII products will complete such a trilogy of global investment allocation: first, look at the global economy and market, set up 48 warehouses including developed markets and emerging markets, and then through quantitative and fundamental analysis methods, think that the current partial stock market is worth investing, and decide to allocate its assets effectively, and then choose trading funds, actively managed funds, Hong Kong stocks and so on. Various market exchanges, so as to achieve a reasonable global layout.