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□ Huang Yanbin of Hongyuan Securities
Recently, some old people fund When the company collectively experienced an "earthquake", they issued announcements about changing the content of the fund contract. The issuance of the announcement has caused quite a shock in the market: why should the fund contract be changed? What will be changed in the fund contract? How should fund holders respond to these changes?
Why should the fund contract be changed
It is rare for fund companies to change contracts halfway. However, on June 1 this year《 Securities Investment Fund Law 》Implementation and other supporting management measures（《 Administrative Measures for Information Disclosure of Securities Investment Funds 》、《 Administrative Measures for Sales of Securities Investment Funds 》、《 Administrative Measures for the Operation of Securities Investment Funds 》）Some fund companies have to make some changes in fund sales, investment strategies, information disclosure and other aspects to meet the requirements of new regulations. Therefore, recently, we have frequently seen announcements of some funds changing the fund contract in some public media.
Those contents in the fund contract will change
(1) Redemption rate
Article 29 of the Administrative Measures for the Sale of Securities Investment Funds implemented on July 1 stipulates that "the fund manager shall charge a redemption fee for the redemption of open-ended fund units, but China CSRC Unless otherwise specified. The redemption rate shall not exceed 5% of the redemption amount of the fund units. After deducting the service charges, the balance of the redemption fee shall not be less than 25% of the total redemption fee and shall be included in the fund property. ".
Prior to the implementation of the above Measures, there was no hard and fast regulation on the redemption rate in the relevant laws and regulations. Many fund companies, in order to expand their fund shares, took advantage of the loopholes in the rules in the sales process and made large discounts to some large institutions and powerful individuals, which to a certain extent damaged the interests of the majority of shareholders. The new fund sales management measures stipulate that at least 25% or more of the redemption fees paid by fund investors when redeeming funds must be returned to fund assets instead of being obtained by fund management companies or intermediary sales agencies, which protects the interests of fund holders to a certain extent.
(2) Fund income distribution and holder procedures
The Administrative Measures for the Sale of Securities Investment Funds and the Administrative Measures for the Operation of Securities Investment Funds clearly stipulate that for funds that have been established or approved before July 1 but have not yet completed the offering, if the relevant contents of the original fund contract do not comply with the Fund Law and the above-mentioned Administrative Measures for the Operation of Securities Investment Funds, they shall, within three months from the date of the issuance of the notice, Revise the original fund contract into a fund contract that meets the requirements. There are two main contents: one is about the distribution of fund income, and the other is about the procedures of the general meeting of holders. At the same time, it also stipulates that if the agreement on the income distribution method of open-ended funds does not comply with the relevant provisions of the Fund Law and the Operation Measures, the fund manager shall, together with the fund custodian, define the default income distribution method of open-ended funds as the cash method in accordance with the relevant provisions, and report it to the CSRC for filing and announcement before implementation; If the agreement on the procedure of the general meeting of fund unit holders is not in conformity with the provisions, the fund manager shall, together with the fund custodian, amend the relevant provisions of the original fund contract in accordance with the relevant provisions, and report to the CSRC for filing and announcement.
(3) The proportion of fund assets invested in national debt, the total proportion of investment, and the number and proportion of income distribution of open-ended funds
The Notice issued on July 15 stipulates that in view of the proportion of fund assets invested in national debt, the proportion of fund assets invested in stocks bond There is no limit on the total proportion of and the number and proportion of income distribution of open-ended funds. This is very beneficial for fund companies to invest flexibly according to market conditions.
The original Fund Law once stipulated that all securities investment funds must have at least 20% of their assets invested in bonds. Although some funds hope to invest all their funds in stocks, they have to invest 20% of their assets in bonds according to the original regulations. Now, without such legal restrictions, funds can modify the contract content and use all investable assets for their own investment varieties, which can change the current situation that there is no pure equity fund or pure bond fund in China.
Impact on fund holders
It should be recognized that no matter what kind of modification the fund company makes to the fund contract, it will have different degrees of impact on the fund holders, among which the biggest impact is the adjustment of the fund company to the fund investment proportion.
If the fund is no longer restricted by the 20% national debt investment ratio, the fund manager will have greater flexibility. On the one hand, they can still invest 80% in stocks and 20% in bonds without changing the fund contract; On the other hand, you can also change the fund contract and invest a larger proportion in stocks, but this will increase the risk of the fund and also contain high returns.
Fund holders should always pay attention to the changes of the fund contract. This includes the fund investment proportion, the number of times of fund income distribution, etc. Through these changes, you can determine whether you agree with the changes in the fund's investment philosophy and investment style. If you do not agree, you can only redeem the fund shares you hold, or choose a suitable fund type according to your risk preference.
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