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    距離觸發清算已不遠!"私轉公"凱石基金首只公募或將清盤,今年來清盤基金超百只

    距離觸發清算已不遠!

    公告顯示,凱石基金的首只公募產品——凱石淳行業精選混合基金已連續40個工作日基金資產凈值低于5000萬元,按照基金合同約定若連續60個工作日出現基金份額持有人不滿200人或者資產凈值低于5000萬元則需進入清算程序并終止基金合同。

    券商中國記者根據Choice數據統計,今年以來,公募行業進入清算程序的基金產品超過100只(A/B/C份額分開計),基金產品清算呈現常態化趨勢。業內人士認為,基金清盤加速的情況,正像是優勝劣汰的過程,有利于行業中資源運用效率的提升,未來產品清盤將更加常態化。

    凱石首只公募產品提示清盤,源于機構投資者“撤退”

    根據凱石基金近期公告,凱石淳行業精選混合基金已連續40個工作日資產凈值低于5000萬元,可能觸發基金合同終止情形。

    距離觸發清算已不遠!

    根據《基金合同》規定,當基金產品連續60個工作日出現基金份額持有人數量不滿200人或者基金資產凈值低于5000萬元情形的,基金管理人應當根據基金合同約定進入清算程序并終止合同,無需召開基金份額持有人大會。截至2019年6月6日,凱石淳行業精選混合基金已連續40個工作日基金資產凈值低于5000萬元,特此提示。

    成立于2018年7月的凱石淳行業精選混合,截止至今年一季末基金規模為0.52億元,產品最新凈值為0.83元,近1個月虧損6.95%,成立以來虧損16.91%,以行業排名來看在中游水平。

    結合上述產品去年年報及今年一季報來看,該基金去年末持有人結構中機構與個人投資者幾乎平分秋色。截止至2018年末,該基金機構持有人比例為52.26%,個人投資者占比47.73%,凈資產規模為1.75億。

    而在今年的一季報中該基金對持有人結構提示了風險,稱該基金單一投資者持有的基金份額占比較大,單一投資者的巨額贖回,可能導致基金管理人被迫拋售證券以應付基金贖回的現金需要,對基金的投資運作及凈值會產生較大影響;此外,單一投資者大額贖回時容易造成本基金發生巨額贖回。

    今年一季末,該產品規模已降至0.52億,環比縮水70.2%。不難看出,這只產品出現機構持有人“撤退”的現象,也可理解為機構持有人獲利了結。根據產品一季報,報告期末凱石淳行業精選混合A基金份額凈值為1.0145元,本報告期內,該類基金份額凈值增長率為19.54%,同期業績比較基準收益率為19.52%;凱石淳行業精選混合C基金份額凈值為1.0113元,報告期內該類基金份額凈值增長率為14.19%,同期業績比較基準收益率為16.61%。

    對于凱石淳行業精選混合的后續運營情況,凱石基金方面回復券商中國記者稱,“該基金目前運作正常。存續基金持續營銷壓力大是行業普遍存在的一個問題,我司目前在為持續營銷做努力,后續會繼續嚴格按照合同約定進行投資運作及信息披露。”

    公募基金清盤愈發常態化

    去年以來,由于股票市場持續震蕩、機構投資者贖回、產品轉型等多方面原因,基金清盤趨勢明顯。

    券商中國記者統計Choice數據,今年以來,公募基金行業清盤的產品已超百只(子份額分開計算),多數是因為迷你型基金規模較小出發了清盤紅線導致。

    根據相關規定,開放式基金合同生效后存續期內,若連續60日基金資產凈值低于5000萬元,或者連續60日基金份額持有人數量達不到200人的,基金管理人在經證監會批準后有權宣布該基金終止。

    好買基金研究中心研究員雷昕告訴券商中國記者,公募基金清盤的原因有很多,除了迷你基金背后運營成本導致的入不敷出,主要可分為三類:

    1、16年開始有很多“委外”產品,伴隨著這兩年對“委外”公募基金持有人集中度、流動性的嚴格監管,“委外”資金的退出和“委外”產品的轉型都在發生,當轉型困難時,清盤是比較合適的選擇;

    2、工具化產品,特別是指數或ETF產品,先發和馬太效應很強,不少跟隨進入的同質化產品很難撼動已經保有一定市占率的老產品,規模和活躍度的下降使得一些產品走向了清盤;

    3、還有一些在發行時錨定熱點,但產品策略或定位并沒有很強的長期存續價值,當市場發生波動,政策發生變化的時候,凈值的疲軟和持有人的失望也使得一些產品容易走向清盤。

    “絕大部分的公募基金,參考海外成熟市場,最終還是會走向低費率、高流動性、工具化的模式,那么當產品的工具性消失,自然就規模或熱度就會大幅下降。” 雷昕表示。

    業內人士普遍認為,基金清盤加速的情況,正像是優勝劣汰的過程,有利于行業中資源運用效率的提升。

    盈米基金基金分析師陳思賢對券商中國記者表示,公募基金行業或向兩個方面發展,一是面向機構和面向普通投資者的基金產品將更加分化獨立,二是具體基金將從大量同質化轉向精品個性化,這樣也能推動更高效、更有針對性地實現不同類型投資者的需求。

    “對于投資者而言,挑選成立時間1年以上及規模大于1個億的基金,規模過小的基金極易觸發清盤。同時,不符合新規的分級、保本等基金,規模較大的上述基金可能會面臨轉型,而規模較小的基金依舊有可能面臨清盤。投資者在遇到基金清盤時,優先的選擇的操作應該是立即進行轉換或者贖回,避免進一步損失。” 陳思賢說。

    原文來自: 中國金融觀察網

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