Hiding the details of the devil. The secret of super high returns on Internet goods

At a critical juncture, the money fund will always show blockbuster high yields.

March 25, add rich treasure landing http://www.aliyun.com/zixun/aggregation/11532.html "> Micro-Credit Management Qualcomm, its up to 6.405% of the 7th-year rate of return stunning audience." To compare, the average rate of exchange fund a in the same day was only 4.29%.

What kind of "hands and feet" has Tim Fu moved? The reporter discovered through the investigation, since the goods base met the Internet, the goods base in the pursuit of high profitability on the road has a new play, such as under the "offline" lock large funds, to ensure the relative stability of the fund scale, easy to "run", and then "online" to the retail investors suck gold.

However, with the central bank halting the deposit of deposits, the high yield of the money fund will be unsustainable.

Means of income release

In order to cater to the first show of the Internet, public offering funds can not restrain the impulse of high yield, add rich full treasure unveiled wealth of money through the most attractive is the high rate of return. 7th-year rate of return of up to 6%, really let many people in the industry puzzled.

"The fund mainly configures the deposit, the deposit interest rate is generally slightly higher than inter-bank market interest rate, the current 1-year Shibor interest rate for the 5%,3m period of 5.5%, so the full treasure to achieve more than 6% of the yield is really difficult." But there is no way. "A senior Monetary fund manager in Beijing told the 21st century economic reporter.

For Monetary Fund operations, the most difficult is liquidity management, large purchase and redemption will be the fund manager's operation caused interference. Full treasure clearly know how to circumvent this disadvantage, March 13, the full treasure choose to suspend the purchase, and in the landing of money on the eve of the March 21 resumption of purchase, the relatively stable scale for the fund manager operation provides a great convenience.

The Beijing Monetary Fund manager continued to report to the 21st century economic reporter that, in general, each fund has different bargaining power because of the amount of funds held, but each bank in the agreement with the fund company to make a deposit when the price will not vary too much, usually a few BP. But in the case of relatively stable scale, Huiyuan must be a company-wide resources, to the bank to a relatively high deposit of the agreement.

"So, in addition to the slightly higher rate of agreement deposits above, if the fund is to soar in the short term of 7th, one of the most likely reasons is the sale of coupons." said the person.

According to data from March 27, the first of the IMF category A is the China Sea currency A, which has a 8.278% annual yield of 7th, topping the fund. China Sea Fund related people said that this and the recent sale of coupons.

A senior market person in Shenzhen explained to the 21st century economic reporter that if the fund manager holds a bond of a nominal value of 100 yuan, if the market price of the bond in the two market rises to 110 yuan, the fund manager will sell more than 10 yuan.

"If the Money fund is small, this part of the proceeds will be evident in the rate of return on the money fund." That is, the act of selling coupons can obviously pry the monetary Fund's short-term yield. The industry generally in the 7th-year rate of return to measure the level of money fund income, so the day of selling coupons, can affect the rate of return for several consecutive days. "The above-mentioned people to the 21st century economic reporting reporter detailed analysis.

Public data show that the full treasure is not large, and less than 600 million yuan, from the logic of selling coupons in exchange for a one-time high return is very possible.

21st century Economic Report reporter found that the recent big into the fund's large cash profit increase rate is equally high. The logic of those close to the big Fund is similar: the Money Fund, which maintains a higher rate of return, is generally based on the fact that the fund manager has more experience in investing, is able to grasp short-term trading opportunities in a timely manner, and automatically expires on the basis of different deadlines, thus ensuring a sustained and stable return on

However, not all of the funds held by the short-term trading opportunities, the fund held high value coupons sold, the proceeds to cash, high yields unsustainable. However, also do not rule out a fund holding a short fuse more, and can be shot to earn the difference, one after another to bring profits.

The new game of "getting Rich"

The data show that the rate of return on the internet is generally higher than the "online" money fund.

"The rate of return on the money fund is not entirely a competition for investment ability." To some extent it is also a competition for the structure of the holders, "a Shenzhen Monetary fund manager who steered tens of billions of dollars told the 21st century economic reporter.

"Historically, the higher the IMF's risk, the more volatile it is, and the weaker the fund will be more stable and less risky to operate," the agency said. Li Haipeng, director of fixed-income investment at the Southern Fund, had previously analysed the interview with the 21st century Economic report.

Since 2007, the South Fund continued to implement the policy of limited purchases, the southern cash increase is basically 12 months within a year may be 11 months of limited purchases, generally limit 10 million, 5 million, 500,000 and other large funds. And the limit purchase is to control the organization to occupy the ratio. Data show that the southern cash increase of three in the natural year since 2011, the annual yield of more than 4%.

Industry insiders told reporters, now in order to optimize the structure of the holders, many fund companies in operation, to take the offline locking agency funds, online to the retail investment model.

These people said that the general mode of operation is to find a certain size of the online funds used to purchase money funds, and verbal commitment to hold a certain period. Fund managers in order to facilitate the operation, the suspension of large requisitions, mainly for this fund services, such as holding the expiration of the fund company to find a funding for the organization, the cycle.

The fund's "close Koushou" of large sums of money makes the fund relatively stable, without much consideration for liquidity and more money for more profitable deposits. Therefore, generally speaking, the yield will be more forward, which is conducive to the fund online promotion, sales.

"Fund companies are very fond of online funds to purchase, online subscription to individual investors mainly to the end of the last quarter, and other sensitive points, when the interest rate is higher, the individual investors will not have a particularly large redemption, relatively stable scale, at this time, fund managers can make more deposits. and institutions accounted for a relatively large number of money funds, to the relative tension of the capital, the days are rather sad, the institution of funds rushed to redeem, and even the money fund to pay high cost financing to cope with redemption, which will affect the rate of return. said the industry personage.

"The new play of the fund company does not affect the retail yield, which is equivalent to the Money fund for retail Group buying to have institutional returns, and most Internet funds in the industry are doing so." "There are money funds told the 21st century economic reporter.

However, no matter how the fund company card, it is difficult to escape the fate of the money fund yield.

A few days ago, the central bank made it clear that there were no unreasonable terms of the contract, such as early withdrawal of deposits or early termination of service, but still according to the original agreed period interest rate or charging standard fees.

The central bank's remark meant that the two-rate agreement would be halted. The agreement deposits of the fund company are divided into two equal rate agreement deposits and two unequal deposit agreements. Prior to 2006, the fund company and the bank signed a number of unequal agreement deposits, that is, the Fund's early withdrawal of agreed deposits, will have a current interest rate rather than the agreed periodic interest rate, at this time, the fund company to take its own funds to pay for the holders of the proceeds.

"The two-rate unequal agreement deposits once exposed the risk, and then the fund company and the bank signed all the two equal rate of the agreement deposit, that is, the early withdrawal of the penalty." The deposit, which has the property of liquidity and high yield, is favored by money market funds, and money market funds are holding a lot of agreement deposits. "said one senior market person.

The central bank's call for a two-rate agreement to deposit, the SFC from a risk-prevention perspective or not allow the fund to allocate two unequal deposit, which will increase the liquidity risk of money market funds, liquidity management will force the base to increase the allocation of highly liquid assets, which will affect the yield base of the level.