129773928543437500_177Hexun homepage established mobile mobile microblogging net news blog rating the stock/fund top holdings fengji dividend notice of new funds introduction to Shen foreclosure service rate filter books NewsDialog original ETF special topics scroll view classroom reviews venture capital private equity holdings abroad column fengji microblogging financial calendar Fund Forum funds supermarket new products hexun.com Fund > body font size print RSS 2012March 27 source: China Securities journal authors: Li Liang Wen Li Liang aggressive again soared when the market rebounded, the leveraged Fund fame, has prompted more fund companies to join nuggets surge of leveraged funds. But it is worth noting that is, despite the increasing team leveraged funds, their spirit of innovationBut gradually faded, getting into the industry with quality circles. Insiders pointed out that from the development trend of leveraged funds in recent years, gradually replacing the active unit of the passive Index Fund Fund a unit of leveraged funds mainstream, and extensive index of resources to leverage funds to provide for a larger space for development. But from a realistic point of view, there are many fund companiesClusters of the same index of leveraged funds, which result in leveraged funds into a homogenous circles, signs of malignant competition show. Expansion of "great leap forward" since 2007 since the launch of the first leveraged Fund, leveraged Fund team in four years to three-hop expanded dramatically. Wind statistics, 2007 first birth of leveraged funds, 2008 be out of stock one year 2009 produces 2 leveraged Fund again, in 2010, new leveraged Fund of the year number one step to 8, 2011 expansion further faster, issuance has set up 19 leveraged Fund for the year. 2012 is not over in the first quarter, 7 leveraged Fund has introduced another 7 leveraged funds are beingIssue. In wave after wave of rising in the process, some fund companies are aware of the development opportunities brought about by the leveraged Fund, leveraged Fund product line began to consciously layout up to the height of the strategic development of the company, constantly developing new leveraged Fund products, trying to will himself into authority of the leverage funds in the industry. YINHUA Fund (blog, Twitter) push following the success of the companyKeep track of Shenzhen Stock Exchange (100, Fund) classification of the index fund, to proceed expeditiously layouts each with their own distinctive lever funds, Yinhua was initially established in the field of leveraged funds "Highlands". Fidelity funds (blog, Twitter) in fidelity after 500B yipaodaxiang, quickly track many leveraged funds such as the CSI 300 index, "Happy ValleyEnclosure "intent is obvious. However, some funds leveraged fund company layout product line at the same time, lack of first-mover advantage and later they also have launched and already have a product similar to leveraged funds, so this "innovation" boasted of the leveraged Fund signs of looming competition. Trend index-leveraged funds, for example, only 500 index
tera gold,3 leveraged funds and the race track top of szse 100 index, CSI 300, leveraged funds, competitors have also occur.
����Some fund managers believe that with further development of leveraged funds, index of this get together will be more serious. Carry an undercurrent main flow of secondary market fluctuations, often leading to leverage appears between the Fund and the master FundRoom for arbitrage, and as leverage to fund expansion of faster, such short-term arbitrage space appears frequently
tera power leveling, and thus attracted many arbitrageurs. A Fund Manager said, from analog rating Fund last year (leveraged Fund mother Fund) amount of arbitrage model
tera gold, if proper risk control, even in the context of the a-share market fell sharply last year, about 20%Rate of return. He pointed out that, since markets are often irrational, when volatile markets, leveraged funds often moves and larger funds change amplitude deviation, which provides scope for arbitrage.
����However, he also pointed out that, taking into account the rating Fund arbitrage short, trend, and therefore better suited for long-term operation of institutional investors. In fact, it has beenState Securities News reporter has learned that the fund company is planning to release special products, specialized in grading the arbitrage Fund and some private equity products, began to carry into the rating fund investment areas. This also means that, with arbitrageurs came bustling, expanding leveraged Fund is making great strides, the future development of space is still extremely broad.
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