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PICC Assets' 18 Debt-Based Assets Dropped Over 0.9%

来源: 中国经济网 January 9, 2020 06:54 source: China Economic Network

China Economic Net, Beijing, January 9th (Reporter Li Rongkangbo) In the last month of 2019, driven by the rising market in the A-share market, various types of fund products generally performed well. Among them, comparable data in the entire market can obtain comparable data. Of the 2780 bond funds, only 41 funds posted losses in December, accounting for less than 2%. However, among the few loss-making funds, PICC Assets ’products accounted for“ half the country ”, with only 18 products falling by more than 0.9%.

In December, the reason why the debt base of PICC Assets suffered a large loss was related to the default event of Beida Founder Group Co., Ltd. (hereinafter referred to as “Founder Group”). 19方正SCP002 不能按期足额偿付本息 导致方正集团主体评级遭下调,旗下多只债券也因此被调低估值,而2019年三季度人保资产多只债基重仓持有方正集团旗下的“ 18方正09 ”。 19 Founder SCP002 failed to pay the principal and interest in full and on time, which led to the downgrade of the Founder Group's main body. As a result, many of its bonds were lowered in valuation. In the third quarter of 2019, PICC Assets held a large number of debt-based positions in Founder Group. 18 Founder 09 ".

人保资产旗下的混基人保双利A、人保双利C也表现不佳, 12月份分别下跌0.73%、0.68%,从三季报来看,这2只混基的不佳表现大概率由于对股票市场的谨慎判断错失了12月份的上涨行情。 In addition to the heavy losses of the debt base, PICC Assets' mixed PICC double benefit A and PICC double benefit C also performed poorly, falling by 0.73% and 0.68% respectively in December. From the three quarterly reports, these two mixed base The high probability of good performance missed the December rally due to careful judgment of the stock market.

PICC Assets has been qualified as a public fund manager for three years, but as of the end of the third quarter of 2019, the company's management scale was only 28.028 billion yuan, and there was a phenomenon of excessive reliance on currency funds. The scale of its currency fund was 20.880 billion yuan. Yuan, accounting for nearly 75% of the total scale. Among non-cargo-based products, the size of bond funds is 6.151 billion yuan. Excluding currency funds and bond funds, the scale of equity funds under PICC Assets is still less than 1 billion yuan.

18 debt bases in December fell more than 0.9% or related to the founder group bond default

Wind data shows that in December, PICC Assets had a total of 21 debt-based losses, accounting for half of the 41 loss-making debt bases in the market. Specifically, there were 18 debt bases with PICC asset flags falling by more than 0.9%, and 9 debt bases with a decline of more than 2%. PICC Xinsheng Pure Bond C was the company's highest-loss debt base, with a decline of 3.55%. , Ranked second in the debt base decline list in December.

According to the China Economic Network reporter's inquiry, PICC's debt base's massive decline in December is related to the Founder Group's bond default event. On the evening of December 2nd, the Shanghai Clearing House issued a "Notice on Failure to Receive '19 Founder SCP002 'Interest Payment Funds". The notice shows that December 2, 2019 is the interest payment date of Founder Group "19 Founder SCP002". As of the end of the day, no interest payment funds have been received from Founder Group, and the issuer cannot perform the payment of interest on this bond.

2019年第二期超短期融资券,应于12月2日兑付本息 According to the data, "19 Founder SCP002" is the second ultra short-term financing bond of Founder Group in 2019, and should be redeemed on December 2 . 19方正SCP002 发行总额20亿元,期限270天,票面利率4.94%。 " 19 Founder SCP002 " issued a total of 2 billion yuan, a period of 270 days, and a coupon rate of 4.94%.

违约当天,联合资信评级公司第一时间将方正集团主体评级由AAA调低至A ,并将主体评级展望下调至负面 On the day of "19 Founder SCP002" breach of contract, United Credit Ratings immediately downgraded the Founder Group's main rating from AAA to A , and downgraded the main rating outlook to negative . 18方正09 12月2日日间估价全价为102元,12月3日调整至30.71元,调整后估价下跌70% ,其评级也 由AAA调低至A Affected by this, the valuation of several Founder Group bonds has fallen sharply. Among them, the full valuation of " 18 Founder 09 " during the day on December 2 was 102 yuan, and it was adjusted to 30.71 yuan on December 3, and the adjusted valuation fell 70% . Its rating was also downgraded from AAA to A.

"18 Founder 09" is a public issue of the 2018 corporate bond (the first instalment) by Founder Group, a five-year fixed-rate bond with a total size of 3 billion yuan. The interest payment method is simple interest and annual interest payment, and interest is paid once a year. On July 19, 2019, the first interest payment was completed. Whether this year can pay interest normally is still in doubt.

China Economic Network reporter noticed that many of the debt bases of PICC Assets had a sharp decline in net worth on the day of December 3. For example, the net value of PICC Xinsheng pure debt C and PICC Xinsheng pure debt A dropped from 1.0339 yuan and 1.0376 yuan on December 2 to 0.9599 yuan and 0.9634 yuan, respectively, and the daily declines reached 7.16% and 7.15%, respectively. Yuhuan A and PICC Xinyu Cang C fell by 6.11% in a single day. 目前处于封闭期,其净值 每周公布一次 12月6日该基金净值由11月29日的1.0246元跌至0.9714元,跌幅为5.19%。 As PICC Furui's 18-month fixed opening is currently in a closed period, its net value is announced once a week . On December 6, the fund's net value fell from 1.0246 yuan on November 29 to 0.9714 yuan, a drop of 5.19%.

18方正09 ”,持仓占比分别为8.79%、8.78%、7.49%。 It can be found that the three quarterly reports of the above-mentioned funds show that as of the end of the third quarter, PICC Xinsheng Pure Bond C, PICC Xinyu Enhanced A / C and PICC Furui's 18th largest open-ended bond positions for 18 months are all “ 18 Founder 09 The proportion of positions held was 8.79%, 8.78%, 7.49%.

18方正09 ”。 Although two months have passed since the third quarter of the Founder Group's bond default event, from the perspective of the net value performance of multiple debt bases of PICC Assets on December 3, the above-mentioned debt base still most likely holds " 18 Founder 09 ". A PICC asset announcement also confirmed this point. On December 5, PICC Assets announced that it had decided to hold "19 Founder SCP002" (stock code: 011900493.) held by its funds since December 3, 2019. IB) and "18 Founder 09" (stock code: 143735.SH) make valuation adjustments based on ChinaBond's special valuation price.

PICC Xinsheng Pure Bond A / C, PICC Xinyu Enhanced A / C, and PICC Furui's 18-month fund managers are scheduled to open. Among them, PICC Xinsheng Pure Bond A / C, PICC Furui 18 months Liang Ting was independently steered by Liang Ting. Renbao Xinyu enhanced A / C was jointly steered by Liang Ting and Zhang Lihua.

Liang Ting has served as the investment manager of social security funds of Changsheng Fund Management Co., Ltd., the deputy director of the social security business management department, the general manager of the fixed income division of Anbang Asset Management Co., Ltd., and the general manager of the portfolio management department. In November 2017, he joined the PICC Asset Management Fund Division as the Investment Director, and since August 9, 2018, he has been the Fund Manager.

Two mixed bases lost in December in Q3 2019, the scale of equity products is less than 1 billion yuan

In addition to the large-scale loss of the debt base in December, PICC Assets also had two mixed bases that also failed to obtain positive gains, namely PICC Double Profit C and PICC Double Profit A, with declines of 0.73% and 0.68% respectively. Many, but mixed bases that rose more than 10% in December abound, compared with the performance of these two mixed bases under PICC Assets.

Both PICC Shuangli A and PICC Shuangli C were established in December 2017. From the three quarterly reports, the fund has a tendency to focus on bonds and light stocks in the direction of asset allocation. In the third quarter, the fund's stock positions accounted for 21.73% of the net worth The ratio of bond positions to net worth was 75.62%. Perhaps it was the cautious approach to the stock market that caused the fund to miss the December rally.

In terms of specific positions, the fund's heavy storage stocks are extremely dispersed, including insurance, banking, real estate and other large blue-chip stocks, as well as technology stocks, pharmaceutical stocks, brokerage stocks, and so on. In terms of bonds, the fund mainly holds CDB bonds and credit bonds. It is worth noting that on December 3, the net value of PICC Double Profit A and PICC Double Profit C also fell by 2.73% and 2.74%, respectively. However, the Founder Group's bonds did not appear in the top five largest holdings of the fund in the third quarter, and it is not yet Determine whether the decrease in net value for the day is related to the event of a lower bond valuation in the announcement.

In fact, PICC double-profit A and PICC double-profit C not only performed poorly in December, but from the performance of last year, they also underperformed the average level of similar funds in the same period and the Shanghai and Shenzhen 300 gains. In 2019, the two funds mentioned above increased by 5.96% and 5.52% respectively, while the average funds of similar funds increased by 32.00% during the same period, and the CSI 300 increased by 33.59%.

As of the close of December 31, 2019, the cumulative unit net value of PICC Double Profit A and PICC Double Profit C were 1.0586 yuan and 1.0492 yuan, respectively, just after the issuance of par value.

中国人保资产管理有限公司 ”,成立于2003年7月,是中国人民保险集团股份有限公司的全资子公司,也是 境内第一家保险资产管理公司 PICC Assets is called " China PICC Asset Management Co., Ltd. " and was established in July 2003. It is a wholly-owned subsidiary of PICC Group Co., Ltd. and the first domestic insurance asset management company . 获得公募基金管理人资格。 On January 13, 2017, PICC Assets obtained the qualification of a public fund manager.

人保资 获得公募基金管理人资格 已有3年时间,但是其基金管理规模却不涨反跌。 Today, PICC Assets has been qualified as a public fund manager for three years, but its fund management scale has not risen but has fallen. 428.90 亿元,但进入2019年后却迅速缩水,截至2019年上半年末,该公司的管理规模半年内缩水四成至256.98亿元。 According to the data of Tiantian Fund Network, the management scale of PICC assets reached a historical high of 42.889 billion yuan at the end of 2018 , but it has shrunk rapidly after entering 2019. By the end of the first half of 2019, the company's management scale had shrunk by 40% to 256.98 within half a year. 100 million yuan. Although it picked up in the third quarter of 2019, it only increased to 28.028 billion yuan.

人保资 产的基金规模过度依赖货币型产品,而权益类产品规模始终处于劣势。 From the perspective of subdivision types, PICC 's fund size is overly dependent on currency products, while equity products are always at a disadvantage. As of the end of the third quarter of 2019, the scale of monetary funds under PICC Assets was 20.880 billion yuan, accounting for nearly 75% of the total scale. Among non-cargo-based products, the size of bond funds was 6.151 billion yuan. Excluding currency funds and bond funds, the size of equity funds under PICC Assets at the end of the third quarter of 2019 was less than 1 billion yuan.

(Responsible editor: Guan Jing)


China Economic Network statement: Stock market information comes from cooperative media and institutions, is the author's personal opinion, is for investors' reference only, and does not constitute investment advice. Investors do so at their own risk.
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PICC Assets' 18 Debt-Based Assets Dropped Over 0.9%

来源:中国经济网 2020-01-09 06 : 54Source : China Economic Net
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