China-Singapore Jingwei, December 12 (Wei Wei, Li Ziman) In recent years, trust products have frequently thundered, causing investors to worry about trust products. Recently, Sino-Singapore Jingwei found that some products launched by China Shipping Trust and Everbright Trust have additional "risk protection funds".
According to reports, when the performance of the above-mentioned products does not meet the performance benchmark, it can be supplemented with the limit of "risk protection fund". Can the risk protection fund protect the returns of investors?What should I pay attention to when buying this kind of product?
A number of trust products are set up with "risk protection funds".
In the "High-end Wealth Management" column of WeBank's mobile app, after risk assessment, you can see the products of a number of trust companies, some of which have "risk protection funds" attached.
The page shows that the performance benchmark of Zhonghai Trust's "Wenxin 12 No. 7 Phase 7" is 365%, the product period is 95 days, and the minimum purchase is 300,000 yuan. According to the detailed introduction, "Zhonghai Trust-Wenxin No. 12 Accumulative Capital Trust Plan" is a collective capital trust plan issued and actively managed by Zhonghai Trust, which mainly invests in fixed-income financial products, and the underlying assets are mainly bonds.
It is worth noting that the role of the product risk guarantee fund is introduced in the frequently asked questions of the product, that is, "when the product performance does not meet the performance benchmark, it can be supplemented within the limit of the risk protection fund, but it does not constitute a guarantee of the minimum return." ”
*: WeBank app
In addition to this product, China Shipping Trust's "Wenxin No. 29 No. 6", Everbright Trust's "Shengyuan Pure Debt Wenli No. 21 No. 13" and "Shengyuan Pure Debt Wenli No. 34 No. 11" also have risk protection funds. The benchmark for the performance of the above products is 375% to 3Between 95%, the product term is between 6 months and 12 months, and the minimum purchase is also 300,000 yuan.
Risk insurance "money from the **?".
According to the trust contract of Everbright Trust's "Shengyuan Pure Debt Stable Profit No. 21 Accumulative Capital Trust Plan", the risk guarantee fund is obtained from the part of the investment income of the trust unit that exceeds the reference performance benchmark by a certain percentage, and is the common interest of all settlors as a guarantee when the investment income of all settlors is insufficient to the reference performance benchmark.
In the special description, the "Wenxin No. 12 Phase 7" product of China Shipping Trust wrote: "If the cumulative income of the product at maturity exceeds the performance comparison benchmark, the excess part will be distributed to investors according to 20% of the excess return, and the remaining 80% will be retained as the risk guarantee fund of Wenxin No. 12 product." The above-mentioned risk protection fund (if any) will be deducted from the accumulated income of the current product in a lump sum after the maturity of the current product, and will be displayed as a negative return on the day after the arrival date. ”
According to the trust contract of Everbright Trust's "Shengyuan Pure Debt Wenli No. 21 Accumulative Capital Trust Plan", when the investment income of the trust unit held by the settlor exceeds the reference performance benchmark, the excess part will be withdrawn as risk protection fund in accordance with the Trust Contract, and the settlor may not be able to obtain all the income corresponding to the net asset valueWhen the investment income of the trust units held by the settlor is lower than the reference performance benchmark, and the balance of the risk protection fund is greater than zero, the settlor can obtain the income distribution of the risk protection fund limited to the reference performance benchmark, and the settlor may obtain income that exceeds the net asset value but is not higher than the reference performance benchmark.
The mechanism of risk protection fund is designed to better protect the investment income of all clients and control the drawdown of investment returns, and there is no unfair treatment of investors. By investing in this trust scheme, you are acknowledging this risk mechanism arrangement. The trust contract reads.
As for the use of "risk protection fund", in the "Other Risks" of the "Wenxin No. 12 Phase 7" trust contract, China Shipping Trust also mentions the "risk protection fund arrangement": when the trust unit of Phase I is terminated, if the investment income of the trust unit of Phase I exceeds the benchmark trust interest of the trust unit of Phase I, the trustee has the right to accrue the excess performance part as risk protection fund in accordance with the agreed proportion, and has the right to use the unused risk protection fund as floating trust remuneration according to the agreement of the trust contract.
In addition, the above arrangement also mentions that during the existence of the trust plan, the trustee has the right to decide how to use the risk protection fund that has been accrued but has not yet been received as floating trust remuneration, and there is no need to separately obtain the consent of the beneficiaries or convene a general meeting of the beneficiaries. On the termination date of the trust plan, the trustee has the right to receive the full residual risk protection fund as a floating trust remuneration at the end of the period. All Clients understand and agree to the risk protection fund arrangement in the above circumstances.
According to the trust contract of Everbright Trust's "Shengyuan Pure Debt Wenli No. 21 Accumulative Capital Trust Plan", according to the Trust Contract, if the investment income of the trust units in the first phase exceeds the reference performance benchmark when the trust units of Phase I expire, the trustee has the right to transfer the excess part in accordance with the Trust Contract It is agreed that the risk protection fund shall be accrued, which is specially used for the purpose of distributing trust benefits to the beneficiaries of the trust units agreed in the trust contract when the trust income that can be distributed to the beneficiaries does not reach the reference performance benchmark, and the trustee shall distribute the trust benefits to the beneficiaries to the extent of the risk protection fund that has been withdrawn, until the trust income reaches the reference performance benchmark.
What should I pay attention to when investing in this type of product?
According to public information, Everbright Xinglong Trust Co., Ltd. (hereinafter referred to as Everbright Trust) was approved by the former China Banking Regulatory Commission in 2014 and reorganized by China Everbright Group Co., Ltd. on the basis of the former Gansu Trust Co., Ltd., with China Everbright Group as the controlling shareholder accounting for 51% and Gansu shareholders accounting for 49%.
Founded in July 1988, China Shipping Trust Co., Ltd. (hereinafter referred to as China Shipping Trust) is a state-owned non-depository financial institution jointly invested and established by China National Offshore Oil Group (95%) and CITIC (5%).
As for the question of why trust products should set up a "risk protection fund", from December 8 to 11, Zhongxin Jingwei sent interview outlines to China Shipping Trust and Everbright Trust respectively. China Shipping Trust told Zhongxin Jingwei that China Shipping Trust has not disclosed risk protection funds on any **. As of press time, no reply has been received from Everbright Trust.
Yu Zhi, a researcher at the Yongyi Trust Research Institute, said in an interview with Zhongxin Jingwei that the risk guarantee fund should come from the investment income of the product and be used to smooth the fluctuation of net value.
Shen Meng, director of Xiangsong Capital, told Zhongxin Jingwei that in order to hedge performance fluctuations, the above-mentioned products withdraw part of the excess returns as risk protection funds, just like the net profit of the enterprise is not all distributed to shareholders as dividends, but must first withdraw various reserves according to the requirements, and the rest can be distributed.
However, there are contradictions in the risk protection fund itself. As stated in the product description of China Shipping Trust, if the cumulative income of the product at maturity exceeds the performance benchmark, the excess part will be distributed to investors according to 20%, and the remaining 80% will be retained as the risk guarantee fund of Wenxin No. 12 product. If the performance of the product does not meet the performance benchmark, then it is not yet known how to solve the risk protection fund.
This is a gimmick", an industry insider told Zhongxin Jingwei that in accordance with regulatory requirements, trust and other asset management products are not allowed to guarantee principal and returns, but from the above statement, it may give people a feeling of guaranteed principal and income, but in fact it is not guaranteed, although it does not constitute a minimum income guarantee, but there is a suspicion of "rubbing the edge".
Ying Yue, a partner of Lianggao (Shanghai) Law Firm, said in an interview with Zhongxin Jingwei that from the perspective of the promotion materials and contract text, the trust plan is not issued in one period, but in multiple periods, and if there is excess income in a certain period, that is, the part that exceeds the performance benchmark, it will be distributed according to a certain proportion, such as 20% of the excess income is distributed to investors, and the remaining 80% is retained as a risk protection fund.
In the case that the investor is clearly informed that the product does not protect the principal, the risk guarantee fund does not constitute a rigid payment, but only serves as a credit enhancement measure or security guarantee measure. Ying Yue said. However, he believes that the trust company has arranged this credit enhancement measure, but it is not necessarily whether it has any effect.
In Ying Yue's view, the gimmick of risk protection fund arrangement is more significant, and there is also the problem of risk notification. "Since it is a credit enhancement arrangement to strengthen the safety of the product, as a sales agency, it should explain how much money is currently in the risk protection fund of the product, and the change in the risk protection fund should also be entered into the risk disclosure letter. The amount of risk insurance is not the same for the safety of the product. Some investors do not have a professional level or lack of understanding, which will cause misunderstanding to a certain extent. ”
When the last cyclical rollover ends, there may be any remaining risk protection funds, how will they be arranged?Under the contractual arrangement, the Trustee is entitled to receive the full residual risk protection fund as a floating trust remuneration at the end of the period.
This part of the money must not be distributed to investors, and distributing it to investors will create a problem with the capital pool. It would be unfair to treat investors if the previous proceeds were distributed to the last group of investors, but there is certainly no compliance risk for the manager to take it away, which is the performance of the manager. Ying Yue said.
For investors, does the risk protection fund mean that the product income is guaranteed?"When the net value goes up, it is useless, and part of the income is allocated to the risk protection fund;When the net value declines, the risk guarantee fund can be taken out to smooth the fluctuation, but it can't withstand the loss. Another industry insider believes that investing in this kind of product is ultimately for investors to bear market risks.
Shen Meng said that generally speaking, these clauses are standard contracts, not special cases. Investors should pay more attention to the risk assessment and control of trust products in the underlying assets or investment direction.
For more information about the report, please contact Wei Wei, the author of this article: vivi1257@163com).
The views in this article are for reference only and do not constitute investment advice. )
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