Research On The Return And Risk Of Stable Pension Target FOF Of China Merchants Fund Management

At the end of the first quarter of 2018,the guidelines for pension target securities investment fund came out,which provided institutional guidance for the development of the target fund and required the target fund to operate in the form of FOF in the initial stage.After nearly three years,China’s target fund has developed rapidly and is expected to become the main force of the third pillar.However,the operation time of FOF in China is short,and the overall development is immature.Under the same investment strategy,the investment portfolio of pension target fund is relatively similar,and the products are homogeneous.At the same time,investors lack the concept of pension investment and do not understand this new pension financial product.Various reasons make investors unable to distinguish between the complex pension target funds,so they can’t find suitable products to invest.This paper selects the investment stable pension FOF as the case study object,analyzes the market income level of this kind of products,analyzes the various risks faced by this kind of products,and judges whether the target risk fund in the current market meets the investment needs of investors from two aspects of income and risk.To deepen investors’ understanding of such products,facilitate investors to effectively distinguish many products in actual investment,and provide reference for investors to understand product risks and choose market products.This paper selects the investment stable pension FOF fund as the research object,and comprehensively studies the product from the two aspects of income and risk.First of all,this paper makes a comparative analysis of the yield between the product and the performance benchmark,the same type of products,various fund markets and other personal pension financial products.Then,this paper analyzes the investment target of the product and the specific risk points in the operation process.The standard deviation of static rate of return and dynamic value at risk are selected to measure the overall investment risk of the product,which is compared with the same type of products,different fund markets and other pension financial products.The study found that the product income far exceeded the performance benchmark,the same type of products and other personal pension products,and the income was synchronized with the FOF market income,and the income level exceeded the average level of the FOF fund market.The way in which the product directly invests in stocks to obtain stock market returns will increase the overall risk of the product.The daily liquidity management of products also needs to be strengthened.At the same time,the standard deviation of product income is less than the target requirements,and the investment target is basically achieved.The product risk level is in a medium position among products of the same type,which is significantly lower than the average risk level of the FOF market.It is in a low-risk position in the whole fund market,and the risk fluctuation is more stable.On the whole,the product has the robustness of income and good risk control ability.Finally,based on the above research,this paper puts forward investment related suggestions to investors.