[Korea hyerin nine financial newspaper reporter] doeja scale domestic public offering funds continued decline in the market has deepened worries of asset management. Asset managers are under a certain level of remuneration, regardless of the rate of return from the current public offering funds. The public offering fund management revenues Shem is a stable source of income. One is that the financial authorities introduced a performance fee next month IPO Fund IPO funds enabled the plan, the asset management industry observers have questioned the effectiveness of the situation in institutions.
In the asset management industry has its own take on the strategy for the reconstruction fund market contest atrophy. One of which will turn their eyes to overseas investment. Bonnie is the main cause of the decrease in the IPO market funds, equity funds reduce investment by private investors, although high level of risk and focused on showcasing the product to achieve a rate of return above a certain level. In addition, trends are showing that a variety of global asset diversification to increase the attractiveness of the product itself.
◇ private equity funds 'open' conspiracy Fund 'is'
The end of last year, private equity funds AUM (NAV) has surpassed the IPO fund AUM. According to the Financial Services Commission released data, fund IPO market was estimated that 1 trillion 600 billion won, down (-0.7%) to 212.2 trillion won. On the other hand, the private equity market has increased by the end of December last year to 250.2 trillion won 50.4 trillion won (+ 25.2%). This public offering market funds and private equity market gap has widened nearly 38 trillion.
When a non-market boom in fund management companies are lamenting. The managers position because it is a stable source of income conspiracy fund management revenue. Asset management industry official said, "IPO fund management fees are private equity funds and discretionary investment than generally high," he said, "If the private equity market is neuleodo public offering funds market collapse is bound to adversely affect the revenue structure of the management company," he said .
It is behind a large-scale private equity fund IPO market contraction attributable to equity funds. Equity fund AUM has decreased in 2015 compared to 7.7 trillion won (-10.2%) as of the end of last year. Investors are shrinking dramatically increase investor confidence in the domestic and international uncertainty is reluctant to invest equity funds.
In particular, it is clear that the trend of leaving public offering fund private investors. IPO investment funds, individual investors are continuing decline steadily since 2011. IPO investment funds, individual investors accounted for a mere showed 111.7 trillion won (24.6%) of the end of November last year fund balance (454.8 trillion won). What are the institutional investors, investment expanded in the same period, based on 343.1 trillion won (75.4%) in contrast.
It is boosting the attractiveness of public offering fund products was now mandatory not optional. In particular, because of the decline in the equity fund investing individual investors trapped in a narrow range during the domestic stock market take a long-term trend in the global strategy of diversification investment. According to KG zero funds that invest in overseas among the 33 newly established fund contains 2017 assets was estimated that up to 20 more than 60% of the total.
◇ water right "Ron Sr. Fund, upgrades
Among the recent popular products attracting funds that invest in US senior loans (Senior Loan), was also released enhanced product reliability invested half million senior loan. Senior loans are investment grade (BBB-) than (S & P criteria) lend money to companies who received mortgage credit ratings are referred to as variable-rate loans, also known as bank loans. Fund products investing in this fund bonds are the Senior loans.
The reason money funds are driven to senior loans to high-yield bond funds than normal. Because it usually has a variable interest rate structure of the "interest rate plus 3 months LIBOR + ', as the interest rates are rising yields rise. If the general bond funds have lowered the yield to rise bond prices fall when interest rates in the United States, a senior fund loans is the interest rate rather Shem riser opportunity.
KB Securities gugyeonghoe researchers said "We are close to the results of 1%, up sharply from the recent 0.3% LIBOR for three months", "This means that the higher the possibility to improve in the future the more profitable of the senior loans related products climb the LIBOR "he said.
The "LIBOR tends to accompany the US policy rate," he said. "I'm looking to be the current 2017 US benchmark interest rates raise 2-3 times, and LIBOR rise as expects higher interest return of senior loans seeing, "he said.
Senior loans to domestic fund products has been published and 'Franklin US interest rate linked', 'East Spring US bank loan,' 'Shinhan BNPP senior US Dividend & Ron ETF'. It recorded a lower yield, but a more general bond funds until 2015, stepping up in 2016 recorded a relatively good yields of 7-13%.
Meanwhile, credit rating because you are investing in a low loan companies require the attention of investors is also opinions. Capital Market Institute Tracy researchers "can see now when the arrears or bankruptcy losses," he said. "The credit rating and investment proportion, such as bank loan funds by product investment strategy or precise aware of the product characteristics as different is needed," he said.
Industry insiders are risk positions that follow the law, the median profit lieutenant. People kind of bank WM jeonryakbu ohinseok said, "not satisfied is to among conservative customers, term deposits Funds recommending tell customers who want a little extra income," said, "the senior loans funds entered the domestic high yield (high yield bonds), but , senior debt funds, loans with collateral, unlike the relatively stable high yield funds then, "he said.
Kiwoom Asset Management investment increased investment asset classes to solve the problem of credit risk senior loans fund. Kiwoom global interest rates and inflation are linked funds Inflation-linked Senior loans yirang smooth enough to invest in government bonds, 70% of the combined weight of the two or so.
Kiwoom Investment Asset Management said, "If you like other macro funds, the credit risk is greater to invest in the most senior loans not just at the same time investing in inflation linked government bonds," he said. "Inflation-linked government bonds will not have a debt then credit risk issued by the government , but depending on the part of the issuer she explained that items "to be the principal guarantee.
◇ 'MLP Fund, raw materials even smarter investment
Master Joint Venture (MLP) return on funds but once it hit the ground, so to minus 30%, and recorded a return of 40% versus last year, high-altitude growth. Trump doeja administration's energy policy priorities for energy infrastructure investment is expected MLP funds are gathering is also expected to give you better results this year.
WM National Bank jeonryakbu ohinseok team leader "MLP funds originally was a PB only has good prospects for sales expansion in all branches from February 13," he said. "I think he has fallen risks than before," he said.
MLP fund is to invest in a particular fund investing in mid-stream energy supply chain receive goods relatively less affected by fluctuations in raw material prices. The energy supply chain consists of midstream energy infrastructure, transport area, energy consumption in the area downstream of the upstream areas such as oil and gas production, pipelines and storage facilities. Upstream is a large deungrakpok of the raw material prices, the downstream is low, it has less impact on the degree of benefit or price changes.
Ohinseok said, "reflation time is important, some stocks there, but raw material flow is also one should be enough," he said. "Agricultural funds fluctuate too large under the influence of climate, not something to purchase agricultural products directly to product extension in agricultural futures markets If you buy cheap, sell expensive as when a rollover occurs, but also, MLP is as raw materials while the mid-stream change is relatively small in size, "he added.
Asset management company that operates the MLP fund in the country is a two Hanwha Investment Trust Management and Korea Asset Management. 1 years return of "Hanwha energy infrastructure MLP special party assets, '' Korea Investment & Asset US MLP special character 'said funds are scored excellent grades exceed 40 percent.
This year, the outlook is bright MLP funds. Trump is due to the administration of US energy infrastructure investment and industrial policy before the energy industry boom is expected.
Korea Investment Trust Management are the last American energy infrastructure MLP Market Outlook Seminar "in" but must make a further trump administration of specific policies and practices, has been confirmed is the framework of the energy policy priorities, "he said." Elimination of unnecessary regulations, infrastructure investment plan, such as the United States expanded energy production, oil and LNG export support have shown a friendly policy stance on fossil energy differently than previous Obama administration, "he said.
In addition, the viscosity of the expected high demand for crude oil and natural gas and ethane market-related benefit is positive in the MLP funds. Fulfilling the Organization of Petroleum Exporting Countries (OPEC) crude oil production cuts decided by supply and demand balance, and this year, crude oil forecast was revised values than in the past. Natural gas is also growing demand and structural changes due to coal-fired power plant facilities due to environmental regulations and winter residential, trend to commercial, industrial demand is increasing every year.
However, whether actual investors as long as the implementation of OPEC production cuts are controversial and need to focus on closely related issues. Market experts forecast that the OPEC production cuts implemented whether or not to act as a big variable in oil prices this year. KB gugyeonghoe Securities Research Institute "that it is the blind spot of domestic investment funds historical returns recommend good products," said, "but the historical returns do not guarantee future returns haejujineun," he said.
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