Sunshine Private Equity Fund is actually a kind of trust products, which is a high-end wealth management product initiated by investment consultants (Sunshine Private Equity Company), issued through trust platforms, entrusted by third-party banks, filed by regulatory agencies and regularly publicized. How to read Sunshine Private Equity Fund Contract? Please see the explanation of Sunshine Private Equity Fund Contract below, and welcome to read it.
I. Types of trust
Sunshine private equity fund is a kind of trust product, which belongs to? Designated use? Collective fund trust plan, the trust funds are mainly invested in the domestic stock market, and appropriate participation in bond investment and warrant investment.
Second, the trust period.
Unlike general trust products with fixed term, Sunshine Private Equity Fund generally has no fixed term. As long as the operation of the product does not touch the termination clause, the product will run for a long time.
Three. beneficiary
Compared with other types of trust products, sunshine private equity fund has some special features in beneficiary agreement, that is, there will be? General beneficiary? And then what? Specific beneficiary? . The general beneficiary is the investor himself, and the specific beneficiary is the private equity fund management company as an investment consultant. This clause aims to realize the excess performance share of Sunshine Private Equity Fund. On the premise that trust products bring benefits to investors, private fund management companies can share the benefits with investors in a certain proportion.
Fourth, the calculation of the net value of the trust unit.
Sunshine Private Equity Fund and Public Offering of Fund's * * * have one thing in common, that is, they all have a concept of unit net value, and investors purchase and redeem funds according to the unit net value. Net value of Sunshine Private Equity Fund = (total assets of trust plan-fixed trust return-custody fee-investment consultant management fee-floating trust return-income of specific trust plan)/total number of trust units. Unlike Public Offering of Fund, where the initial unit net value is 1 yuan, the initial unit net value of Sunshine Private Equity Fund is generally 100 yuan.
There may be differences in the net value of the same product announced by private equity fund management companies and trust companies at the same time. The difference is whether to deduct the related expenses. The net value announced by the trust company must be the net value available for trading after deducting relevant expenses.
Verb (abbreviation for verb) subscription fee
According to the provisions of the trust contract, when investors subscribe for products, they need to pay a certain proportion of the trust fund subscription fee. The income, payment object and purpose of subscription fee shall be determined by the trust company. If the minimum subscription limit of private equity fund is 3 million yuan and the subscription rate is 1%, the initial amount of investors' actual subscription is 3.03 million yuan.
Six, closed period
Unlike Public Offering of Fund, Sunshine Private Equity Fund will generally set up a closed period, and after the closed period, a product open day will be set up every month. The closed period is not the closed period after the initial public offering and formal establishment of the public offering fund in the usual sense, but refers to the shortest holding period after investors buy the fund themselves, which has nothing to do with the time of fund establishment.
The closure period is generally 3 months, 6 months and 1 year. During the closed period, investors can't sell, but they can continue to buy, no matter whether the performance of private equity funds is up or down.
Except? Closed period? According to the agreement, some sunshine private equity funds will also set up a quasi-closed period, which is another period after the closed period. After the closure period, investors can sell products once a month. However, if there is a quasi-closed period, investors will sell products during this period, which will involve redemption fees. The general interest rate is 3%.
Seven, huge redemption
This provision is similar to the provision for public offering of funds. On a single open day of private equity fund, the net redemption share of the fund exceeds 20% of the total share of the fund on the previous open day, which will trigger a huge redemption clause. At this time, I'm afraid I can't receive all the redemption funds on time when I apply for redemption. The trust company will multiply the share it applied for redemption and the share it received on the open day by 20% of the previous fund size. If the trust company thinks it has the ability to pay more than 20% of the shares, it will not be affected by this clause.
This clause is actually a warning clause for investment risks. Because the scale of Sunshine Private Equity Fund is generally small, which may be 200-300 million yuan, or even lower than 65.438+0 billion yuan, then the scale of 20% is about 50 million yuan at most. When the fund performance suddenly drops sharply, or the important investors of private fund management companies change greatly, it may trigger a large-scale redemption tide. In view of this, it is suggested to choose the products of private fund management companies with strong strength.
Eight. Restrictions on investment purposes
This clause mainly restricts the investment of private fund management companies, and it is recommended to focus on it. The amount of investment in 1 shares of listed companies shall not exceed the proportion of trust assets? This clause. This ratio is generally 10%, 20% and 30%. 10% means that the fund should invest in at least 10 stocks, and 30% means that it should invest in at least 4 stocks. The more concentrated the stock investment, the higher the risk-return level of the fund.
If investors are willing to bear the risk of concentrated investment and hope to get more benefits from concentrated investment, 30% will be more appropriate. If investors are unwilling to take too much investment risk, then 10% will be more appropriate.
Nine. expense
This clause mainly involves three charging parties, namely trust companies, custodian banks and private fund management companies.
The fees charged by trust companies are divided into two parts. Part of it is fixed trust remuneration, which will be collected every month regardless of the performance of the fund. The other part is the floating trust reward, which is related to the fund's operating performance. Only under the premise that the fund's net value reaches a new high will a certain percentage of income be charged for the new part, which is also charged every month.
The charging standard of fixed trust remuneration varies from fund to fund. Generally, the annual cost is between 0.75%- 1.25%, with 1% being the majority. As it is charged on a monthly basis, the annualized rate will be converted into a monthly fee, that is, the annualized rate can be calculated by dividing it by 12 (the same is true for the following related rates).
As for the floating trust remuneration, it is generally 3% of the value-added part of the assets under the premise that the net value of the fund reaches a record high, and under this condition, it is charged monthly.
The fee rate standard of the custodian bank is generally 0.25% per year. Regardless of the performance of the fund, this fee will be charged according to the asset size on the open day of each month.
As an investment consultant of trust products, private fund management companies charge almost the same fees as trust companies, and they are also divided into two parts. Part of it is the management fee of fixed investment consultant, and part is the income of specific trust plan that may be collected.
The standard of investment consultant management fee is 0 ~ 0.75% per year, mostly 0.25%, which is also charged monthly.
The income of a specific trust plan is similar to the floating trust reward charged by the trust company, and it is also charged on the premise that the net value of the fund reaches a record high, accounting for 17% of the value-added assets, and is also charged on a monthly basis.
Based on the above three expense standards, for investors, the annual fixed expense rate is 1% ~ 2.25% regardless of the performance of the fund's net value. If the handling fee of 1% paid at the time of the first purchase is added, the net value of the product needs to increase by more than 3% ~ 3.25% within the 1 year bought and held, so that investors can gain.
X. Risk * * * clause
The name of this clause was given by the author himself, and there is no such name in the trust contract. This clause mainly restricts private equity fund management companies from taking out their own or related party's funds and actually buying their own trust products as investment consultants, which reflects the spirit of taking risks to a certain extent. The general trust contract has an agreement in this respect.
Generally speaking, during the collection period of Sunshine Private Equity Fund, as an investment consultant, a private equity fund management company can subscribe for a part of the fund shares with its own funds or the funds of its affiliated companies (subject to the consent of the trust company). After the establishment of the fund, if the share held by private equity fund companies and related parties is less than 65,438+00% of the total product share on the valuation date of each month, the private equity fund management company shall convert 50% of the income that may be collected by a specific trust plan into trust share. After the product is established, if the share held by the private fund management company and its related parties exceeds the total share of the product 10% on the valuation date of each month, the private fund management company can redeem the excess, but it must also submit a redemption application to the trust company.
XI。 Product bonus
Whether Sunshine Private Equity Fund will pay dividends is decided by trust companies and private equity fund management companies, and investors have no right to participate in decision-making. Investors who publicly issue funds are free to choose cash dividends or share reinvestment. Most sunshine private equity funds will make it clear in the trust contract that there is only one way to reinvest dividends.
Twelve. Risk disclosure
Sunshine private equity fund belongs to high-risk and high-return type. In trust contracts, the risks of investment are generally listed.
Investors should mainly pay attention to two aspects of risks. First, managing risks, that is, the investment management ability of private equity fund management companies is insufficient, which can not bring investors an ideal return on investment. The second is the principal risk, that is, the risk caused by investors' failure to consider the overall arrangement of funds. Sunshine private equity funds often use more than 3 million yuan as the starting point for subscription, and investors must choose carefully.
Excellent sunshine private equity fund can indeed earn long-term and stable return on investment for investors. However, since there are more than 470 sunshine private equity fund management companies and 1.200 sunshine private equity funds on the market at present, it is really a problem to select good products. Investors are advised to spend more time choosing excellent trust companies or tripartite institutions.
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