“侧袋存放”机制在基金估值中的应用研究

对因突发事件临时停牌的股票和长期停牌的股票进行估值,可以借鉴国外对冲基金经常采用的“侧袋存放”机制。在公募基金行业中采取按允许赎回不允许申购、同时允许申购和赎回两种模式,具体实施机制各不相同。实施“侧袋存放”机制在基金持有人利益、IT系统支持、信息披露、费用计提等方面存在的一些难点。

On the Side Pocket Storage Mechanism in the Valuation of Fund

In this paper, based on the current valuation methods which are used on emergency stocks and long-term suspension stocks, side pocket storage mechanism which is often used by foreign hedge funds is mentioned. There are two modes in publicly offered funds industry. The first one is allowing redemption while not allowing purchase. The second one is both allowing the purchase and redemption. Specific mechanisms for implementation are differ- ent. Besides, the existing difficulties and problems of the implementation of the side pocket storage mechanism are also pointed out, including the interests of fund holders, IT systems support, information disclosure, custody fees and management fees.