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传统封基的投资收益主要由三部分组成:基础市场上涨收益、基金管理人的主动投资管理收益、传统封基折价率收窄带来的额外收益。从持有到期来说,传统封基折价率收窄带来的额外收益具有较高的确定性。由于传统封基到期封转开存在一段封闭期,因此传统封基到期封转开之前折价率难以完全收敛到0。从已经到期的产品来看,到期封转开前的折价率基本在2%左右。传统封基的折价率和基金的剩余期限、市场预期、投资管理能力等因素有关,其中剩余期限和市场预期是
The investment income of the traditional base closure mainly consists of three parts: rising revenue in the basic market, the fund manager’s active investment management returns, the traditional base closure discount rate brought about additional benefits. From the expiration date, the additional revenue from the narrowing discount of the traditional base closure is highly certain. Due to the closure of the traditional base closure expiration date, the discount rate of the traditional base closure expiration date can not completely converge to zero. From the products that have expired, the discount before the expiration of the closure of the basic rate of about 2%. The discount rate of traditional base closure and the fund’s remaining maturity, market expectations, investment management capacity and other factors, of which the remaining duration and market expectations are