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August 20, 2004

ファンド・オブ・ファンズについて

私自身は公募投資信託をファンド・オブ・ファンズ形式で組み込む手法には懐疑的です。
以下の文章は、以前自分のHPでコメントしたものです。

先日、私が保有する「トップマネジャー」というファンドオブファンズの運用報告会に参加しました。最近は、確定拠出年金を見据え、大手証券会社も力を入れていますが、この「ファンドオブファンズ(以下、FOFS)」とは、文字どおり、複数のファンドに投資するファンドのことで、この条件を満たすファンドはすべてFOFSと言えますが、元々はヘッジファンドの投資手法の1つとして有名になりました。これには大きく2つの理由があります。
1つ目は、FOFSを利用することで、複数のファンドに比較的少額から投資できる点です。ヘッジファンドには、相関関係のない様々な投資手法が存在するため、これを組み合わせて保有することで、全体のリスクを軽減させることが可能と言われています。ただ、個々のファンドは、最低投資単位が一般的に高額であり、複数投資するにはかなりのお金が必要となるため、こうしたFOFSの存在意義があります。
2つ目は、FOFSが適切なヘッジファンドの調査・選択を行ってくれる点です。ヘッジファンドは一般的に公募ではなく、募集対象を限定した私募形式を採ることが多いので、世の中にあるヘッジファンドを個人で調査するには非常に労力がかかります。FOFSへの投資には、当然、FOFS自身に対するコストが余分にかかりますが、1つ目の小口投資メリットに加え、ヘッジファンドの調査・選択がそのコストにふさわしいものと言えるかが投資基準となります。
これを投資信託に当てはめてみるとどうでしょうか。もともと最低投資単位が低く、かつ、公募されているものが多い投資信託では、上記のFOFSの利点は2つとも消えてしまいます。
もちろん、自分でいくつも投資信託を選択するのは大変だという人には、有益かもしれませんが、その場合も、FOFSに組み入れられるファンドに本当に付加価値があるか(自分では直接購入できない、自分で直接購入するよりもコストが安い等)を見定めないと、単に割高なものを保有することになりかねません。例えば、私が「トップマネジャー」に投資したのは、運用会社が当時日本に進出していない会社で構成されており、運用報告書等を通じて、日本の会社との力量の比較が可能と考えたからです。
最近の各社の商品を見る限り、あえてFOFSにしなければならない理由があまり伝わってきません。むしろ、販売手数料を取っている販売会社が、従来からある公募ファンドをどのように組み合わせて保有すべきかを、顧客のニーズやリスク許容度をもとに丁寧にコンサルティングすれば、FOFSでなくても、同様の投資はできると思います。逆にこの方が個々ファンドを別々に売却できる流動性の面からはFOFSよりも便利な気がするのですが。
投信評価会社もこうした点をあまり話題にしない中で、売り手につけいる隙を与えないためには、FOFS=高度な商品とか、リスク軽減型ファンド=安全な商品と言われて、やみくもに飛びつくのではなく、自分自身がそのファンドに何を求めるのか、本当にそのファンドでなければならないのか、等を慎重に考えて行動する「賢い」投資家にならなければ、とあらためて思います。

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