Generally speaking, the net value of the fund will rise in the long run. Especially passive index funds. Therefore, when there is a big drop, in principle, the fund should increase its position, not reduce it. Today, Bian Xiao would like to share with you why the manager didn't lighten up or short positions during the plunge, for your reference only!

Why don't fund managers lighten or short positions when the market plummets?

Every time the market plummets, I always hear some citizens complain that fund managers don't know how to operate. In fact, the fund manager is really wronged! !

Many people may not know that there are strict proportional restrictions on how many stocks and bonds the fund invests. For example, the stock positions of well-known partial stock funds are mostly around 60-95%. Xiaoou takes the well-known pioneer of the Central European era as an example. As a stock fund, the prospectus usually stipulates that the stock position of such funds is 80%-95%. In other words, even if the market is poor, the pioneer of the times should maintain more than 80% of the stock positions.

The position restrictions of various funds such as stock, hybrid and bond are different. Here, we should also knock on the blackboard to remind everyone that before buying a fund, we must carefully read the fund contract and prospectus, have a full understanding of the investment scope and position requirements of this fund, and then combine our own risk preferences to see if it is suitable for us.

In addition, most fund managers do not do short-term and timing operations, but pay more attention to the texture of individual stocks themselves. Through in-depth research, fund managers choose stocks that are optimistic in the medium and long term, which will also give them a phased callback time. After all, choosing the right target is only the first step, and only by firmly grasping it can we get better excess returns!

It is said that buying positions on dips, how to judge "low position"?

The "low position" here is mainly divided into two situations:

On the one hand, is the recent market mainstream index at a relatively low level? This shows that the whole market is "cheap" at present. At this time, jiacang can spread the risk of short-term market fluctuations in long-term investment and reduce investment costs. You can use mainstream market indexes such as "Shanghai Stock Exchange Index" and "Shanghai and Shenzhen 300" as reference; Of course, if you buy an industry theme fund, you can use the index of that specific industry as a reference.

On the other hand, whether the net value of this fund is at a historical low. The low position at this time may be influenced by the market, or it may be the valuation adjustment of the industry invested by the fund. Generally speaking, adding positions at this time can reduce the cost of holding positions. If you are optimistic about a fund for a long time and encounter a low position, it is recommended to consider adding positions.

Wouldn't it be better to wait for the new fund to be issued and its net value to break?

Don't think like that!

First of all, it is not more cost-effective to buy funds with lower net worth. Someone has asked before, which is better to buy a fund with a net value of 1.8 or a fund with a net value of 0.8? Our answer is-this is the wrong question.

The net value of the fund is different from the stock price. The stock price fluctuates around the intrinsic value of the company, and the enterprise value is its center. The initial price of the fund "1 yuan" is only an anchor point to measure how many copies you bought when the fund was established. In theory, there is no upper limit on the net value of the fund, because the position of the fund can be constantly changed. In extreme cases, if the fund can always buy "rising" stocks, its net value will continue to rise.

Moreover, the fund's net value is high, indicating that the stock it holds made money before, and the fund fell below 1 yuan, indicating that the stock it holds is falling. Why is it judged that the net fund value of 0.8 yuan is higher than that of 1.8 yuan?

To say the least, the market is unpredictable. Are you sure you can wait until this fund falls below the issue price? As someone said, I want to wait until the market is 2500. Will this day really come? What time does it arrive?

Whether to buy a new fund depends on the investment direction and risk level of this fund, etc., and make a decision based on your own investment needs. Compared with the old fund, the advantage of the new fund lies in the opening period (no more than 6 months). During the period of opening positions, it is not restricted by contracts, and it is more flexible, especially suitable for shocking the market.

Finally, by the way, under normal circumstances, after the establishment of a new fund, there is a closed operation period of no more than 3 months, during which time you can't buy! In addition, some funds may have a scale ceiling, and it is also possible to suspend subscription after reaching the standard.

Why do the heavyweights increase obviously, but the capital increase is very small?

There are two reasons for this ~

1. The fund's heavy stocks have changed.

The "Top Ten Awkwardness Shares" disclosed by the Fund once every quarter only represent the top ten Awkwardness Shares at the end of the quarter, that is to say, they held a stock at the end of the quarter and still hold it.

Take chestnuts for example. According to the fund's fourth quarterly report, the number of heavy stocks reached 2020/ 12/3 1, and then the fund manager made a relatively large position change within a few days, which would lead to the situation in the problem.

2. The influence of non-weighted stocks on the fund's ups and downs.

The top ten positions we see are only a part of the scope of the fund, not all. When we see the heavy stocks floating red, stocks or other assets except the top ten heavy stocks may suffer losses.

This is more likely for those funds whose stocks are scattered and the top ten stocks are not very high.

In fact, there are problems with the investment fund managers of some funds. You should stay away from such funds managed by low-level fund managers. Some funds belong to a declining industry for a long time. Such funds should also be sold after the plunge.

Therefore, when deciding whether to increase or decrease the position of a fund, it is best to look at the fundamentals of this fund first. Look at the fund's position structure and the level of fund managers.

When these two aspects are determined, then choose to increase or decrease the position, so that the winning rate of investment will be even greater.

Generally speaking, passive funds should increase their positions after the plunge, because passive funds are bound to rise in the long run.

Passive funds represent the development direction of social economy, which is bound to be long-term and irreversible. Therefore, investing in such funds is mostly to buy more and more.

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