Under the modern investment management system, investment is generally divided into three stages: planning, implementation and optimal management. Investment planning is asset allocation, which is the most important step in the decision-making process of portfolio management.
The understanding of asset allocation must be based on a deep understanding of the nature of assets and liabilities of institutional investors, the investment characteristics of ordinary stocks and fixed-income securities.
On this basis, asset management can also use derivative financial products such as futures and options to improve the effect of asset allocation, and can also adopt other strategies to realize the dynamic adjustment of asset allocation. Different configurations have their unique theoretical basis, behavioral characteristics and payment methods, which are suitable for different market environments and customer investment needs.
General introduction
Asset allocation has different meanings at different levels. From the scope, it can be divided into global asset allocation, stock and bond asset allocation and industry-style asset allocation. From the perspective of time span and style category, it can be divided into strategic asset allocation, tactical asset allocation and mixed asset allocation; According to the characteristics of asset managers and investors, it can be divided into buy-and-hold strategy, constant mixed strategy, portfolio insurance strategy and tactical asset allocation strategy.
Buy and hold strategy
Buy-and-hold strategy means that after determining the appropriate asset allocation ratio and constructing the investment portfolio, the investment portfolio will be maintained without changing the asset allocation status for a suitable holding period, such as 3-5 years. Buy-and-hold strategy is a negative long-term rebalancing method, which is suitable for investors with long-term planning level and satisfied with strategic asset allocation.
Buy-and-hold strategy is suitable for the state where the capital market environment and investors' preferences have not changed much, or the cost of changing the asset allocation status is greater than the income.
Constant mixing strategy
Constant mixing strategy refers to maintaining a fixed proportion of various assets in the portfolio. Constant mixed strategy assumes that the return on assets and investors' preferences have not changed much, so the allocation ratio of the optimal portfolio remains unchanged. Constant mixed strategy is suitable for investors with stable risk tolerance.