Few people only allocate equity funds. Everyone will allocate some bonds, absolute income, gold, money funds and so on more or less. If you look at your portfolio as a whole, it is an asset allocation fund portfolio. So how do we configure it for novices? Today, Bian Xiao will share with you how to choose an asset allocation fund portfolio for your reference only!

Common asset funds mainly include: domestic equity assets (partial stock funds); Domestic fixed income assets (partial debt funds, absolute income funds); Overseas equity assets (funds such as Hong Kong stocks, US stocks and Germany) and overseas fixed income assets (US dollar debt, etc.). ); Real estate investment trusts (REITs); Crude oil fund (Huabao Oil and Gas, Jiashi Crude Oil); Commodity futures funds (gold, silver, soybean meal, etc. ); Monetary fund.

How to construct asset allocation fund portfolio? Not all the funds related to large-scale assets are allocated, and even if they are completed, they will not be a good combination.

Because everyone's income, family situation, consumption situation, risk preference and expected return are different, everyone's demand for asset allocation is different, and the results will be different.

However, it is difficult enough to select funds, and it is even more difficult to rise to the level of asset allocation. We should not only consider the volatility and yield of various assets, but also consider the correlation and periodicity. Most retail investors don't even know the basic investment logic of bonds, gold, stocks and other varieties, let alone use them to build a portfolio.

In addition, the allocation decision of gold ETF and bond fund mainly depends on the portfolio manager. Unlike partial stock funds, fund managers will help us solve most problems.

After all, although there are thousands of people in asset allocation, it is better for us ordinary people to hand it over to professional investors.

1. How to choose an asset allocation fund portfolio?

1. Some asset allocation portfolios add a lot of assets, which is a great test for managers' investment ability. Every time you add one, it will be more difficult.

However, the more assets you hold, the better your income. The chart below shows the performance of various assets in the past decade. You can think it over carefully and see if you can find out their laws.

2. In addition to studying the potential benefits of large-scale assets, we should also study the correlation of various assets and make a horizontal comparison of large-scale assets.

Generally, the annualized rate of return is used to examine the return on assets. In the long run, the annualized rate of return of equity assets is 8- 16%, the annualized rate of return of bond assets is 2- 10%, the annualized rate of return of gold is 3- 10%, the annualized rate of return of real estate investment trust is 5- 10%, and the annualized rate of return of cargo base and baby class is 2. PS: The above rate of return is only a summary of personal experience.

The purpose of allocating a variety of assets is to find a variety of varieties with low correlation and high yield. On the one hand, it can reduce the volatility of the portfolio, on the other hand, it can get good returns.

Dario, the founder of Bridgewater, a world-famous asset allocation, said: "My holy grail of investment is to find 10- 15 good and irrelevant investment or return streams."

If too many varieties with high yield but strong correlation are configured, the fluctuation will be great, and too many varieties with low correlation may affect the yield. The following figure shows the correlation of various assets in the past decade.

Second, there are so many asset fund portfolios, how to choose?

Step 1: Try to choose a combination with a long history.

The combined data less than one year old may be distorted, which requires you to have stronger qualitative analysis ability. After a long time of establishment, the data can truly reflect the strength of managers, which also shows that portfolio managers have more practical experience.

The second step: according to your risk preference, make clear the fluctuation you can bear and the maximum retreat.

Risk is always the first. Many people know that the long-term yield of stocks is the highest, but why is it difficult for everyone to make money on stocks? It is because the stock fluctuates too much. Many people can't bear it, earn less, or even lose money.

According to the volatility, it is generally: stock >; Commodities > bonds > cash A shares > Hong Kong stocks > secondary bonds of US stocks > primary bonds > pure debt index funds > active funds.

Therefore, before investing, we must be clear about the maximum retracement and annualized volatility that we can bear and maintain a stable holding.

By clarifying these, the general asset allocation structure and the proportion of several types of core assets (stocks, debts and gold) are clarified.

If you can plan clearly in advance, it is really not possible, and it is also possible to make it clear gradually in investment practice.

Step 3: Make clear your own rate of return expectation and choose Sharp ratio and high annualized rate of return.

Reasonable expectations also help to maintain. If you have high expectations, but the combination can't reach it, it's easy to give up. In this case, it may be necessary to consider moderately increasing the tolerance for fluctuations in exchange for higher yields.

Only when the asset allocation structure is similar can the horizontal comparison be meaningful.

Compared with Sharp ratio, Sharp ratio reflects the risk-return ratio of combinations with the same structure and established in different periods. The combination with the same structure and established at the same time compares annualized rate of return.

Step 4: Plan your asset allocation reasonably.

You also need to plan your other assets and expenses, such as family daily expenses, emergency expenses reserves, real estate and so on.

The rest of the money will be considered to invest in a large-scale asset fund portfolio. In addition, we must make a fixed investment plan and arrange future funds.

Step 5: Investigate the portfolio operation ability (qualitative analysis) and asset allocation ability of the manager.

The ability to compare the cost performance of large-scale assets horizontally and flexibly adjust the proportion of large-scale assets. Through portfolio allocation and position adjustment, portfolio fluctuation and retracement are reduced, and income is improved.

For example, when the stock market is bullish, the equity allocation will be increased, when the bond market is bullish, the bond allocation capacity will be increased, and when the US stock market is bullish, more US stocks will be allocated.

The selection ability of high-quality funds includes the judgment ability of market style and industry preference, and the fund selection ability of active funds, passive funds, debt-based funds and QDII funds.

Under the same asset allocation ratio, excellent managers can get more excess returns by allocating better funds.

Inspection method: look at the historical position combination; Read the article about the manager.

Relatively speaking, the ability of institutions to allocate large-scale assets will be stronger. Institutions have good investment and research conditions, and can easily obtain economic data, market changes, basic information of funds and other information. The ability to analyze information is also stronger, and some institutions will adjust their investment portfolios quantitatively. The disadvantage of institutional portfolio is that it prefers to use its own funds (this is understandable).

Finally, I want to emphasize that there is no "universal oil" asset allocation portfolio that can meet everyone's needs. You gay friends should choose the right investment portfolio according to your own needs.

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