Details: Mr. Liu has never made any financial investment and is not interested in stock, gold and foreign exchange speculation. When Mr. Liu first learned that he could do global asset allocation on the insurance platform, he was not interested. However, when Mr. Liu found out why this kind of investment has the principle of giving away high bonuses, he showed great interest. He took out 90 thousand yuan to invest in three years, saying it was a loan to the insurance company.
Mr. Liu's intended purpose:
1. According to the expected income, usually around the eighth year, there will be more than 90,000 working capital in Mr. Liu's account, and the 90,000 principal invested in the previous period can be withdrawn at any time.
2. After withdrawing the current account, there is still RMB 65,438+100,000 in the remaining term, which can continue to be compounded.
This money is just idle money. If you don't withdraw money during the investment period, after 25 years, according to the conservative compound interest 15%, the money will reach about1.2000 yuan. It's not much money, but it's urgent enough.
2. Customer information: Mr. Zhu, 32 years old, small business owner's investment plan: 50,000 yuan per year, fixed investment for three consecutive years, 654.38 million yuan * *.
Details: Mr. Zhu has actually bought domestic investment-linked insurance and some short-term bank wealth management products. He carefully compared the differences between the three and found that global fund portfolio investment is much stronger. Especially when he first heard that long-term funds should be managed by long-term investment tools, he could not help but choose to invest 50,000 yuan a year and open such an investment account in AXA Hong Kong, France.
Mr. Zhu's intended purpose:
1. According to the expected income, usually around the eighth year, the working capital in Mr. Zhu's account is about 1.5 million, and the principal of 1.5 million invested earlier can be withdrawn at any time.
2. After the current withdrawal, there is still 200,000 yuan left on a regular basis to continue compounding.
This money is just idle money. If you don't withdraw money during the investment period, after 25 years, according to conservative compound interest 15%, the money will reach 2 million yuan. A daughter old enough can use it for venture capital or other purposes.
4. During the daughter's growth and study, she can also withdraw living expenses or emergency funds from the current account at any time.
3. Customer information: Miss Xu, aged 32, is a middle-level employee of a foreign trade company. Investment plan: 654.38 million yuan per year, fixed investment for three consecutive years, * * * investment of 300,000 yuan.
Details: Miss Xu has some spare money, and her daughter just turned one and a half years old. The domestic single market has been in a downturn recently and has a deep understanding of inflation. Choose global fund portfolio investment, with the investment of100000 in the first year and 300000 in three consecutive years. The beneficiary of the account is my daughter.
Miss Xu's expected purpose:
1. According to the expected income, usually around the eighth year, there will be more than 300,000 working capital in Miss Xu's account, and the 300,000 principal invested in the previous period can be withdrawn at any time.
2. After the current withdrawal, there are hundreds of thousands of remaining maturities that can continue to compound interest.
This money is just idle money. If you don't withdraw money during the investment period, after 25 years, according to the conservative compound interest 15%, the money will reach more than 4.2 million yuan. A daughter old enough can use it for venture capital or other purposes.
4. During the daughter's growth and study, she can also withdraw living expenses or emergency funds from the current account at any time.
4. Customer information: Mr. Chen, 465,438+0 years old, the business owner's investment plan: 654.38+0 million yuan per year, with a fixed investment of 3 million yuan for three consecutive years.
Details: Boss Chen also likes to do venture capital. He opened accounts for gold, silver, stocks and futures. Especially for stocks, in order to learn to listen to professional teachers' stock courses, tuition fees have been paid more than 600 thousand. However, the performance of some of his investment accounts is always unsatisfactory. In addition, boss Chen has two factories of his own. But there is no firewall between enterprise assets and family assets. He also borrowed some loans from the bank, which he needs to pay back every month.
According to the above situation, his risk control is very bad. If the investment fails and the capital chain breaks or even goes bankrupt, it is easy to compensate the family assets.
In order to avoid unexpected risks affecting family and life. He chose to take some idle funds and invest 6.5438+0 million yuan every year for three years, that is, to allocate some overseas assets for a long time by investing a total of 3 million yuan.
He agrees with the concept of "compound interest investment" and intends to learn from Li Ka-shing and raise a "wealth management son" for a rainy day in the future.
Boss Chen's expected purpose:
1. According to the stable performance of global funds at around 18% in the past ten years and the analysis of the investment market, it is conservatively predicted that the future compound interest rate will be around 15%. Based on this calculation, from the age of 56 to 62, Boss Chen will receive 500,000 * * 3.5 million yuan for grandchildren's education, and from the age of 60 to 65, he will spend 6,543,800+yuan every year, and * * * will spend 6 million yuan for old-age care. In addition, when Boss Chen reaches the age of 65, the value of the fund account is still more than 3 1 10,000 yuan, and the couple can continue to enjoy their old age and pass on their assets to the next generation.
2. If you never withdraw money during the investment period, all the funds will keep rolling with compound interest. Then after 25 years, the income will be around 40 million. Enough for retirement and other plans.
3. This part of overseas assets and their income can be exempted from any debt risk, and they will still be owned even if the individual goes bankrupt. Is boss Chen's real personal assets.
4. Boss Chen's account (on the platform of AXA Insurance Group, the world's largest insurance company) is an investment account, but it is wrapped in the coat of insurance, giving it the functions of asset preservation, tax avoidance, debt avoidance and exemption from prosecution. Boss Chen did not spend extra money on insurance. All the money put into this account is used to allocate global fund assets.
This investment account established on the platform of AXA Insurance Company, the largest insurance group in the world, can be viewed and managed online by Mr. Chen himself at any time. Mr. Chen Can allocates global fund assets by himself, or entrusts professional investment or wealth management companies to manage them. Therefore, boss Chen is very relieved. Mature and immature, comparison between overseas funds and domestic funds
Mature VS immature, this is my biggest feeling about the comparison between overseas funds and domestic funds. As a result of working in a foreign bank, I have the opportunity to contact many mature overseas market investment funds. Compared with domestic funds, I really feel that domestic funds are much less mature than overseas funds in many aspects. I believe that many investors have begun to pay attention to overseas funds because of the poor domestic stock market and the issuance of QDII funds. This paper hopes that what I have learned from my personal work can give investors an inspiration and introduction.
As we all know, the development of China's financial industry is actually modeled after that of the United States, including prohibiting mixed operation of banks and developing the fund industry. It should be said that the development of China Fund has gone a long way, from closed to open, to the innovation of ETF and a series of new funds including LOF. Indeed, from the perspective of fund structure, Public Offering of Fund companies, large and small, including private equity companies, have better structures than overseas fund industries. However, it should be said that there are still shortcomings in soft services such as investment mentality and investment behavior. The contrast between maturity and immaturity I mentioned is mainly reflected in these soft services. Take public offering as an example. At present, the main differences are as follows:
1, fund investment mentality: speculation VS investment
At present, the disadvantages of domestic funds are well known. One of the most important points is that most funds in China have a very strong speculative mentality and always hope to make profits in the soaring and plunging China stock market. Specifically, in behavior, heavy bets are made in a certain industry, and up to 40% of assets are invested or even higher; Bo policy, betting that the country will have preferential policies; Gambling stock reform and insider information of individual stocks. It can be said that the gambling mentality is very serious. Gambling is high and is praised as a star by the media. If you don't gamble, you will suffer heavy losses, and the former stars will become beggars today. In addition, chasing up and down is also a normal state of China fund industry, which is more speculative than retail investors. It can be said that only a few fund managers, such as Chen Ge of Guo Futianyi, can truly realize value investment. Some people say that Public Offering of Fund in China is basically a large retail investor.
What about overseas funds? Looking back at history, we can find that overseas funds also have investment and speculation, but they are basically very clearly distinguished. Hedge funds are mainly speculative, while a considerable number of mutual funds are mainly investment. Whether in the investment behavior or in the proportion of asset allocation, it is rare to see a fund concentrate most of its funds on one industry or several stocks, make concentrated bets on investment, or change positions frequently. (Except, of course, funds that invest exclusively in regions or industries) And many foreign funds have been holding some high-quality company stocks for decades. It can be seen that many funds are actually investing.
2. Fund manager team: change and stability
At present, the performance of domestic funds fluctuates so much, which is largely related to the domestic talent reserve. At present, it can be said that nearly two-thirds of fund managers are academic, but they lack operational experience and have not experienced complete investment experience in bull and bear markets. And some excellent fund managers frequently change jobs, which directly affects the performance of the fund. Some of these are related to the system, and some are related to the development history. After all, the establishment time is short and the talent reserve is insufficient. But it is undeniable that the frequent changes of fund managers have a great influence on the fund. Overseas funds are different. They are basically overseas. If the fund manager of a fund suddenly changes, many fund investors will often abandon the fund. Therefore, overseas, a stable fund management team is very important, not only for performance, but also for strengthening investor confidence. You can find that many funds with a long history and outstanding performance have very stable fund management teams. For example, several excellent funds of BlackRock Company are basically fund managers since their establishment, and their service time has exceeded 10 years. So from this aspect, the stable performance of overseas funds is closely related to the stability of their fund managers.
3. Fund performance evaluation: short-term VS long-term.
I believe that more and more people will rely on some third-party organizations, such as Morningstar, to select funds. However, many domestic investors have encountered a serious problem. Many funds with good online evaluation by Morningstar have been underperforming since they were bought. But if you invest in overseas funds, on the contrary, the evaluated funds basically perform well. Why is this? Very simple, because domestic funds are mostly short-term data. As for their performance evaluation, we can also find that Morningstar is basically evaluated for two or one year, at least three years. Overseas funds have given many evaluations for five or even ten years. So do you think the short-term evaluation of two years is accurate or the long-term evaluation of ten years is accurate? Ten years is certainly more accurate. Correspondingly, there are many indicators for us to evaluate: for example, Sharp ratio, alpha value, standard deviation, 5-year average annual income and so on. , are all effective evaluations. But if it is only 1-2 years old, the degree of distortion is relatively high. Therefore, in the choice of actual investment funds, overseas funds are more likely to make accurate judgments.
4. Fund style type: mixed and clear
Domestic funds, like overseas funds, are divided into many categories, such as currency, bonds, mixed, stocks, indexes and so on. However, in the actual investment process, we can find that the style types of funds are not so distinct, but very mixed. There are many convertible bonds with stock characteristics in bonds, and even 40% of the funds can be directly held for operation. The style of small and medium-sized stocks also changes from time to time. The most typical is the Chinese market selection. Listening to the name and looking at the contract, I think there are many large-cap stocks, but in fact, many investments are mainly small and medium-sized stocks. Half-breeds are more complicated. When the bull market is good, all stocks are rushing to buy. As a result, once the market reverses, it falls as badly as the stock type, which simply does not reflect the advantages of flexible mixed positions. Only monetary and index funds still abide by the fund contract and style.
However, overseas funds are different. Most fund contracts can clearly explain the characteristics and style of funds, and they are indeed doing so. The simplest example, some global asset allocation funds, although their positions are very flexible, will always adhere to their own balanced allocation style and maintain stable development in stocks, bonds and cash. Almost all types of bonds are pure bonds, and there are few people who play with stocks. Such a clear style and type can enable investors to rationally allocate relevant funds according to their own needs when purchasing funds, and avoid buying inappropriate funds.
5. Optional fund types: single fund and diversified fund.
It should be said that at present, domestic funds are still relatively single. Because they only invest in China and are limited by the domestic market, it is rare to see a fund that specializes in investing in a certain industry or region. Basically, it is still based on traditional funds. However, because overseas funds can invest globally, many funds can invest in multiple industries and regions, such as funds that only invest in gold or energy, which can give customers more choices. This is not only convenient for customers to allocate assets and fund portfolios, but also can avoid systemic risks in different markets by changing market investments.
The above are some personal summaries. It can be seen that as a mature overseas fund, the development of domestic fund industry still needs to be improved. On the one hand, institutional policy is more about the internal strength of the fund itself, including investment mentality, team building of fund managers, purity of style and so on. Personally, these characteristics of overseas funds are more suitable for the allocation of a fund portfolio, which is convenient for customers to choose and choose. Of course, the biggest risk of overseas investment lies in exchange rate risk, which also needs customers' attention. However, there are many ways to avoid and reduce related risks, such as buying overseas funds with currency hedging or global allocation, which can reduce exchange rate risk. I hope this article can help friends who want to invest in overseas funds. Address in Hong Kong:No. 1 1, Haisheng Road, Tsuen Wan, Hong Kong
Address of Shenzhen: Floor 0/2, Fortune Building/KLOC-0, Exhibition Center, Futian District, Shenzhen (Zhongrong Group)
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