Equity assets are one of the investment objectives of investment managers to analyze the timing and weight of bringing them into portfolio management by combining the individual characteristics of investors and the risk-return attributes of asset categories. Investing in equity assets can not only gain capital gains, but also spread investment risks. When inflation is excessive, the return of equity assets is usually negatively correlated with inflation and has good anti-inflation properties.
Equity assets of listed companies refer to the ownership certificates that are publicly traded in listed stock exchanges or financial risk assets trading places and meet the requirements of relevant laws, policies and regulations of China, and represent the equity or other residual income rights of enterprises, and the assets whose development value mainly depends on the changes in the use value of the above assets.
First, equity assets are already very high. Take China's main market index CSI 300 and the mid-market index CSI 500 as examples. Since the Shanghai and Shenzhen 300 Index was established at 5438+ 10 in June, 2002, the compound annual rate of return was 6.27% as of August 3 1 20 18.
Since the establishment of CSI 500 Index at 5438+ 10 in June, 2005, as of August 3 1 20 18, the compound annual rate of return is 13.02%. Overall, the average annual return on equity assets is about 10%, which is at a high level.
Secondly, volatility is the most important external environmental feature of equity assets. The stock index fluctuates up and down, especially in local time.
Third, in the long run, the stock index yield curve generally climbs upward.
The rising trend of stock index comes from the value creation of corresponding enterprises. Its essence is the growth of enterprise profits. During this period, the constant fluctuation of price reflects the change of investors' valuation or investment sentiment.
Therefore, in the long run, the return rate of equity assets will eventually be reflected in a country's economic growth rate, which can help the return rate of investment portfolio reach investors' expected goals.
Equity assets include but are not limited to common shares, preferred shares, stock indexes, futures, global depositary receipts of stock indexes, American depositary receipts, real estate trust certificates, exchange-traded funds, etc. And combinations thereof.
Equity investment category
According to the frame and size. Large, medium and small-cap stocks; Value, growth and mixing. This division can consider the preferences of customers; It can also play the role of decentralization; There is a corresponding benchmark index to refer to the income. The disadvantage is that the type of stock you choose changes with time.
According to the geographical location. Developed markets, emerging markets (Brazil, Russian, Indian, China, South Africa) and underdeveloped markets (Argentina, Estonia, Nigeria, Jordan, Viet Nam). This way avoids the deviation of only investing in China and plays a decentralized role; The disadvantage is that investing in international enterprises will have foreign exchange risks and excessive diversification.
By economic activity (industry). Enterprises can be divided into market-oriented and product-oriented. The former is concerned with what services and how products can meet customers' needs, while the latter is concerned with product manufacturing and resource input. This division is beneficial for investors to analyze industries and individual stocks, which improves the dispersion to some extent. The disadvantage is that large companies have many departments and businesses and cannot be clearly classified.