What investors hear most is that in the process of investment, we need to be "friends of time" firmly. So under what circumstances do you need to redeem the fund? Bian Xiao compiled here for your reference. I hope everyone will gain something in the reading process!

The fund needs to be redeemed when it changes.

1, long-term loss

Whether a fund is good or not, performance is the "last word", in which the performance comparison benchmark of the fund-the expected goal set by the fund company for the fund-can be used as a reference standard.

If the fund's income in a certain period is better than its performance benchmark, it means that the management and operation of the fund are qualified, otherwise it is unqualified. If the return of a fund underperforms the performance benchmark for a long time, then you should have more questions about this fund.

2. Changes in fund managers

For active stock funds, the dynamics of fund managers need our attention. A good fund manager may turn the tide, and a bad fund may also make the fund plummet.

Generally speaking, when a fund has poor performance, changing the fund manager will improve the performance of the "backward" fund; If a fund with excellent performance is forced to change its fund manager because of the appreciation of the fund manager, it will have a negative impact on the fund performance.

Fund manager is the soul of active stock fund. If your favorite fund manager leaves, you are not familiar with the new fund manager, or even disagree with his investment philosophy, then you can consider redemption.

Of course, it is not a big problem to continue to hold. It takes time for the fund manager to change positions, and the performance of the fund before and after the fund manager changes positions is sustainable. In the case of changing the fund manager without changing the investment and research team, the fund's heavy holdings will not change much in the short term, and it can also be adjusted after observation.

3. Scale change

Changes in scale also need to attract investors' attention. Every time the fund is disclosed in the regular report, we need to pay attention to the change of scale. Fund managers have their own ability circle, and the scale they can control is limited.

If the fund scale suddenly increases sharply, the management ability of fund managers will be highly required. If the fund size does not match the fund manager's ability, it may lead to poor performance, and investors need to consider redemption or conversion.

4. Changes in fund investment style

The drift of fund investment style also needs investors' attention. Here refers to the fund manager's investment philosophy and position can not be unified, can not achieve the unity of knowledge and action.

A mature fund manager has a very clear understanding of his own competence circle, and also has his own mature and steady investment style. Generally, he will not easily change or invest outside his own competence circle.

For example, some fixed-income strategic funds rely on innovation to obtain excess returns in an environment with more new shares. Once the new shares are reduced, it may be difficult to find an alternative strategy; In addition, in some large-scale funds, the style of fund managers is more radical, and the risk of holding funds is undoubtedly greater.

If the investment style of the fund you hold drifts frequently, you should be on your guard, which may be the immature performance of the fund manager. If it leads to obvious fluctuations in performance, we should consider finding another way out.

5. Changes in institutional status

Changes in institutional positions are also very critical information. Institutional investors are relatively stable and professional investment forces, and generally do not engage in intraday trading. If the proportion of institutional holders holding funds drops sharply, it means the withdrawal of institutional funds, which may be not optimistic about the market outlook or the fund, which requires us to further understand the reasons and make judgments.

All of the above are aimed at actively managed funds. If it is a passive index fund, the standard of measurement is different. We mainly look at the tracking error of index funds. If the long-term tracking error of the fund is too large, it is often caused by the change of the position brought by the fund subscription, or the fund manager needs to redeem other index stocks to alleviate the redemption pressure, the drag of cash flow, the active operation of the fund manager and other factors. This requires us to be vigilant and can choose to replace other funds with small tracking error and stable long-term income.

Market factors require redemption of funds.

1, the stock market bubble is serious.

The market fluctuates every year. Every time the market falls, investors will ask: Should the fund be redeemed?

In fact, you don't have to worry too much about short-term fluctuations within the tolerable range. What you need to pay attention to is the plunge risk after the bursting of the stock market bubble in 2008 and 20 15.

Therefore, once the average performance level of the whole market fund drops by more than 10% in a short time, you can consider whether to redeem the fund. In addition, we can also pay attention to the judgment of professional institutions on the future or risks, and the warnings of fund companies or fund managers in regular reports or exchanges are also worthy of attention.

2, industry style rotation

Some popular theme funds, when we pay attention to them, are often after the theme-related stocks skyrocket, and with the withdrawal of speculative funds, the market will also cool down accordingly, and such funds will often face a "bad year" for a long time. Instead of expecting the next wave in the foreseeable future, it is better to quit as soon as possible and choose another fund with stable performance and long-term victory over the market.

Investors need to redeem the fund according to their own situation.

1. Adjust positions for asset allocation.

For example, before investing, you set the allocation ratio of stocks/bonds to 4:6. This year, due to the good performance of equity funds, the ratio of stocks to bonds in your portfolio is close to 5:5. At this time, you can adjust your position appropriately, redeem some equity funds, and let the portfolio return to the ratio of 4:6. It is also important to diversify investment and maintain the balance of various assets.

Also, if the fund you bought fluctuates beyond your risk tolerance, you can consider redeeming it after returning to the capital.

2, to achieve the purpose of income, security package.

For example, you set a profit target of 20% for this investment, which will be used for children's educational reserves or for family trips. At present, the fund's income has exceeded this goal, and it can take profit in time and settle down.

3. Buy low and sell high when appropriate.

The simplest rule in investment is "buy low and sell high", and some investors hope to get higher returns by timing. For example, if you expect short-term risks, you should redeem the fund first and then buy it back when the market hits the bottom.

However, it is very difficult to seize the opportunity. When you redeem it, the market may not fall as you expected, but when you buy it back, the market begins to adjust again. The most painful thing about investing is that "buy low and sell high" fails and becomes "buy high and sell low".

The fund needs to be redeemed when it changes;

★ Understand the basic knowledge of the fund.

★202 1 Why did the fund fall?

★202 1 How does the fund cover the position?

★202 1 Is the OTC fund subscription an immediate price or a closing price?

★ Advantages and disadvantages of stock dividends

★202 1 How does the fund cover the position?