under the conditions of reduced holding risk and uncertain long-term trend, the author believes that fund portfolio investment needs to master the following four strategies. Strategy 1: Decide the basic configuration direction of the combination according to the general trend. Although the worst situation has improved, it does not mean that it has entered a trend upward since then. Therefore, the basic allocation direction of fund portfolio is that the allocation ratio of active investors' partial stock funds should not exceed 7%, and that of stable investors' partial stock funds should be below 5%. Conservative investors should still focus on the stable debt base or fund. Strategy 2: Select partial stock funds according to the principle of offensive and defensive balance. Investors who have been insisting on investing in partial stock funds in the crash have had a painful personal experience of the risks of the fund. After making clear your investment purpose, the standard of choosing partial stock funds is still to emphasize the balance between attack and defense of funds, that is, the balanced investment ability reflected in bull market and bear market. Investors need the comprehensive performance of kao Cha Fund in different stages of bulls and bears to make a choice. Strategy 3: We should fully understand the investment personality of the fund. Even under the same investment theme, the investment personality and style of different funds will be different. Therefore, only by fully understanding the investment characteristics of the fund you hold can you decide whether this fund is suitable for you. Strategy 4: Determine the aggressiveness of the portfolio according to the investment objectives. After defining the investment personality of the selected fund, the last step is to decide the aggressiveness of the fund portfolio according to its own investment situation and investment objectives. For investors with light positions and long investment period, because the stock market enters the bottom area, the risk of xi tong holding has been reduced, so we can ignore the choice of time and value space, and choose to gradually increase the positions of partial stock funds in the bottom area. For heavy investors, the rebound is still the time to adjust the fund portfolio. With the help of rebound, funds with poor long-term performance in the portfolio or lack of investment ability in the bear market are transferred out of the portfolio. ?