When the biggest decline of the stock index is about 40%, the share loss of graded fund B is close to 90%. The following small series will tell you why the grading fund is so miserable.
Take the change of state-owned enterprises to B as an example. After a drop of about 80%, it was re-converted into 1 yuan, and then the price fell to near 0.7 yuan, and investors lost more than 85%, which was a heavy loss. Public Offering of Fund, as a financial expert, why is it so bleak? This column thinks that graded funds often enter the market to buy stocks when the concept is hot, and the operation of chasing high is normal, which may be an important reason for the poor performance of graded funds.
What is a graded fund? In other words, investors in a fund are divided into two categories. One kind is Class A investors, who invest money and get fixed investment income; The other is Class B, in which the funds invested bear all the investment risks, pay the fixed income of Class A investors and get all the income from fund management. It can be understood that Class A investors lend money to Class B investors for stock trading and Class B investors pay interest to Class A investors.
Therefore, this poses a higher investment risk for class B investors. It is also one of the reasons why the loss rate of Class B investors is higher than the general trend. But obviously, this is not the whole reason for the huge loss of B shares, because the loss of B shares has exceeded twice the decline of the stock index, which is abnormal.
This column notes that the names of graded funds are mostly theme investments, such as state-owned enterprise reform B and military industry B. That is, these funds set up funds to raise funds only after the investment hotspots appeared in the market. Then, when the graded funds start to buy these active stocks, the share prices of these theme stocks have reached a high level, and the result of chasing high is only a high quilt.
When a hot spot reaches its climax, graded funds enter the market. When the hot spots ebb, the graded fund will continue to hold these falling stocks, because the fund should follow the investment direction when it is established. In this way, it is difficult for graded funds to suffer.
For example, the concept of state-owned enterprise reform has been recognized by investors and must have been fully explored by the market. It is impossible for stocks whose share prices have not yet started to be included in the list of state-owned enterprise reform concept stocks. This is the death of graded funds. Unless it is to catch up with the rising super bull market, graded funds are bound to make investors sad.
Is there any way to change this situation? This column believes that the investment direction of graded funds should not be too detailed. The investment scope of graded funds is close to that of stock funds, and the investment direction is not stipulated. Fund managers buy what they think can make money, state-owned enterprise reform, military industry, growth enterprise market. Only in this way can the graded fund play its leverage advantage and will not become a high-ranking receiver.
In addition, the management should give Public Offering of Fund more support to invest in stock index futures. For example, Public Offering of Fund can enjoy the low margin rate of stock index futures hedging without trading restrictions, allowing funds to allocate assets and avoid risks through the stock index futures market, which is also a channel for Public Offering of Fund to seek advantages and avoid disadvantages.
Expand the reading grading fund model
The grading modes of stock (index) grading funds mainly include financing grading mode and long-short grading mode. Bond-type graded funds are classified as financing. Currency grading funds are divided into long positions and short positions.