The period of fund portfolio position adjustment is not necessarily fixed. The investment team will decide according to the investment strategy of the fund. Some investment portfolios focus on long-term shareholding, emphasizing stability and sharing long-term stable income in the future. Some portfolios tend to explore investment opportunities in the market, share dividends, and adjust positions more frequently.

The position adjustment of the fund is mainly the responsibility of the portfolio investment team. The investment team of a fund company is generally served by a senior fund manager with rich practical experience in asset allocation. For example, the investment team of CEIBS Fund is led by Jiao Yang, director of CEIBS Wealth Investment. Jiao Yang used to be a researcher at DBS David Securities, a researcher at Guohai Franklin Fund, an investment manager of Ant Financial Services and an asset strategist.

Generally speaking, there are three main reasons for the change of fund positions:

First, the rebalancing of investment strategy.

After the fund portfolio has been running for a period of time, due to market fluctuations, all kinds of assets have different ups and downs, or the growth direction has deviated, then the proportion of all kinds of assets will also deviate from the preset central proportion. At this time, combined with the judgment of the investment team on the current market, if this deviation is not conducive to the stable operation of the future portfolio, it will be adjusted to a relatively balanced level.

Second, short-term tactical adjustment.

The market is unpredictable. If the investment team judges that there are obvious opportunities or risk time in the current short-term market, it needs to adjust the portfolio structure accordingly to seize opportunities or avoid risks.

For example, when the epidemic occurred this year, many investment teams judged that it would have a great impact on the economy in the short term. On the other hand, the growth certainty and hedging attribute of the pharmaceutical industry are enhanced, so the pharmaceutical industry is upgraded and the procyclical value style is lowered accordingly.

Third, long-term strategic adjustment.

Generally speaking, based on the long-term perspective, the views on some assets have changed greatly, and the investment portfolio will be structurally adjusted accordingly.

If there is a big downside risk in the market, the investment team will adjust the style and industry in the portfolio, and strive to make the portfolio have a more stable performance than the broader market in the face of market downturn.