It is not easy to judge what kind of investment style a fund manager belongs to, and there is no standard index in the market to define "what styles a fund manager has".
A simple and rude method is to check the Jiugongge of the third-party platform of the fund.
Image source: Tian Tian Fund Network, taking E Fund as an example.
However, this division of nine squares is actually a fuzzy correctness. The data of active funds are published quarterly, which has a certain lag.
Therefore, it is necessary to assist in judgment from fund managers and fund positions. Knowing the fund manager, you can roughly know what kind of investment logic he is and what kind of market he is suitable for.
1. What does the fund manager see? Mainly depends on its background, investment experience and historical performance.
(1) Investment experience: If you have investment experience, such as being a researcher, an assistant fund manager, and a fund manager who has also experienced the bull-bear market cycle, your control and judgment of the market may be more accurate.
It can be compared with the A-share market according to the working years of fund managers. Fund managers who have experienced many rounds of bulls and bears are scarce resources in the market.
(2) Background: The background here refers to the major at school and the research field after employment. For example, Glenn is a doctor of medicine and has a natural advantage in the research of the pharmaceutical industry; Another example is Zhou Yingbo, who worked as a product manager in Tencent and won the robot contest championship, which will also affect the investment logic of fund managers.
Generally, fund managers who manage industry theme funds come from many classes. Of course, the longer a fund manager spends, the more he will expand his ability circle (industry research field, etc.). ).
(3) Historical performance: the historical performance mainly depends on whether the past performance has continued to be good. For example, the annual performance is compared with the benchmark and compared with the market; The performance of bull market, bear market and shock market under different market conditions; Risk control (how the maximum retracement compares with the index); It depends on the performance of each fund they manage in the above dimensions.
If the selected fund manager has excellent performance in managing products, but it is in a bull market, then there must be a judgment → maybe the performance is brought by the market rather than the active management of the fund manager. This is why there is a "champion curse".
2. Look at the stock-debt ratio of positions (1). First, look at the stock-debt ratio of active funds. This is the biggest factor that affects income. Because the two types of assets, stocks and bonds, have completely different income and risk characteristics. This stock-debt ratio depends on the data of the past bull and bear markets, that is, the data since the 20 15 bull market. Because some active foundations allocate different stock-debt ratios according to market valuation. For example, when the stock ratio is high in a bear market, the stock ratio will decrease in the middle and late stages of a bull market. If the proportion of bonds increases, the fluctuation of the fund will become smaller; Funds that maintain a high stock ratio for a long time will have higher returns and risks.
(2) Concentration of holding industry. Secondly, look at the industry concentration of active funds.
In other words, it depends on this active foundation focusing on investing in one or two industries. If it focuses on investing in one or two industries, it will fluctuate greatly.
There is an active fund, which will explain which industries to invest in in the name of the fund.
For example, the fluctuation risk of a consumer fund and a medical fund is similar to that of general industry index funds, and is greater than the broad-based index of Shanghai and Shenzhen 300.
(3) The third is the concentration of heavy stocks, which depends on the concentration of heavy stocks of active funds.
In addition to industry concentration, shareholding concentration will also affect the investment style of active funds.
If the shareholding is too concentrated, it will also increase the risk of capital fluctuation.
Index funds usually need to allocate 50- 100 constituent stocks.
For active funds, you can hold shares in a centralized way, usually 10- 15.
Centralized investment has advantages and disadvantages. If the fund manager has strong investment ability, concentrated investment will help improve the income, but it will also increase the risk of fluctuation, that is, the artist is bold.
Active funds increase risks through concentrated investment in exchange for possible higher returns. The risk of most active funds is higher than the index, which belongs to high-risk and high-yield varieties.
(4) Market value and shareholding growth If classified by market value, stocks can be divided into large-cap stocks, medium-cap stocks and small-cap stocks. If classified by growth, it can be divided into value type, balance type and growth type.
There are no clear criteria for judging large, medium and small-cap stocks. Some are large-cap stocks with a market value of more than 2 billion, and small-cap stocks with a market value of less than 30 million. Some are large-cap stocks with the first 100 stocks in Shanghai and Shenzhen stock markets, while the last 200 stocks are small-cap stocks.
Value type generally refers to stocks with high dividends, mature industries and slow growth, while growth type generally refers to stocks with low dividends, high volatility and fast industry growth, and balanced type is somewhere in between.
There is no difference in style itself. From the volatility point of view, small-cap growth funds's stock market value is small, the industry fluctuates greatly, and the fund itself fluctuates relatively. The market value type will be relatively stable.
The higher the proportion of stocks, the higher the concentration of industries and heavy stocks, and the greater the aggressiveness and volatility of small-cap growth active funds. On the contrary, increasing the proportion of bonds and diversifying industries and individual stocks will be more defensive.
Only by paying attention to the above indicators before investing and finding high-quality fund peers in line with their own styles and ideas can we be firm and long-lasting on this road. If you are not sure which is better, defense or attack, you can also distribute it evenly.