Investment is like love, financial management is like marriage, the object is unreliable, and relatives cry. Since we have to entrust it for a long time, we certainly don't want to entrust it to people who have no humanity. So, how do we novices choose reliable fund managers? Bian Xiao compiled here what kind of fund managers are reliable for your reference. I hope everyone will gain something in the reading process!

Perfect performance

Of course, good performance is an important manifestation of reliability. But we must realize that when we talk about performance, what are we talking about? What we value is the sprint champion? Or a long-distance runner?

Perhaps the answer is simple: it must be a long-distance runner! But in fact, when we invest, it is difficult to maintain such rationality, but it is easier to be influenced by short-term performance.

For example, we often hope to make money immediately after buying it, and then we are eager to be bullish every day after buying it-therefore, it is easier for us to choose funds with gratifying recent gains to chase high; At the same time, it is difficult for us to tolerate fluctuations in performance. If it does not increase in the short term, it is often easy to cut the meat and leave.

It is not our fault to chase up and down, but it is indeed a weakness of human nature. This weakness leads to the selection of fund managers only by performance, especially short-term performance, which is not reliable.

Top ranking

At the end of each year, the fund rankings of major media are in full swing, and the champion fund managers are in hot pursuit. However, the market is unpredictable and the style is constantly changing. No matter how good the fund is, no matter how good the fund manager is, it is impossible to stay ahead forever. Chasing fund managers according to short-term rankings is often the same thing. When we catch up, we may have missed the wind.

Therefore, only looking at performance and ranking can't help us find a reliable fund manager.

Because fund investment is actually a matter that needs long-term persistence. In order to find a reliable partner, we should travel together. You can't just look at face value (performance) or height (ranking), you should consider it comprehensively.

The main characteristics of a reliable fund manager are:

1, unique style

It is the external embodiment of fund manager's investment philosophy and investment logic. Having a mature and perfect investment theory system and investment logic, to a great extent, shows that fund managers have experienced the tempering of the market and often stand the test of the market.

2. Good performance

It not only means good short-term performance, but more importantly, good long-term performance. Because compared with short-term performance, medium-and long-term performance can better explain the continuity and stability of fund managers' investment methods, which is an important guarantee for reliable performance. Of course, the most ideal fund must have good short, medium and long-term performance and continue to provide us with a good foundation for export confidence.

3. A beautiful retreat

It is important to retire beautifully, but it is also easy to be ignored. In fund selection, there are two very important indicators: one is the maximum withdrawal amount, and the other is the Sharp ratio. Maximum retracement is used to describe the biggest loss that investors may face in a certain period of time. The control of retracement reflects the active management ability of fund managers in confronting market fluctuations. Sharp ratio is used to measure the return of a fund on the basis of taking certain risks. The higher the Sharp ratio, the higher the excess return of the fund under the same risk, and the better the portfolio performance.

The fund manager is mainly responsible for deciding the investment portfolio and investment strategy of the fund under management, for example, switching positions of the constituent stocks of the fund. For stock funds, fund managers may also visit listed companies to conduct further research and in-depth analysis of stock fundamentals. When the portfolio and investment strategy of the fund manager change, the expected return on investment of the fund will also change. Therefore, before buying funds, investors need to refer to the historical performance of fund managers, understand their investment strategy style and management level, and try to choose funds with better historical performance of fund managers for investment. Of course, for the same fund, its fund manager is not static, and there may be changes in the fund manager. Faced with this situation, investors should compare the investment strategy and historical performance of the fund manager before and after the change, and then sell or continue to hold it.

In the past two years, the returns of funds purchased by many investors are generally unsatisfactory. What caused the large losses of most funds? Mars, an analyst at Shanghai Securities Fund Evaluation Center, pointed out that, first of all, the essence of fund products is the combination of securities, and the performance of fund income is closely related to the performance of the underlying market. In the continuous decline of the stock market, it is difficult for equity funds and hybrid funds, which mainly invest in stocks, to achieve positive returns. In the case of rising stock market, most partial stock funds can often achieve positive returns. Therefore, it is impossible for funds to create myths and create high positive returns in the continuous decline of the market in recent years.

From the long-term performance, in most cases, the overall performance of funds is better than that of individual investors, especially in bull markets and volatile markets. For example, in 2006 and 2007, more than 80% of equity funds achieved a return of more than 100%, while the proportion of individual investors was less than 20 12 years. Nearly 50% of equity funds have achieved a return of 5% to 30%. According to the survey, more than 50% of individual investors have lost between 5% and 50%. Therefore, the fund is still a good investment tool for individual investors to participate in the capital market.

All kinds of problems, whether China's stock market construction, economic development or asset management industry, can't be eliminated in a short time, and all need the rationality of the market as a whole to promote it. However, as investors themselves, we must measure our risk tolerance clearly and not blindly listen to the propaganda of sales staff. If your risk tolerance is weak, or the funds you want to use in the short term, you can't invest too much in a single stock fund to avoid being greatly affected by the risk of stock market fluctuations. Therefore, for individual investors, it is more meaningful to have a long-term investment mentality, choose appropriate fund products according to their own risk tolerance and renewal, avoid excessive pursuit of popular funds with outstanding short-term returns, pay more attention to funds with relatively stable long-term performance, and spread risks through fixed investment and portfolio allocation to obtain long-term stable returns.

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