In particular, the products of star fund managers are sought after by various funds. On June 5438+1October 18, the total subscription scale of E Fund's competitive enterprises managed by Feng Bo reached 239.858 billion yuan, setting a new record for the issuance of new funds, and the enthusiasm for fund subscription reached a climax.
In the climax of the development of stock funds in the past two years, many "new citizens" poured in in the tide of financial management. Faced with the high returns of stock funds in the past two years, hundreds of billions of funds are madly subscribed, and the market is unprecedentedly enthusiastic about investment, we should settle down and ask ourselves: Should we buy a new fund after all? Do you want to go after the "star"? As a "new citizen", how to find a product that suits you without being fooled into buying a fund?
To this end, Fund Jun issued five "soul tortures" to the industry:
1. Why are equity funds madly sought after by funds?
2. Is a star fund manager worth chasing?
3. Why is the public offering of FOF as an investment expert, and the product guide clearly requires that no new fund can be invested within 1 year?
Should I buy a new fund or an old fund managed by the same fund manager?
5, financial management Xiaobai to do fund investment, how not to be fooled to buy funds?
Fund Investment Department of ICBC Credit Suisse Bank, Chairman of Bosera Fund Equity Investment Committee, Yang, Dean of Mi Ying Fund Research Institute, Fund Analyst of Zhongrong Fund and Shanghai Securities Fund Evaluation Research Center, and Mai Jing, General Manager of Bosera Fund Multi-asset Management Department, and many other fund industry institutions and people accepted an exclusive interview with Mr. Fund Jun and answered the above-mentioned hot issues in the market.
They believe that the stock market is picking up, equity funds are making money, and funds have become the choice of national financial management. However, from the data research, the "idolization strategy" may not be effective, and investors should not blindly chase star fund managers and star products. Due to the short operation period of the new fund, the public offering FOF, as a "base selection" expert, will not buy the new fund.
However, the new and old funds are suitable for different markets, and most industries recommend the rational practice of "buying the old in a bull market and buying the new in a bear market". They also suggested that new entrants should know more about fund investment, look for products that match their risk preferences, and form a good habit of rational investment and long-term investment.
Long-term money-making effect appears
Fund becomes the choice of national financial management.
China Fund News reporter: Since the beginning of this year, the capital market has been hot, and explosive funds have appeared frequently. What is the reason why the market pursues new equity funds?
FOF Investment Department of ICBC Credit Suisse Bank Fund: The new fund is sought after by investors for the following reasons:
First, the stock market has picked up in the past two years, with partial stock funds outperforming the main broad-based index, and the fund's profit-making effect has improved.
Second, under the structural market, because institutions are generally leading companies with excellent fundamentals, the excess returns in recent two years are remarkable, while the median income of funds is obviously higher than that of stocks, and the income of retail investors buying stocks is far lower than that of retail investors, which leads some investors to participate in the stock market by buying funds.
Bosera Fund Zhang Long: There are two reasons. First, the turning point of China residents' household assets allocation to equity assets has arrived. In 20 19, the per capita GDP of China exceeded 1 10,000 USD. According to the adjustment of purchasing power parity, this per capita GDP level is equivalent to that of Japan1mid-1970s. Since then, the proportion of real estate in Japanese household assets has been declining year by year, and the attraction of equity assets to residents' asset allocation relative to real estate is reversing.
Second, after the 20 15 stock market crash, the Shanghai Composite Index and the Growth Enterprise Market Index fell by 45% and 70% at most, and the investment income level of most ordinary individual investors and private equity institutions dropped sharply, resulting in heavy losses. Traditional bank wealth management products are converted into net worth, and it is impossible to protect the capital and income. However, the overall net value of outstanding public offerings of the fund's active equity products declined slightly, and continued to significantly surpass the index and private equity and individual investors in the past two years. The development of Public Offering of Fund is gratifying, and it is also the recognition of Public Offering of Fund's professional investment and research level by investors.
However, if the fund scale increases several times, the fund management level fails to keep up, and then with the fluctuation of the market, the income of fund holders is damaged, which is unstable. Historically, a large number of funds were issued in the second half of each boom, which also brought harm to investors and the fund industry.
Zhongrong Fund: The most direct reason is the money-making effect of stock funds. From 20 19 to 2020, the increase of equity funds is more prominent than historical data. There are many varieties with annualized rate of return exceeding 30% or even 50%. In recent years, many funds have gained more investment income through fund investment, which will trigger a continuous buying effect. In this process, due to the relatively high historical income of excellent fund managers, the reason behind the money-making effect of stock funds should be the continuous recovery of the stock market.
As for the change of the concept that buying funds is not as good as buying stocks, it is still a form of expression and does not belong to the reason. The statement about channel flicker is unreasonable. If the product itself lacks bright spots, it is of little significance to rely solely on the so-called "channel flicker".
Mi Ying Fund Yang: In my opinion, it's still the same as before. First, the profit-making effect brought by the equity bull market 20 19 Since the beginning of the year, not only the sales of equity funds have hit record highs, but also the stock market turnover has remained at a high level; Second, continued monetary easing. In order to fight the epidemic, global central banks continue to release water, leading to global monetary easing. The Bank of China is relatively restrained, but the domestic situation is still relaxed.
Different from the past, public offering of funds has become the financial choice of the country. After so many years of investor education, plus the professional, standardized and convenient advantages of Public Offering of Fund, it has become the first choice for more and more China people to manage their finances. On the other hand, the sales channels and investors under scarcity have reverse thinking. From the perspective of protecting investors, regulators often limit the sales ceiling of a single fund during the hot market, and fund companies will also clearly stipulate the sales ceiling during the issuance period.
Investors and sales channels will generally roughly estimate the recent placement ratio, and push back the actual subscription amount according to the planned subscription amount and the expected placement ratio. For example, an investor plans to buy a new fund of 200,000 yuan, and it is known through various channels that the recent placement ratio is about 10%. In order to really invest 200,000 yuan, investors may have to raise 2 million yuan to subscribe.
Han Yang, Shanghai Securities Fund Evaluation and Research Center: The reason why new equity funds are popular with funds can be mainly attributed to the following points. First, the popularity of fund issuance is closely related to the market environment. At present, the equity market continues to fluctuate upward; Secondly, the overall performance of equity funds in 20 19 and 2020 is excellent, which proves their investment management ability.
In this context, fund companies have accelerated the layout of new products, with the help of Public Offering of Fund's public publicity advantages, * * * to help raise new products.
The "idolization strategy" may not be effective.
It is unreasonable to blindly idolize.
China Fund News reporter: Is a star fund manager worth pursuing?
Bo Shi Fund Mai Jing: At present, there are more than 7,000 funds and more than 2,000 fund managers in the market. Some investors may say, we buy star funds.
Then let's talk with data and see if idolization is an effective strategy. Suppose we buy the top ten funds at the beginning of each year and stick to it for ten years. What do we get in return after ten years? The annualized average income is 9. 18%. I believe that the return of 9. 18% is also a good return level for many investors, but what is the biggest decline we need to endure in this process? However, it fell by 47.23%, almost halved, which I believe is unbearable for most investors. Generally speaking, idolization strategy is not a very effective strategy.
Faced with such a pain point, our solution is to let FOF fund managers and teams choose funds. FOF fund managers and their teams will select high-quality funds through professional fund screening. It is also necessary to combine the judgment of market style, allocate funds suitable for the current market style, and finally build a suitable fund portfolio.
FOF Investment Department of ICBC Credit Suisse Bank Fund: Not all star fund managers are worth pursuing. Because the basic people lack the necessary knowledge and ability of selecting bases, it is inevitable to follow the trend of idolize, which brings a series of problems.
On the one hand, idolize's strategy has low cost performance and poor persistence of excess returns, and ultimate performance often implies ultimate deviation risk; On the other hand, following the trend will often lead to a series of problems such as mismatch between products and their own risk tolerance, mismatch with cash flow demand and so on. , resulting in frequent short-term redemption of funds, and the redemption cost leads to a large loss of investment income.
Yang, Fund: From my personal preference, I like excitement, but I don't like to go to crowded places: there may be trampling in crowded places besides excitement.
The phenomenon of star fund managers should be treated dialectically: first, good performance is a necessary but not sufficient condition for becoming a star fund manager, and the combination of marketing team's promotion ability and market style is another condition for excellent fund managers to become "stars".
Secondly, every fund manager has a capability boundary, and every strategy has a capability boundary. Historically, when excellent fund managers are highly sought after by market stars, it is often when asset prices are high: even if this fund manager can create excess returns for a long time, how many investors eager to buy can hold them until the end?
Zhongrong Fund: In fact, star fund managers become stars mainly because of their outstanding historical performance. Therefore, we should analyze the style characteristics and suitable market types of star fund managers during the inspection, and then judge whether their performance is still sustainable in the future.
From the probability point of view, there will be some star fund managers whose future performance is still sustainable, but it does not rule out that some products may not be suitable for the future market environment, and the risks may exceed expectations. There is nothing wrong with choosing the products of star fund managers, but it is unreasonable to blindly pursue star fund managers.
Han Yang, Shanghai Securities Fund Evaluation Research Center: Star fund managers are so famous that they usually prove their investment ability with excellent historical performance. However, historical performance does not necessarily mean that we can get excess returns in the future. By tracking the performance of these explosive products, it is also confirmed that not all explosive products can perform well.