This year, the market is more volatile. Compared with the performance of equity public offering in the same period, the strategy of fund investment in equity is slightly better. In the first half of the year, the equity market generally fell, and the fund portfolio showed some resilience. So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!
The investment performance of brokerage funds is stable.
In the first half of 2022, the market fluctuated greatly, and the overall performance level of fund investment was better than that of similar Public Offering of Fund.
According to Guolian Securities, taking general investment as an example, the company's steady strategy of going online in various channels has obvious income advantages. In the first half of the year, the income after expenses was between-0.3% and 0.6% respectively, while the average loss of partial debt mixed Public Offering of Fund and secondary debt base was nearly 2% in the same period; Pure stock strategy also has great advantages in risk control and retracement ability. At the beginning of this year, the maximum retracement of pure stock strategy was around 20%, while the average maximum retracement of partial stock hybrid funds in the whole market was above 25% in the same period.
Warburg Securities launched fund investment in the first quarter of 2022. By the end of June, the average investment holding time of all customers reached 64 days, 83% of customers realized positive returns, and 54% of them used fund investment services for more than 3 months.
It is worth noting that the overall income level of brokers is outstanding. Among the products in the three major directions, the portfolio managed by brokers occupies the head position. For example, in the 12 combination of 100% equity strategy, the top three performances are Guotai Junan Core Power, Guotai Junan Manager Selection and Southern Multi-factor Growth, which belong to Guotai Junan and southern fund respectively.
16 stock bond mixed strategy, the first one is CICC afterburner allocation, and the yield is-1.26%; Followed by Guotai Junan Diamond Selection 1, the yield is-1.76%; The third place is Huaxia Ivy League Education Fund, with a performance of -2.23%. In addition, in the fixed income+strategy, Guotai Junan Anxin Finance also occupies the first place.
"At the beginning of the brokerage fund investment, the market worried that the investment and research ability could not compare with that of Public Offering of Fund. However, the current performance of brokers in investment research is still worthy of recognition. " A brokerage wealth management business person said.
Securities companies strengthen their investment and research capabilities.
"Fund investment business is an important starting point for brokers to transition from seller service to buyer service. Due to the short construction time of the buyer's team, most companies are still in the running-in stage in terms of investment research culture, investment framework and portfolio management, and there is still a certain gap with fund companies and brokerages. " The person in charge of the aforementioned Guotai Junan Fund investment said.
With the continuous development of fund investment business, various securities firms are constantly improving their investment and research systems. Judging from the current situation, these gaps are gradually narrowing.
"The improvement of income level is a gradual process, and there is no shortcut. Among them, the core is to have a mature and verifiable investment logic, and then constantly dig deep and improve, and strictly follow it. " The person in charge of investment business of Guotai Junan Fund introduced.
For example, Guotai Junan Fund has gradually formed a three-dimensional system of "industry-driven+deep alpha = effective frontier", which is based on the comparison between prosperity and medium-sized industries and combined with the investment framework of deep alpha for managers' research. With the accumulation of experience, the overall performance of fund investment is expected to perform better.
Dai Congni, general manager of Warburg Securities Fund Investment Consulting Business Department, said that Warburg Securities is an early institution in the field of financial product research. From the buyer's point of view and cross-market point of view, we have built a perfect top-down asset allocation and bottom-up fund research selection system, which is in the leading position in asset allocation and financial product research, and also independently developed and launched a one-stop fund investment and research platform.
In an interview with reporters, the person in charge of the investment and care business of Guolian Securities Fund said that although in this year's complicated and difficult market environment, portfolio investment represented by fund investment has more advantages than single fund in performance and risk control ability, it is still necessary to improve the income level in the future. In addition to optimizing the funds, we can also improve in many aspects.
"On the one hand, under the premise of matching the liquidity of the top-level investment strategy design, some closed-end products, such as deposit receipt index funds, can be included in the investment alternative funds to expand the investment scope of the funds, which will help enrich the optional fields of asset allocation. On the other hand, develop a more practical framework for the allocation of low-turnover assets for fund assets and strengthen the accuracy of medium and long-term cycle allocation. " The person in charge said.
Balance between "investment" and "consideration"
The foundation of fund investment is investment, but if investors want to get better returns, "caring" is obviously an important part. In fact, many people in the industry told the Securities Times reporter that during the market fluctuation in the first half of the year, many investors took the initiative to close their investment plans, which led to a general contraction in the scale of fund investment. After the market rebounded, many investors were unable to make up for their previous losses due to insufficient positions. In view of this phenomenon, many brokers have invested a lot of energy in investor education and companionship.
"When the market fluctuated violently in the first half of this year, we actively guided our customers to make long-term investment and fixed investment on the left side, eased investors' anxiety and panic through professional services, realized disciplined investment and improved customers' holding experience." Dai Congni said.
Zheng Kedong also said that "the fund investment business is inclusive. To improve the income level of fund investment and nursing, we need to pay attention not only to the strategic income, but also to the customer income. Therefore, the improvement of income level needs to solve three problems faced by individual investors: base selection, timing and short holding time. "
He introduced that in view of the base selection problem, the investment team of Industrial Securities Fund will make professional adjustments to each product entering the pool, and at the same time, portfolio strategic investment is a package fund, which can spread the risk of individual product investment to a certain extent. In view of the timing problem, the team will adhere to the reverse principle, and will not adopt the equity strategy when the market is hottest, nor will it adopt the fixed income strategy when the market is worst. For the short-term holding problem, we will communicate with investors and guide them by setting the holding period.