For ordinary investors, the most important thing for us is not to face the excitement and anxiety in the process of every market rise or fall, but to choose funds. This selection process is a process of constant judgment and comparison. Today, Bian Xiao will share with you the choice of new fund or old fund for your reference only!
Choose a new fund or an old fund.
Investors need to correctly understand the advantages and disadvantages of buying new funds, and choose carefully in combination with multiple factors. Many investors buy new funds because of the consideration of purchase cost, but the new fund with a face value of one yuan does not mean that the old fund with a net value of more than one yuan is "cheap". The lower the net value of the fund, the cheaper it is, which is essentially different from the stock price. The price of a stock depends on the price people are willing to pay. Investors can decide whether the stock price is overvalued or undervalued according to the profitability and cash flow of listed companies. The price of the fund is based on the value of the investment position divided by the share, which has nothing to do with how much investors are actually willing to pay for the fund, and has nothing to do with the future upside of the fund.
If an excellent fund manager's investment ability is recognized, and the strategies of the new fund and the old fund are consistent, then buying the old fund managed by the fund manager may be a good investment choice. After the establishment of a new fund, there is usually a opening period of about 6 months. Although the specific opening time and market are decided by the fund manager after comprehensive consideration, if the opening time happens to meet the upward stage of the market or the short-term high point of the stock market, the new fund may not have more advantages than the old fund. Of course, if the new fund encounters a continuous decline in the market during the period of opening positions, in theory, the fund manager can adopt the strategy of slowly reducing positions, which can reduce the cost of opening positions to a certain extent and have an advantage over the old fund in net value performance in the short term. But in any case, from the perspective of long-term investment, "new" and "old" are not considerations for buying funds, but whether we believe in the investment ability of fund managers.
How to improve the investment income of the fund
When many investors look at their investment transcripts, they find that although the fund products they bought show a high rate of return, they have not obtained the same income. Why "funds make money, while citizens make little or no money"? To understand the mystery, first of all, we need to understand and distinguish two different income concepts-total capital income and investor income.
The total income of the fund is the rate of return we usually see in the fund. It calculates the rate of return of the fund in a certain period according to the net value of the fund unit, which can better reflect the investment management ability of the fund manager, regardless of the direct impact caused by the redemption of investors in this period; Investor's return is the return close to the real experience of investors after considering the inflow and outflow of investors' funds during the period. Unless the buy-and-hold strategy is adopted (that is, there is no buying or selling behavior during the statistical period), it is almost impossible for investors' income to be completely equal to the total income of the fund. When the total income of the fund is positive, and the income of investors is lower than the total income, or even negative, there will be a phenomenon that "the fund makes money, and the people earn less or not". The reasons are as follows: First, the types of funds are complex and difficult to optimize. There are more than 4,000 stocks in the domestic stock market, and the number of funds has exceeded 8,000. Therefore, investors in the huge fund market to choose funds is tantamount to looking for a needle in a haystack. Second, "champion sprinter" is not equal to "general who always wins". From the market point of view, under the good market environment in recent years, stock funds have generally achieved good investment performance. However, in a longer period of time, the yield of different products is quite different, especially when the market environment is no longer so good, the composition of luck will be significantly distinguished from the ability, and the phenomenon that the so-called sprint champion does not mean winning the general will be more obvious. This requires investors to have certain judgment ability and methods when choosing funds. We can't choose the top products according to the short-term performance ranking, but choose the products with stable fund managers who can still achieve good and stable performance after different market experiences. Third, chasing up and down leads to the loss of the fund's "sense of gain". In the final analysis, the difference between investors' income and fund income comes from investors' own investment behavior, and individual investors are obviously at a disadvantage in grasping the opportunity.
How to improve your return on investment? We believe that investors can improve their returns from four aspects: making financial plans, making long-term investments under the guidance of large-scale asset allocation, paying attention to the choice of fund managers, holding low-cost and high-quality products for a long time, and controlling investment costs. These four aspects can promote each other. For example, making a financial goal and plan can provide a good attitude for long-term holding, while diversifying investment can help investors avoid too much fluctuation in long-term investment. Establish an asset allocation scheme suitable for your risk preference under a financial management goal and plan, select fund products suitable for long-term holding and spanning the bull-bear cycle from the perspective of portfolio construction, establish the habit of regular fixed investment, and have good returns.
Constructing fund portfolio is a long-term compulsory course.
For prudent investors, the performance of a single fund fluctuates too much to meet the needs of asset allocation. Building a fund portfolio suitable for personal risk tolerance has become a "compulsory course" for long-term investment. In the process of building the combination, the combination configuration mode of core+satellite can be adopted. When making the core portfolio, we should follow the simple principle and pay attention to the stability of performance rather than volatility, that is, the funds in the core portfolio should have good diversification and stable performance. Investors can first choose funds with low rates, long tenure of fund managers and easy-to-understand investment strategies. In addition to the core portfolio, it is advisable to buy some industry funds, emerging market funds and funds that invest heavily in certain stocks or industries to diversify their investments and increase the income of the entire fund portfolio. How many funds are best to hold in your portfolio? There is no law. It should be emphasized that the diversification of the whole portfolio is far more important than the number of funds. If the funds you hold are all growth-oriented or concentrated in a certain industry, even if the number of funds is more, it will not achieve the purpose of diversifying risks.
When we do a long-term work, such as investment, we should not rely on "good luck", but on the correct investment concept, stable and sustainable investment methods and the most important "function" in investment. Therefore, perhaps most people do not have professional investment skills, but the fund itself is a professional person doing professional things. What we have to do is to believe in specialty, value investment, fixed investment and long-term investment. This is not only the fund investment advice of 202 1, but also our life-long investment guide.
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