Insiders said that when the stock market is in a unilateral bull market, it may be difficult to distinguish the advantages and disadvantages of fund varieties due to the collective money-making effect. However, it is more convenient to see the investment value of each fund when the stock market fluctuates or falls in the short term. Therefore, it is particularly important for different investors to choose a fund that suits their risk preference characteristics.
Different styles of funds are affected differently.
Analysts pointed out that the increase in stamp duty has a great impact on funds with different investment styles. Low turnover fund companies and funds pursuing "buy and hold" investment strategy are more popular with investors, and the increase of stamp duty has a very obvious inhibitory effect on the performance of high turnover strategy funds.
Judging from the fund's stock turnover rate in 2006, Bosera Value Fund's annual stock turnover rate was only 95%, while among more than 50 open-ended partial stock funds, 4 funds' stock turnover rate exceeded 1000%. Stamp duty is raised from 1‰ to 3‰. If Bosera Value Fund maintains an annual stock turnover rate of 95%, it only needs to pay 0.38% more stamp duty for the fund's stock assets throughout the year. Funds whose stock turnover rate exceeds 1000% need to pay stamp duty of more than 4% of the fund's stock assets for the whole year.
According to the analysis of fund financial experts, the increase of stamp duty will make fund companies and funds with low turnover rate more popular with investors, and fund investors should appropriately avoid fund companies and funds with high turnover rate strategy.
According to astronomical statistics, in 2006, the stock turnover rates of ICBC Credit Suisse, Jing Shun Great Wall, Changsheng, Boss and Bank of Communications Schroeder were all relatively low, among which the stock turnover rates of ICBC Credit Suisse, Jing Shun Great Wall and Changsheng were all less than 200%. If these fund companies have always maintained a low turnover investment style, the impact of the increase in stamp duty on their investment performance is relatively small.
Ji Feng is expected to become a safe haven for the time being.
Recently, closed-end funds have fluctuated with the market rhythm, but the overall decline is less than the market adjustment. Some insiders believe that the increase in stamp duty will not affect the transaction cost of closed-end funds, making the safe investment value of closed-end funds more obvious, and it is expected to become a safe haven for "ebb funds".
In order to support the development of closed-end funds, the state has always given preferential tax policies to this industry. China's Ministry of Finance and State Taxation Administration of The People's Republic of China issued regulations declaring that investors (including individuals and institutions) are exempt from stamp duty when buying and selling closed-end securities investment funds. Although the whole market is adjusting, closed-end funds will also be affected, but the transaction only charges commission, and the transaction cost is much lower than that of stocks, which is attractive to investors.
The increase of stamp duty will greatly curb some hot money keen on short-term trading in the market, which will inevitably lead to the influx of short-term hot money in many markets. As a member of the market, the base plate is closely related to the market trend, so once the market shows signs of rebound, the special stamp duty advantage of the plate will attract more capital attention.
Of course, closed-end funds themselves also have certain investment value, mainly because the discount rate is still significant, scarcity and many closed-end funds still have dividend expectations. Although the discount rate of closed-end funds has decreased after the recent surge, the existing discount rates of various funds still make closed-end funds a safer investment variety in the market.
After a round of plunge, the discount of closed-end funds has generally fallen below 30%. If the overall market rises for a period of time, the fund's heavy stocks have a good performance, and the price increase of closed-end funds is weak, then far-sighted investors will pay attention to closed-end funds. In particular, there are many closed-end funds due this year. Due to the discount of closed-end funds, "closing" is indeed an "arbitrage opportunity" without much risk.
Some insiders also reminded that it is not wise to be optimistic about closed-end funds for a long time, and it is not wise to chase up in the short term. The price cannot be divorced from the value track, and the base is still restricted by the market. Faced with the supervision of relevant departments and constant investment warnings, market risks are growing. Investors should avoid chasing up at a high level and should not operate in the short term. The discovery of their investment value should be realized in the long run.
Allocating funds highlights its advantages.
It is worth noting that under the market crash, the net value of some funds has not been greatly affected. These funds are mainly allocated funds known as "both offensive and defensive", such as Bosera balanced allocation, TEDA ABN Amro risk budget, CITIC classic allocation fund and so on. And the decline is relatively small, less than the average decline of the market and funds.
Theoretically speaking, the allocation fund under the brand fund company has the function of helping investors choose the right time. The primary task of such funds is to maximize the interests of investors within the scope permitted by the fund contract, rather than pursuing short-term ranking of fund performance. Therefore, when the market systemic risk is obvious, such foundations reduce the risk by appropriately reducing the stock positions and increasing the allocation of defensive stocks.
From the recent performance, Huaan Bao Li, Haifutong Select, HSBC Jintrust 20 16, TEDA ABN Amro Efficiency Optimization, ICBC Credit Suisse Bank Balance, etc. all show strong resilience and deserve special attention. In the bull market, these funds are often restricted by contracts, and their stock positions are relatively low, which cannot attract enough attention from the market. But it is precisely for this reason that these funds will not be interfered by too many external factors such as net worth ranking in the actual operation process, and they can focus more on market research and judgment. When the volatile market comes, these foundations are expected to achieve better results because they have made full preparations in advance.
There are two types of funds that need to be avoided temporarily.
As soon as the stamp duty on securities transactions was raised, the stock market fell, and the fund was naturally not spared. After the adjustment began, index funds were undoubtedly the most affected.
Because index funds passively copy the index, once the index falls, the net value of the fund naturally falls, and it is impossible to actively lighten the position and reduce losses. The recent market adjustment shows no signs of ending, so the risk faced by index funds is relatively greater than that of other funds.
Due to the continuous strengthening of market supervision, theme stocks and poor performance stocks have recently fallen continuously, and market funds have obviously flowed to blue-chip stocks. The trend of funds holding blue chips is obviously much more stable, while the net value of funds holding small-cap stocks is much lower.
Small-cap funds are relatively small in the process of rising, so as long as the shareholding ratio is concentrated, once the stocks in their hands perform well, the net value will rise very obviously; However, in adjusting the market, the anti-risk ability of this fund is naturally much weaker than that of the aircraft carrier fund. Therefore, it is necessary to avoid small-cap funds with radical styles in the near future. (