1. The bigger the fund, the better.
As a product with fixed expected annualized expected returns, money funds usually adopt one-to-one price negotiation. Usually, the party with a large amount of funds has stronger bargaining power and higher expected annualized return on investment. In order to cope with redemption, smaller money funds often hold a higher proportion of cash, so that the funds used for investment will be relatively small, and the expected annualized expected return will also decrease, while the larger funds will have stronger ability to cope with large redemption, especially when financial accounts are closed at the end of the year or the views on the bond market tend to converge. However, in some cases, there are exceptions. When the market expects the annualized interest rate to change, such as the central bank raising interest rates, the smaller money funds will "turn around" and expect the annualized expected rate of return to rise sharply.
For example, we selected four funds, Harvest Currency A(070008), Huaxia Cash Gain A(003003), Jingshun Jingyi Currency A(000380) and Xincheng Currency A (55010), with scales of 33.5 billion, 89 billion, 445 million and 373 million respectively.
Through the observation in the above figure, the expected annualized expected return of the same scale level fluctuates evenly, but there are great differences among different scale levels. The expected annualized expected return of a relatively large money fund fluctuates relatively little, while the expected annualized expected return of a relatively small money fund is slightly unstable. Therefore, we prefer to choose a relatively large-scale monetary fund.
2. The old money fund is more stable.
After a period of operation, the performance of the money fund has stood the test of the market, and it will take time to test whether the newly issued money fund can achieve good performance. In addition, the newly issued money fund has a closed period, during which it cannot be redeemed, and its flexibility will naturally be limited.
For example, we select four funds, Harvest Currency A(070008), Huaxia Cash Increase A(003003), Wanjia cash treasure (000773) and Dacheng Tianlibao Currency E(000726), among which Harvest Currency A and Huaxia Cash Increase A were established for a relatively long time, and Wanjia cash treasure and Dacheng Tianlibao were established at the same time, as shown in the following figure:
From the above figure, we find that the newly established money fund needs a certain asset allocation cycle, and its performance fluctuates relatively, while the performance of the long-established money fund can be maintained in a relatively stable range. At the same time, because the old money fund has been tested by the market, the expected annualized expected rate of return is higher than that of the newly established money fund in the long run. Therefore, He Xun Wealth Management Research Center is more inclined to choose the old money fund.
3. Look at the threshold level
There are two kinds of money funds: A-class money funds and B-class money funds. The main difference between the two is the investment threshold. The minimum investment threshold of A-level monetary fund is only 1 yuan, while the minimum investment threshold of B-level monetary fund is more than one million yuan. Judging from the expected annualized expected return, the expected annualized expected return of B-level monetary funds is generally high, but the investment threshold is too high, so ordinary investors are more suitable for A-level monetary funds.
For example, we select the currencies with different sizes at the A end and B end of Harvest Coin and Jingshun Jingyi Coin for comparison, as shown in the following figure:
By comparison, we find that, regardless of the size of the fund, the expected annualized expected return of the same money fund at the B end is slightly higher than the expected annualized expected return at the A end. The reason is that the investment threshold of B-side is more than one million yuan, and most of the shares are concentrated in the hands of institutional investors, so the redemption of funds becomes relatively easy to control, so it is easier for money fund investment managers to play the allocation strategy of goods base, so their expected annualized expected returns are relatively high.
According to the above data summary, we believe that investors should choose monetary funds with relatively large scale, relatively long establishment time and above-average performance. Investors can choose the A and B terminals of the money fund to invest according to the allocation of funds. The following are four funds introduced to investors:
E Fund Tian Tian A(000009) Scale: 30 billion.
Reason for introduction: Shi, the fund manager, has rich experience in fund management and fixed expected annualized expected return. According to the data, the bond allocation ratio is 45.08% and the cash ratio is 48.67%. Because 30.92% of the varieties are configured within 30 days, he has strong anti-risk ability. The expected annualized expected return of the fund is higher than the average level and fluctuates slightly.
Guangfa currency A(270004) scale:131100,000.
Reason for introduction: The fund manager has rich management experience and advanced allocation, with a bond ratio of 2: 1 and good liquidity. Through the observation of the allocation period, the long-term strategy of the fund effectively ensures that the expected annualized expected rate of return of the fund remains stable above the average level of its kind.
Huaan Cash Fuli Investment Fund A(040003) Scale: 4.782 billion.
Reason for introduction: The allocation of the Fund is relatively balanced, the reverse repurchase of bonds is relatively high, and nearly 60% of the assets are allocated within 30 days, so the Fund has good liquidity and high safety factor.
Harvest Currency A(070008) Scale: 33.5 billion
Reason for introduction: Strong bargaining power for agreed deposits, balanced assets and maturity. Because of its huge scale, various allocation strategies can play a good role, so its performance has been stable above the average level, and the expected annualized expected rate of return and stability are good.
Introduction reading
2065438+April 2005 Focus on Monetary Fund Introduction (List)
20 15 monetary fund net worth ranking (20 15.4. 12)
Depositors may wish to switch to money funds.