In the face of a quarterly report of publicly issued funds, many people may think that a report is tens of thousands of words, full of various data, companies, industries and professional terms, and it looks too big. What is the quarterly report of the fund company? Bian Xiao compiled here how novices read the quarterly report of the Fund for your reference. I hope everyone will gain something in the reading process!

What are the regular reports of the fund?

There are three kinds of regular reports of funds: quarterly report, semi-annual report and annual report.

Quarterly report: once every quarter. With strong timeliness, it is usually released within 15 working days after the end of a quarter to introduce the operation of the fund since this quarter.

Semi-annual report: once every six months. Semi-annual reports are generally published within 60 working days after the end of half a year, and the amount of information is between quarterly reports and annual reports.

Annual report: once a year. The annual report is the most informative and comprehensive, but it is usually released within 90 working days after the end of the year.

Where can I see the quarterly report?

In the fund companies official website and Tian Tian Fund, you can check the quarterly, semi-annual and annual reports of the fund and other related information.

What does the fund quarterly report look at?

1, look at the fund income

Presumably, this is the issue that everyone is most concerned about. We can understand the performance of this fund in the past period of time through the "net performance of the fund".

Specifically, we can look at it in two parts:

(1), the fund's net value increased.

Through the net growth rate in the table, we can know the income of this fund in the past six months, the past year, the past three years and other different time periods, and understand the income of the fund in the past period.

(2) the performance of the fund's net growth relative to the performance benchmark.

As shown in the figure, the benchmark of performance of Morgan Huixuan Growth A Fund in Shanghai Investment Corporation is CSI 800 Index Yield _75%+ CSI Hong Kong Stock Connect Index Yield _ 10%+ SSE government bond index Yield _ 15%, and (-) indicates the benchmark of outperforming performance. The greater the value, the more the fund performance exceeds the benchmark.

2. Look at what the fund bought.

Through the portfolio report, we can see the number of stocks/bonds held by this fund and other information, and which industries and stocks have made heavy investments.

3. Look at the fund investment strategy and operation analysis.

Here you can understand the investment ideas of fund managers and think about some views on the market outlook.

Similarly, taking the third quarterly report of Morgan Huixuan Growth A Fund in 2020 as an example, Li Dehui, the fund manager, said in the report, "Looking forward to the fourth quarter of 2020, we believe that the domestic economy will continue to recover weakly, the liquidity is still moderately loose, and the equity market as a whole is cautiously optimistic. In the medium and long term, we believe that the total macro demand will gradually slow down, and there will be a competitive substitution relationship at the micro level. From an investment perspective, we hope to choose some industries or companies that are in a favorable position in future competition. "

So which industries will fund managers be optimistic about?

"We are optimistic about industries such as science and technology, new energy vehicles, photovoltaics, medicine and other industries with medium and long-term demand expansion and internal competition substitution, and we are optimistic about the consumer industry with stable demand growth. In terms of science and technology industry, we believe that the online economy is accelerating to replace the offline economy. Online, digital and cloud will help improve the efficiency of the entire industrial chain and thus have greater vitality. Internet giants with strong network effects and cloud computing companies with strong technical strength are scarce core assets. Hardware terminals are optimistic about the replacement cycle of 5g, and software requirements are optimistic about the applications after 5g. In the new energy automobile industry, intelligent driving is the future. Economical pricing and intelligent products allow consumers to slowly accept new energy vehicles, and the industry penetration rate is expected to increase rapidly, benefiting two key links: intelligence and electrification. In the photovoltaic industry, the demand for long-term replacement of traditional power generation makes the photovoltaic industry have sustainable growth potential, and domestic leading companies also have global competitiveness. In the pharmaceutical industry, the aging population leads to a continuous increase in the total medical demand, but the ability to pay is difficult to keep up with the demand growth, and the price reduction of the whole industry chain will be an inevitable trend, and innovative companies will benefit from the competition. In the consumer industry, with the stabilization of the economy and the wealth effect of residents, high-end consumer goods and cost-effective products have strong demand resilience. "

Specific to the selection of individual stocks, the fund manager said: "We prefer platform-based companies with sustainable growth and strong competitiveness, and hope to reduce the fluctuation risk of industry demand through the leading edge of excellent companies and strive to obtain long-term and stable excess returns."

Through these points, we can also have a general understanding of a fund from the aspects of performance, investment direction, investment strategy and fund manager, so when we are entangled in which fund to buy, we might as well look at the previous quarterly reports of the fund to help us better understand the fund and fund manager.

Under the current market, many investors get on the bus worried about being quilted, but they are afraid of stepping on the air. For most investors, professional things should be left to professional people to do, choose investment direction and excellent fund managers. If you are optimistic about the market outlook, you can buy it once. If you are not optimistic about the market outlook, you can also consider buying in batches and sharing the long-term growth dividend of the enterprise through long-term investment.

Tip:

First, we should pay attention to arranging the proportion of fund varieties according to our own risk tolerance and investment purpose. Choose the fund that suits you best, and set an investment ceiling when buying partial stock funds.

Second, be careful not to buy the wrong "fund". The popularity of funds has led to some fake and shoddy products "fishing in troubled waters", so we should pay attention to identification.

Third, pay attention to the post-maintenance of your account. Although the fund is worry-free, it should not be left unattended. Always pay attention to the new announcements on the fund website, so as to have a more comprehensive and timely understanding of the funds you hold.

Fourth, pay attention to buying funds, and don't care too much about the net value of funds. In fact, the fund's income is only related to the net growth rate. As long as the fund's net growth rate stays ahead, the income will naturally be high.

Fifth, we should be careful not to "love the new and hate the old" or blindly pursue new funds. Although the new fund has inherent advantages such as preferential prices, the old fund has long-term operating experience and reasonable positions, which is more worthy of attention and investment.

Sixth, we should be careful not to buy dividend funds unilaterally. Fund dividend is the return of investors' previous income, so it is more reasonable to change the dividend method to "dividend reinvestment" as far as possible.

Seventh, we should pay attention not to talk about heroes in the short term. It is obviously unscientific to judge the pros and cons of the fund by short-term ups and downs, and it is necessary to make a comprehensive evaluation of the fund in many aspects and conduct a long-term investigation.

Eighth, we should pay attention to the flexible choice of investment strategies such as steady and worry-free fixed investment and affordable and simple dividend transfer.

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