Judging from the investment targets, the investment scope of the eight funds is close, all of which are the Shanghai and Shenzhen 300 Index and new shares (IPO or additional issuance). The difference is that some funds have made detailed provisions on positions in their contracts. For example, Dacheng CSI 300 stipulates that the portfolio assets of the fund tracking target index should not be less than 90% of the fund's net asset value in principle, and the proportion of stock investment can be increased to 65,438+000% of the fund's net asset value.
From the performance comparison benchmark, except for the performance comparison benchmark of Cathay Pacific CSI 300, which is 90%× CSI 300 index yield+10%× interbank deposit yield, all other performance comparison benchmarks are 95%× CSI 300 index yield +5%× interbank deposit yield.
In addition, according to the classification of funds, Jiashi CSI 300 and Penghua CSI 300 are LOF index funds, and other index funds are open index funds. Judging from the tracking index error and investment income, Harvest CSI 300 Fund has more investment advantages.
Through the fund investment index
Han Yi, deputy general manager of Daotong Futures Beijing Sales Department, told the reporter that it is difficult to judge the linkage between the futures market and the spot market because the specific documents of stock index futures have not yet been issued, but in theory, 300 index funds can be used as the hedging of stock index futures.
Zheng Lili, an analyst at Bohai Securities, calculated an account for the reporter. Based on the 2700 points of the Shanghai and Shenzhen 300 Index, assuming that one point is in 300 yuan, the margin ratio is 10%, and the capital needed to make the first-hand stock index futures is 8 1 1,000 yuan. However, if you want to establish a corresponding position in the spot, regardless of other expenses and risks, the required funds will be 8 1 10,000, which is not affordable for ordinary retail investors.
However, individual investors with small funds can indirectly invest in the CSI 300 Index by holding the CSI 300 Index Fund.
Judging from the four new funds this year, the trend of retail investors is obvious. It is reported that the average initial amount of these four new funds is 65.438+95.8 million yuan, and the subscription amount of each household is less than 60,000 yuan.
The proportion of the other four old funds is not high. The 2008 annual report of Dacheng CSI 300 Fund shows that its institutional shareholding accounts for 20.84% and retail shareholding accounts for 79. 16%. Harvest 300 Annual Report shows that institutional investors account for 20.4% and individual investors account for 79.6%. Bosera Yufu institutional investors accounted for 15.32%, and individual investors accounted for 84.68%. The proportion of institutional investors in cathay pacific fund is only 2.64%, and the proportion of individual investors is as high as 97.36%.
Han Yi believes that fund companies competing to launch 300 index funds are not entirely related to stock index futures. Research shows that long-term investment in constituent stocks of some important indexes will have higher returns than investment in non-constituent stocks, which is also one reason why fund companies push 300 index funds.
The smaller the tracking error, the better.
"From the perspective of professional evaluation, the evaluation of index funds still depends on the tracking error." Galaxy Securities analyst Ma Yongzhen told reporters.
Zheng Lili also believes that from the perspective of hedging function, the smaller the tracking error of index funds, the better.
In the terms of the fund contract, Harvest CSI 300, ICBC Credit Suisse 300 and Southern CSI 300 all stated that "the daily average tracking error between the fund net growth rate and the performance measurement benchmark is less than 0.3%."
The regulations of Guangfa, Cathay Pacific and Dacheng are to strive to control the daily average tracking error between the fund net growth rate and the performance benchmark within 0.35%.
The rule of Bosera Fortune is to strive to keep the positive correlation between the growth rate of fund net value and the growth rate of target index above 95%, and the annual tracking error below 4%.
"Fund companies set tracking error standards mainly to see whether the input-output ratio is worthwhile, not for technical reasons. According to the regulations, as long as the tracking target is not less than 5%. " Ma Yongzhen said.
Wind information data shows that four Shanghai and Shenzhen 300 funds with outstanding performance last year were observed with weekly frequency. The largest tracking error is Cathay Pacific-CSI 300, with a tracking error of 0.9879%, and the smallest is Jiashi-CSI 300, with a tracking error of 0.4 133%, Dacheng-CSI 300 with a tracking error of 0.4522% and Bosera-Fuyu with a tracking error of 0.5673%. Harvest CSI 300 has the best tracking performance, and the performance of the other four funds in the opening period remains to be seen.
Choose a fund with low fees.
In addition to tracking errors, for some investors who aim at obtaining absolute returns from the index rise, they are more concerned about fund returns.
According to the available data, the Harvest CSI 300 Index Fund, which was established on August 29th, 2005, has the highest annualized rate of return, reaching 29.23%, and the largest fund share under management is 38.622 billion. Secondly, Dacheng CSI 300 Index Fund was established on April 6, 2006, with an annual yield of 24.2% and a share of 7.397 billion shares. Guotai CSI 300 was established in June, 2007 165438+ 10/,which was untimely. After the issuance, its stock index fell sharply, and the annualized rate of return was -36.96%. Bosera Yufu was established in 2003, with an annualized rate of return of 15.42%. However, since it started tracking the Shanghai and Shenzhen 300 Index from 1 in 2008, its performance has little reference significance.
Some analysts pointed out that because these funds are tracking indexes, the performance difference will not be too big. In this case, investors need to pay more attention to the impact of fund fees on performance.
These eight index funds set different rates for different levels of subscription. If the subscription amount is large enough to reach 5 million yuan (some are 100000 yuan), the fund company will charge10000 yuan for each subscription. In terms of redemption rate, if it is held for 2 years or more, the redemption rate is 0.
Assuming that an investor with a large amount of funds can make long-term investment, the subscription and redemption costs can be ignored, and finally the fund management and custody costs can have an impact on the income.
Comparatively speaking, Harvest and Cathay Pacific have the lowest expenses, with management fee of 0.5% and custody fee of 0. 1%. Followed by ICBC Credit Suisse, the management fee is 0.6%, and the custody fee is 0.1%; Followed by South China's 0.65% management fee and 0. 15% custody fee; The management fees of Guangfa, Dacheng and Penghua are all 0.75%, and the custody fees are all 0. 15%. The highest is boss, with management fee of 0.98% and custody fee of 0.2%.
Therefore, from the perspective of tracking error and investment income, Harvest CSI 300 is a good choice.
However, it should be noted that although indexed investment should be based on long-term investment, long-term investment is not permanent investment, so it is necessary to choose a reasonable exit opportunity. If investors want to do band operation, they have to consider the issue of subscription and redemption fees.