Lu Lin footballer represents most non-professional young investors. When she first entered the financial circle, she tried to invest in water funds. They rushed into the market when the stock market and fund market were hot last year, hoping to share a piece of the bull market. "Copying homework", "buying with the wind" and "chasing up and killing down" are common problems when entering the investment market.
Chen Hai, who entered the workplace after 1995, and vilen, who is still a senior, one settled in Harbin and the other went to school in Fuzhou, but both of them love to use financial bloggers to buy funds. After tasting the sweetness of the fund at the beginning of last year, even in the face of ups and downs in the market, they are determined to start with fund investment and embark on their own financial management road. However, Li Xiang, who ended in failure in the first fund war, still regretted his radical operation of "chasing up and killing down".
At the end of last year, the scale of some funds grew explosively, and the first fund manager with a scale of 100 billion was born, and the role of new people was remarkable. The red envelope market that appeared before the Spring Festival this year attracted many investors to flock to the market. In particular, the fund performance of stocks such as heavy liquor is eye-catching, and it has also become the focus of many new people's attention.
"I haven't realized the happiness of making enough money, and I have already started the loss model, or I am close to the edge of loss." Since the opening of the market after the Spring Festival, Public Offering of Fund, which rose sharply years ago, suffered heavy losses due to the substantial adjustment of liquor and other shares. The profit of the position of more than 8,000 yuan before Lu Lin footballer Festival quickly shrank to around 2,400 yuan. Among them, during the period from February 18 to March 4, the net value of Baotuan equity fund with the most positions fell by 19.2%. After some operations in several funds, Li Xiang finally cut the meat and left, and the principal of 40,000 yuan lost 4,700 yuan.
Faced with the great changes in the post-holiday market, the same question before these investors who have just entered the fund market is: Why did the fund plummet, how long will it fall, and whether to add positions or clear positions?
When the market fluctuates repeatedly and tests the risk tolerance of non-professionals, the "first experience" of their fund investment can be imagined; Can the "tuition" they pay be exchanged for the growth and maturity of the personal market?
"Copy homework"
Last September, vilen, a college student, came across the financial statements of a financial blogger while brushing Weibo. "I am very excited to see that the income is good, so I want to try it myself. In particular, Alipay 10 yuan can be bought, with low threshold and convenient operation. " The fund investment channel in Alipay's financial management interface made vilen really take a step in fund investment.
As a student majoring in electronic information engineering, vilen doesn't have any knowledge of financial management, and the principal is usually earned by working part-time. "In the beginning, I copied my homework directly from the blogger, and at the same time learned a little fund knowledge and bought funds in liquor, new energy, military industry and other sectors."
Nan Tucki, chief financial planner of Pomegranate and secretary general of Jiangsu Financial Planners Association, said in an interview with Economic Observer that there are both professional voices and unprofessional eye-catching remarks on the Internet. The latter tends to ignore the risk of fund investment and exaggerate the current income for the sake of flow. Then, when there is a sharp adjustment in the market, investors who follow suit with a serious lack of risk expectations can easily trigger a wave of redemption.
It is true that fund investment is highly sought after, which is closely related to the bright performance of the fund market, and it also makes the phrase "buying funds is not as good as stock trading" more and more popular.
According to the data of China Asset Management Association, as of June 65438+February 3, 2020, there were 79 13 Public Offering of Fund in the fund market, and the overall fund size was 19.89 trillion yuan, up by 20.92% and 34.7% respectively compared with the end of 20 19.
In fact, although she held positions for half a year, what really made Lin Biao feel that the fund could make money was the period before the Chinese New Year. "When you open the APP before going to bed every day, you can see that the income of the fund account has increased by hundreds or thousands of dollars, and the income has grown very fast."
Lu Lin footballer remembers that the principal of 30,000 yuan in her fund earned more than 8,000 yuan before the Spring Festival. At that time, a friend suggested that she leave her bag for safety, and she chose to stick to her post for the New Year. On the other hand, Chen Haiping followed the wealth management blogger and redeemed the fund of the liquor sector years ago.
Add positions or clear positions?
The painting style is abrupt! After the opening of the market in the Year of the Ox, the fund plummeted, which dealt a heavy blow to the people and educated young investors.
Years later, the substantial adjustment of Baotuan's shares made the net value fluctuation of stock funds, including some star funds, intensified, and many investors' gains before the holiday shrank sharply or even suffered losses. Wind data shows that in the first complete trading week of the Year of the Ox (February 22-February 26), the weekly net value of 43 partial stock funds (A/C shares are calculated separately) decreased by more than 15%, and the weekly net value of 1247 partial stock funds (A/C shares are calculated separately) decreased by more than1. In addition, the plunge has not stopped. In the four trading days since March 1, the Shanghai Composite Index has experienced a sharp rise (1.2 1%)- a sharp fall (-1.2 1.0%)- a sharp rise (1.95%).
On March 4th, Shanghai Composite Index fell by 2.05%, Growth Enterprise Market Index fell by 4.87%, and Shanghai and Shenzhen 300 Index fell by 3. 15%. That night, when Lu Lin footballer opened the fund APP, the income decreased by 1300 yuan again, and the accumulated income has dropped from more than 8,000 yuan at the peak to about 2,400 yuan.
"After the income falls, the principal falls". Seeing the income shrinking rapidly, Lu Lin footballer suddenly remembered this sentence on the Internet. If the plunge continues for another two days, maybe she will also face this dilemma.
However, Li Xiang, who rushed into the fund market on June 5438+ 10 this year, failed to endure the adjustment of the market while pursuing higher returns of the fund. "Years ago, the fund's income was gratifying, and I opened several in a row. After the Spring Festival, the market turned sharply. At first, I made up a few positions, but later I couldn't bear it anymore, so I cleared all the positions. I bought a total of 40,000 and lost 4,700. " Li Xiang, who ended in failure in the first fund war, still regrets after the radical operation of "chasing up and killing down".
What happened to the market? Yang Delong believes that the market is still in the process of bottoming out. The main reason for this round of decline is that the pre-holiday market sentiment is too high, and some high-quality stocks are sought after and the increase is too large. Profit taking is the main reason for the adjustment. He thinks that the economic situation has not changed much. From the perspective of funds, the central bank's recovery of some funds, the market's concern about the shift of monetary policy, and the rise in the yield of 10-year US Treasury bonds are one of the reasons for the short-term adjustment, but they are all external factors.
Boss Macro said that this round of adjustment is universal in the world. High-valued domestic weight-holding stocks and overseas technology stocks all fell to varying degrees. The long-term interest rate of overseas US bonds rebounded more than expected, which may be the fuse, but more importantly, the medium-and long-term cost-effectiveness index of A shares has been extreme.
In Tucki's view, the high return of the fund in 2020 is based on white horse stocks with excellent performance in industries such as consumption, medicine and new energy, and the liquidity of the epidemic is loose, which leads to a double increase in performance valuation. However, because these blue-chip stocks are seriously overvalued and overdrawn for the next two to three years, they naturally face adjustment. At the same time, when there is a sharp adjustment in the market, investors who follow the trend with a serious lack of risk expectations can easily trigger a wave of redemption, leading fund managers to passively sell stocks and induce further decline.
Yang Delong said that in the face of market adjustment, investors should wait for the net value to rise through long-term holding. "It is not cost-effective to sell quality funds at this time. Although no one can predict the short-term trend, in the long run, quality funds are still worth holding. "
Ping An Fund said that after some high-quality blue-chip white horses were adjusted, investment opportunities gradually emerged. Next, investors should be patient, wait for the valuation of high-quality assets to return to a relatively reasonable range, and invest in these high-quality assets with better cost performance. The essence of blue-chip white horse has not changed, its operating fundamentals are relatively stable, and it still has good investment value.
Bosera Fund pointed out, "In the short term, we are still cautious about the A-share market, and suggest appropriately lightening positions and focusing on defense. In the medium and long term, under the support of solid macro fundamentals, A shares still have good attractiveness and good investment value on a global scale. "
Young investors who try to invest in water funds for the first time look forward to further financial management through fund investment.
On the topic of how novice investors buy funds, Yang Delong suggested, "First of all, we should carefully screen funds and choose funds managed by fund managers who have relatively stable long-term performance and insist on value investment. In this regard, you can refer to the quarterly report of the fund to see if the heavy stocks are outstanding stocks. At the same time, it may be better to investigate the volatility of the fund's net value and choose a fund with less net value fluctuation. "
Nan said that investors should choose high-quality funds suitable for their risk tolerance, such as aggressive investors choosing stock type, cautious investors choosing mixed type and conservative investors choosing bond type. In addition, the allocation ratio should be appropriate, such as 20% or 30% of household financial assets, which is generally not recommended to be too high. In addition, try to control the cost of holding positions and avoid raising the cost by adding positions in the inverted pyramid. Finally, stick to long-term holding and avoid chasing up and down.
(At the request of the interviewee, Lu Lin footballer, Chen Haiping, vilen and Li Xiang are pseudonyms. )