? 1. Closed-end funds with high discount rate managed by excellent fund managers

There is no doubt that the long-term performance of funds managed by excellent fund managers will definitely be higher than the market average. So if you want to bargain-hunt, you'd better choose a fund managed by an excellent fund manager.

Second, in the pool of funds managed by excellent fund managers, the scope can be further narrowed to closed-end funds with high discount rate.

Because the closed-end fund with high discount rate has a "discount" on its transaction price compared with other open-end funds, its investment value will be higher without considering other factors.

The picture below shows the closed-end funds managed by some excellent fund managers.

(Note: The above data are as of 2018165438+122 October).

The fund managers mentioned in the picture are basically recognized as excellent fund managers. Although it is inevitable to invest in the funds they manage in the short term, because they are in a bear market, in the long run, the probability of these funds outperforming the broader market is still very high.

2. Convertible bonds or convertible bond funds that are "guaranteed and not capped"

When it comes to convertible bonds, some investors may be familiar with it. Because compared with other investment products, the biggest feature of convertible bonds is that they are "guaranteed at the bottom and not capped at the top". Therefore, convertible bonds have attracted a number of fixed investors.

Why do convertible bonds have this feature?

By definition, convertible bonds are bonds that can be converted into stocks. Therefore, convertible bonds are both stocks and bonds.

When the convertible bonds fall below the face value, as long as the listed companies that issue convertible bonds can pay interest on time, it is difficult for the convertible bonds to fall. This is the "guarantee" of convertible bonds.

As I said just now, convertible bonds can be regarded as stocks or bonds.

When the positive shares corresponding to convertible bonds rise, convertible bonds can be converted into positive shares according to the agreed price and proportion. Therefore, as long as the stock keeps rising, convertible bonds will have the characteristics of "no ceiling".

With the continuous decline of the stock market, the value of convertible bonds has fallen out. The data shows that among the 95 convertible bonds listed, the price of 60 convertible bonds fell below the face value. Among them, there are already 5 companies that hold the yield (pre-tax) of mature pure bonds exceeding 5%.

In other words, as long as the listed companies that issue convertible bonds pay interest on time, these "guaranteed" convertible bonds are already very attractive. Of course, if you don't know how to choose convertible bonds, it is ok to invest in convertible bond funds.

3. Undervalued index funds

Although buying low-valued index funds may not make money immediately, from the perspective of value investment, these low-valued index funds will be recognized by the market sooner or later with the passage of time.

At the same time, compared with active funds, index funds will not have many problems, such as fund manager leaving, fund style drifting, poor performance stability and so on. Therefore, it is also a good choice to use index funds to bargain-hunting.

For example: Shanghai and Shenzhen 300 Index

As can be seen from the above figure, judging from the historical P/E ratio data of the Shanghai and Shenzhen 300 Index, the current valuation level is very low.

Also: CSI 500 Index.

As can be seen from the above figure, judging from the historical P/E ratio data of the CSI 500 Index, the current valuation is very close to the level of the big bear market in 2008, and it is also very low.

Finally, I would like to remind you that although these three ideas are provided here, we all know that investment is risky, so the above contents are for reference only.

-End-