The six funds held by Lin Lu were all green, with a drop of more than 3%, and four of them fell by nearly 5%. In my impression, this is the worst fall since she invested in the fund in June last year: the moment she opened the fund APP, she found that she lost more than 13.
Lin Lu represents most non-professional young investors when she first entered the financial circle and invested in water testing funds. They rushed into the market when the stock market and fund market were hot last year, hoping to get a share of the bull market. "Copying homework", "buying with the wind" and "chasing up and killing down" are common problems when they first entered the investment market.
Chen Haiping, who entered the workplace after 1995, and Yuan Ye, who is still a senior, live in Harbin and study in Fuzhou, but they are all people who like to buy funds with financial bloggers. After tasting the sweetness of the fund at the beginning of last year, even in the face of the ups and downs of the market, they are determined to start from the fund investment and walk out of their own financial management path. However, Li Xiang, whose first fund battle ended in failure, still regretted his aggressive operation of "chasing up and killing down".
at the end of last year, the scale of some funds increased explosively, which gave birth to the first fund manager with a scale of 1 billion, and the new citizens played a significant role. 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 holding stocks such as heavy liquor is eye-catching, and it has also become the focus of many new people.
"Before you realize the happiness of making money, you have already started the loss mode or are close to the loss edge." 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 drastic adjustment of liquor and other holding stocks. Before Lin Lu's holiday, the profit from the position of more than 8, yuan quickly shrank to about 2,4 yuan, among which the net value of the Bao Tuan stock fund with the most positions fell by 19.2% during the period from February 18 to March 4. After some operations in several funds, Li Xiang finally cut the meat and left, and the principal of 4, yuan lost 4,7 yuan.
in the face of the big change of face in the post-holiday market, the same questions are put before these investors who are new to the fund market: why did the fund plummet, how long will it continue to plummet, and whether to add positions or clear positions?
When the market fluctuates repeatedly to test the risk tolerance of non-professionals, the "first experience" of fund investment can be imagined; Can the "tuition fee" paid by them be exchanged for the growth and maturity of individual market?
"Copy homework"
Last September, when Yuan Ye was a college student, he accidentally saw a financial bill of a financial blogger. "Seeing the good income, I was very excited and wanted to try it myself. In particular, you can buy 1 yuan in Alipay, with low threshold and convenient operation. "The fund investment channel in Alipay's wealth management interface made Yuan Ye really take the step of fund investment.
As a student majoring in electronic information engineering, Yuan Ye doesn't have any knowledge of financial management, and his principal is also earned by working part-time. "At the beginning, I copied my homework directly with the bloggers, and at the same time learned a little knowledge of funds and bought funds in the sectors of liquor, new energy and military industry."
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 a lot of people on the Internet, including professional voices and unprofessional eye-catching remarks. The latter, for the sake of flow, is easy to ignore the risk of fund investment and exaggerate the current income. Then, 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 redemption wave.
it is true that the popularity of fund investment is closely related to the bright performance of the fund market, and it also makes the phrase "it is better to buy a fund in stock trading" more and more popular.
according to the data of asset management association of china, as of December 31st, 22, there were 7,913 funds in Public Offering of Fund market, with an overall fund scale of 19.89 trillion yuan, up by 2.92% and 34.7% respectively compared with the end of 219. In addition, equity funds (including stock funds, hybrid funds and closed-end funds) were the main emerging funds in 22, and the scale of emerging funds was even larger. In addition, according to the data released by Galaxy Securities Fund Research Center, from the average performance point of view, in 22, the yield of standard stock funds will reach 54.99%, and the yield of mixed partial stock funds will reach 59.57%.
In fact, although she held positions for half a year, what really made Lin Lu feel that the fund could make money was the period before the New Year. "Every day when I open the APP before going to bed, I can see that the income of the fund account has increased by hundreds or thousands of yuan, and the income has increased very fast."
Lin Lu remembers that the principal of 3, yuan in her fund earned more than 8, yuan before the Spring Festival. At that time, a friend suggested that she leave her bag for safety, and she chose to hold positions for the New Year. Chen Haiping, on the other hand, followed the wealth management blogger and redeemed the fund of the liquor sector years ago.
add positions or clear positions?
sudden change in painting style! After the opening of the market in the Year of the Ox, the fund fell sharply, which gave the people a heavy blow and educated young investors.
years later, the drastic adjustment of Baotuan shares made the net value fluctuation of equity funds, including some star funds, intensified, and the income earned by many investors before the holiday shrank sharply, even causing losses. According to Wind data, 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 (with A/C shares calculated separately) fell by over 15%, and that of 1,247 partial stock funds (with A/C shares calculated separately) fell by over 1%. Moreover, the plunge has not stopped. In the four trading days since March 1st, the Shanghai Composite Index experienced a sharp rise (1.21%)-a sharp drop (-1.21%)-a sharp rise (1.95%)-a sharp drop (-2.5%), and the market entered a state of repeated shocks.
On March 4th, the Shanghai Composite Index fell by 2.5%, the Growth Enterprise Market Index fell by 4.87%, and the Shanghai and Shenzhen 3 Index fell by 3.15%. That evening, at the moment when Lin Biao opened the fund APP, the income decreased by more than 1,3 yuan again, and the accumulated income has dropped from more than 8, at the highest time to about 2,4 yuan.
"After the income falls, the principal falls". Seeing that the income is shrinking rapidly, Lin Lu 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 in January this year, failed to endure the adjustment of the market while pursuing higher returns from the fund. "Years ago, the fund's gains were gratifying, and I started several in succession. After the Spring Festival, the market turned sharply. At first, I made up the warehouse several times, but I couldn't bear it anymore, so I cleared it all. I bought a total of 4, yuan and lost 4,7 yuan. "Li Xiang, whose first fund battle ended in failure, still regrets after his aggressive 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 mood of the market is too high before the holiday, and some high-quality stocks are sought after and the gains are too large. Profit taking is a main reason for the adjustment. He believes that the economic situation has not changed much. From the perspective of funds, the central bank's recovery of some funds, the market's fear of a shift in monetary policy, and the rise in the yield of 1-year US Treasury bonds are one of the reasons for the short-term adjustment, but they are external factors.
Bosera Macro said that this round of adjustment is universal in the world, with high-valued domestic weight holding stocks and overseas technology stocks both falling to varying degrees, and the long-term interest rate of overseas US debt rising more than expected or the fuse, but most of them are caused by the relatively extreme mid-and long-term cost performance indicators of A-shares.
In South Tucki's view, the high return of the fund in 22 is based on white horse stocks with excellent performance in industries such as consumption, medicine and new energy, and the liquidity of the epidemic situation is loose, resulting in a double increase in performance valuation. However, as 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, which will lead 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 high-quality funds at this time. Although no one can predict the short-term trend, in the long run, high-quality funds are still worth holding."
Ping An Fund said that after the adjustment of some high-quality blue-chip white horses, investment opportunities are gradually emerging. 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 horses has not changed, and their operating fundamentals are relatively stable and still have good investment value.
Bosera Fund pointed out, "In the short term, we are still cautious about the A-share market, and suggest that we appropriately reduce our positions and put defense first. In the medium and long term, under the support of solid macro fundamentals, A shares still have good appeal and good investment value on a global scale. "
Young investors who are testing water fund investment for the first time are looking 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, choose funds managed by fund managers who have relatively stable long-term performance and insist on value investment. In this respect, we can refer to the quarterly report of the fund to see whether the heavy stocks are stocks with excellent performance. At the same time, to examine the net value volatility of funds, it may be better to choose funds with smaller net value fluctuations. "
Nan Tucki said that investors should choose high-quality funds suitable for their risk tolerance, such as aggressive investors choosing stock type, prudent investors choosing mixed type and conservative investors choosing bond type. In addition, the proportion of allocation should be appropriate, such as 2% or 3% of family financial assets, which is generally not recommended to be too high. In addition, the cost of holding positions should be controlled as much as possible to 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, Lin Lu, Chen Haiping, Yuan Ye and Li Xiang are pseudonyms. )