Hybrid funds are fund products that can be invested in various financial instruments such as stocks, bonds and money markets. Some authoritative fund research institutions will also divide fund assets into the following two categories according to their investment scope and proportion and investment strategy. The following are the investment skills of hybrid funds compiled by Bian Xiao, which are for reference only and I hope to help you.
What are the investment skills of hybrid funds?
Partial stock hybrid fund
This hybrid fund takes stocks as the main investment direction and assumes the function of assisting attack in the portfolio. Judging from the upper limit of stock investment, such funds can be divided into partial stock funds with upper limits of 95% and 80% respectively. The former can directly act as a "shadow striker" when the stock market is good.
Partial debt mixed fund
Generally speaking, the upper limit of the stock investment ratio of such funds does not exceed 50%. They mainly invest in fixed-income assets such as bonds, and they mainly assume defensive functions in their portfolios.
In the fund market, hybrid fund is a common fund, which is loved by most investors. Then, how to choose a suitable and profitable fund among many hybrid funds?
1, profitability.
When investors choose hybrid funds, they must first understand their profitability. And its profitability can usually be examined by two indicators: the stage rate of return of the fund and the excess rate of return of the fund. The stage rate of return of a fund, as its name implies, refers to the income of the fund at a certain stage, which can be said to be the most direct embodiment of the fund's performance to some extent. However, this data is influenced by many other short-term factors and are indispensable. In addition, we need to further supplement and understand the stage rate of return through the excess rate of return, in which the Zhan Sen index is usually used as a measure. Zhan Sen index measures the ability of the fund to obtain excess returns beyond the market average, which can help investors to judge the profitability of the fund more comprehensively.
2. Ability to resist risks.
The anti-risk ability of funds is also a point that investors need to pay attention to when choosing hybrid funds. The anti-risk ability of the fund is mainly compared by the loss frequency and average loss range of the fund. Many times, the operating style of fund managers can be perceived by investors through the frequency and degree of losses. Among them, only a better balance between the two funds can have better anti-risk ability and help investors achieve long-term sustainable return on investment.
3. Ability of stock selection and timing.
When choosing hybrid funds, it is also extremely important to properly consider the stock selection of hybrid funds. To a certain extent, whether fund managers can realize the appreciation of fund assets through active investment management is almost a decisive factor in the performance of hybrid funds. For fund managers, the indexes that can usually be used to measure their stock selection ability are the average P/E ratio of portfolio, the average P/B ratio of portfolio, the average return on net assets of portfolio and so on. What kind of capital assets are considered to have good value-added prospects? Only when the portfolio average P/E ratio, portfolio average P/B ratio and portfolio average return on net assets are at a reasonable level can there be a good value-added prospect.
Investors who invest in hybrid funds generally have low risk tolerance. In addition to the above accidents in choosing hybrid funds, we also need to consider the ability of timing and allocation.
Characteristics of hybrid funds
More flexible than stock funds: a bull market can actively increase stock investment, and a bear market can completely give up stock investment.
The minimum position limit of stock funds is 60%, so even if the fund manager judges that there is a crisis in the market, he can't sell all the stocks. The allocation of hybrid funds is more flexible. When the market is bullish, they can buy a lot of stocks to gain income, and when the market is bad, they can also sell a lot of stocks to buy bonds to stabilize income.
For example, in 2008, the market fell by 65%, the best-performing equity fund lost 28.0 1%, and the hybrid fund lost only 6. 13%.
Tips: As the hybrid fund fully plays the role of fund manager, the ability of fund manager will directly affect the performance of hybrid fund. Investors should pay attention to the choice of fund managers.
Classification of hybrid funds:
According to the different ratios of stocks and bonds, hybrid funds can be divided into partial stock funds (stocks account for 50%-70%, bonds account for 20%-40%), partial debt funds (relative to partial stock funds), balanced funds (the ratio of stocks and bonds is relatively average, about 40%-60%) and allocation funds (the ratio of stocks and bonds is adjusted according to market conditions).
Risk sources of hybrid funds:
The investment risk of hybrid funds mainly depends on the allocation ratio of stocks and bonds. Generally speaking, the risk of partial stock mixed base is higher, but the expected rate of return is also higher; The risk of partial debt mixed base is low and the expected rate of return is also low.
At present, there are more and more mixed fund products (0-95% of the whole football). This kind of fund seems to have the smallest position limit, but in fact, the investment effect depends largely on the ability of the fund company team and fund managers to grasp the market, make good use of the position advantage of total football and have strong grasp ability. Poor grasp, not as good as other types of hybrid funds before, mainly because of the risk of stepping out of the market. Once the stock market suddenly rises, if the fund's stock position is less than 30%, it will lose the opportunity cost and easily disrupt the investment rhythm. High-level fund managers are needed to grasp the total amount of football-type hybrid fund products.
Advantages and characteristics of hybrid funds
The biggest advantage and feature of hybrid funds is flexibility! The fundamental reason for flexibility is that the position restrictions are relatively loose.
For example, the position of equity funds must always be above 80%, that is to say, no matter whether the market is up or down, even if the fund manager judges that the market outlook is going to fall, the minimum position can only be reduced to 80%, and the rest can only fall with the market.
The positions of hybrid funds are more flexible than those of equity funds according to different categories, that is to say, fund managers can flexibly allocate stocks, bonds and monetary assets according to their own judgments on the market and specific varieties.
If a fund manager is very capable, the fund can resist falling completely. In the bear market, we can clearly see that the position of hybrid funds will be significantly lower than that of equity funds. This is also the main reason why most funds with obvious styles are generally hybrid funds.
As of last week, according to market data monitoring, the position of stock funds was 87. 12%, down by 0.26 percentage point, and that of hybrid funds was 5.1.99%, down by 0. 13 percentage point.
What is the impact of low bear market on performance? Let's take a look at the performance of hybrid funds this year and in the medium and long term.
The fixed investment data of hybrid funds is obviously better than that of equity funds. If the subject is bent on choosing one of stock funds and hybrid funds for fixed investment, hybrid funds may be more suitable.
The above simple data analysis does not directly recommend investors to buy the above hybrid funds. After all, these hybrid funds have accumulated considerable income in the previous bull market; Secondly, most of the fund managers who made these gains in that year have left their jobs, and the sustainability of their performance cannot be judged. Finally, the risk-return ability of hybrid funds is not analyzed here, so it cannot be used as a basis for selection.