From the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund. Bian Xiao sorted out how to diagnose the position fund here for your reference. I hope everyone will gain something in the reading process!
The core problem is solved:
Stock-bond collocation solves the problem of market systemic risk: allocating different styles of equity products is equivalent to dispersing at the product level to solve the problem of non-systematic risk.
This has three advantages:
1, a set of simple and executable methods to check its existing positions;
2. Solve systemic and unsystematic risks;
3. More product configuration space can be vacated; This is also a more valuable benefit when we do fund diagnosis for customers. The purpose of diagnosis is actually to correct deviation and check leakage.
Specific steps:
1, to see whether the combination of stocks and bonds is reasonable;
The basic criterion for the rationality of the collocation of stock and debt is that it is not possible to share only without debt, or to share only without debt. That is, Man Cang stock funds, or all of them are wealth management products or bond funds. This is completely incorrect.
In fact, the allocation ratio is not so strict, and it is acceptable to fluctuate 10-20% on the basis of the allocation ratio of various customers.
Because this is the operating space allocated by tactical assets, whether we over-allocate 10-20% or under-allocate 10-20% to customers on the basis of the original standard is judged according to our market trend in the next period.
2. See whether the stock is actively and passively covered;
Whether it includes active management funds or passive management funds, in the wave of retail institutionalization, excellent active management funds outperform the index significantly, and the fact that they have excess returns may exist for a long time, but even so, it cannot be said that index funds have no allocation value. On the contrary, index funds have many advantages, such as low cost, enough dispersion and long-term ability to fully reflect economic growth. So it is still worthy of partial configuration.
3. See if the active equity style contains value and growth;
The so-called equity investment style can be divided into many styles in detail, but in a big way, there are actually two types, that is, partial value or partial growth. The so-called investment-oriented active management equity products must have both styles at least in the general direction, otherwise the market style is biased towards one side, which will easily lead to the risk of Man Cang stepping into the air.
4. Further down, we can see if there are some core themes or plate products.
After the above effective configuration, some personalized requirements can be met. Some market hot spots or regions that we, our customers, and pay special attention to can enter our investment sight, and after in-depth tracking and analysis, we can invest in some positions.
5. Finally, the short-term, medium-term and long-term performances of these products are observed. If they continue to perform at the bottom, they can sell.
If the long-term performance is excellent and the short-term performance is not ideal, you can add positions appropriately. If the long-term performance is not ideal and the short-term performance is outstanding, you can continue to observe. Always remember, don't sell the products that often make money, and keep the products that lose money, because human nature will lead us to say that the ones that lose money can't be sold. Once they are sold, the floating losses will become real losses, but it's just as absurd as we choose a group of employees to try them out, constantly expel the employees with excellent performance, leave the employees with poor performance and constantly give them opportunities.
In the above steps, if there are problems in the corresponding steps in the inspection process, it is necessary to optimize the missing products and make appropriate supplements. In the last step, the bottom products are sold directly, which provides space for new products.
The above five steps, if summed up in one sentence, are the basic principles of fund allocation, that is, the words 16-stock-debt collocation, diversified investment, optimal replenishment, and last elimination.
Precautions:
First, we should pay attention to arranging the proportion of fund varieties according to our own risk tolerance and investment purpose. Choose the fund that suits you best, and set an investment ceiling when buying partial stock funds.
Second, be careful not to buy the wrong "fund". The popularity of funds has led to some fake and shoddy products "fishing in troubled waters", so we should pay attention to identification.
Third, pay attention to the post-maintenance of your account. Although the fund is worry-free, it should not be left unattended. Always pay attention to the new announcements on the fund website, so as to have a more comprehensive and timely understanding of the funds you hold.
Fourth, pay attention to buying funds, and don't care too much about the net value of funds. In fact, the fund's income is only related to the net growth rate. As long as the fund's net growth rate stays ahead, the income will naturally be high.
Fifth, we should be careful not to "love the new and hate the old" or blindly pursue new funds. Although the new fund has inherent advantages such as preferential prices, the old fund has long-term operating experience and reasonable positions, which is more worthy of attention and investment.
Sixth, we should be careful not to buy dividend funds unilaterally. Fund dividend is the return of investors' previous income, so it is more reasonable to change the dividend method to "dividend reinvestment" as far as possible.
Seventh, we should pay attention not to talk about heroes in the short term. It is obviously unscientific to judge the pros and cons of the fund by short-term ups and downs, and it is necessary to make a comprehensive evaluation of the fund in many aspects and conduct a long-term investigation.
Eighth, we should pay attention to the flexible choice of investment strategies such as steady and worry-free fixed investment and affordable and simple dividend transfer.
In the past two years, the returns of funds purchased by many investors are generally unsatisfactory. What caused the large losses of most funds? Mars, an analyst at Shanghai Securities Fund Evaluation Center, pointed out that, first of all, the essence of fund products is the combination of securities, and the performance of fund income is closely related to the performance of the underlying market. In the continuous decline of the stock market, it is difficult for equity funds and hybrid funds, which mainly invest in stocks, to achieve positive returns. In the case of rising stock market, most partial stock funds can often achieve positive returns. Therefore, it is impossible for funds to create myths and create high positive returns in the continuous decline of the market in recent years.
From the long-term performance, in most cases, the overall performance of funds is better than that of individual investors, especially in bull markets and volatile markets. For example, in 2006 and 2007, more than 80% of equity funds achieved a return of more than 100%, while the proportion of individual investors was less than 20 12 years. Nearly 50% of equity funds have achieved a return of 5% to 30%. According to the survey, more than 50% of individual investors have lost between 5% and 50%. Therefore, the fund is still a good investment tool for individual investors to participate in the capital market.
All kinds of problems, whether China's stock market construction, economic development or asset management industry, can't be eliminated in a short time, and all need the rationality of the market as a whole to promote it. However, as investors themselves, we must measure our risk tolerance clearly and not blindly listen to the propaganda of sales staff. If your risk tolerance is weak, or the funds you want to use in the short term, you can't invest too much in a single stock fund to avoid being greatly affected by the risk of stock market fluctuations. Therefore, for individual investors, it is more meaningful to have a long-term investment mentality, choose appropriate fund products according to their own risk tolerance and renewal, avoid excessive pursuit of popular funds with outstanding short-term returns, pay more attention to funds with relatively stable long-term performance, and spread risks through fixed investment and portfolio allocation to obtain long-term stable returns.
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