If the most popular quality of "good base" in the hot equity market in 2020 is: if it goes up, it will win, then the "cooling-off period" of the A-share market in 202 1 makes everyone more aware of another key quality of "good base": if it goes down, it will retreat. Today, Bian Xiao will share an index with you to find out excellent funds for your reference only!

Looking for indicators of excellent funds.

Here we will use a magical indicator: the relative strength of funds. Simply put, the relative strength of the fund = the interval income of the fund/the interval income of the Shanghai and Shenzhen 300.

In the rising market, the value is greater than 1, indicating that the performance of the fund is better than the benchmark and there are excess returns.

In the downward trend, the value is less than 1, indicating that the fund's performance is better than the benchmark, and the withdrawal range is small. If the value is negative, it means that the fund has risen against the trend. In practice, considering the large scale and slow turnover of the fund, the index threshold can be relaxed appropriately.

After the introduction of the index, the journey of finding excellent funds officially began.

Step 1: Select stock funds, partial stock mixed funds and flexible allocation funds established before July of 1, 20 14 as analysis samples. Excluding Class C funds, there are 654 funds in total.

Step 2: Calculate the relative strength index value of the fund in each rising and falling market.

Step 3: Calculate the average relative strength of the fund in all rising and falling markets respectively.

Step 4: Take the average relative strength of the fund falling market as the X axis and the average relative strength of the fund rising market as the Y axis, and establish a four-quadrant chart of the fund relative strength distribution. The fund represented by the point in the second quadrant in the upper left corner of the figure is our goal. "If it goes up, it will win, and if it falls, it will retreat."

(Note: The average relative strength of the screened rising market is greater than the average relative strength of the falling market, indicating that the fund's rising market is better than the falling market. In order to eliminate the accidental factors caused by abnormal performance in a single rise or fall, the variance of all rising or falling markets can be used to measure the stability of the long-term performance of the fund. If the variance is small, it means that the average relative strength index of the fund is always good, which is not accidental. )

The mystery behind excellent funds

Among these excellent funds, through further selection of the best, we can find that the fund managers behind these high-quality funds present some similar characteristics in portfolio management-

Characteristics 1: it does not depend on timing. According to statistics, only a few top-performing funds made significant position adjustments during the market correction of 20 15 and 20 18. Most funds basically maintain high position operation, indicating that a large proportion of timing may make funds retreat less when the market is adjusted back, but it is difficult to keep up with the index when the market inflection point is upward.

Feature 2: changing hands in the middle and low. From the perspective of turnover rate, the turnover rate of excellent funds is generally maintained at a low level.

Feature 3: The holding time is generally long. During the period of 20 14-202 1, the overall average holding time of outstanding funds was generally above 0.3 years, indicating that the holding time of funds was basically above 1/4, and outstanding funds tended to be held for a long time.

Feature 4: High concentration of positions. The top ten stocks account for more than 50% of the annual statistics of the fund, and the five industries account for more than 30%. However, an excellent fund with a balanced style is an exception. Their positions are not too concentrated and will not be obviously exposed in one aspect.

Excellent fund with both offensive and defensive capabilities. Total ***2 15.

Identify the different states of the fund market.

First of all, we take the latest bull-bear transition as the breakthrough point, analyze the trend of the Shanghai and Shenzhen 300 Index from 20 14 to 2021April, and divide the ups and downs in different time periods according to the ups and downs.

According to the trend of the Shanghai and Shenzhen 300 Index in recent seven years, this period can be divided into five obvious rising markets and four obvious falling markets.

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