The Fund Knowledge Learning Channel teaches you about fund financial management, such as how to buy a fund, how to check the net value of the fund, how to identify the advantages and disadvantages of the fund, and how to make a fixed investment in the fund. Here, I share some knowledge about securities investment funds for your reference.
Skills of reading the annual report of the fund
This week, nearly 150 funds took the lead in disclosing the 2008 annual report. By reading these annual reports, investors can understand the basic performance indicators and investment portfolio of the fund, test the investment style of the fund and evaluate the management level of the fund.
But how should investors read tens of thousands of words of fund annual report?
At present, the main financial indicators in the fund's annual report disclose the performance data of the fund, such as net income, distributable income, net asset value and net growth rate, and compare them with the data of the previous period. Among them, investors need to focus on three indicators: the distributable net income of unit funds, the net value of unit funds, and the growth rate of the net value of funds in this period.
If the distributable net income of the unit fund is negative, the investment fund cannot pay dividends. If it is positive, it is the cash dividend that investors may get. According to relevant regulations, the fund dividend shall not be less than 90% of the distributable net income. The significance of paying attention to the net value of fund units is to compare the net value of fund units with the market transaction price of fund units. Generally speaking, the lower the discount rate, the smaller the risk. In addition, the growth rate of fund net value in this period reflects the growth of fund net value in the reporting year, which is the main indicator reflecting the investment level of fund managers. This indicator can be compared with the overall ups and downs of the market in the reporting year.
Another part that investors should focus on reading is the fund manager's report. On the one hand, the fund manager's report is a statement that the fund manager shares his investment ideas and investment decisions with investors, which reflects the fund manager's respect for investors; On the other hand, it is also an important basis for investors to judge the fit between fund investment style and their own investment needs. A good report on the work of fund managers will not only introduce the reasons for the distribution of industries and the selection of individual stocks in detail, but also explain the favorable and unfavorable factors affecting the performance of funds; When the performance is not ideal, we will not avoid the wrong investment decision, but explain the reasons to investors.
Then there is the part that people are most interested in-the fund portfolio. It should be noted that: first, the position of stock investment, which reflects the fund manager's view on the market outlook; Second, the industry allocation of fund investment should pay attention to the key points of industry allocation and whether the industry allocation conforms to the investment style of the fund; Third, for the stocks held by the top ten heavy positions, we should pay attention to the concentration of heavy positions, the fundamentals of heavy positions and market liquidity.
Reading the annual report of the fund is only the starting point for evaluating the fund. Investors can also use the analysis of third-party institutions to further investigate the performance comparison, cost level, risk-adjusted income and so on between the fund and similar funds.
Characteristics of securities investment funds
1. Collective investment. Securities investment fund is a collective investment method, that is, by issuing fund shares or fund units to investors, a large amount of funds can be raised for investment in a short period of time. At the same time, in the process of investment, we can give full play to the advantages of capital concentration, which is conducive to reducing investment costs and obtaining scale benefits of investment.
2. Professional management. Or expert management. That is, securities investment funds are managed and operated through specialized investment management institutions recognized by regulatory agencies. This kind of institution is composed of experts with special qualifications. Specialized management is also manifested in: all kinds of securities information in the securities market are collected and analyzed by professionals; Various portfolio schemes are studied, simulated and adjusted by professionals; Measures to diversify investment risks are calculated and tested by professionals.
3. Securities investment and risk diversification. Securities investment funds have specific investment objectives, investment scope, investment portfolio and investment restrictions. In the process of investment, the diversification of securities investment funds through scientific investment portfolio and investment restrictions is helpful to realize the diversification of asset portfolio, and through the mutual supplement of different assets and different investment securities, the investment risk can be reduced and the income can be improved.
4. Check and balance mechanism. Checks and balances are implemented in the operation of securities investment funds, that is, investors have ownership, managers and operating fund assets, and custodians keep fund assets. This tripartite mechanism of mutual supervision and restriction regulates the operation of the fund and protects the rights and interests of investors.
5. Enjoy the benefits and take risks. Securities investment funds implement the principle of "benefit sharing and risk sharing", that is, investors distribute the income of fund investment or bear the risks of fund investment according to the number of fund shares they hold.
Do you know the operating rate of the fund?
There is no such thing as a free lunch, and the fund has to be given out. The expenses in Public Offering of Fund include one-time expenses and annual operating expenses. Among them, one-time expenses occur when investors subscribe, purchase or redeem funds, and the annual operating expenses mainly include management fees and custody fees, which are accrued on a single day in the form of percentage of net asset value and settled at the end of the month. This means that regardless of the performance of the fund, management fees and custody fees must be paid. Imagine that one day the fund will not make money, and the operating expenses such as management fees will only increase the losses of investors.
Calculate the operating rate
Under the same operating rate, investors' sensitivity to the income of different investment products may be very different. For example, investors can still get a return of 18% after deducting 2% of the cost from stocks with an annual return of 20%. If at the rate of 2%, the annual income of another stock is only 8%, investors can't help complaining, because a quarter of the latter's income is used to make up for the cost.
Theoretically, with the gradual reduction of fund risk level, the fund management rate shows a downward trend. Since QDII funds involve overseas investment, their management fees also include fees paid to foreign investment consultants. The management fees of seven QDII products in China are basically 1.8% and 1.85%, which is higher than the rate of equity funds 1.5%. Among them, Yin Hua Global Core, Huaxia Global Selection and South Global Selection have higher rates; The management fee of stock funds is between 0.5%- 1.5%, while ETF funds have the lowest management fee due to the passive management mode. The rate level of active allocation funds ranges from 1.2% to 1.5%, but the management rates such as Franklin's national sea income, flexible allocation of Baokang and allocation of Huaan Bao Li are lower. Among the conservatively allocated funds, the annual management fee ranges from 0.75% to 1.5%, and both Southern Baoyuan Bond and SDIC UBS Ronghua Bond are 0.75%. The rate of bond funds ranges from 0.4 1% to 1.2%, for example, the enhanced income of Wanjia is 1.2%. For bond funds with low expected returns, the impact of rate on future returns is particularly important; Money market funds have the lowest management fees, all of which are 0.33%.
On the whole, under the background of long-term market improvement, the higher expected return of equity funds reduces investors' sensitivity to expenses. If the market continues to fall, higher-rate equity funds will often bring greater losses to investors.
How to compare fund rates
Investors may wish to start from two aspects: First, after determining what kind of fund to invest in, traditional methods can compare the rates of similar funds, and pay attention to distinguish the fund rates of different investment strategies (such as active, passive and index enhancement), and the fund rates of different investment styles may be different (such as blue-chip style and small-cap growth style). Therefore, compare the fund rates according to the strategy or investment style and choose the variety that suits you.
Secondly, in the case that the fund investment type is not determined, investors may wish to sort according to the rate from large to small. If all types of funds are included in the funds with the same rate level, the elimination method may be adopted to eliminate low-risk funds with higher rates. Taking the domestic fund rate of 1.5% as an example, there are three conservatively allocated funds, namely HSBC Jintrust 20 16, Desheng Anxin Growth and China Merchants Antai Balance, 46 actively allocated funds and 179 equity funds. Under the background of similar rates, ordinary investors should give priority to stock funds for long-term investment.
As a consideration factor for investors to choose funds, the rate can play an important role in screening varieties.
There are other mountains, where stones are suitable for jade-other people's advice can help a person overcome his shortcomings.
Overseas, careful investors will find that new funds sometimes have higher rates than old funds. With the extension of operation time, the scale of old funds expands slowly, and large-scale funds usually have more holders to share the operating expenses.
For general enterprises, the average fixed cost decreases with the increase of enterprise scale. Similarly, funds also have economies of scale. The larger the capital scale, the lower the annual operating expenses. In short, a 50% increase in asset size does not require a 50% increase in fund management fees such as investment and research. As the scale grows, the rate of overseas funds will usually be lowered.
It is worth noting that, in terms of the management fee collection of domestic funds, only the net value of Bosera value growth and Haifutong income growth is lower than the value growth line, and other funds have not formulated similar management fee adjustment plans. When American Morningstar evaluates the trust responsibility of fund companies, it takes expenses as an inspection part, which mainly involves whether the expense ratio of the fund is lower than the average level of the same kind, and whether the expense ratio will decrease when the fund assets grow. It is expected that in the development of domestic fund industry, Qi Xin, a market participant, will make concerted efforts to better protect the interests of investors from the perspective of investors.