(1) Matching principle with investment target: The overall tendency of the fund portfolio should match the investment target, mainly from the perspective of risk. For example, all investment in equity funds may have a greater risk of fluctuation, so fund managers can help reduce the overall risk by investing in some allocation funds.
(2) Style allocation principle: The so-called style allocation principle means that the funds in the portfolio should have diversified style characteristics. If the styles of funds are highly consistent (for example, they are all growth funds), then this portfolio will not achieve the desired effect.
(3) Risk diversification principle: This is similar to the first two principles. In other words, we don't put our eggs in the same basket, and we don't pin our hopes on a certain fund or a certain type of fund.
It can be seen that the purpose of establishing a fund portfolio is similar to that of a stock portfolio. However, because the difference between funds is not as big as that of stocks, the number of funds in the fund portfolio does not need to be too much. Usually the number in the fund portfolio is 3-5. Too diversified investment will not better achieve the purpose of portfolio investment, but may also reduce the effectiveness of portfolio and increase transaction costs.
(1) type allocation portfolio: type allocation portfolio refers to balancing investment risks by investing in different types of funds. For example, equity funds+partial debt funds. The purpose of type allocation is to reduce the risk of fund portfolio.
(2) Core-satellite portfolio: Core-satellite portfolio refers to selecting funds with less fluctuation in performance and style in the main part of the portfolio, and selecting funds with better recent performance in the secondary part of the portfolio, such as index funds and flexible allocation funds. The overall evaluation of the core-satellite combination can be a "medium" combination, that is, the performance may reach or reach the average level of the same type.
(3) Style balanced portfolio: The so-called style balanced portfolio refers to the classification of funds according to their styles, the selection of winners from major fund style categories, and the establishment of a balanced portfolio. Peter Lynch jokingly called the idea of forming an "all-star team". For example, large-cap fund+small-cap fund portfolio, growth fund+value fund portfolio, and so on. The expected return of a style-balanced portfolio is higher than the average level of similar funds.
(4) Flexible adjustment of portfolio: Flexible adjustment of portfolio refers to the disposition of tendencies among various styles according to the comprehensive judgment of fund performance, so as to obtain the risk-return characteristics obviously exceeding the average level. It is difficult to adjust the combination operation flexibly, but the expected rate of return is also high.
How to adjust this fund portfolio to achieve the effect of portfolio investment? The following steps can be roughly followed:
The first step: determine the type of fund portfolio that suits you.
The second step: analyze the types of funds in the portfolio, such as the proportion of various funds such as stock type, partial stock type, allocation type and partial debt type, and understand the actual positions of these funds;
The third step: analyze the styles of funds in the portfolio, and it is best to avoid the high overlap of fund styles in the portfolio;
Step 4: Analyze the choice of fund varieties, and adjust the allocation ratio of fund varieties according to the style characteristics of the stock market in the next stage.