/open fund/default _ 16380 1 . htm
BOC China's steady style and steady performance, especially its good risk control and adaptability, are good choices for steady investors. Although the profitability of BOC China Select is somewhat limited compared with active equity funds, BOC China Select has achieved the investment purpose of allocation funds. Generally speaking, the risk-return characteristics of this fund are quite good, and it is an excellent choice for investors who are suitable to invest in this kind of fund.
Desheng fund rating
1 year
It's been two years.
three years
Income grade
★★★
★★★
-
Persistence of income
★★★★
★★★★
-
Risk rating
★★★★
★★★★
-
Rating in April 2007
Income performance: stable, above average.
BOC China Select Fund was established in June 2005. Within one year of its establishment, the stock market was in a bear market, but BOC China Select basically maintained a positive quarterly return, and its performance was always in the middle and upper reaches of the same type of funds. Under the bull market after 2006, the relative performance of BOC China Select was relatively stable, except for the staged decline in the third quarter of 2006, the rest of the time was in the middle and upper reaches.
In both bear market and bull market, it has maintained a stable relative income, and BOC Huaxia Select has shown a fairly strong income persistence. In the income sustainability rating of Desheng Fund, BOC China selected one-year rating and two-year rating, and got four stars. It has performed well in the allocation fund.
Excellent performance in risk control
While achieving good results, BOC China's selected risk control also performed well. Since its establishment, the fund's income fluctuation level has always been lower than the average level of similar funds (table 1). Judging from the biggest loss in the past year, BOC China Select performed better than most funds (table 1). In the risk rating of Desheng Fund, the one-year rating and the two-year rating of BOC China both received four stars.
BOC China's excellent risk control ability is also reflected in its resilience in this year's market shock. We use negative beta coefficient to measure the correlation between the decline of fund returns and the market decline when the market falls. The negative beta coefficient is less than 1, indicating that the decline of the market is that the decline of the fund's net value is less than that of the market. In the past year, the negative beta coefficient of BOC Huaxia Select was only 0.5, which can be roughly understood as the net value of BOC Huaxia Select fell by about half in the previous market declines. This is also very prominent in the allocation of funds.
Since 2007, there have been four big short-term shocks in the market, namely, 65438+1from October 28th to February 5th, February 27th, April 19, and the latest May 15. Table 2 shows that BOC China Select performed well in four declines.
Of course, the downward resistance is an external phenomenon, and we need to pay more attention to the internal reasons for the downward resistance of funds. BOC Huaxia Select has achieved the investment purpose of allocation funds, and the stable style of investment philosophy and style is also the main reason.
Stock picking concept: global vision, China theme
The investment philosophy chosen by BOC China is to study the global economic and industry development trends, closely follow the unique development rhythm of China's economy, tap the theme of China, and pursue stable returns superior to the performance benchmark. It can be seen that the concept of stock selection chosen by BOC China is basically rational and steady, that is, it basically follows the concept of fundamental investment and attaches importance to the company's valuation level and performance growth.
This sound concept of stock selection can be said to be quite satisfactory in the bull market. Although there are few explosive income opportunities, it is quite reassuring. We can clearly see this feature in the valuation characteristics of the heavy stock portfolio (Table 3). Every quarter, the valuation of the heavyweight portfolio selected by BOC China is significantly lower than that of similar funds; Especially in the forecast P/E ratio of the portfolio, we recognize the consistently low dynamic P/E ratio of BOC China's selected heavy positions portfolio. (For more financial knowledge, please see Aliye Financial Blog/)