Analyze why it is said that copying the manager's "work" is not as good as buying the fund directly. The market has been changing in the past few months. Many investors are very concerned about what stocks the fund manager bought and which positions were adjusted compared to the previous quarter.

So can we novices buy funds from fund managers?

Today, the editor will share with you why it is better to buy a fund directly than to copy the "homework". It is for your reference only! Do you really know what the "homework" of a fund manager is? Some investors like to copy the heavy holdings of a certain fund manager.

, but if he doesn’t even know the current heavy holdings of the fund manager, how can he copy it? Speaking of this, investors must be a little unconvinced: I bought stocks based on the heavy holdings in the quarterly report. How can I be wrong?—

—Yes, it’s really wrong! Xiaoou will tell you what the problems are.

1. The heavy holdings you see are not all the holdings. Based on the fund quarterly report, we can only know the top ten holdings of the product, not all the holdings (all holdings will only be disclosed in the annual report and semi-annual report).

For fund managers, all positions are a whole. The top ten holdings can only reflect the allocation of some industries, and the remaining positions are also very important to the whole.

It's like we are cooking according to a recipe, but the recipe is incomplete, missing some ingredients or seasonings, then we will not be able to cook the dish.

2. Even if you can see all the holdings, it is still lagging behind. Take the end of March as an example. Various fund companies have released annual reports for their products. I believe many friends have seen titles like this - "__Fund Manager"

"Hidden heavyweight stocks exposed".

It seems that we have obtained all the position information, but we have overlooked one point: these position information were all from the end of December last year, and it is now April. Who knows what has changed and how much these positions have changed.

Similarly, quarterly reports are disclosed within 15 working days from the end of the quarter, and the position information here is at least 15 working days behind.

Can copying the "homework" of fund managers really be done once and for all? We all know that stock trading involves "buying" and "selling". As the saying goes: Those who can buy are apprentices, and those who can sell are masters.

To take a step back, we have really copied the holdings. Then, when should we sell? The fund manager chooses a stock based on a comprehensive understanding and analysis of the company and a grasp of the entire industry.

Investment gurus Buffett and Charlie Munger have both advocated doing only things within your own circle of competence.

Similarly, fund managers do not dare to invest in industries and companies they do not understand.

For us investors, many of the positions held by fund managers are very "unfamiliar" companies. When we don't understand these companies at all, let alone the reasons why the fund managers choose them, we buy them rashly and encounter ups and downs.

Probably terrified.

Looking at it this way, this "homework" is really not something that can be copied casually.

Just imagine, you buy according to your position, and when the next quarterly report is disclosed, you find that you no longer have this heavy position in the stock, but you still hold it, and you don’t even know when the fund manager sold it, right?

Feeling a little overwhelmed? "Copying homework" may be more tiring than buying a fund? Buying and selling stocks requires keeping an eye on the market. You need to spend a lot of time every day paying attention to the dynamics of the stock market and copying the top ten stocks of a fund.

You need to pay attention to 10 stocks at all times. If you are optimistic about two fund managers, you need to pay attention to and operate 20 or more stocks at all times.

Investing is equivalent to being a trader at the same time, which is time-consuming and requires a lot of energy.

Think back to the original intention of buying a fund. On the one hand, we hope to obtain considerable returns through investment. On the other hand, we want professional people to do professional things. How can we use our spare time for leisure and entertainment and do more meaningful things?

Why not? Having said that, although we do not encourage you to copy "fund manager homework" rashly, we very, very encourage everyone to read more about the quarterly reports, annual reports, semi-annual reports of fund products, etc. The real truth in these publicly available materials is

Contains a lot of information.

The heavy holdings mentioned above are also a direction we should focus on to see if they are consistent with the fund manager’s investment style, areas of expertise, etc.; whether they are consistent with the fund manager’s investment logic; including the performance of heavy holdings, etc.? Many investments have been made in the past two years

The returns of funds purchased by investors are generally not ideal. What is the reason for the substantial losses of most funds? Regarding these questions from investors, Li Ying, an analyst at the Shanghai Securities Fund Evaluation Center, pointed out that first of all, fund products are essentially a basket of securities investment portfolios.

The return performance is inseparable from the performance of the underlying market.

In the market environment where the stock market continues to decline, it is difficult for stock funds, hybrid funds, etc. that mainly invest in stocks to achieve positive returns.

When the stock market rises, most equity funds tend to achieve positive returns.

Therefore, it is impossible for the fund to create a myth and create high positive returns under the continuous market decline in recent years.