The Shanghai and Shenzhen 300 Index has always been considered as a child next door.

What's the kid next door?

That is: "Look at XX next door, the academic performance is so good, why don't you study?"

The Shanghai and Shenzhen 300 Index is the most representative index of A-shares and is regarded as a comparative index by the whole fund circle.

Active funds, in particular, will be severely publicized if they outperform the Shanghai and Shenzhen 300 Index for several consecutive years.

Which index fund should I choose to track CSI 300?

At present, there are nearly 50 index funds tracking the Shanghai and Shenzhen 300. Among them, there are * * * branches 17, which have been established for more than 5 years and have a scale of more than 500 million.

You can see an interesting phenomenon:

Without exception, these index funds outperformed the Shanghai and Shenzhen 300 Index (marked in blue).

Mainly because the Shanghai and Shenzhen 300 Index is a price index, that is, the index of stock price, and the dividends of constituent stocks are not in the index.

Index funds actually get dividends from constituent stocks, so if index funds can't even win the index, they should be pulled out and chopped.

The standard should be set higher. Let's take a look at the Shanghai and Shenzhen 300 total income index of dividend reinvestment (marked green in the picture).

We will find that most index funds underperform the total return index, which is normal, because index funds have holding fees, and it is normal to lose money compared with the total return index without calculating the fees at all.

The annualized rate of return of a normal index fund should be between the total return index and the price index, which is approximately equal to the total return index rate minus the holding fee (management fee+custody fee).

Of course, occasionally there will be index funds running faster than the total income index, and some enhancement strategies such as playing new shares will be superimposed.

From the perspective of choosing the CSI 300 index fund, regardless of excess returns, I will choose E Fund's E Fund CSI 300 sponsored ETF and Link A, with a holding rate of 0.2%, which is worthy of being a rate killer.

Index enhancement fund refers to making some positive strategies within the framework of stock selection of index funds, so that this fund can outperform the index.

Generally speaking, in order to make the enhanced fund not run too far away from the index, it will be stipulated that the annual rate of return will not deviate from the index by about 7%.

There are also many funds to strengthen the Shanghai and Shenzhen 300 Index, with nearly 40 funds. Some active funds can't be mixed up, and some are transformed into CSI 300 active funds.

We choose 10 branches with a scale of more than 500 million and a establishment time of more than 5 years.

It can be seen that these index enhancement funds have outperformed the Shanghai and Shenzhen 300 Total Income Index.

From another perspective, it can also be understood that index enhancement funds that can't even win the full income index will be gradually abandoned by the holders, and the scale will fall below 500 million.

When I break it down to the performance of each year, I lose all the income indicators of that year. In the past five years, six companies have exceeded the total revenue index for at least four years.

If the annualized rate of return in the last five years is greater than 10%, the top three are left.

The top three are Guo Fu, Xingquan and Jingshun, all of which have greatly improved.

Look at the stability of fund managers;

It is found that the personnel are relatively stable, and the fund managers in Guo Fu and Xingquan have not changed in 10 years.

It's really unparalleled. Finally, let's look at the rate and scale.

Among the holding fees (management fee+custody fee) of the three funds, Xingquan is the lowest, which is 0.95%.

(Compared with the holding rate of E Fund's Shanghai and Shenzhen 300 Index Fund is 0.2%, from 0.2% to 0.95%, it is cost-effective to exchange less than 1% for more than 5% of the income. )

Among the subscription rates, all subscriptions below 500,000 yuan are 1.2%, and all subscriptions after a 10% discount on the fund distribution platform are 0. 12%, which makes no difference.

In the redemption rate, the rich countries are even worse, no matter how long it takes, it is 0.5%. The other two will be free of redemption fee after 2 years.

Judging from the scale of the fund, the scale of Xingquan is 5 billion, the smallest. The other two are about 654.38+0 billion. This indicator is temporarily dominant, because when the small and medium-sized index enhancement fund is strengthened, there will be more strategies available, such as innovation.

To sum up, I will choose 163407- Xingquan Shanghai and Shenzhen 300 Index (LOF)A as the enhancement fund with excellent performance, stable fund manager, moderate scale and the lowest rate.

In terms of the sustainability of the enhancement effect of the index enhancement fund, my judgment is that it can last for several years.

Index-enhanced funds are regarded as semi-active funds. At present, retail investors in the A-share market still account for more than half, which still gives room for active funds to obtain excess returns.

When the proportion of retail investors in the A-share market is reduced to US stocks, the enhancement effect will not be obvious. On the contrary, index foundations with low rates have achieved better results.

Ok, that's all for today. See you at 8 tomorrow morning.

The following is yesterday's valuation table: