How to judge FOF and fund portfolio?
For Xiaobai Fund, FOF (Fund in Fund) is really suitable for such investors. Because from the investor's point of view, the greatest significance of FOF's ice-breaking lies in avoiding the difficult problem of selecting bases, and at the same time, it can help investors to allocate assets through different types of' fund portfolios'.
However, if you want to make a fortune by buying FOF, you will be disappointed, at least at this stage. Because, for various reasons, the first batch of FOFs in the market will not be too radical, and will be based on absolute income or balanced allocation and steady allocation.
After all, it's a new product, so we can't lose it. Investors also need a process of recognition and understanding. They set the risk type too high as soon as they came up. If they are perfunctory, it will obviously dampen their enthusiasm. However, in the future, fund companies will definitely launch more types of FOF to meet the needs of investors with different risk-return types.
There are still many differences between FOF fund and self-created fund portfolio. In China, publicly issued FOF funds can only be managed by fund companies approved by China Securities Regulatory Commission, or specific FOF funds have not been approved until recent days. Public Offering of Fund companies and other institutions, including banks, securities firms, asset management companies, private equity companies, fund sales companies or individuals who have not been approved for FOF funds, can not launch public FOF funds at present, but can launch private FOF funds for specific qualified investors.
The fund portfolio does not need the approval of the CSRC. The fund companies, banks, brokers, asset managers, fund sales companies or individuals mentioned above can establish their own fund portfolios, and there is basically no threshold, but private investment companies can't.
1, FOF funds are strictly restricted and the fund portfolio is flexible. In order to reduce the risk of FOF funds, the CSRC stipulates that the maximum position of each fund is 20%.
I'll give you an extreme limit. If the market is not good, the FOF fund manager will invest all his assets in the money fund, so well, invest in at least five different money funds, otherwise it will violate the regulations; On the other hand, the market is good. Blue-chip stocks like CSI 300 are rising every day. Can I buy an ordinary CSI 300 index fund or an enhanced CSI 300 fund? No, the position of a single fund is at most 20%. If FOF fund wants to invest in Shanghai and Shenzhen 300 index funds, it can buy at least five.
The fund portfolio is relatively flexible, and the positions of holding funds and holding funds are very flexible: some have invested in funds above 10 or above 10, China Merchants Bank Capricorn Smart Investment and Egg Roll Global Good Assets are all multi-asset (fund) choices, but some have only held one fund. For example, the XX 28 wheel drive launched by various platforms is usually 100%.
2.FOF's funds are strictly regulated, and the fund portfolio management is loose, even with little supervision.
As mentioned above, the public offering of FOF funds must be approved by China Securities Regulatory Commission, and the relevant regulations of China Securities Regulatory Commission on FOF must be strictly implemented. There are strict regulations and fund contract restrictions on related operations and investments. The fund portfolio is relatively loose, and the fund portfolio is only the agreement made by the relevant fund portfolio investors, and the rest is only the fund's own contract.
3. The investment richness of fund portfolio is more comprehensive than that of FOF fund.
Judging from the first batch of approved FOF funds and other funds being approved, at present, FOF funds pay more attention to all-weather strategy, fluctuation control strategy and risk parity strategy. They all seek relatively stable investment strategies, and the main groups are social security, insurance companies and relatively stable investors.
The richness of fund portfolio investment should be comprehensive. For example, in addition to the above strategies, there are 28 strategies such as large and small stocks and industry rotation, industry rotation strategy or other high-risk strategies, which are suitable for some investors who are willing to pursue relatively high risks.
4.FOF funds charge secondary management fees for investing in non-corporate funds, and do not charge secondary management fees for fund portfolios.
According to the relevant regulations of China Securities Regulatory Commission, FOF funds can't charge twice for investing in their own funds, but if they invest in funds of other fund companies, they will face secondary management fees, and there is no secondary management fee for fund portfolios.