The plunge a few days ago not only made A-share investors, but also made global investors appreciate the power of risk release. For fund investment, this plunge may be a watershed in investment thinking, and the focus of investors' fund selection will shift from focusing on income to focusing on risk control.
The market changed suddenly in 2008, which partial stock funds can win? This may be the most concerned issue for fund investors. Because of the different investment styles and strategies between fund companies and funds, the difficulty of choosing funds is gradually increasing.
In the choice, investors are advised to follow several ideas. One is to choose those funds with high active stock selection ability and high income/risk. In 2008, the market has obviously shifted from the general growth mode to the structural growth stage. In this case, the fund manager's stock selection ability will be greatly tested. The second is to look for funds with low volatility and stable past performance. These funds often use more effective quantitative models to control the risk of their portfolios, and the effect is usually better in structured markets. The third is to choose closed-end funds with price advantages. In the context of high asset prices, it is obviously quite cost-effective to buy a basket of assets at a discount. Here, we have selected five representative funds for investors. Of course, you can't generalize, it's for reference only.
The value of natural rich countries
This fund is worth looking forward to in 2008. The complex and changeable market may be "welcome" for fund manager Chen Ge. In this market situation, Chen Ge's investment style is very useful.
Compared with China's typical operation of selecting such bands on a large scale, the value of rich countries is the other extreme. Chen Ge, the fund manager, is a value investor with personality, and his persistence may be as good as Buffett's. Among Tianyi's top ten heavyweight stocks, Kweichow Moutai, Suning Appliance and Aerospace Information are "iron triangles", which have stood firm for nearly two years. And several other heavy positions, including Shanghai Airport, Conch, Dongfang Electric, etc. It has been held since last year. Chen Ge's patience and dedication to stocks may be unparalleled in the industry. Chen Ge is very handy in using the technique of changing with the constant.
Another reason for recommending this fund is that its performance last year was not satisfactory, and it was only at the middle level of the industry. According to the general law, this kind of fund with excellent fundamentals but short-term lag ran into the forefront with great probability in 2008. The market style changes very quickly, and the performance of the fund is also changing.
In the long run, the value of Guo Fu Tianyi is still quite good. Since its establishment three and a half years ago, its net value has increased by 665,438+00%, ranking among the peers of stock-based open-end funds. Since the establishment of this fund, the position level and shareholding concentration at the end of each quarter have exceeded the industry average. However, as far as stock selection is concerned, the fund's heavyweight stocks are mainly value-oriented, and the focus of stock selection is on the leading consumer services such as food and beverage, wholesale and retail, and finance, which have benefited from China's economic growth, and such stocks usually perform relatively steadily. Chen Ge, the fund manager, has excellent stock selection ability, which is the main source of his excess returns compared with his peers.
The Flexible Market Value of Franklin National Ocean Company
This is also a fund with a fairly stable investment style. Last year, the fund ranked sixth among equity funds. Zhang Xiaodong, the fund manager, summed up his investment experience, which may help you understand this fund.
Zhang Xiaodong summed up his investment experience as "Six-pulse Excalibur". The first move is to be the first. He believes that investment is a long-distance race, and those who run in the second phalanx often win in the end. Therefore, Zhang Xiaodong's requirement for himself is to run in the second camp for a long time and provide investors with long-term and stable performance. The second trick is not to do it if you are not familiar with it, and companies with insufficient research will resolutely not touch it. The third measure is to pay attention to blue chip stocks. In Zhang Xiaodong's view, blue-chip companies have stood the test of time and developed rapidly. At the same time, enterprises have strong anti-risk ability and are more attractive than small-cap stocks. In terms of investment strategy, Zhang Xiaodong tends to "wait for him" and wait for the opportunity to buy a first-class company at a second-rate price. The fourth measure "valuation first" is closely related to the fifth measure "long-term holding". Zhang Xiaodong believes that long-term holding is not blind, and the assumption of long-term holding is that the company's valuation is reasonable, so Zhang Xiaodong tends to adopt a more flexible operation mode with valuation as the core. The sixth measure is relative concentration. At present, the flexible market value fund is close to 654.38+000 billion, but there are only 35 stocks in its portfolio. Under normal circumstances, the investment target of this fund does not exceed 40 stocks.
It is worth mentioning that the investment platform of Guohai Franklin Fund is related to its shareholder Franklin Templeton Group. The latter ranks first in the world in emerging markets. With the support of shareholders, Guohai Franklin's investment research strength is also quite competitive, and this company is expected to become a rising star in Ran Ran.
Fund Anxin
At present, there are only 35 closed-end funds on the market, which are already scarce varieties. Among them, there are many funds worth investing, including Taihe Fund, Yulong Fund, SDIC UBS Ruifu Enterprise and Dacheng Priority. Anxin fund is recommended here mainly because it has participated in the private placement of a large number of listed companies. Due to the underestimation of the net value caused by the accounting system, its performance in 2007 was greatly affected. In 2008, with the gradual expiration of private placement, this fund is expected to obtain higher returns, similar to Anshun Fund.
Simply put, the current net value of private equity funds is calculated according to the amortized cost method. That is to say, when the market price of private equity share is higher than the initial cost, it should be diluted according to the term, so that the high book income obtained by private equity can not be fully reflected in the net value of the fund before the lock-up period expires. According to the fashionable saying, this is "intangible assets".
At present, the private placement shares held by Anxin include Huaye Real Estate, China Storage Shares, Haitai Development, Yin Tian Holdings, Jindi, Shandong Yao Bo, Jingyuan Electronics, etc. The earliest due date is Yao Bo, Shandong Province (due in February 2008), and the latest due date is Huaye Real Estate and China Storage Shares (165438+2008 10). If we only look at the market value, some of these stocks have already gone up a lot. For example, Gemdale's share price has risen by nearly 50% compared with its cost, and so has Jingyuan Electronics. According to this calculation, 2008 may be a bumper year for Anxin Fund.
Jingshun Dingyi
This fund has been established for more than two years, with a cumulative income of 490.68% in the past two years, ranking fourth among stock funds, with excellent long-term performance. Another bright spot is that its fund manager Wang has good investment ability. In the fund manager evaluation system recently published by the National Fund Research Institute, Wang was also rated as a five-star fund manager.
This fund has been performing well and its performance is stable since its establishment. The fund's stock selection strategy mainly follows the principle of active stock selection based on fundamentals. By selecting superior enterprises with good fundamentals or stocks with low valuation, combined with top-down macroeconomic analysis, the candidate list of stock investment is formulated. The selection of individual stocks is based on growth, value and stable income, and high-growth stocks, undervalued stocks and profitable stocks that provide stable income are selected. The investment scope of this fund is large and comprehensive, which requires the fund manager's active stock selection ability.
According to Morningstar's data, the alpha coefficient of this fund is 23.32% (relative index), which shows that the fund manager's ability to obtain excess returns is quite high. It is worth mentioning that the Fund has adopted a risk/return optimization model in risk control, thus further optimizing the risk-return ratio of the portfolio and showing good stability in return. Recently 1 month, the market has fallen by nearly 14%, but the net value of this fund has only fallen by less than 1%, and its resilience is quite strong.
Jingshun Dingyi's annual report has just been released, and the top five positions are China Merchants Bank, WISCO, Shanghai Pudong Development Bank, baoshan iron & steel and Shanghai Airport. Among the top ten positions, financial stocks accounted for the largest proportion, reaching 4.
Bosera theme industry
The most remarkable thing about this fund is its high income and low risk. According to the data released by Morningstar, its two-year standard deviation is only 20.45%, far below the average level of its kind. At the same time, compared with the performance of similar funds, the alpha coefficient is as high as 57.6 1%, indicating that the fund manager has a higher ability to obtain excess returns. In other words, the high return of the fund is not due to the high risk, but the "added value" brought by the fund manager to investors. In the wave of obtaining high returns at the expense of risk, the fund's extremely low volatility is impressive.
During the two major adjustments in May and June, 2007, 165438+ 10, the fund showed very strong resilience and even achieved positive returns.
In terms of investment strategy, the Fund adopts an industry-enhanced active investment strategy under the guidance of value strategy. Dynamically adjust the investment ratio of fund assets among three major industries, such as consumer goods, infrastructure and raw materials, from three aspects: industry growth, industry profitability and industry boom cycle, and stipulate that more than 80% of stock investment funds will invest in listed companies in the above three industries. The newly released annual report shows that the top ten positions of this fund are still dominated by finance and infrastructure. The four banking stocks are China Merchants Bank, Industrial and Commercial Bank of China, Shenzhen Development Bank and Bank of Beijing, and the infrastructure includes China Unicom, Tianjin Port, Shanghai Airport and Changjiang Power.