Equity funds, also called active funds, correspond to passive funds, that is, index funds. Recently, index funds are very popular, claiming that they are not aiming at outperforming the market, but aiming at keeping up with the market.
But driven by curiosity, I learned about the rate of return of active funds, and I was not calm about this understanding, so I decided to study it.
The core principle of choosing stock funds is to choose fund managers who can make money. But "making money" is a vague concept, just like getting married and looking for an object. Finding a reliable object is a reliable object, and what are the characteristics of such a person?
Although 100% is not accurate, there are always some principles and directions that allow us to screen out relatively more reliable people.
The following are some principles I have collected from various places to choose stock funds:
1. Company background;
2. Personal information of the fund manager;
3. Fund performance;
4. The structure of fund holders;
5. Some selected tips;
6. Fund size;
7. Purchase cost.
The following details:
1. Company background
To draw a simple and rude conclusion, please choose a large well-known fund company with the first echelon in the industry. Such a company has strong strength and strong investment and research team, which has a very practical and long-term impact on the performance of the fund.
2. Personal information of the fund manager
The personal situation here is divided into two parts, one is the basic personal situation, and the other is the personal trading style.
(1) Basic personal information.
Generally speaking, it is appropriate to choose people who are over 35 years old, have good academic performance and have experienced at least one bull-bear cycle.
It is not advisable to choose a fund manager who is too young, has been in charge of the fund for a short time, and even has no chance to completely cross the bull and bear. Such a fund manager is relatively unprepared for a bear market. If he has not experienced a bull and bear, his current fund performance is due to luck or ability.
At present, there are some young fresh meat fund managers in the market, which may be very bright in the short term, but I dare not buy such funds. I can only say it remains to be seen.
(2) Personal transaction style.
There are investment preferences and holding time preferences. Everyone has his own preferences, and fund managers are no exception. Some fund managers prefer industries and themes, some fund managers prefer long-term value investment, and some fund managers prefer short-term investment with high selling and low sucking.
You can choose a type that matches your own style, and the style of fund managers should be stable and consistent.
You can refer to the turnover rate here. In the A-share market, the turnover rate in half a year is generally below 50%, 50%-200% is within the normal range, and 200% is relatively high.
Another look at the investment style of fund managers is the famous Morningstar investment style box, which classifies the market according to two factors: scale and price, forming a nine-square grid, and each small grid corresponds to a different investment style.
3. Fund performance
Fund performance is the focus of investigation. Simply put, choose a fund that is "excellent for a long time".
This sentence covers several levels:
First, there is no doubt that the performance of the fund must be excellent. Generally, it ranks in the top 25% or even 65,438+00% of its kind, which is basically considered to be excellent.
Second, it must be long-term. In other words, you can't be excellent for only a few years, but you should always maintain the fine tradition of Excellence. Moreover, if you maintain good results for a long time, such as more than five years, at least it means that the fund is old, not new.
Third, be steady. If the fluctuation is too large, sometimes the same kind ranks first, and sometimes the same kind ranks bottom, then it will not work.
4. Structure of fund holders
Simply put, it is to choose funds with high institutional shareholding ratio, high internal shareholding ratio and low individual shareholding ratio.
Large-scale institutions refer to institutions that hold shares of the Fund in enterprises as legal persons, institutions as legal persons, social organizations or other organizations, and internal holders refer to employees who hold the Fund within the fund management company.
They are born with more information advantages and investment strength than retail investors. If a fund is favored by these two types of people, the reliability score of the fund manager can be added a few points.
5. Fund size
The scale of small and medium-sized funds is about 65.438+0-200 million, and the market is about 365.438+0 billion. More than 654.38 billion yuan belongs to the Big Mac Fund.
The size of a general fund corresponds to the stock market it invests in.
If a fund that claims to invest in small and medium-sized stocks has a market close to 654.38+000 billion, then it is impossible to invest in small and medium-sized stocks at this time. After all, you have to invest a lot of money in your hands, and stock funds have restrictions on the proportion of investing in stocks. At this time, it is easy to produce the phenomenon of "style drift" of fund managers.
If you are interested in this fund manager who specializes in small and medium-sized stocks, and then buy his fund, as a result, with the fund scale getting bigger and bigger, the fund manager is forced to turn to large-cap stocks and may lose his previous brilliant performance. After all, not everyone has their own exclusive field.
6. Purchase cost
As we all know, the subscription fee of the fund is generally subscription fee, redemption fee, management fee and custody fee.
Other things being equal, try to choose the one with low cost. After all, what you save is what you earn.
You have 1 more interest when you buy Yu 'ebao. Why should you give it to others for nothing when you buy a fund? And even if it is the same fund, different platforms will have different preferential rates, so you can compare them more when you buy it.
7. Tips for selecting indicators
(1) Choose the one with high aspect ratio. Sharp's ratio represents the return ratio brought by unit risk, with 20% return corresponding to 20% risk and 10% return corresponding to 5% risk. Naturally, the latter bears higher returns from unit risk (10% divided by 5% equals 2).
(2) Choose the one with higher r square. R squared refers to the reliability of α and β. If the R-square is very low, it means that the α and β credibility of this fund is not very high and its reference value is not great.
(3)α coefficient refers to the fund manager's ability of stock selection and timing. The higher α, the stronger the fund manager's ability of stock selection and timing, and the more he can create excess returns higher than the market.
(4)β coefficient refers to the consistency between the fund and its performance evaluation benchmark. If the deviation is large, it means that the fund fluctuates greatly. Correspondingly, there are the high β/wave strategy of pursuing excitement and the low β/wave strategy of pursuing stability.
Ok, that's enough sharing. I also have a little knowledge. Please correct me if there are any mistakes. Welcome to communicate.