Fund investment is not suitable for short-term investment because of transaction costs and the characteristics of its own products, and long-term holding can often get good returns. However, after we choose the fund and decide to invest, we still have to have regular physical examination. Today, Bian Xiao will share with you what circumstances to consider changing the fund, for your reference only!

If the following problems occur, we should attach great importance to them and need to replace the held funds if necessary. The replacement mentioned here does not mean selling the fund without investing, but replacing it with other better funds.

Actively manage funds

1. For actively managed funds, such funds mainly obtain excess returns (alpha returns) through the management of excellent fund managers. For this reason, there is a saying circulating in the market: buying a fund is buying a fund manager. If you change the fund manager, you need to pay special attention.

In addition to the replacement of fund managers, the size of the fund disclosed each time is also worthy of our attention. Fund managers have different ability to control the fund scale, and too large a scale often requires higher management ability of fund managers. When the fund scale is too large, the management ability of the fund manager does not match the fund scale, which will also become one of the reasons for the poor performance of the fund.

2. The fund's investment style drift is also worthy of attention. After all, a person's ability circle is limited, and mature fund managers will have a clear understanding of their own ability circle, thus forming their own investment style, and will not easily invest outside their own ability circle. When the style of the fund you hold drifts, you should attach great importance to it. Because style drift itself is an immature performance.

3. The fund's heavyweight stocks (bonds) should also be vigilant if there is a lightning strike. Heavy stocks step on thunder. If a large number of investors redeem funds, it will cause great pressure on cash flow, and fund managers will be forced to sell assets with good liquidity to alleviate the redemption pressure. Such repetition may form a vicious circle.

Of course, it does not necessarily mean that there is a problem with the investment system of fund managers. Because there are many stocks held by the fund, there are also many unpredictable factors. Since it is an investment, there are bound to be risks. It is also necessary to comprehensively consider the long-term performance of the fund and the strength of the fund company.

4. Changes in institutional positions can also be used as a reference. You can check the proportion of institutional positions in the fund details. The sharp decline in the proportion of institutions means the withdrawal of institutional funds, which means that institutions are not optimistic about the market outlook, or the rating of this fund has been lowered.

In addition to the above situation, when the long-term performance of the holding fund is not good, you can also take the initiative to replace a better fund.

Indexed securities investment fund

Passive index funds mainly obtain the average return (beta return) by passively copying the index. Therefore, the tracking error of passive index funds can be used as a measure. If the long-term tracking error is too large, you can choose to replace a better index fund.

The long-term tracking error is too large, which is often caused by the position change brought by the redemption application (as mentioned above, the fund manager needs to redeem other index stocks to alleviate the redemption pressure because of stepping on stocks (bonds) and investors' massive redemption), the drag of cash flow, the active operation of the fund manager and other factors. Please refer to the performance data of the information disclosure report fund for tracking errors.

Index-enhanced funds that have no or unstable excess returns for a long time also need our attention. Index enhancement fund, as its name implies, is a fund that passively obtains the average return (beta return) and can obtain part of the excess return (alpha return). Such funds often achieve their goals through index enhancement strategies. Commonly used strategies include innovation enhancement, stock index futures enhancement, multi-factor enhancement, securities lending enhancement and so on. If there is no excess return or the excess return is unstable for a long time, it is often a problem in the process of implementing the above strategy, so why not choose a better fund?

Compared with actively managed funds, the biggest advantage of passive index funds is the rate. Therefore, the rate is particularly important for passive index funds. If similar index funds have products with lower rates, they can switch to products with lower rates under the same other conditions.

In the past two years, the returns of funds purchased by many investors are generally unsatisfactory. What caused the large losses of most funds? Mars, an analyst at Shanghai Securities Fund Evaluation Center, pointed out that, first of all, the essence of fund products is the combination of securities, and the performance of fund income is closely related to the performance of the underlying market. In the continuous decline of the stock market, it is difficult for equity funds and hybrid funds, which mainly invest in stocks, to achieve positive returns. In the case of rising stock market, most partial stock funds can often achieve positive returns. Therefore, it is impossible for funds to create myths and create high positive returns in the continuous decline of the market in recent years.

From the long-term performance, in most cases, the overall performance of funds is better than that of individual investors, especially in bull markets and volatile markets. For example, in 2006 and 2007, more than 80% of equity funds achieved a return of more than 100%, while the proportion of individual investors was less than 20 12 years. Nearly 50% of equity funds have achieved a return of 5% to 30%. According to the survey, more than 50% of individual investors have lost between 5% and 50%. Therefore, the fund is still a good investment tool for individual investors to participate in the capital market.

All kinds of problems, whether China's stock market construction, economic development or asset management industry, can't be eliminated in a short time, and all need the rationality of the market as a whole to promote it. However, as investors themselves, we must measure our risk tolerance clearly and not blindly listen to the propaganda of sales staff. If your risk tolerance is weak, or the funds you want to use in the short term, you can't invest too much in a single stock fund to avoid being greatly affected by the risk of stock market fluctuations. Therefore, for individual investors, it is more meaningful to have a long-term investment mentality, choose appropriate fund products according to their own risk tolerance and renewal, avoid excessive pursuit of popular funds with outstanding short-term returns, pay more attention to funds with relatively stable long-term performance, and spread risks through fixed investment and portfolio allocation to obtain long-term stable returns.

Finally, I would like to remind you that giving priority to the fund conversion function when changing funds can greatly improve efficiency and save handling fees. If it is the product of the same fund company, it can basically be converted by fund.

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