Configuration Bao is a publicly issued fund portfolio, which perfectly realizes asset allocation.
Cash assets refer to monetary funds and fixed or determinable assets held by enterprises, including cash, bank deposits, notes receivable and bond investments held to maturity. Generally speaking, cash assets in a broad sense include cash on hand, bank deposits and other monetary funds. Cash assets are the most liquid assets and belong to a part of monetary assets.
Asset allocation is the key factor that determines the success or failure of wealth management. A survey on the investment performance of 82 pension funds in the United States 10 shows that 90% of the key factors that determine the success or failure of long-term investment are asset allocation, and only 10% is due to investment targets, market timing and other factors.
At the same time, according to UBS's research statistics on the global stock market in the past 20 years, it is pointed out that the impact of asset allocation on returns reaches 965,438+0.5%, which is much higher than factors such as stock selection and timing, indicating that the rationality of asset allocation is the key factor that directly affects returns.
Extended data:
Asset allocation has different meanings at different levels. From the scope, it can be divided into global asset allocation, stock and bond asset allocation and industry-style asset allocation. From the perspective of time span and style category, it can be divided into strategic asset allocation, tactical asset allocation and mixed asset allocation.
1, buy and hold strategy
Buy-and-hold strategy means that after determining the appropriate asset allocation ratio and constructing the investment portfolio, the investment portfolio will be maintained without changing the asset allocation status for a suitable holding period, such as 3-5 years. Buy-and-hold strategy is a negative long-term rebalancing method, which is suitable for investors with long-term planning level and satisfied with strategic asset allocation.
Buy-and-hold strategy is suitable for the state where the capital market environment and investors' preferences have not changed much, or the cost of changing the asset allocation status is greater than the income.
2. Constant mixing strategy
Constant mixing strategy refers to maintaining a fixed proportion of various assets in the portfolio. Constant mixed strategy assumes that the return on assets and investors' preferences have not changed much, so the allocation ratio of the optimal portfolio remains unchanged. Constant mixed strategy is suitable for investors with stable risk tolerance.
If the stock market price is fluctuating, the constant mixing strategy may be better than the buy-and-hold strategy.
3. Portfolio insurance
Portfolio insurance strategy is a dynamic adjustment strategy, in which some funds are invested in risk-free assets to ensure the lowest value of the portfolio, and the rest are invested in risk assets, and the ratio of risk assets to risk-free assets is adjusted with the changes of the market, while the appreciation potential of assets is not given up.
When the portfolio value rises due to the increase of the return rate of risky assets, the investment proportion of risky assets also increases; On the contrary, it will fall.
Therefore, when the rate of return on risky assets rises, the investment proportion of risky assets will rise. If the rate of return on risky assets continues to rise, the portfolio insurance strategy will achieve better results than the buyer's holding strategy. However, if the return turns to decline, the result of portfolio insurance strategy will be more affected by the increase in the proportion of risky assets, which is worse than that of buy-and-hold strategy.
Baidu encyclopedia-asset allocation