Manual inspection fund investment: five principles View your investment returnsPublished: 15:27:21 March 7,2014 Views: 25
Author Liao Jia
2013 fleeting, the investment results of the past year under review, the outlook for the coming year, the portfolio held by the Fund to conduct a thorough 'inspection' may be many cautious investors willing to do. Morningstar senior fund U.S. according to U.S. market analyst KevinMcDevitt gives detailed recommendations, although the market is different, but the direction and methods of view but which are reference.
View 2013 during the annual fund investments, investors may find that the market is so brutal departure from the original intention: to seek prudent risk-averse investors to choose a bond fund, but in 2013 the bond market is nearly 5 Since most of the year bears no removal of short-term bond funds outside the three categories of bond funds (aggressive bond, common bond, pure debt funds), the average decrease of 2.65% in the second half of .2013, established over six months 347 funds (single fund level statistics), only 38 to get a positive return, four funds fell more than 10 percent of which, Bo macro Return Bond -. A / B fell nearly 15 percent in the second half, the stock fell more than the largest decline in the second half of the fund's Central European small-cap stocks (LOF), which fell nearly 10 percent in the second half.
In forced to accept the brutal facts, while the best choice for investors or re-risk assessment and awareness, for example, in the past bond funds are considered relative to the lower-risk species equity funds, but the premise is based on both The long-term market fluctuations empirical data drawn conclusions as of the end of 2013, with the last three years, for example, the biggest decline in equity funds was 30.84%, the monthly standard deviation of 20.25%, while the average bond fund values corresponding 3.73%, 3.78% over the past five years, the standard deviation of monthly stock fund was 23.66%, while the average bond fund that is 4.1%.
When performing portfolio re-evaluation, in addition to understanding the long-term bond fund performance is relatively stable market characteristics, their understanding is another important: it as an equity fund with a relatively low correlation asset classes, into risk diversification in portfolio asset allocation, the principle and configuration QDII fund similar to the portfolio.
A clear understanding of market volatility they can tolerate much time inside is very important, which will directly affect the choice of fund products to investors, if not tolerate short-term losses, and perhaps short-term bond funds, money market funds, regularly open A share will be relatively better choice.
Easily overlooked concentrated investment
Many investors want to build a diversified investment portfolio by the way, which generally includes both dispersion: First, the dispersion between the different categories of asset classes, typically dispersed as equity assets and non-equity asset class, Another is decentralized under the same asset class, such as the combination to be dispersed by configuring different stocks.
However, due to busy investors tend to focus only on past performance, fund managers, rates and other cooked-known visual aspect, a combination of the extent and in the end his own mind fit dispersed configuration is very easy to overlook in order Avoid this unnecessary shocks, carefully read the Fund's quarterly, semi-annual, annual reports, understand the details of positions held by the fund, and then with his overall position compares very necessary.
Another easily overlooked concentrated, mainly due to fluctuations similar characteristics may exist between different types of funds, assets. Moreover, partial shares between style convertible bond funds and partial stock funds, partial debt style also exist between the convertible bond funds and bond funds similar to the easily overlooked association.
Are Starchaser Buy
When the reason for the investors in the fund portfolio's view, might sigh fireworks easily cold, today becomes obsolete Star story filled with hot funds for the capital market, the market will never lack buying: eg 2012 When financial stocks shine, buying heavily loaded underestimate the value of financial stocks Value Fund has become the voice of the mainstream market, and when the wind market in 2013, changing the growth fund has become a mainstream object of pursuit. enough rational investment are often a hot head hot fund bought the moment, when it did not, the original investment philosophy has long been forgotten.
Raised funds this year in the top ten results for equity funds, for example, the vast majority of these funds are heavy information services industry, such as stock funds this year, the Post Gain strategic emerging industries champion stock, semi-annual report from 2013, the entire disclosure of positions to Look, positions in technology stocks is close to 50% of fund assets, the fund performance benchmark corresponding Morningstar - Morningstar market index accounted for only 0.32% of the industry to disclose the positions of view from the inception of the Fund, for technology stocks. The position has been maintained at around 50%, is too focused on the distribution industry also means that once the adjustments in the industry, the fund may incur greater risks than similar. in 2012, 申万信 information services sector index to more than 10% declines in major industries ranked last in the index, this roller coaster of volatility for robust type of investors is clearly a 'torture.' Another face a more extreme case is the gold fund in 2011 Claims under the double play of market shares, gold funds thriving, while the decline in the average gold fund in 2013 was 30%.
Are do not intend to win
In fact, more than to talk about three view of risk are all around, in addition to an important class of wind
Insurance - active management risk (ie deviation proactive strategy and direction of the market) is required investors to view, this view may require investors to spend more time to understand the different cows, the performance of the fund in the next bear market, if Strategy Fund remain unchanged, a similar history may occur again. trying to do, 'blow' in the long-term capital market, and no less difficult to buy a lottery prize, in the past five years, Warren Buffett in charge of primary克希尔哈撒 Wei performance worse than the S & P 500 Index and perhaps this evidence.
Fund's investment strategy can be divided into two categories: one is top-down, one is bottom-up, although many fund managers claim to try both, but smart investors or from funds in different markets performance under the investment strategy shows bias clues. Generally speaking, the bottom-up funds, more focused on obtaining gains through stock selection, rather than when you choose. performance of these funds is usually relatively large fluctuations in big bear The net may be involved in higher than similar stock positions, but once the market reversal, bounce rates are often higher. affected by the minimum limit of the stock position, this strategy is more common stock funds in contrast, top- Funds under more stress timely and moving, once confirmed the downward trend in the market, the stock position has declined, and vice versa. larger space in the stock position adjustable hybrid funds, this strategy has an advantage.
For rational investors, understand the limitations of the policy, when necessary, also adhere to invest an important lesson.
Are you active funds outperformed the index
In 2013, the average income of active funds significantly outperformed mainstream market-based index, which makes it easy for investors to ignore this view is well known that active funds operating rates and one-time rates are higher than index funds , should investors can not get a certain excess returns or lower risk (positions of index funds is often higher than actively managed funds, which are typically larger fluctuations in performance), then proactive strategy seemed to be somewhat redundant.
In evaluating the effectiveness of proactive strategies, revenue comparison proactive industry sector index funds and fewer seem to be ignored, especially in industry index soared, income proactive industry funds carried away the minds of investors under market conditions. to SW Medicine Index 2013 earnings among the top example, in 2013 the index rose to 36.56 percent, in the main cast of the index constituents three pharmaceutical industry funds: Bo healthcare industry stocks, equity financing health care industry , easy to square up the medical industry stocks, only to get the health care industry facility beyond the index gains (Fund 2013 revenue of 45.25%).
In addition, some assets proactive strategy enhanced index funds also have similar problems. Investor trading costs for these funds is usually higher than ordinary index fund, but not able to get 'enhanced' benefits. To track the CSI 300 Index The enhanced index funds, for example, there are 10 such funds on the market today, including five Founded more than two years, from last 1 year, 2 years, annualized revenue run, Hing only enhance the whole CSI 300 Index (LOF), to enhance China-EU CSI 300 Index (LOF) to get beyond the CSI 300 Index gains.
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