资金暴跌！ 为了反思，我们应该对市场敬畏！ _东方财富网

原标题：资金暴跌！ 为了反思，我们应该对市场敬畏！

概括

[Fundsfellsharply!Togrowinreflectionweshouldfearthemarket!】SincetheSpringFestivalalthoughfundshavefallensharplyandthecitizenshavelostmoneyespeciallythethemefundssuchasliquorandmedicinesomepro-cyclicalandlow-valuationstrategyfundshaveperformedwellagainstthemarketProductswithbalancedinvestmentandcontrolledretracementhavealsobeenaffectedFavorofthemarket

Since the Spring Festival, althoughfundThere was a sharp drop, and the citizens lost money, especially the theme funds such as liquor and medicine. However, some pro-cyclical and low-valuation strategy funds performed well against the market, balanced investment and controlled drawdowns.productAlso favored by the market.

Many industry professionals suggested that investors should be more awe of the market, better understand fund investment tools, extend their investment horizons, and give full play tofund company, Sales organization,publicThe investor education function of the media and other parties, rational guidance of investment transactions, etc., in order to better safeguard the long-term interests of holders.

　　Comprehensive consideration of anti-fall funds

　　Reflect and grow in the crash

Although funds have fallen sharply after the Spring Festival, there are still some funds that invest in pro-cyclical sectors and low valuation strategies that have performed well. The ability to effectively control retracements during the sharp decline has also been paid more attention by the market.

　　ICBC Credit Suisse FundHuang Huiyu, deputy director of the FOF Investment Department, said that market-wide funds that can better control the drawdown in this round of adjustments generally have the characteristics of equilibrium and defense. When seeing certain “core asset” sectors have bubbled up and are showing signs of intensification, fund managers who stick to value and long-term generally tend to invest in procyclical financial assets.Good fund managers will take precautions, do not chase the rise, and controlPositionAnd structure, to respond cautiously, defend first and then attack.

inNord FundAccording to Hao Xudong, assistant to the general manager, there are two types of funds that can better control the drawdown in this round of adjustment: one is to diversify the portfolio allocation in time when the stocks of the track are hot, and to choose products with better cost-effective stocks, including absolute underestimation. Funds with value strategy; the second is funds with heavy stocks in cyclical stocks. However, he does not recommend looking at the ability of fund managers to control withdrawals from a market adjustment. “There are too many factors affecting withdrawals. When examining control withdrawals, it is necessary to combine historical returns, lengthening cycles, and comprehensive consideration of different market environments. “

Liu Yiqian, general manager of the Shanghai Securities Fund Evaluation Center, also said that many of the funds with better control over this round of retracement have weaker flexibility during the previous rise.Many funds are more stable and balanced in terms of positions, target selection and industry allocation. Although they perform poorly in the short-term market, they have accumulated over the long-term.PerformanceNo less than some highly flexible star fund products.

“Current anti-fall funds may value valuation factors more, and their portfolios are characterized by low valuations or value styles.” HSBC JinxinFunding ResearchDirector and dynamic strategy fund manager Lu Bin also said.

When talking about the enlightenment brought by the sharp drop in this round of funds and the style rotation, many investors suggested that investors should have a better understanding of the fund’s investment tools and the underlying assets allocated, and suggested that investors should not blindly follow the trend of investment.

　　Harvest FundWu Yue, deputy director of the research department and manager of consumer funds, believes that for a large number of investors who will only enter the market in the second half of 2020 or even this year, many people lack basic fund knowledge and fund holding experience. They must also consider risks when seeing investment returns. As a small year for equity, 2021 is also an opportunity for investor education. I hope everyone can grow and progress amidst volatility. The market crash and panic has forced everyone to think about whether the current fund investment position, investment product structure, and psychological endurance match, whether it needs to be optimized, and so on.

Hao Xudong also said that Christian investment needs to recognize two types of funds. One is investment in style or track-type funds, that is, investing in fund products in one or two industries. Investment in such products should include Judging the overall market and style, we are extremely optimistic about the growth of related industries; the second is to build a portfolio of funds across the market. This type of product requires professional and in-depth research to screen out products that cross the cycle from a longer period.

“Regardless of the type of product invested, it is not advisable to chase the rise and fall in fund investment. It is recommended that the foundation should buy matching excellent fund manager products based on personal risk tolerance under the recommendation of professional licensed institutions. Hold and earn reasonable income.”

Lu Bin also suggested that the Citizens should pay more attention to long-term performance and historical drawdowns when investing in funds, instead of blindly chasing funds with outstanding short-term performance. Investment funds should choose fund managers with strong professional capabilities and strong sense of responsibility, and at the same time believe in long-term and professional power, and must not chase ups and downs.

　　Extend investment horizons

　　Rationally guide investor behavior

Before and after this round of fund plunge, the fundthe companyThrough issuance scale restriction, release of holding period products, large consumption fundsDividends, Entertainment and other forms are strictly prohibited, effectively controllingFund issuanceThere is a big divergence between popularity and investment cost performance. The rational behavior of fund companies has also been recognized by the industry.

Hao Xudong said that during this round of fund cycle, some leading fund companies performed quite well. Since the second half of 2020, some outstanding fund manager products have been subject to purchase restrictions.Branch officeReverse the wind to push “fixed income +” and other offensive and defensive absolute income products, which all show the professionalism and ethics of outstanding fund practitioners.

Liu Yiqian also said that the above behaviors of fund companies also fully reflect the value trade-off between the fund industry’s own interests and the interests of customers, and that the fund industry generally has high professional ethics. Helping investors to manage more funds is the demand for the development of the industry. , But helping investors earn reasonable returns is the most fundamental vision. Only the value orientation centered on the interests of investors can further strengthen the reputation of the industry and guide the long-term healthy development of the industry.

Although the industry generally believes that long-term holding is the right direction to participate in fund investment, short-term ups and downs in the equity market are still inevitable. Data shows that partial stocksHybrid fundThe index has fluctuated greatly in the past seventeen years, the largest increase was as high as 119.83%, and the largest retracement reached 48.8%.

Under this circumstance, many well-known fund managers recommend that investors expand their investment horizons, and all parties in the market should also actively conduct investor education and rational guidance of investment behavior to better protect investors’ long-term interests.

　　China Europe FundInvestment director Zhou Yingbo believes that in the current investment behavior of some equity products, there are still short-term and irrational behaviors such as chasing ups and downs, frequent redemption and redemption, which greatly affects the profit experience.He suggested that investors should look at the expected rate of return from a long-term perspective. Short-term market adjustments will bring about a more reasonable valuation position and a more appropriate investment timing.Fixed investmentWays to smooth the impact of market fluctuations, and fund managers and sales channels should also continue to increase investor accompany services, and further improve the guidance of investor behavior in the future.

Huang Huiyu said that in an environment of increasing market volatility, it is more necessary to think about investment goals and expectations from a long-term investment perspective, try to avoid chasing ups and downs, or choose funds with a longer closed period to make fixed investments to control mistakes. Frequency and amplitude. On the other hand, the fund industry itself needs to be aware of the potential harm of the “herd effect” in product issuance and sales. How to overcome some of the weaknesses of human nature, make more mid-to-long-term layout, and try to avoid chasing short-term hot spots, is a matter of careful and in-depth consideration by every fund industry participant.

Hao Xudong also said that investor education should be the joint effort of the fund industry, agency sales channels, and public media. The professionalization of public media and agency sales channels should be strengthened. The optimization and refinement of evaluation systems for different fund products needs to be put on the agenda.For fund companies, it is also necessary to improve and enrich the assessment and incentive system for fund managers. At the same time, it is necessary to introduce matching measures for investors with different risk tolerances.product lineWait.

“Always benefit from the holder, fromenterpriseStarting from intrinsic value is the criterion for the fund industry to bring investors a long-term and reasonable return.At the same time, Christians should form the habit of long-term investment, and it is recommended that most investors try to gradually do professionalFinancial managementConfiguration. “Essence FundFund manager Nie Shilin also said.

(Source: China Fund News)

(Editor in charge: DF358)