Interpretation of the "investment code" behind the new fund
The most important thing for fund investment is to grasp two essentials: one is to choose the right fund, and the other is to choose the right time to buy and sell. But for ordinary retail investors, in the face of the ever-changing fund market, how can they properly "choose the basis" and "time"? Will chasing popular funds also "chase up and kill"? And see the reporter for you to interpret the "investment password" of the fund market.
Fund market changes are complex and complicated, and investors can use a relatively simple "rough" method to deal with it-by understanding the new fund types, themes and innovative fund products in the short-term market, to "pulse" the market A rough judgment. Especially when the balance of Yu'ebao's income breaks "2" and the income of traditional equity products fluctuates greatly, decrypting the "investment code" behind the new fund is very useful for understanding the investment hotspots and asset allocation rules favored by mainstream institutions in the market, and also for choosing Funds have reference value to determine the timing of trading funds.
Intensive listing of technology themed funds
This year, as of May 27, the number of newly issued funds reached 445, with a total issued share of 667.474 billion. Although the number was slightly less than about 100 in the same period last year, the issued share was about 110 billion.
What are the types of extra funds? Among them, there are 99 stock funds, 180 mixed funds, 148 bond funds, and many other types of funds; the size of equity funds accounts for about 60% of the scale of new funds raised, becoming the "big head" of incremental funds.
It is worth mentioning that some products rarely seen in the past, such as "fixed income +" funds, floating rate funds, new theme funds, have attracted investors' attention. In particular, the intensive listing or approval of the three major equity themed funds, including new infrastructure funds, GEM (or Science and Technology Board) themed funds, and fixed-income themed funds, has become a hot spot for recent market competition.
Jin Niu, an analyst at Jinni Wealth Management Network, believes that: "From the perspective of the A-share market's" bull short bear long ", a new batch of investment themes will be produced every 2 to 3 years. Especially in the reform of the policy dividends that are constantly changing 'shifts Period, these popular investment themes will generally run through a bull market. "
Take the GEM (or Science and Technology Board) theme fund as an example. As of May 27, this year, a total of 26 new science and technology themed funds were issued in the market. Among them, 13 funds completed the subscription before March 5 and 11 funds were raised on the day of sale. Wang Hua, a senior researcher at Long Volume Fund, believes that public fund investment pays more attention to the judgment of fund managers and fund products. Taking the direction of the recently publicized FOF holdings as an example, institutional funds have significantly increased their holdings of technology-themed products, which means that fund companies are relatively optimistic about computer software, semiconductors, data centers, medical equipment and other sectors.
Why is the new infrastructure theme fund popular? Gong Manlin said that there is currently no particularly pure new infrastructure themed fund on the market. The new infrastructure mainly focuses on the three major areas of information, energy, and transportation, with seven sub-sectors, namely 5G base station construction, big data center, new energy vehicle charging pile, UHV, artificial intelligence, industrial Internet, intercity high-speed railway And intercity rail transit construction. From the perspective of passive investment, the selection of new infrastructure-related theme funds can be selected from the relevant industry indexes in the seven major sub-sectors, and then the relevant index funds can be selected. In addition to 5G and new energy vehicles, you can also choose a wider range of topics to participate in investment, such as communications, electronics, computers, TMT themed funds.
How should investors spot hotspots and make money “smartly”? The answer is to grasp the investment theme and get on the right track. Throughout the 10 years from 2009 to 2019, China has issued a total of Mingsheng Index theme funds (37), stock index futures theme (22), environmental protection (26), science and technology board (18), artificial intelligence ( 9), consumption (96), “Belt and Road” (14), medical treatment (89), strategic placement (6) 9 new theme funds.
Among these nine types of theme funds, the funds with the highest returns are all products with an earlier establishment period and a similar establishment period. Among them, the consumption theme fund has the highest income. For example, Huitianfu Consumer Industry has obtained 370.40% income since its establishment; in the medical theme, the return rate of China Shipping Healthcare is 211.54%; followed by the environmental theme fund, the first name is Huaan Ecological Priority 198.99%; stock index futures theme fund returns are relatively low, and the first place is the 73.30% downstream of SDIC UBS China Securities. In addition, strategic placement funds and artificial intelligence funds have all achieved good results in the past. "After the public funds were instrumentalized, thematic funds helped investors simplify the process of selecting individual stocks and reduce the risk of individual stock fluctuations. By holding thematic funds, it is possible to avoid substantial market adjustments in the short term and is expected to share returns above the median. "Wang Hua said.
"Fixed income +" funds just need financial management
If investors' risk appetite is low, you may wish to look at the most popular "fixed income +" funds in the fixed income market this year. "Fixed income +" refers to a type of strategy. In the scope of investment or actual positions, bonds account for the largest proportion, that is, the main position category is still fixed income assets, plus other plus equity assets to achieve excess returns.
Compared with traditional money funds and bond funds, the "fixed income +" fund is essentially an absolute income strategy product. Through the two-wheel drive strategy of stocks and bonds, bonds are used as the underlying assets, and stocks, convertible bonds, and bonds New strategies such as income enhancement, strive for higher returns than pure debt funds, volatility lower than partial stock funds, to bring investors a better income experience. Therefore, the volatility of "fixed income +" funds will usually be between pure debt funds and partial stock funds, and the expected return will usually be higher than pure debt funds.
Du Xiaohai, Director of Quantitative Investment Department of Haifutong Fund, believes that many "fixed income +" funds are secondary debt-based or partial debt mixed funds, but the two cannot be directly equal. Many secondary debt-based and partial debt funds pursue relative returns, and there may still be greater volatility. In addition, "fixed income +" can not only invest in cash or bond varieties with the most certain returns, because wealth management needs to invest in areas with more significant returns in order to obtain relatively high returns.
Li Hannan, the manager of Boshi Credit Preferred Bond Fund, believes that the combination of solid income base and equity enhancement emphasizes the "solid income +" strategy that emphasizes strict control of retracement and the pursuit of long-term stable value-added. Boshi Fund statistics show that the "fixed income +" strategy can effectively balance fluctuations and returns. For example, from 2005 to 2019, the “fixed income +” combination constructed through the CSI total debt index yield × 70% + CSI 300 index yield × 30% has been relatively stable, lower than the stock market volatility and better than Bond market returns, the cumulative return of the portfolio reached 163.37%, and the annualized return reached 6.67%.
Dingzhuang Fund continues to pick up
If it is a "strategic investor that is neither conservative nor aggressive", a "primary and a half" fixed growth fund between the primary and secondary markets may be more suitable for you. This type of fund mainly invests in directional additional issuance of related concept stocks and has become a new favorite in financial management this year.
In February of this year, several documents such as the "Decision on the Revision of the Measures for the Administration of Securities Issuance of Listed Companies" were issued to optimize and adjust the new regulations on refinancing. After the introduction of the New Deal, it quickly stimulated the enthusiasm of listed companies for refinancing. According to statistics from public data, from March 11 to April 28, nearly 30 listed companies issued according to the new regulations and have completed the bid increase, distributed in mechanical equipment, electronics, medical biology, communications, computers, media , Light industry manufacturing, textile and apparel, chemical industry and other industries, the scale of issuance is more than 38 billion yuan, and the average single scale of increase is more than 1.3 billion.
Haitong Wang, deputy general manager of Caitong Fund, said: "After the release of the new regulations, the enthusiasm of market participants has been significantly activated. Compared with the previous, investors who are willing to participate in the market will have a wider range of activities and have participated in the market The size of the institution is larger. The increase in the scale of the fixed increase and the recovery of the fixed increase fund reflect the market's support and recognition of the new refinancing policy-that is, to stabilize the leverage and activate the market through equity to support the real economy And promote economic transformation and upgrading. "
At present, many fund companies such as Caitong Fund, E Fund, Jiutai Fund and other fund companies have issued fixed-income products. Subsequent plans to issue public fund products that include refinancing themed investment strategies mainly focus on the “new economy” industry that represents China ’s industrial upgrading. Such as technology, medicine, high-end manufacturing, etc. These new economic industries may be more active in refinancing and mergers and acquisitions, and they will also benefit significantly from refinancing policy adjustments. Micro-economic activity is macro-stable, and the overall attractiveness of the capital market will be improved.
(Reporter Zhou Lin Li Chenyang)