In recent years, my country's public funds have continued to develop rapidly.

According to data from the China Fund Industry Association, as of the end of February this year, the net asset value of domestic public funds reached 26.34 trillion yuan, the number of funds reached 9,491, and the scale and number of public funds reached a record high.

The "White Paper on the Investment Behavior of Individual Fund Investors (2021)" (hereinafter referred to as the "White Paper") recently released by Yinhua Fund shows that individual fund investors "chasing up and selling down", "short holding period" and "frequent trading" are not the case. Rational investment behavior still exists significantly.

Industry analysts believe that in the context of the scale of public funds and the rapid expansion of fund investor groups, the behavior research of fund investor groups is conducive to helping investors return to rationality, establish correct investment concepts, optimize investment behavior, and improve investors. profit experience.

　　It is reported that this survey conducts statistical analysis on the real transaction data of investors by means of questionnaire survey and empirical data analysis, and explains the possible correlation between the investment behavior of individual fund investors and the objective market performance, mainly including the investor's personality. , investment behavior, investment performance, investment results evaluation and feedback four parts.

The white paper shows that individual fund investors have the following characteristics: First, they are willing to take risks to achieve specific investment goals, but they are worried about the drastic market fluctuations; second, there is a certain degree of conflict between individual fund investors and fund managers. Crisis of trust; third, the younger generation of investors attach importance to the pursuit of personal uniqueness; fourth, investors will not easily trust investment advisors, nor will they easily change their love or dislike attitude towards a fund.

　　Most notably, the conclusion of the white paper confirms two common misunderstandings of individual fund investors, namely "chasing up and selling down" and "short holding period".

Research shows that the active trading activity of individual investors has a stronger correlation with the short-term historical performance of the market.

For such phenomena, Yinhua Fund believes that short-term market performance is more likely to be recalled and used by investors to predict future market trends. At the same time, short-term unilateral trends will cause investors to be overly optimistic or overly pessimistic, thereby further Intensifying the impact of sentiment on investment decisions.

　　In terms of investment cycle, the white paper shows that the investment cycle of most individual investors is very short.

Compared with various types of OTC funds, individual investors have the shortest investment cycle in bond funds.

Specifically, based on statistics, when individual investors invest in funds with high equity positions, 56.87% of the investment cycle is less than half a year, and 14.9% of the investment cycle is less than one week; 66.15% of the investment in bond funds The cycle does not exceed half a year, and 51.4% of the investment cycle does not exceed one week.

　　People in the industry believe that strengthening investor education is the key to solving the problem of "funds make money and Christians don't make money" and break the irrational investment behavior habits of fund investors.

Public fund companies should not only pursue better product returns, but also strengthen their own responsibilities in raising investors' risk awareness and disseminating correct investment concepts.

"Pursing up and down is related to market sentiment and human nature. This is the core focus of investor communication and education at present and in the future." Jing Lei, general manager of Harvest Fund, said that public funds should carry out refined investment education and education. Accompany, try to focus on these pain points as much as possible.

　　Jing Lei said that investor companionship and education can be started from two dimensions: one is to help investors establish a systematic understanding of the market and investment, which is a basic project of "underground pipe gallery".

The second is to reduce the interference of market sentiment on investors’ wealth management goals through companionship, and constantly explore new ways of investing and teaching to be closer to investors’ Internet usage habits.

"Investors come from different channels, and their capital attributes are also diverse. Because it is difficult to connect all institutions and platforms and obtain all data, it is impossible to fully describe the customer profile. For the same product, the customer attributes of bank channels and Internet channels are very different. Therefore, for public funds to carry out investment education and daily companionship, it is also necessary to fully consider the differences in the behavioral habits and constraints of investors between different channels and platforms, so that the content of investment education is more targeted.” Jing Lei added.

(Economic Daily reporter Ma Chunyang)