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3100 points want to lay out the index fund? Please take this Raiders
China Fund News Fang Li
The market is going to 3100 points. Is it a good one-time investment index fund or a one-time investment? What should the layout index fund pay attention to? Most fund researchers interviewed by China Fund News believe that A shares may be adjusted in a short-term manner after a relatively rapid increase. It is more suitable for the layout of funds through the fixed investment. Ordinary investors can pay more attention to the layout of broad-based index funds and invest in industry indices. It is recommended to choose industries that are in line with future development trends, such as big consumption, pension theme, and technology innovation theme.
Index fund fixed investment is still feasible
At this stage, is it right to invest in index funds or a one-time investment? Many fund researchers believe that the fixed-index fund is better.
“The current price/performance ratio of index-based funds is lower than that at the end of last year. At that time, the valuation is at the bottom of the history, and the expectation is also very low. It is better to enter the layout time on the left side. At present, the valuation of each major index has rebounded. More, the configuration value is weaker than last year, but there is still a configuration value in the medium and long term. It is recommended to avoid short-term market fluctuations by means of fixed investment." Yan Xiong, a researcher at the Good Buy Fund Research Center, said.
Zhang Ting, a wealth researcher at the grid, also said that since the major indices have risen between 30% and 40% this year, the valuation has been fixed, but it is still in a lower position. The valuation of the CSI 500 is still at a historical 20%. Following; after experiencing a big rise, the determinants of the stock market will gradually shift to profitability. The current downward pressure on the economy is still large, and the market volatility will increase in the near future. Therefore, investors are advised to adopt a fixed investment model. However, fixed investment needs to be held in the medium and long term. If you want to do the band, you should buy it once.
The index is not high or low.
"If you want to buy index funds, you want to make money quickly. It is not a good time. After all, the market has risen a lot, and the benefits of valuation restoration have come to an end. In the future, it is more important to look at the listed companies. The quality of the index fund. If you are optimistic about the earnings growth of the companies represented by the index funds, and share the economic growth by holding these companies, then there is no problem in buying them now.” Dean of the FOF Institute of Yingmi Fund Shi Jing said that because the current A-shares are either absolute or relative valuations are only near the average. Stabilization of the future economy is a high probability event, which is also a favorable support for valuation. At the same time, the risk-free interest rate will not rise sharply in the future. Looking at the current 10-year government bond yield of 3.27%, it is reasonable for a growth-oriented company to have a price-to-earnings ratio of 25 to 30 times. From the historical valuation, the small and medium-sized board and the CSI 500 are also in a relatively low position, and the relative valuation is not high.
Shi Jing further stated that two points should be noted in the process of the entire investment fund: decentralization and batch. These two points can reduce the volatility of the entire portfolio from the investment strategy, and with their own liquidity needs, get a satisfactory income. If you just buy a fund as an account, it is better to buy equity products in batches than in a one-time investment.
According to the editor-in-chief of the 360 Big Data Research Institute, the current layout time point of 2400 points has been missed. If the investment index fund adopts a fixed investment method, it can diversify the risk and gradually open the position. It is best to plan a three to five year investment cycle.
Broad base index is better
“The varieties of index funds are generally divided into broad bases, industries, themes and strategies.” Shi Jing said that the broad base index can be divided into different regions such as domestic, Hong Kong stocks and US stocks; if it is distinguished from industry, such as medicine, finance, etc.; The fund includes state-owned enterprise reform, the Belt and Road Initiative, etc.; low waves, dividends, quality, etc. are strategic index funds. Each index is different, and each person needs to choose an index that suits their own needs according to their ability circle to invest. If the investment is not deep, the selection of a broad-based index fund is easier to understand. In the medium and long term, the MSCI index can be concerned. The MSCI index is an index that is more clearly marked by the entry of foreign capital into the Chinese market after the opening of the Chinese financial market. The financial indicators of the constituent stocks are also better.
Shi Jing also said that the optional blue-chip index, such as the MSCI index, has a long period of investment, and the returns of these companies themselves with the economic growth are good.
Yan Xiong also suggested that some of the tracking-based broad-based index funds like CSI 300 and CSI 500 should be configured to match the valuations and performance comparisons. The performance of funds tracking the broad-based index depends on the performance of the constituents of the index. The difference is not large, and for the industry-themed funds, the volatility of such funds will be large in the case of large-scale industry rotation, and investors are advised to participate cautiously.
Zhang Ting also suggested a broad base index, mainly an industry index or a subject index fund. Due to the small number of stocks included, the scope of coverage is relatively narrow, and the volatility and risk are also larger than the broad base index. If investors still want to invest in the industry or the subject index, it is recommended to choose industries that are responsive to future trends, such as food and beverage, household appliances and other major consumer-related industries, pension themes, and technological innovation themes.
Featured Index first look at the valuation
Choosing an index fund to vote, the core is to choose a good index fund layout, one of the core points is to look at the valuation level.
If you choose a layout index fund above 3100 points, you can choose a product with a higher P/E ratio and a lower P/B ratio. The data shows that at present, the P/E ratio or the P/B ratio is relatively low, and there are S&P dividends, CSI dividends, CSI 500, CSI environmental protection, small and medium-sized board fingers, and all-finger medicines, which are 10.89 times and 12.46 times respectively. 25.92 times, 28.70 times, 26.76 times, 34.29 times, the current PE/PB values in the historical interval are 32.99%, 59.79%, 14.92%, 17.50%, 29.25%, 28.71%, and these index ROE are 14.94%, 12.75%, 8.14%, 7.26%, 13.17%, 10.97%.
In contrast, some index valuations are at historically high levels. For example, Hang Seng State-owned Enterprises, CSI Consumers, and All-Finger Information, PE or PB are 92.92%, 89.98%, and 84.92% in the historical interval. It represents a high level of more than 90% of history, which is worthy of attention.
Pay attention to the four major problems when laying out the layout
There are also four major issues in the layout index fund that deserve the attention of investors.
First, there are large differences in the performance of different indices. Investors should identify the constituent stocks, weight stocks, and style characteristics of the underlying index before choosing.
Second, although the same index is tracked, there is also a purely passive and enhanced distinction, while the enhanced type is a “double-edged sword” that may increase profits and may also engulf benefits. According to historical data, the general enhanced index funds in the bull market are not as good as the pure index funds, while the enhanced index funds in the bear market perform better. In addition, with the launch and deep application of stock index futures, margin financing and securities lending business, enhanced index funds have more investment strategies and enhancements, and are expected to increase profits. Investors should choose to manage the products of fund managers with strong investment research capabilities. In addition, in terms of fund management fees, the index fund is generally 1%, and the standard index fund is 0.6%.
Third, don't underestimate the tracking error. This is the embodiment of management ability. Choose a moderately sized variety with small tracking error and choose a low-cost variety under the same circumstances.
Fourth, it is best to choose a relatively stable scale, as well as products that are not too high in arbitrage funds due to huge purchase restrictions, to avoid impact costs.
Zhang Ting also said, “The most important thing for the layout index fund is to understand the style represented by the index, or the direction of the economy represented by the constituent stocks and its valuation system, because the index itself determines the vast majority. Revenue. Then buying which fund under this index is a secondary matter.” Shi Jing reminds investors.
Editor in charge: Fu Jianqing RF13564
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