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"The strongest FOF" annual yield is over 20% ETF is the optimal configuration?
International financial newspaper
For the public offering FOF (the fund in the fund), this year has ushered in a good start. The stock market is picking up, and the favorable factors such as the strong rise of ETFs (transactional open-end index funds) provide sufficient opportunities for FOF to rebound.
Wind data shows that the vast majority of FOF has shaken off the shadow of last year's decline in performance, with an average yield of 4.27% during the year. Among them, Qianhai Kaiyuan Yuyuan (FOF) led the same kind, with a yield of 23.43%.
The International Finance News reporter noted that many FOFs have deployed or increased their ETFs in the fourth quarter of last year. So, is the future asset allocation of the FOF an ETF, how to properly configure the ETF, and what innovations will the FOF bring to the market?
Performance: FOF net worth almost 1.2 yuan
At the beginning of the establishment of the first batch of FOF, it has attracted a lot of attention in the industry with many records such as the scale of renewing and the number of households. However, the growth of such innovative products can be described as a tortuous road. After the initial stage of the establishment, the performance of the market was very different. In 2018, the first FOF lost an average of more than 5%. Among them, Haifutong Juyou Select (FOF) losses are more than 20%.
Fortunately, this spring is not too late. Since the beginning of February, the spring market of the stock market has caused FOF to swept the gloom of performance losses. At the same time, the follow-up FOF has also achieved good results.
Wind data shows that as of March 8 (the FOF performance disclosure is delayed), 36 FOFs (shared separately) have positive returns during the year, with an average yield of more than 4%. Among them, Qianhai Kaiyuan Yuyuan (FOF) led the competition with a 23.43% annual profit rate and outperformed the Shanghai Composite Index in the same period; last year's similar performance, Haifutong Juyou Select (FOF), finally turned losses this year. For the profit, and ranked second with 15.02% of the annual rate of return; Xingquan Antai Balanced Pension (FOF), the investment of Morgan Stanley (FOF) and other six FOF annual yields of more than 5%.
It is worth noting that the 15 pension fund funds (both FOF) that have been established have overcome the unfavorable factors of market volatility and achieved an average yield of 3.09%. The highest rate of return is 8.34%.
The FOF with a net loss of 1 yuan has gradually recovered its lost ground. The net value of over 90% FOF has reached 1 yuan. The net value of Haifutong Juyou Select (FOF) is close to 1.2 yuan. Xingquan Antai Balanced Pension (FOF) and Central Europe foreseen pension 2035 (FOF) net worth is expected to exceed 1.1 yuan.
The reporter found that the two FOFs with the highest yields this year are mainly stocks and hybrid funds. Although the market was sluggish last year, the fund's net worth was also frustrated, but this year's market has become the fastest rebound FOF.
Jiang Fu, a fund manager of Haifutong Juyou Select (FOF), said in the fourth quarter of last year that in the fourth quarter of last year, he reduced the equity fund that allocated medicines and then allocated consumer funds.
According to public information, Haifutong Juyou Collection (FOF) was established on May 16, 2018. In the fourth quarter of last year, it mainly focused on Guotai CSI All-Share Securities ETF, Huaan Gold ETF and Southern China Securities 500 ETF. Up to 41.94%. As of March 11, the three ETFs had annual yields of 47.79%, -0.49%, and 30.84%, respectively.
ETF: The best partner for FOF
The 2018 Four Seasons report shows that most FOFs have increased their ETFs. In fact, in September 2016, after the CSRC issued the “Guidelines for the Operation of Publicly Available Securities Investment Funds No. 2 – Guidelines for Funds in Funds”, many public fund companies have turned their attention to ETFs with low cost, high transparency and convenient transactions. .
Compared with those FOFs that configure their own products or fixed-income products, what are the advantages of choosing an FOF that invests in ETFs, and how to better manage FOF portfolios?
In an interview with the reporter of International Finance News, Mr. Hatu, director of strategic investment department of Zhongrong Fund and Zhongfeng Quantitative Selection (FOF), said: “Fund managers will refer to the quantitative model to describe the long-term opportunities and risks in the equity market. Adjusting the fund's investment strategy. Last year, stock assets were risky from the economic cycle, the relative value of the stock bonds, and the policy liquidity environment. Therefore, the Equity Equity category in the Jiancang period chose the on-site ETF without selecting the off-site. The fund is considered from the perspective of the convenience of retracement control."
Choosing an ETF or a key to success in performance, but more reflecting the thinking and judgment of fund companies and fund managers on the market.
Hato said that FOF portfolio management must first clearly clarify the investment target. For FOF products with 30%-40% equity investment ratio, it is more important to obtain a stable return on investment in the long run. It is especially important for product retracement control. Better response to market changes and forward-looking judgments.
Susin believes that FOF's demand for ETFs depends on the results of large-scale asset allocation. If the large asset allocation covers only the level of the asset class, the FOF fund manager only needs to filter from the ETFs such as the blue chip, small and medium board, GEM, bond, gold and currency. If the large-scale asset allocation covers the level of industry and policy configuration, in addition to the above ETFs, you can also focus on ETFs for various industry topics and strategies.
Configuration: How to choose the preferred ETF?
As a multi-asset, multi-strategy product, FOF is centered on asset allocation. However, there is a differentiation in the current ETFs in the market. The broad-based ETF is almost monopolized by the head company, and other ETFs may also have liquidity and other risk issues.
Then, how does FOF investigate and timely configure ETFs, and does FOF have different requirements for different types of ETFs, and whether it is necessary to be alert to risk issues such as ETF liquidity?
Su Xin believes that ETFs are tool-based products. The key to screening ETFs is to examine the ETF's liquidity, tracking error and rate, and no research is needed. As for the timing of the ETF, it is mainly based on the results of the allocation of large-scale assets. Fund managers who are good at trading can make timely trading in the market. Fund managers who are not good at trading can conduct transactions on a regular basis.
As for how to examine the liquidity of ETFs, Susin said that in addition to examining its scale, the most intuitive manifestation is its activity in the secondary market. In addition, it depends on whether the ETF has more active trading in each relatively short time interval.
In selecting the ETF configuration, Hatu and his team value the scarcity of the target, the investment value, the scale and liquidity of the ETF, and the comprehensive strength of the fund company.
Hato said that the selection and evaluation of tool products is quite different from that of active products. For the liquidity requirements of ETFs, more are considered from the purpose of configuration, and institutions can participate in ETF investment through share swap and primary market redemption, considering more of their own stage needs.
The future: whether asset allocation can be diversified
Due to the poor overall performance last year, some investors abandoned the FOF, and the scale of the first batch of FOFs shrank and shrank, dropping from the initial scale of 16.6 billion yuan to 6 billion yuan.
Su Xin said that the risk-return characteristics of FOF cannot be compared with ordinary fund types such as stock funds and bond funds, but should be compared in the classification of FOF categories. In general, the expected return and expected risk level of hybrid FOF is higher than bond FOF and currency FOF, lower than stock FOF.
Ironing still needs to be hard. Although the current FOF performance has begun to pick up, the problem of shrinking or small scale still needs to be resolved. Wind data shows that as of the fourth quarter of last year, the maximum size of FOF was only 1.5 billion yuan. So, how to correctly lead investment management to asset allocation and attract more investors to participate in investment?
Su Xin believes that at present, the general fund mainly invests in stocks and bonds, while FOF can also invest in US stocks, Hong Kong stocks, gold, oil and other assets. The future development of FOF will also promote the enrichment and development of various types of underlying funds in China. For example, the promotion of more absolute income products, commodity funds such as silver, REITS (real estate trust investment funds) and other products.
Hato said that for risk control, there are more tools needed, not only through the adjustment of the configuration between assets, but also the need for richer, less relevant assets or strategies, and the use of derivatives tools. However, the use of these tools and strategies may be more difficult in the current public FOF investment, mainly because the sub-funds are difficult to have a more abundant investment strategy, and the use of the parent fund's derivatives is not in the fund contract. It will be easier to use in the management of public fundraising FOF.
Ding Peng, chairman of the China Quantitative Investment Society, said in an interview with the International Finance News that from an international perspective, the ETF is still the main asset allocation tool of the FOF, but it can also refer to CTA (Management Futures) and other financial derivatives. Trading strategies such as products.
Editor in charge: Li Limeng RF13188
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