However, the impact on the entire index and the Chinese economy is not significant, and investors can still obtain average returns in the market. By analogy, the same logic is also suitable for investors who are optimistic about a specific industry (such as biomedicine, artificial intelligence, military industry) but are not sure about individual stocks.

In terms of investment strategy, we suggest “heavy index, light product”-pay attention to the selection of target index, and don’t care too much about which company’s fund product to choose. Since it is a tracking index, as long as the target index is determined (such as the Shanghai and Shenzhen 300 Index), there is no big difference between which fund company and which index fund product is selected. Of course, the stronger the fund company, the smaller the tracking error of the index fund with the larger the fund scale, and the better the liquidity.

2. Active funds: give money to reliable people.

Different from the Buddhist tracking strategy of passive funds, the management team of active funds is more like a group of superhumans. They will select those stocks with growth potential based on their experience and stock selection strategy, and grasp the buying and selling points. Help customers obtain excess income.

At the operational level, in order to achieve this goal, fund managers and investment research teams will actively participate in every node of investment decision-making, from the collection of market information, the analysis of financial data, to the field investigation of the target company, When it comes to the choice of trading timing, regular review and adjustment, you can see their busy figure. Of course, due to the difficulty of active management, the management fee is relatively high, generally 1.5%-2.5% per year.

In terms of investor adaptability, active funds are more suitable for investors who want to be the shopkeeper and want to give it a go and get excess returns. Of course, after the above-mentioned efforts, the fund managers must have excess returns? The answer is not necessarily! On the one hand, market conditions are changing rapidly, style changes, and sector rotations will invalidate the investment strategies previously formulated; on the other hand, fund managers are also human, and it is inevitable that there will be errors in judgment. Therefore, it is also possible that the fund team has worked hard for a year, and in the end, the performance cannot outperform the market.

In terms of investment strategy, it is recommended to “give money to reliable people”. Because the performance of active funds is relatively closely related to the fund manager, if possible, it is recommended to learn about the fund manager’s investment experience, past performance, investment style, etc. The richer the investment experience, the better the past performance, the investment style and the current market If the popular sector and style match, such fund managers are more likely to create good performance.

Finally, what needs to be reminded is that no matter how we choose fund managers, or how the fund managers work hard to research stock selection, they can only increase the probability of us getting good returns. The real returns can only be known on the day of redemption and settlement.

3. Semi-active funds: A compromise solution is also a good choice.

The above introduces two completely different types of funds, passive and active. Some friends will definitelyIs there a compromise option? The answer is yes, that is, the semi-active fund (index-enhanced fund) we will introduce below.

On the one hand, this fund is very similar to an index fund. In principle, it should be allocated according to the constituent stocks and matching ratios of the corresponding index; on the other hand, it also gives the fund manager a certain amount of initiative, which can be based on market conditions. Adjust the configuration appropriately within the scope to obtain excess returns.

Due to the above characteristics, semi-active funds are more suitable for investors who expect a compromise between the first two types. Since the allocation is based on the index in principle, the allocation of semi-active funds is closer to passive funds. It is recommended to refer to the rules of passive funds for allocation.

Some special funds

The previous introduction is the allocation idea of ​​common stock funds. In fact, in the long-term development of the market, a series of special stock funds have evolved. These special funds have their own characteristics on the basis of ordinary stock funds, and investors can also configure them according to their own circumstances:

1. Tiered funds: leveraged funds with high risks and high returns. Grading funds are generally divided into two parts: “Class A” and “Class B”. In operation, it can be simply understood as “Class A” lending money to “Class B” for stock trading. Therefore, the “Class A” part is more like a bond, obtaining fixed income, and the risk is relatively low. On the other hand, because of borrowing money from “Class A”, the amount of funds that can be invested in the stock market by “Class B” doubles, and investment income The sum of losses also doubled.

Assuming that a tiered fund has raised 1 billion in “tier A” and “tier B” parts. For investors of “tier A”, it is equivalent to buying a bond to obtain fixed income. For “tier B” investors, it is equivalent to only investing 1 billion yuan in funds, but they can use 2 billion to invest in stocks. Assuming that their investment portfolio only rises by 2%, under the influence of leverage, “tier B” investors The actual income can reach 4%. Of course, the loss will also double in the same way.

So, those investors who want to increase leverage and take higher risks and obtain higher returns can consider investing in “tier B” funds.

2. ETF funds: exchange-traded funds with better liquidity. As discussed earlier, most funds announce their net value once a day, and it usually takes 1-2 trading days to redeem. ETF funds are a heterogeneous type. They are floor-traded funds that can be bid and traded in real-time in trading software like stocks and have higher liquidity.

3. FOF funds: Funds that invest in funds are more diversified, but require two management fees. The ordinary funds introduced above often invest directly in stocks, while FOF funds are funds of investment funds, so its investment targets are other funds. The advantage of this operation is that the risk is more diversified, but the disadvantage is that it requires two management fees (the FOF fund manager charges one, and the invested fundThe management receives another one).

4. Equity and debt hybrid funds and capital preservation funds: Invest in equity and debt at the same time, with lower risks. In addition to stocks, the investment scope of such funds will also introduce some relatively low-risk bonds, and capital preservation funds will even adopt some capital preservation strategies to further control risks. Because of the lower risk, this type of fund is popular with risk-averse investors.

5. Funds that invest overseas: You can also invest overseas if you are in China. Due to the requirements of the foreign exchange management system, there is a certain threshold for Chinese citizens to directly invest in overseas assets, but there are still some tools in the domestic market that can invest in overseas assets. For example, the Nasdaq ETF (stock code: 159941) linked to the Nasdaq index is actually an index fund that tracks the Nasdaq index. In addition, there are many QDII funds on the market, which also focus on overseas assets. Of course, the current “bull market” is mainly at home. Due to the impact of the epidemic, there are greater uncertainties in overseas markets, but as part of the diversified allocation of assets, it is definitely correct to understand.