two
The four major sects of open-end funds
Stock, bond, hybrid, money market
Fund name
China today has more than 100 public fund companies, the largest Celestica, China, easy Fonda, South, ICBC Credit Suisse, CCB, Bo, Castrol, China Merchants, GF, China Universal, Peng Hua, rich, Fortune SGAM, etc. these fund companies belong to the first-line echelon.
Third, bond funds
Three-pillar investment
Stocks, bonds, real estate
Several types of bond funds
In terms of maturity can be classified investment securities: Short-term bond funds, short-term debt funds and general long-term bond funds.
From the point of view can invest in stocks, they can be divided into four categories:
One can take a maximum of 20% of the capital stock of the secondary market to buy bond funds, this type of debt-based general called two debt-based.
The second is the secondary market can not buy stock, but you can hit shares in the primary market of debt-based, called a debt-based. The risk is much lower than the two debt-based.
The third is absolutely not allowed to touch the stock of debt-based, called pure debt funds.
Fourth, the specialized investment fund convertible bonds convertible bond market.
Investment will vote pure
The most recommended is the pure debt funds.
The selection of pure debt funds
Find those issued relatively long time, long-term performance is relatively stable good pure debt funds.
Operation is also very simple:
1, the fund rankings, open funds, bond, net long-term debt,
2, nearly three years,
3, excluding convertible bonds allow investment, excluding the size of more than 2 billion,
4, choose a large company's net debt-based ace
5, choose low rates
6, the establishment of a long time, the big fund managers older, long-time management
Fees
Divided into A, B, C three types of debt-based, Class A and Class B has a redemption application fee, the difference is a Class A front-end fee, subscription fee is deducted directly when you buy the fund; Class B belong to the back-end charges, is waiting for you in the future again you charge a subscription fee redemption; and class C is the charge a sales fee does not charge subscription and redemption fees.
Scheduled to open debt
Long-term holding
Become tasteless bond index funds
Fourth, hybrid funds
V. equity funds
Behind fund
The first tier has 21, they are Celestica, ICBC Credit Suisse, easy Fonda, Bo, China Merchants, south, Castrol, China, CCB, BOC, China Universal, Peng Hua, GF, rich, Yinhua, Hua, Fortune SGAM Xingquan, Societe Generale, JP Morgan and the culmination of which is China's best-known local fund rating agencies TX Irving's only 5-star rated South, Castrol, China Universal, Wells Fargo, Yinhua, Hua, Xingquan this 7
11, Morningstar rating
Before 10%, star; 22.5%, a four-star 0230; 35%, Samsung; 22.5% 0 ,.
Award; 10%, a star.
12, screening
CAPM theory, only emphasized the β wash, ignoring the market capitalization and valuation.
Fama three-factor model, the return of small cap stocks than large-cap stocks, small-cap value stocks return is higher than the high valuation of growth stocks.
scale
Equity funds, if want to buy small cap investment fund, generally more appropriate scale of 10 billion to 2 billion yuan; large-cap stocks to buy investment fund, the scale of 30 billion to 10 billion yuan more appropriate.
cost
Proactive equity funds last trick is to pick a fight costs. Under other conditions being equal, the lower the cost of the investment fund worth more.
Management Fee (<= 1.5%), subscription fees, redemption fees.
6, shady fund
Recommend index funds, active funds is not recommended.
7, index
The Shanghai Composite Index, Shenzhen index
8, index funds
To configure constituent stock of the Fund under certain index.
Principle is to allow index funds replicate the trend of fund performance index as much as possible. The smaller the tracking error, the more excellent index funds ; on the contrary, the worse. Japanese general index funds tracking error are within 0.5% of the outstanding Fund error can be reduced to less than 0.1% or even 0.05%; and annual tracking error can usually be controlled within 1.5%, if they can even be controlled within 1% All right. However, investment in overseas markets QDII index funds because it involves the exchange rate, the sale process takes longer, so the error will be higher, but generally not more than 3%.
Some investors only want to get the average market returns by tracking the index, the fund again and hope to select stocks on the basis of the index of investment, enhance the return on investment to a certain extent, so that increase earnings outperformed the index . So there have been enhanced index funds , allow fund managers to adjust to invest in stocks within a certain range. Force brother is not supported.
Buffett's S & P 500 index fund.
Three strategies to teach you to select outstanding Index Fund
The selection of three indicators: 1, the tracking error is small, 2, low cost, 3, a large scale.
Buy old do not buy new.
King of index funds industry: ETF
exchange traded funds, exchange-traded index funds, also known as exchange-traded fund, is listed on the Stock Exchange can be traded, variable fund shares an open-end fund. ETF is like an ordinary investor can either open-end fund subscription and redemption in the same court, also can be as ordinary as closed-end funds traded at the venue.
