10 funds, 8 are not worth buying, how to choose?
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Six strategic allocation funds, is it worth keeping?
Last week, we posted a small news in one more sentence, saying that the closed period of the CDR fund three years ago had expired. Nearly 100 investors voted for
of which 70% of readers wanted me to introduce the situation of these funds. Today I will talk about it in detail.
1. These six funds are about to transform.
After the closed operation period of the fund will enter the transition period, and transformation transition period will be terminated from July 5, 2021 (inclusive) to August 2, 2021 (inclusive). During the transition period, the original fund share holder can redeem some or all of the fund shares he holds.
2. During the transition period, redemption is accepted, and subscription is not accepted.
This fund accepts redemption applications for on-site and off-site shares and conversion and transfer applications for off-site shares (among them, cross-TA conversion and transfer applications only support processing in the online direct sales system of Huitianfu Fund Management Co., Ltd.). does not accept subscription applications for on-site shares, nor does it accept subscription, fixed investment and conversion transfer (including cross-TA conversion and transfer) of off-site shares. The transfer custody business and on-site shares secondary market transactions are open normally.
3. Fund redemption fee arrangement.
Fund redemption fee is set in segments when the fund share holder holds this part of the fund shares. The fund's on-site redemption rate is executed in reference to the off-site redemption rate.
4. The transformed funds have significant differences from the original operation method, fee rate, investment, etc. First, it has been converted from the original closed fund to a daily open-end fund. Secondly, all six funds were converted into equity-oriented funds, with the stock center between 70% and 90%.
5, "Huitanfu 3-year closed operation strategy allocation flexible allocation hybrid securities investment fund (LOF)" was renamed "Huitanfu Core Selected Flexible Allocation Securities Investment Fund (LOF)" after its transformation, and the fund is abbreviated as Tianfu Selected . The performance benchmark is: Shanghai and Shenzhen 300 Index yield * 50% + Hang Seng Index yield (converted using valuation exchange rate) * 20% + China Bond Comprehensive Index yield * 30% . This is a flexible allocation fund, but from the performance benchmark, the stock center of the fund is 70% . Therefore, it can be regarded as a equity-oriented mixed fund.
6, "Jiashi Industrial Preferred Flexible Allocation Mixed Securities Investment Fund (LOF)" was renamed after its transformation and "Jiashi Industrial Preferred Flexible Allocation Mixed Securities Investment Fund (LOF)". The fund abbreviation: Jiashi Industrial Preferred Hybrid (LOF), and the on-site abbreviation: Jiashi Industrial Preferred . The performance benchmark is: Shanghai and Shenzhen 300 Index yield × 45% + Hang Seng Index yield (denominated by RMB) × 45% + China Bond Comprehensive Wealth Index yield × 10%. From the performance benchmark, the stock center of the fund is 90%. Therefore, it can be regarded as a common stock fund.
7. "Southern Three-Year Closed Operation Strategic Allocation Flexible Allocation Hybrid Securities Investment Fund (LOF)" will be renamed "Southern Advantageous Industry Flexible Allocation Hybrid Securities Investment Fund (LOF)" after the transformation. The on-site abbreviation from "Southern Allocation" to " Advantageous Industry ". The fund code remains unchanged, and is still 160142.The performance benchmark is: Shanghai and Shenzhen 300 Index yield × 50% + CSI Hong Kong Stock Connect Comprehensive Index (RMB) yield × 20% + Shanghai Stock Exchange Treasury Bond Index yield × 30%. From the performance comparison benchmark, the stock center of the fund is 70%. Therefore, it can be regarded as a equity-oriented mixed fund.
8, "China Merchants' 3-year closed operation strategy allocation flexible allocation hybrid securities investment fund (LOF)" will be renamed "China Merchants Ruizhi Preferred Flexible Allocation Mixed Securities Investment Fund (LOF)" after the transformation, and the off-market abbreviation has been changed from "China Merchants' 3-year closed operation strategy allocation (LOF)" to "China Merchants' 3-year closed operation strategy allocation (LOF)" and the on-market abbreviation has been changed from "China Merchants' 3-year closed operation strategy allocation (LOF)" to "China Merchants' LOF)". The on-market abbreviation has been changed from "China Merchants' placing" to " China Merchants' ". The fund code remains unchanged, and is still 161728. The performance benchmark is: Shanghai and Shenzhen 300 Index yield * 60% + Hang Seng Comprehensive Index yield (after exchange rate adjustment) * 20% + China Bond Comprehensive (full price) index yield * 20% . From the performance comparison benchmark, the stock center of the fund is 80% . Therefore, it can be regarded as a equity-oriented mixed fund.
9. After the transformation, "E Fund 3-year closed operation strategic allocation flexible allocation hybrid securities investment fund (LOF)" will be renamed "E Fund Kerun Mixed Securities Investment Fund (LOF)". The off-market abbreviation has been changed from "E Fund 3-year closed strategic allocation hybrid (LOF)" to "E Fund Kerun Mixed (LOF)". The on-market abbreviation has been changed from "E Fund 3-year closed strategic allocation hybrid (LOF)" to "E Fund Kerun Mixed (LOF)". The on-market abbreviation has been changed from "E Fund 3-year closed strategic allocation" to " Yiji Kerun ". The fund code remains unchanged, and is still 161131. The performance benchmark is: Shanghai and Shenzhen 300 Index yield × 45% + CSI Hong Kong Stock Connect Comprehensive Index yield × 35% + CBT total index yield × 20%. From the performance comparison benchmark, the stock center of the fund is 80%. Therefore, it can be regarded as a equity-oriented mixed fund.
10, "Huaxia 3-year closed operation strategy allocated flexible allocation hybrid securities investment fund (LOF)" was renamed "Huaxia Xingrong Flexible Allocation Mixed Securities Investment Fund (LOF)", the fund abbreviation: "Huaxia Xingrong Mixed (LOF)", the fund abbreviation: " Huaxia Xingrong ", the fund code: "501186". The performance benchmark is: Shanghai and Shenzhen 300 Index yield ˣ70% + Shanghai Stock Exchange Treasury Bond Index yield ˣ30% . From the perspective of performance price comparison benchmark, the stock center of is 70%, the only fund without a Hong Kong stock benchmark, can be regarded as a equity-oriented mixed fund.
11. After reading the performance benchmarks of the above six funds after the transformation, you should be clear that these funds have become common equity-oriented funds. Whether the performance of before should no longer be used as the basis for everyone to evaluate the good or bad funds!
12. Therefore, whether these six funds are worth staying is worth staying, we need to look at several aspects in turn: first, whether your investment portfolio needs to allocate stock funds. Second, if necessary, judge whether these funds are good or not and whether they are worth it or not.
13. For the first question, it varies from person to person. How to configure it specifically? Learn the column "How to design an asset allocation plan for yourself". I won’t explain too much here. I want to tell you that the first step in evaluating whether the fund is retained is that your portfolio allocation ratio can meet your investment goals.
14. For the second question, it is the same as when we analyze funds normally. Next, let’s take a look at the fund managers of these six funds in turn.
15. The first one, let’s take a look at Tianfu Selection. has a large number of fund managers, namely Liu Weilin, He Min, Liu Jiang and Yang Ying, with a total of 4. The first question is who is the main management. Judging from the consistency of the quarterly report comments, it is likely that Mr. Liu Weilin is mainly responsible for the management of the stock part, and Mr. He Min is mainly responsible for the investment management of the bond part. Mr. Liu Jiang and Mr. Yang Ying should be the role of auxiliary and assistance.
16. We have never written about Mr. Liu Weilin before, so let’s briefly analyze it here.He is a "gambling-oriented" player with a high concentration of stocks (but it has a large volatility, and the top ten heavily held stocks will change between 50% and 80%) + a long holding cycle (trading turnover rate 3-5 times/year, relatively high). He is a "stubborn" player with no position timing + style timing (long-term growth style). He is currently in a state of not low industry concentration + combination valuation quantile level.
17. Overall, Mr. Liu Weilin is a fund manager who has been investing in the field of growth style for a long time. When building a portfolio, he is likely to adopt a core + satellite strategy, with some holdings for a long time and some trading for a short term. In an earlier article, he said: "'s analysis of the long-term value of the company helps us select stocks, and tracking short-term trends helps us to timing (for high-quality securities with clear medium- and long-term growth and attractive valuations, if the short-term fundamentals are downward, it is a good buying time). 's judgment on the company's valuation determines our allocation weight . 's organic combination of the three can effectively improve our investment efficiency. But in general, long-term value is the fundamental, and short-term trends and valuation levels are tactics."
18. After this analysis, the conclusion is clearer. For investors who need to allocate a growth style, is worth buying less , that is, you can consider allocating 5%-10% in the portfolio. For the more parts, you can consider reducing positions. For investors who already have many growth-style positions in the portfolio, this fund can be ignored and even sold.
19. For the other two fund managers in the portfolio, Mr. Liu Jiang is about to issue a fund. We have written an article before. You can refer to:
25. The last one, let’s take a look at Huaxia Xingrong . The fund manager is Mr. Zhang Chengyuan. We have analyzed the new funds he issued before. Generally speaking, he has not managed stock funds for a long time. In addition, he is a player with an extreme style timing and a relatively high turnover rate. Generally speaking, the fund can ignore . NO.472｜Huaxia Fund Zhang Chengyuan-Huaxia Panyi opens for one year, is it worth buying?
26. Okay, at this point, we have analyzed these six funds and summarized that the funds worthy of are the three of Huitianfu, Jiashishi and China Merchants. Coincidentally, these three fund companies all chose a strategy - that is, let Liu Jiang, Yang Rong, Tan Li and Wang Jing issue new funds simultaneously to undertake the funds redeemed. The strategy of is actually good, and the channel should be very motivated to do so. There is no money to make with the old fund. If you change it, you can earn a little transaction fee. However, in our opinion, these three funds should not be sold for old ones and exchanged for new ones, but only increase the transaction fees!
27. Today's content should be discussed in detail for the 2.8 million investors I hold. I hope it will be helpful to everyone ~ See you tomorrow!
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Risk warning: Funds are risky, investment should be cautious. This article is not recommended by funds. The views and scoring in the article are not used as the basis for trading and are for reference only. The views in the article only represent personal opinions and are not intended to be a commitment to investment decisions. The information in the article comes from public information. The author of this article does not make any guarantees about the accuracy and completeness of this information. The content and opinions in the article are based on the analysis results of historical data, and do not guarantee that the content and opinions contained in it will not change in the future. This article is for reference only. In no event shall the information or opinions expressed in this article constitute investment advice to anyone.
is not worth buying : The proportion of positions in the corresponding asset category is 0%, and it is not recommended to exceed 5%.
worth buying less : The proportion of positions in the corresponding asset category is 5%-10%, and it is not recommended to exceed 15%.
worth buying : The position proportion of corresponding asset classes is 10%-15%, and it is not recommended to exceed 20%.
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