Category: Money Tips Date: 2006-09-24
Moderator: Big Time Investment Wang Shun
Moderator: Fund is currently the main market, the largest funds, individual stocks whose movements and even the broader market will have a major impact. You will follow the fund to invest in operations?
Readers Liu Hou: I will not take the simple way to follow the fund operations, because the back is always followed by the fund by half a beat slower than the market, the Fund's quarterly publication, after all, a certain lag, so come out later published quarterly in accordance with the direction of the operation of the Fund's operations may be too late. For example the beginning of 2005, I am very bullish on property stocks and banking stocks, but I found that funds have relatively cool, so they did not buy. Reported that out of the fund until after the season, it was found on property stocks and banking stocks have now become the fund Masukura shares, if this point in time to buy, the stock already up a big slice.
Readers XUE Da-Wei: Yes, I met such a situation last year: I Mancang buy Yangzi Petrochemical and Qilu Petrochemical, later discovered the Fund in 2005, a continuous reduction of the first three quarters. I think that even the big main were evacuated, and I can not stand guard for them, and quickly stop-loss selling. I did not expect the four seasons newspaper holdings of the Fund and multiplied. At this time shares have jumped up, and I was completely by the Fund, to "playing" with the.
Zhao Haicheng reader: I think it can not complain about the fund, for the Fund's overweight or underweight specific reasons we have to distinguish between, for certain industries or geographical concept stocks, funds are underweight? Why is overweight? To ask why a few. If only because the industry is low and the reduction of the temporary boom, then they would prevent the Fund in the next period of time suddenly overweight.
Readers JIANG Yan-Rong: I think to follow the fund to invest in the Fund's investments should not just be concerned about what stock or what the stock reduction, the key is to study philosophy and operation of the Fund's investment ideas, research reports of listed companies and fund quarterly reports for multi-comparison concluded that such a fund's holdings, easier to grasp the opportunities offered by changing.
Zhang Hongfei readers: This is too much trouble, and its research operation of the Fund's investment ideas and strategies, it is better to buy the fund directly to an easier. Because you study it, it shows you have authorized funds ideas, then why not by holding the Fund's approach to let the experts Money? As for the research fund of stocks to choose and position all the more unnecessary to buy a fund does not mean that you are indirectly held by the Fund's equity Well! Especially the new investors, the market lack the necessary knowledge and investment skills, can make use of the power of experts to invest.
Readers Houxiao Xuan: I like to research funds, but does not mean that I agree with their investment ideas. I am in the process of the Fund's study found that a noteworthy phenomenon: the quarterly release of funds Masukura stocks are often already lofty; while the fund has long been the reduction of species often fall into the bottom, if investors under the Fund's change in circumstances chase to sell into, it is susceptible to investment risk. This phenomenon is cause for concern. Awkwardness with the Fund under the Fund's quarterly trend of departure from the characteristics of a certain law, I have taken in the investment process of reverse engineering method, such as when the Fund Quarterly Bulletin appears as Masukura shares, while the price rose very high, I decisively sold; When the fund was shown as a reduction of quarterly species, while the stock price has dropped to the bottom, or no real reason to see the empty, then I will buy.
Readers Julian Lee: Yes, for example the fourth quarter of 2005, the crown of the power reduction by the Fund in early 2006, but a good trend; Similarly, in the third quarter of 2005 was a substantial reduction of the G Fund, China Merchants Bank (Information Quotes Forum) and other stocks instead, in the fourth quarter are overweight. This trend shows quarterly published by the Fund or by holding Awkwardness can not simply imitate to follow, and sometimes the need for reverse engineering.
Moderator: Comparatively speaking, you more optimistic or more optimistic about the territory of Awkwardness of Fund shares QFII Shigekura?
Readers Liu Jun-lin: As the saying goes, fear does not know what's what, afraid of confinement. Awkwardness and QFII funds in Awkwardness, who is more worthy of good, Bibi will know. Performance from the market perspective, QFII holdings significantly outperform the overall trend. The Shanghai Composite Index rose four quarters of 2005 were -6.70%, -8.55%, 6.94% and 1.03%, while the average growth over the same period QFII holdings were 11.25%, 13.42%, 15.08%, 10.36%. Entered after 2006, the overall performance of these stocks remains strong. Participation in the stock before the Spring Festival QFII average growth of 13.41%, while the Shanghai Composite Index rose just 8.61 percent over the same period. We look at the territory of the Fund's holding, becomes less a little more.
Readers Wangtai Yu: I do not worshiper of foreign things, domestic funds are far greater than the size and number of holdings QFII funds, of which some have inevitably mixed, it is quite normal, the stock held by the Fund also has a large number outperform the. Moreover, QFII and internally fund the existence of the phenomenon of cross-shareholdings in a number of listed companies in the top ten shareholders of circulation, often both the presence QFII funds, but also within the shadow of funds, it is difficult to distinguish who is higher or lower.
Readers MENG Ming-Qiang: In recent years, institutional change has been extended, most organizations would be convergence of behavior, the pursuit of high growth, high degree of recognition is the main mode of investment products. The effectiveness of the concept of an investment will certainly be recognized and accepted by most institutions, understood from this perspective, institutions and investment of funds will gradually converge, this is a long-term trend. Therefore, the distinction between deliberately QFII funds within the fund and is not necessary. The key lies in investment philosophy, investment direction and hands-on learning achieved.
Moderator: Do you think from the investment philosophy, investment direction and practical operational aspects, it should be on how the big funds "learn"?
Readers Zhu Guangnan: With the increase of QFII quota, many of QFII inevitably entered the top ten tradable shareholders of listed companies to the list, so the disclosure of listed companies reporting period has become a QFII exposure period. QFII positions by studying the situation, able to understand the QFII investment ideas, learn from their investment skills.
Readers LIU Xiao-Dong: Yes, from the top ten shareholders of tradable shares can also be found in the focus of QFII investment direction, and can take appropriate follow strategy. Can be seen that the current resource stocks are the most tremendous amounts of capital importance, and the performance of individual stocks is not bad. For example this week, a strong trend of non-ferrous metal stocks in the international market price of gold rose and a record 25-year high, the information leading to the gold stocks rose, in addition to the recent iron ore price rise crisis and so on, these are the scarce resources of the backdrop generated.
Yu Haibo reader: I think that, in addition to the investment philosophy and investment direction, the concept can refer to the QFII and, in the specific stock selection, we can also carry out follow Awkwardness QFII investment. As the QFII investment with a unique vision and advanced investment concepts, it can save us a lot of research and stock picking time, follow the QFII stock selection operation is piece saves time and effort, and bear fruit relatively large investment in stock selection model.
Readers Hao Longquan: From the QFII stock selection perspective, show a certain degree of convergence, ports, non-ferrous metals, utilities, real estate and other types of institutions is generally optimistic about the industry, became the focus QFII investment plate, we can focus on these stock.
