Category: Money tips Release Date: 2006-07-19
With the 2006 semi-annual disclosure of the Fund is completed, the fund equity turnover rate of this important indicator revealed. Investors tend to have some misunderstanding of this indicator, mainly in three aspects: if the fund semi-annual stock turnover rate of investment is greater than 3, the fund returns will be subject to transaction costs is too high, a "poor toss Fund" ; Stock Investment fund turnover rate, the lower the better, the lower the more the value of investments; equity investments in the fund financial turnover of no use
.
Misunderstanding 1
Turnover rate is a poor toss over 3
Equity investment in each fund turnover rate of the data was published, the high turnover of some investors, the Fund has always become the object of attack. Other investors say that the half-year turnover rate of stock investment is greater than 3, if the fund returns will be subject to transaction costs is too high, Lun as "poor toss fund" investment value of these funds will greatly discounted. (Send
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In fact, there is no lack in the first half of this year turnover rate of more than 3, the fund performance is still very excellent fund. For example, China Select Fund Dacheng selected and the first half of this year has reached about 90% of the net growth in all funds in the top three, which two turnover rate of investment fund shares, respectively, 3.4 and 4.76, was well ahead of the Fund's average the level of turnover rate.
Industry analysis in the investment hot spots in the first half of this year's rotation very quickly Quotes, if the number of medium-sized or slightly smaller funds to invest in rapidly changing the direction of investment hot spots in the rotation to grasp the rhythm, frequent exchange transaction costs brought about an increase is entirely of "buy low and sell high" investment returns to make up for.
Misunderstandings 2
Turnover rate the lower the better
Fund is considered the enforcer of the value of investment philosophy, in accordance with common practice, the Fund's equity investments is the best such as "Warren Buffett bought Coca-Cola," as has been bought, after lying, waiting for the value of listed companies increased gradually. Therefore, many investors believed that the lower the turnover rate of stock investment funds to follow the more value investing philosophy, as it should be the best investment performance of funds.
In fact, the fund equity turnover rate is not as low as possible, especially in the first half of the stock market were active, the overall market turnover markedly improved circumstances. Days phase statistics show that the entire first half of 2005 the stock market turnover was 1.35 for the first half turnover jumped to 2.85, and the frequent changes in the stock market hot spots, but also increased the Fund has continued to hand down power.
Statistics show that, in the 107 open-ended equity and hybrid funds, the turnover rate of less than an equity investment of only seven funds in the first half last year as many as 40 funds. This shows that the Fund's equity investment turnover rate is based on the situation changes from time to time, rather than static.
In the first half of the entire stock market trading was frequent, fast rotating hot circumstances, the fund equity turnover rate is too low but it may become restricted fund performance factors, some of the original equity investment in particular the pursuit of a low turnover of fund companies have begun to re-examine their own investment strategy, a moderate increase in turnover of equity investments.
Misunderstanding 3
Turnover rate of useless
Since the turnover rate and turnover rate is low are likely to receive better benefits, it may receive a lower income, then select the time to see the Fund's turnover rate of stock investment target is not no use it?
In fact, the turnover rate is an important fund investment style indices, insurance companies and other institutional investors, professional choices of the Fund, the Fund's turnover rate target is the case, the investment risk control systems, etc. are often used in fund equity turnover rate of this indicators.
Although it is impossible as the bodies of ordinary investors as a systematic research fund turnover rate, but above all through the turnover rate of understanding the Fund's investment style, Boshi, Changsheng Fund, there are many joint-venture equity investment fund turnover rate low, the investment style of sound study carefully the report of such funds on a regular basis Awkwardness of situation, such funds invest in a larger sense. For stock investments has always been a high turnover rate of the fund company's funds, periodic reports Awkwardness change quickly, meaning a relatively small study of Awkwardness.
Second, large-scale investment in the fund due to the impact of higher cost, if the turnover rates are relatively high for the more significant the impact of fund performance; while smaller funds, if the fund companies to invest in higher levels of risk in the control situation, invest in more frequent operation, it might give fund excess returns.
