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Data:2009-12-12 2:34
Basically established upward trend in view of the market there is reason to believe that partial shares of open-end funds continue to net income for the majority of investors, and even more significant excess returns, while the return on investment between the different funds to widen the divide. Based on our market, there is still much room for growth for the judge, you can take higher risk options in higher-yielding funds. Closed-end funds, in view of the Fund's Feng Zhuankai Societe Generale has been approved by the SFC, and its now the overall closed-end funds discount rate is still high, is expected later this year, there is still much room to rise.
Partial shares of open-end funds revenues can be expected
We believe that the partial open-end fund share classes available to net income, and even more significant excess returns.
Made the above observations, we are mainly based on the following reasons: First, the macro will continue to run smoothly in the second half, A-share market valuation is still low. Despite the abundant resources the situation will change in the first half of the short squeeze Quotes difficult to come by, but the upward trend in the market basically established, and investment increasing variety of circumstances, the Fund will share China's economic growth; Second, the value of investment Philosophy once again moving toward the mainstream, as well as the growth of the size of the Fund will enhance the Fund's weight in the market game and advantages; In addition, a substantial increase in the size of the Fund's circumstances, the Fund's holdings can be focused on bringing more of its benefits have been over - opportunities, but, due to the Fund adopt a "bottom-up" thinking the growing number of investors will enable the Fund's performance division heavier edge will accomplish a great deal of individual funds.
Institutional innovation to enhance closed-end fund space
The long-rumored "Fengzhuan Kai" was finally approved by the SFC, no doubt to the closed-end fund market thrust. In the current worse resale values high and the Small Cap Fund, the approaching expiration date of the environment, closed-end fund arbitrage space is very impressive.
"Feng Zhuankai" the official approval, making the system risks to be eliminated, replaced by market risk. Market risk will affect the operation of the fund and thus the Fund's net worth and market price to be effective. Therefore, investment funds, we must take into account both dynamic and static factors.
At present, the small-cap funds have less than half the shortest maturities, short-term arbitrage the value of very considerable.
However, there are a few points that require attention: First, the cost of cash. In May 2007 with nine funds now expired. If this time period, the Fund suffered concentrated redemption fund arising from the net cash in the fund will have a greater pressure from high cost of cash; second is the cost of liquidation. Societe Generale in the Fund's "Feng Zhuankai" program, a higher redemption rate, transformation after 3 months, 6 months, 9 months redemption rate was 3%, 2% and 1%, while the ordinary The open-end fund redemption fee will be only 0.5%.
Broad market fund generally late maturity, investors, if the present buying, the fund should be valued net growth potential, rather than win the arbitrage returns, as implied from an annualized rate of return perspective, the broad market funds are generally lower than the small plate fund. Therefore, the broad market the Fund's investment management will determine the level of investor choice.
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The second half of the fund market investment strategy
In the varieties of choice, we believe that, regardless of attention to the types of funds, should have the common features are: has been set up to run for some time, performance and stability have a certain continuity; a relatively large-scale performance of outstanding fund management company's funds.
Has been set up to run for some time, performance and stability have a certain continuity to be able, through its history, a proper evaluation of the performance; and relatively larger fund management companies, researchers and so easy to form scale. Based on the above understanding, we have this plays key recommendation Yi Fonda, GF, Morgan and the cast's high-quality Yinhua Fund.
We focus on two types of partial shares of open-end funds: the size of the 2 billion less than in small-cap funds, some of the higher risk of higher-yielding funds. In the small-cap fund a relatively flexible portfolio can be better optimized to invest the assets in the case of relatively limited liquidity and strong; based on our market, there is still much room for growth for the judge, you can take higher risk options returns the higher the fund.
Small-cap closed-end funds, we propose to focus the remaining duration of the net close to the performance of stable, worse resale values higher fund; broad market funds tend to net a better growth performance, the unit net higher, with strong ability to fund dividends.
In the asset allocation and operation strategy, the active investor can configure the large-scale closed-end funds, open-ended partial shares of such funds, small-scale configurations money market funds, bear the greater risk in the case of access to higher returns.
As the expiration of the existence of arbitrage opportunities, small-cap closed-end funds are advised to take "time balance" of the allocation strategy, in the worse resale values return to consider the reduction of 6-8% or less; broad market funds due to a lack of arbitrage mechanism are still advised to take-band operation.
For the open-end index fund may be appropriate to take-band operation, while for the stock-type, mixed type should adopt buy and hold strategy, while money market funds as a cash and liquidity management tools.
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