Category: Money tips Release Date: 2007-06-14
In the last weekend at a fund meeting, to remind the management of the Fund should adhere to the value of investments, not over-concerned about the short-term pace of development. It should be said, management's reminder is referred to.
Responsible financial management and value of the investment funds based on two fundamental reason why, if these two tracks from the composition of the line, the fund it is difficult to obtain long-term development. But in the past six months time, some fund does not insist on the value of investment, over-concerned about the short-term rankings, raising the scale of the short-term and short-term rate of development. Despite the short term, the book gains considerable, but it is not conducive to the long-term industry and their own development, the Fund's investments should be wary of "off the rails."
"Quasi-Zuozhuang mode" fashion
This year, the Fund reported situation, "the relative concentration of + the overall decentralization" is one of the most important features. On the one hand, a single investment fund is very concentrated; but on the other hand, from the investment fund industry as a whole look, but a significant dispersion than in the past. Indeed, such a contrast to the previous shareholding structure of the fund industry all of its assets concentrated in the four, 50 stocks, there is progressive side. However, further analysis we will find some new problems, which is part of the investments of the Fund deviated from the track of the value of investments, leading to "quasi-Zuozhuang mode" popular in the fund industry.
Performance: each into the system. Some fund companies have their own "endorsement" section or "endorsement" concept, and occasionally there are a few fund companies at the same time promising a plate or individual stocks, in the past the so-called "heating" of the past. In this context, we see some substantial increases in stock or plate, has been divided into investors, "such and such a system" stock (that is, certain fund company's stock), such as a fund company's focus on the majority of funds are rounded out of a stock or a stock plate.
Core: building profitable typical. Some fund companies may focus on training, one-two particularly prominent fund returns, their semi-annual earnings may be significantly higher than the company's other funds sold --- This promotion is undoubtedly the most important "Sha Zhao" --- Unfortunately, the The vast majority of high-yield funds typically can not be maintained.
Means one: together with the listed companies. The individual funds and listed companies, joint efforts to create the concept of whether the company can meet the price rose to become the foundation, which makes it easier for smaller companies to become the fund Shigekura species. Because the small companies more willing to suit their intentions. From our understanding of perspective, at least five more large listed companies have been including funds "with the invitation," which five companies have not agreed with. Moment, the stock price so far is mediocre. From the matching structural features, the general body of small companies are more willing to accommodate, while the large companies are relatively standardized. This may be large companies or small companies far smaller than in the recent of the important reasons. In fact, we have also seen some of the fund called "tape selection," buy it all small-cap stocks.
Means of 2: "Huyou." "Huyou" At present, some fund managers have become an important weapon. Individual fund managers to use the public trust, and recommended the stock or plate, but while it is shipping. Military concept stocks on behalf of the Fund in the second quarter Hongdu Aviation 10 Masukura shares, is one of the fund managers to the investing public, "Huyou" the focus of varieties, but as in the past 16 trading days, its biggest decline reached 38%.
Deviate from the value of investment is bound to pay the price
In the "quasi-Zuozhuang mode", some of the funds to obtain a non-ordinary high-yield, and thus also makes sales by leaps and bounds. At first glance, there were no negative effects. But in fact, this is the fund's management is worried about short-sighted --- too much focus on short-term pace of development. Looking at the fund industry over the past several climax are based on the next few years, the cost of downturn.
Funds to face is that the concept of the comprehensive restructuring of stock. On behalf of the military concept of Hongdu Aviation in the 16 trading days of the biggest declines of 38%; the concept of new energy sources on behalf of G Tianwei 11 trading day down 17%; brokerage CITIC Securities concept stocks leading the huge growth in the mid-year report of the background, 16 trading day down 15%; coastal stocks, such as G Jinbin, G bin, also can be weakening.
Second, the past history shows the Fund's investments, winning the short length is an important characteristic loss, which also led to the fund the development of serious non-stationary. In mid-2001 and 2004, a quarter of the Fund's profitability two peaks, but the rest of the time, investors see more of a fund losses reach of the bill. Now it will become a replica of the previous? If the Fund does not get back on the track of the value of investment prospects is indeed worrying.
Third, the institution's market risk does not lead to increased calm. Agencies focused too much on short-term gains, resulting in short-term market rose rapidly, but the adjustment is long. In the above two funds earnings peak, markets have ushered in a huge adjustment. In mid-2001 after a year and a half years, the Shanghai Composite cumulative maximum of about 40% of the adjustment; and in March 2004, after, A-share market also ushered in a long-term adjustment of up to 14 months in the adjustment process, the benchmark Shanghai Composite Index adjustment is also around 40%.
In 2004 into a huge investment in the auto sector and the loss of funds, we have yet to forget that the military is now obsessed with the concept of brokerage concept, Binhai concept, the concept of new energy fund managers who will suffer the same situation? "Auto stocks of 20 high-growth," the story still ringing in our ears, how can the concept of today's manufacturer, the future, how will study this history?
