In 2022, the number of public offerings will officially exceed 10,000, far exceeding the number of ** in the same period. Behind the opening of the curtain of wealth management, "it is difficult to invest and choose a base" is also becoming a "roadblock" on the road to a sense of gain for the majority of investors.
Adhering to the asset allocation strategy of large categoriesPublic FOF is considered to be one of the important products to help investors solve the problem of asset allocation. However, since the beginning of this year, the theme of the industry has rotated frequently, and the market hotspots are "chaotic and gradually charming", how to keep up with the market trend and choose high-quality products has also become a "test" faced by FOF** managers.
AsHead of the Investment Strategy Group of CEIBS**FOF, Sang LeiHe has 15 years of experience in asset allocation, and has CFA (Chartered Financial Analyst), CPA (Certified Public Accountant), FRM (Financial Risk Manager), Chinese Actuary and other qualifications. Invest in long-term asset allocation"Unity of knowledge and action".Medium,Sang Lei is committed to building FOF** into a product that helps investors solve problems.
In the current economic environment, Sang Lei suggested that personal investment should be divided into two steps. First, understand your risk tolerance. In many cases, investors' perception of their own risk ability is insufficient, which is a false imagination that needs to be perfected in practice. Second, from a market perspective, investors should pay more attention to medium- and long-term investment opportunities to reduce the impact of short-term fluctuations on their investment framework. From a medium to long-term perspective, the market is now more cost-effective for investment, and it is expected that the macro economy will continue to rise relatively steadilyAfter looking at the medium and long term, the short term will be a better time to intervene.
In this issue, we invite Sang Lei to talk about the hot issues that investors are concerned aboutFOF investment insights and market insights during the current market headwinds.
CEIBS ** Sang Lei:
Indeed, the market environment in the past two years is more complex, and the market in the first half of this year is more extreme, judging from the largest wave of gains in major industry indices over the years, the maximum increase in most industries in the first half of the year is very low, and there are very few investment opportunities. In a highly uncertain market, it is more necessary to have "determination", and for FOF investment, we want to pursue long-term existence, rather than temporary performance. Therefore, it may be a better choice to adhere to long-term investment goals, adhere to long-term fundamental investment strategies, adhere to the stability of investment behavior, and take fundamentals such as valuation, prosperity, profitability, and cost performance as "anchors".
In a complex market environment, the performance and investment behavior of different managers may vary greatly, and the difficulty of choosing has increased, but it also provides a rare opportunity to observe the characteristics of the investment behavior of the manager. This requires usCarefully study and screen the strengths and weaknesses of these behavioral traitsFor example, whether it is in line with the long-term investment strategy of the ** manager, whether it can help the ** manager achieve better long-term performance, etc., rather than simply judging based on short-term performance.
CEIBS ** Sang Lei:
We will pay due attention to the selection and position of other FOF managers, and we will have some exchanges with our peers. On the one hand, the focus is on other FOF** managers in the same industrySelection and investment strategyIs there anything worth learning from that can help you learn better?On the other hand, it can also be seen from the positions of other FOF** managers in the same industryMarket & Industry Perspectivesetc., you may also give yourself some references and tips.
CEIBS ** Sang Lei:
We believe that FOF products are more of a solution, and hope that FOF products can help to a certain extentSolve the problems faced by investors in asset allocation, selection and holding experience. Therefore, the standard for evaluating the quality of FOF products is not only to make a simple performance comparison with other first-class products, but also to see whether FOF products have solved these problems and solved them well.
However, it is true that some problems, including systemic risks, cannot be solved by FOF products, which may be the main reason why you feel that FOF products are not as "powerful" as before. Judging from the long-term performance in the past, compared with a single product, FOF products can help investors make asset allocation and selection, and there is still a certain degree of improvement in improving the holding experience. In particular, equity FOF, what we hope to pursue is that relative to the average level of equity** index, or equity**, in most market environments, we can achieve relatively stable excess returns.
CEIBS ** Sang Lei:
We believe that FOF products are more of a solution, so there should be clear investment objectives, effective investment strategies and stable investment behavior. FOF's disciplined investment is more reflected in the adherence to long-term investment strategies and investment behaviors: no matter how the market environment changes and how much short-term pressure is, we should control our emotions, adhere to the established goals and strategies, and do not drift in investment behavior.
*The Truth About Investing" is written in the bookA good manager is "unwavering in the pursuit and execution of a well-defined strategy". This is very much in line with what we understand as disciplined investing.
CEIBS ** Sang Lei:
There are similarities between FOF and Investment AdvisorBoth need to be selectedInvestment advisors also need to do portfolio management, and FOF also has an "advisory" component as a solution. The main differences between the two are:The focus on "investment" and "advisory" is different, and FOF products are more focused on investmentProvide investors with a clear goal, effective strategy, and stable behavior, and help investors solve problems appropriately, so as to achieve better long-term investment performance. **Investment advisors are more focused on advisorsFormulate investment plans according to investors' own needs, and provide investor companion services, so as to give investors a better investment experience.
CEIBS ** Sang Lei:
In terms of research, we evaluate and think based on three key words:Trust, matching, and attitude. TrustIt's about thinking about how you can build trust in active managers. CompatibilityIt refers to the fact that all aspects are more matched in order to have a higher probability of achieving better long-term performance. There is an attitudeIt refers to evaluating whether the investment strategy is effective from a longer-term perspective, whether the investment behavior is in line with the long-term investment strategy, whether it can help achieve better long-term performance, and even whether it contributes to the stability of the market.
Specifically, based on matching, the research and analysis of ** from three dimensionsThe first dimension is investment objectives, the second dimension is investment strategy, and the third dimension is investment behavior. What we hope to choose is that we have a clear and reasonable understanding of the investment objectives, and the investment strategies and investment behaviors match the investment objectives, which are effective and consistent. In this way, it will help the manager to achieve long-term better investment performance. For matching, we will also pay attention to the factors at the level of the company, the investment team, the risk control transaction, and even the sales operation, if these factors can be compared, it is expected to help the manager achieve better long-term investment performance.
CEIBS ** Sang Lei:
Active ** will still be our main investment target, and at the same time, ETF is also a very good investment tool in the FOF portfolio, and we have been actively using, commodity ETF, overseas ** ETF, **industry ETF and other different types of ETF are all within the scope of our investment consideration. In the long run, we believe that active** can still create better excess returns, but if the market environment is not conducive to actively creating excess returns, we will appropriately increase the investment ratio of ETFs. If the index you want to invest in is not easy to generate excess returns, or if you want to hold it for a short period of time, you will also prefer to use an ETF.
CEIBS ** Sang Lei:
For ordinary investors, we recommend that you should start your family financial management actively and as early as possible, but consider your own financial planning goals. At the same time, you should also try your best to understand your risk-return appetite and risk tolerance, and have a good understanding of the financial products you invest in.
At the same time, investors can use financial planning and other ways of thinking or tools such as the "four moneys" to consider their family finances, and can also use some robo-advisory tools or consult investment advisors to get advice.
For me personally, my family finances are mainly invested in self-managed FOF**.
CEIBS ** Sang Lei:
We are glad that you are interested in FOF investment and welcome the opportunity to intern or work at CEIBS. My personal advice is as follows: First of all, there is a wide range of asset classes that FOF can invest in, and I recommend that you be rightDifferent investment varietiesAll have a strong interest in learning and even research;Secondly,Asset allocationIt is very important to invest in FOF, and it is recommended that you have a deep understanding of the theoretical methods of asset allocationIn addition, it is often used in both research and asset allocationQuantitative tools,It is recommended that you are also proficient in programming;At the same timeInvestment BehaviorIt has gradually become a very important content in research, and behavioral finance is also a popular branch of finance, and it can also be learned to a certain extent.
CEIBS ** Sang Lei:
We feel the downturn in market sentiment from the first half of the year, just as the market was worried about economic transformation about a decade ago, and the market was worried about long-term economic development in 2018. But in the future, these problems have been better solved, China's economy has maintained good growth, and the market has also ushered in good performance.
In the environment of relatively stable economic growth, the valuation level is the core determinant of the value of the medium-term market allocation, and the major domestic indices are at a relatively low level whether they are compared horizontally with major international indexes or vertically compared with the historical valuation level of A-shares, and the valuations of most industry sectors are also lowMarketplaceIt has a high medium-term allocation value, and the short-term market sentiment is also relatively sluggish, so we are optimistic about the investment opportunities in the market. In addition,From the perspective of the industry,In fact, most industries have a relatively good cost performance. In terms of the bond market,The overall market yield is at a low level, and the progress of the economic recovery needs to be observed in the future, and the bond market can consider appropriately reducing the duration.
Risk Warning
*There are risks and investment should be cautious. The above content is for informational purposes only and is not indicative of future performance and is not intended as investment advice. The views expressed herein and ** are current and subject to change.