As you know, in the past three years since the beginning of 2021, the domestic equity market can be said to be extremely difficult to invest, but if you look at the public offering as a whole, there are some bright spots from a global perspective, one of which is the legendary QDII** (which can be simply understood as a ** that specializes in overseas markets).
For example, the Bosera S&P 500 ETF in the picture above is connected to A (RMB), which is such a QDII**.
From a revenue perspective,As of December 20, 2023, the cumulative yield of this product is 28760%, which translates to an annualized rate of return of 1248%；It is worth mentioning that in the last three years, although it has also recorded -1185% negative returns, but it achieved 2289% of the annual gains, especially 22 so far this year (as of December 20, 2023).With an earnings of 87%, it quietly hit an all-time high in net worth.
From a risk perspective,Since June 14, 2012, in addition to the beginning of 2020, at the beginning of the global pandemic, the -31Except for the historical maximum drawdown of 17% of the range, the maximum drawdown of the rest of the years does not exceed 20%, especially since the beginning of this year, under the premise of hitting a record high in net value, the maximum drawdown of the year does not even exceed 10% (the maximum drawdown is only -9.).24%）。
Yesterday afternoon, there was a joint live broadcast by Bosera**, S&P Dow Jones Indices and China** Daily "Dialogue Global Financial Figures", where the guests Wan Qiong, deputy director of investment of Bosera ** Index and Quantitative Investment Department, and Haman Preston, head of global U.S. stock index at S&P Dow Jones Indices, analyzed the U.S. ** in combination with the recent U.S. macroeconomic trends Interpreting the trend of passive investment, and sharing the latest global asset allocation ideas, it is quite rewarding to listen to, and here I will briefly share with you some of my thoughts.
First of all, let's take a brief look at the investment characteristics of the S&P 500, a representative index of U.S. stocks.
Or take the above-mentioned Bosera S&P 500 ETF Connect A (RMB) (for us in the A** market, the final RMB-denominated investment products are what we really need to face) as an example, let's take a brief look at its comparison with the CSI 300 Index:
From the above comparison, we can see that in the past decade or so, the return of Bosera S&P 500 ETF connection has been more "stable", and the fluctuation of annual return is significantly smaller, and the annual return is neither too high nor too low;
On the other hand, the probability of Bosera S&P 500 ETF connection achieving positive annual returns is also higher, and even in the only two years of negative returns, the negative returns are relatively controllable.
From another point of view:
The ability of Bosera S&P 500 ETF to connect to record highs is also very strong.
Judging from the historical data of the past 11 years, the probability of hitting a new high within a month is as high as 9401%, the probability of hitting a new high in three months is as high as 9831%, and the probability of hitting a new high within half a year is as high as 9963%, and the longest time a record high was in the above historical interval was 524 days (calendar days), that is, less than a year and a half.
This ability to hit new highs in the A** field can almost beat most active**, let alone more volatile passive**.
It is no wonder that Warren Buffett, the "god of stocks" in the United States, will strongly recommend ordinary investors to invest in the index
Secondly, how exactly do ordinary people invest in QDII**?
On this one, let's start with the group data:
Above, I have roughly selected several common asset types, including China Bonds, China Stocks, US Stocks, Hong Kong Stocks, ** and Oil.
Judging from the correlation analysis of historical data for more than 20 years, the correlation between these major asset types is low, such as ** and China Bond, which are almost all weak correlations between the two and other assets, and China Bond even reflects an obvious negative weak correlation. Even in the same equity category, the correlation between the S&P 500 index for U.S. stocks and the CSI 300 index for A-shares is only 012。
This provides us with a "clear path" to invest in QDII products, that is, asset allocation, namely:By diversifying the allocation of various asset types with low correlation, you can obtain a portfolio with better risk and return.
I think this is one of the most common ways to invest in QDII products.
In addition, judging from the Bosera S&P 500 ETF Connect A (RMB), which tracks the S&P 500 index above, although it is an index**, its long-term "slow bull and fast bear" trend also makes it a part of the allocation of the bottom position, or a more refined operation, you can lay out the dip and hold it for a long time, and for those who have some technical analysis capabilities, you can even do some right-side take-profit operations on the dip.
As for the specific investment target, the OTC can choose the first product tracking the S&P 500 index in the domestic public market, which was established on June 14, 2012Bosera S&P 500 ETF Connect (RMB shares, Class A 050025, Class C 006075)., you can choose from the fieldS&P 500 ETF (513500).
Since their inception, the two have closely tracked the S&P 500, the flagship index of U.S. stocks, and the former has reported 31 holders as of mid-2023980,000 people, is a popular QDII product among investors.
Third, the enhanced version of the S&P 500 - the Nasdaq-100 index.
If the S&P 500 index is the basic index of the US market, then the Nasdaq 100 index can be said to be a strengthened version of the US market, as evidenced by the chart:
Judging from the comparison of historical data over the past 10 years in the chart above, the Nasdaq 100 index is a strengthened or growth index that tends to be consistent with the S&P 500 index, but is significantly more elastic.
Here's an example:
In 2022, the Nasdaq 100 index is -3297% annual returns are significantly lower than the S&P 500 at -1944% annual earnings;But so far in 2023 (as of December 20, 2023), the Nasdaq 100 index is 51The 32% yield is significantly higher than the S&P 500's 23 over the same period63% yield.
Here's an additional question: the S&P 500's annual return in 2022 is clearly -1944%, why the Bosera S&P 500 ETF Feeder A (RMB), which tracks the S&P 500 index, has a significantly better annual return of -11 in 202285% (I think this is also an important issue to consider when investing in QDII products)?
From the perspective of index characteristics, compared with the S&P 500, which has a more stable trend, the more volatile NAS 100 index may be a more suitable index to be grasped by regular investment.
Bosera, which has a relatively complete QDII product line, also has products that track the NASDAQ 100 index: on-siteNasdaq 100 ETF (513390)., and off-site haveBosera NASDAQ 100 ETF Initiation Connect (QDII) (RMB share, Class A 016055, Class C 016057).
Fourth, taking Bosera's index products, which have a relatively complete product line, as an example, let's take a brief look at the index types in the domestic public market.
The QDII products we mentioned above are generally called:Cross-border indicesIn addition to the two standard broad-based indices (S&P 500 and Nasdaq 100) in the U.S., Bosera**'s cross-border index products also include Bosera Hang Seng Technology ETF, Bosera Hang Seng Healthcare ETF, Bosera CSI Global China Education ETF, Bosera S&P Oil & Gas Exploration and Production Select Industry Index, and strategic Bosera Hang Seng Hong Kong Stock Connect High Dividend Yield ETF.
This one of themBosera CSI Global China Education ETF (513360).Although the education sector covered (belonging to Shenwan's first-class industry social services) is a niche sub-industry sector, I think it is quite distinctive and scarce (mainly because I have been looking for products that can cover the education sector), for example, who would have thought that this sector, which has been devastating in recent years, has achieved 14 in 2022 and 2023 so far (as of 2023 12 21).36% and 1625% positive returns.
In addition to cross-border indexes, Bosera has built a relatively complete index product matrix after close layout in recent years, including: a complete set of mainstream core broad-based indexes, industry theme indices with distinct tracks, mainstream style strategy indexes, enhanced indexes, commodity characteristic indices such as **, as well as bond indices such as securities and bonds, convertible bonds, etc.
Among them:Mainstream broad-based indicesIt covers almost most of the core broad-based indices such as SSE 50, CSI 300, CSI 500, CNI 2000, ChiNext, STAR 50, STAR 100, Shuangchuang 50, and BSE 50.
Among them, the products laid out in the science and technology innovation track have attracted wide attention from the marketSTAR 100 ETF (588030) and its connection** (Class A 019857, Class C 019858).After the product was raised and established, the market was quite hot.
Sector-themed indicesThere are not only industry index products covering traditional and emerging industries such as banking, first-class medicine, nonferrous metals, new energy vehicles, photovoltaics, new materials, biotechnology, etc., but also thematic index products such as robots, smart consumption, and financial technology, as well as special theme index products such as central enterprise innovation-driven, central enterprise structural adjustment, central enterprise modern energy, Chengdu-Chongqing Economic Circle, and Hubei new and old kinetic energy conversion. among themCentral Enterprise Innovation Driven ETF (515900).It is also one of the two major targets of the recent "national team" (Guoxin Investment) to directly increase its position.
Style strategy indexAlthough the number is small, it also covers the most typical major strategy indices such as CSI Dividend, CSI Dividend Low Volatility 100, and Sustainable Development 100 (that is, ESG).
As the first "Internet ETF" in China,Commodity indicesproductsBosera ETF (159937) and its connection (Class A 002610, Class C 002611).Not only is it in the top category of products, but it has also helped many investors seize the opportunity of investment under the premise of poor performance of the domestic equity market in the past two years, and it has achieved 921% and 1605% positive returns.
Limited by spaceExponential enhancement classes(including on-exchange index strategy ETFs and over-the-counter index products) andBond indexesI won't go into the product specifically.
Finally, a brief summary:
As we all know, the rise of passive investment in the past 10 years is one of the most important trends in the global asset management industry, although the domestic market started late, but in recent years, the scale of passive investment products represented by ETFs has grown very rapidly, and investors are becoming more and more aware of the importance of passive index products as an investment tool, and they are becoming more and more familiar with this tool. And a company like Bosera ** with a complete index product line but no shortage of characteristic index products is naturally worthy of our attention and research.