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投资与理财——基金(下)

2022-01-27  公司总裁

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1.基金产品的选择

选择基金产品时首先必须考虑自身的具体情况,包括收入水平、资金实力、对待风险的态度、个人投资偏好,明确对收益的期望和投资理财的目的。明确这几个问题将有助于对基金产品的选择。

1. Selection of fund products

When choosing a fund product, you must first consider your own specific situation, including income level, financial strength, attitude towards risk, personal investment preference, and clarify your expectations for returns and the purpose of investment and financial management. Clarifying these questions will help in the selection of fund products.‍

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当明确选择适合投资者本人的投资基金类型后,还有必要了解一下这些基金的基本情况,主要包括:

(1)基金产品的管理公司和基金经理。由于基金管理公司下面的多个基金产品往往共用一个研究队伍和管理工作队伍,通过对基金管理公司已经管理的基金的了解,可以对基金管理公司的研究能力和管理能力有个初步认识。另外,基金经理直接决定着基金的投资,了解基金经理的专业背景和从业经验是非常重要的。

After clearly choosing the type of investment fund that is suitable for the investor, it is necessary to understand the basic information of these funds, including:

(1) Management companies and fund managers of fund products. Since multiple fund products under a fund management company often share the same research team and management team, by understanding the funds already managed by the fund management company, you can have a preliminary understanding of the research and management capabilities of the fund management company. In addition, the fund manager directly determines the investment of the fund. It is very important to understand the professional background and experience of the fund manager.‍

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(2)过往业绩和风险。可以借助基金评级公司的专业评价来了解某只基金的业绩。虽然过去的业绩并不代表将来的业绩,但是以前的业绩往往可以体现出基金管理研究团队的实力,可以在某种程度上作为基金业绩预测指标。需要注意的是,对基金业绩的考察必须与基金风险的考察结合起来。

(3)费用。基金的费用主要有认购费、赎回费、管理费和托管费。投资者可以通过招募说明书来比较各基金的费用水平。

(2) Past performance and risks. You can use the professional evaluation of the fund rating company to understand the performance of a certain fund. Although past performance does not represent future performance, previous performance can often reflect the strength of the fund management research team and can be used as a predictor of fund performance to some extent. It should be noted that the examination of fund performance must be combined with the examination of fund risk.

(3) Fees. Fund fees mainly include subscription fee, redemption fee, management fee and custody fee. Investors can use the prospectus to compare fee levels across funds.‍

2.基金的投资策略

在选定投资的基金产品后,如何把握申购和赎回的时机及对基金进行组合投资将成为能否获得理想投资收益的关键。

2. The investment strategy of the fund

After selecting the fund product to invest in, how to grasp the timing of subscription and redemption and how to invest in the fund portfolio will become the key to whether or not to obtain ideal investment returns.‍

(1)申购和赎回时机的选择。每位基金管理人都会对投资者说:基金投资是一种长期投资。当你精心挑选基金后,长期持有才是最好的投资策略。如果基金价格下跌,那么适当地买入同类型的基金单位,拉低基金持有成本,待基金价格上涨时就可获得利差。对于新发行的基金,当投资者决定投资基金时应立即购买基金单位。申购基金面临购入价格的选择时应遵循这样的原则:购买下跌中的基金。这个原则的前提是基金净值的下跌是由于系统性风险也就是市场风险引起的,如果基金净值的下跌超过了同类基金的平均水平则不在考虑范围之内。

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(1) Choice of subscription and redemption timing. Every fund manager will say to investors: fund investment is a long-term investment. When you have carefully selected funds, long-term holding is the best investment strategy. If the price of the fund falls, it is appropriate to buy units of the same type of fund to reduce the holding cost of the fund, and the interest spread can be obtained when the price of the fund rises. For newly issued funds, investors should purchase fund units immediately when they decide to invest in the fund. Subscribing funds should follow this principle when faced with the choice of the purchaser's price: buy funds that are falling. The premise of this principle is that the decline in the net value of the fund is caused by systemic risk, that is, market risk. If the decline in the net value of the fund exceeds the average level of similar funds, it will not be considered.‍

(2)基金的组合投资。了解经济学的人都听过这样一句话: “不要把鸡蛋放在同一个篮子里”,即投资者在进行投资时应分散投资。虽然基金投资本身就是一个分散风险的过程,但是由于不同基金有着不同的风险,资金充裕的投资者有必要同时选择多家基金公司投资,分散投资基金的非系统性风险。下面介绍基金投资组合建立的两种基本方法。

(2) Portfolio investment of the fund. Anyone who understands economics has heard the saying: 'Don't put all your eggs in one basket', that is, investors should diversify their investments when making investments. Although fund investment itself is a process of risk diversification, since different funds have different risks, it is necessary for investors with sufficient funds to invest in multiple funds at the same time to diversify the unsystematic risks of investment funds. Two basic approaches to fund portfolio building are described below.‍

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1 )选择不同投资风格的基金进行组合。基金的投资风格有很多种类,在市场中不同投资风格的基金的表现可能存在很大差异,因此可以选择不同投资风格的基金进行投资组合,但不建议选择同一家基金管理公司的基金进行组合。

2)选择不同投资方向的基金进行组合。目前,市场上基金的投资只限于股票或债券,而这两种证券有着负相关性,即当股票市场利好时,往往债券市场就不太景气。所以,可以用股票型基金和债券型基金构建“基金池”。

1) Select funds with different investment styles to combine. There are many types of investment styles of funds, and the performance of funds with different investment styles in the market may be very different. Therefore, you can choose funds with different investment styles for investment portfolios, but it is not recommended to choose funds from the same fund management company.

2) Select funds with different investment directions to combine. At present, the investment of funds in the market is limited to stocks or bonds, and these two securities have a negative correlation, that is, when the stock market is good, the bond market is often not very good. Therefore, a 'fund pool' can be constructed with stock funds and bond funds.

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图片来源于百度

翻译来源于谷歌翻译‍

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