Mainly from the same period of fund performance to do comparison. The retracement of the same period of time to do comparison. The top ten position concentration to do comparison. The correlation between the funds to do comparison. Finally, you can go to understand the fund manager's investment strategy and so on.
1. Comparison of basic information of the fund:
The four major categories are all a kind of stock fund. The risk is relatively high, for risk-tolerant investors or need to match some bond funds or currency base is more secure.
2. Comparison of fund size:
Blue chip single size than the other 3 are larger than the sum of the fund size of the short-term growth of the fund too fast on the fund manager's ability to have a very big test, in the face of a decline in the process is also very difficult to endure. But on the other hand, it also gives the other 3 only size cap space.
3. Comparison of performance over the same period:
Because the establishment time is not the same, I pull the performance comparison from 2019.1.1 to 2021.4.1. What you need to note here is that the performance return of Xingquanheyi for the same period is much smaller than the other 3. The maximum retracement over the same period will also be smaller than the other 3.
4. Compare the data of the last year:
If you can't read the data inside, it's okay. I'll explain it to you in human terms, that is, in the case of market sentiment is very OK blue chips and HFT will rise very strongly, but in the market to kill the valuation of the blue chips and HFT will also fall sharply, this time Xingquan Haiyi and ICBC strategy mainly low valuation of the plate diversification of the main advantage of the investment.
5. Then look at their maximum retraction data comparison:
Nearly 1 year due to market style switching reasons, the previous major holdout fund positions in white wine and medicine have experienced a large retraction, the same period of retraction data found that the blue chips and HHZ is a pair of, retraction up unambiguous. On the contrary, the ICBC strategy is a pair of the magnitude of the retraction is relatively acceptable. Here ICBC strategy is to do the timing so the retracement data is very small.
6. Comparative analysis of the top ten positions in terms of NAV:
It's clear that HFT and blue chips are concentrated holdings, with the top ten positions accounting for as much as 70% of NAV. If you know about Qu Yang's HHZ and Zhang Kun's blue chips, their operating style has always been a concentration of stocks, so that the top ten positions of the rise and fall of the net value of the entire fund has a greater impact. Very test stock selection ability, the market is good when it will get very high excess returns. The market is not good when the fall up retraction is also very large.
On the contrary, the top ten positions of Xingquan Haiyi and ICBC Strategy accounted for about 37% of the net value. This way the top ten positions of the rise and fall on the whole fund net value of the impact is smaller. The investment is very diversified. It is able to get higher than the market average return when the market is good,. The retracement will also be less than the market average in bad market conditions. Here you can also distinguish whether the funds you hold are able to generate risk hedging. It will be easier for white and novice investors to find diversification upfront.
7. Finally you go on to compare the direct correlation of your fund holdings.
Of course the correlation here will have a certain error, because the top ten positions account for a different proportion of the net value. So the correlation from the comparison can only be a very small reference. It cannot be used as a basis for decision-making.
The correlation comparison here has nothing to do with the positions you hold. You can see that the correlation of these 4 now is still OK. Only Xingquan and Blue Chip have a higher correlation of 0.83 because they hold both Tencent and banks. And the rhythm of the bank positions are the same. But the biggest difference I have analyzed is that Zhang Kun's blue chips are concentrated holdings, Xie Zhiyu's Xingquan Haiyi is diversified. There is still a big difference in this point.
But if you want to add Jingshun at this time on the repeat.
Jingshun Great Wall is also a concentrated holding. Blue Chip is also a concentrated holding. Then if the correlation reaches 0.87 at this time then it is not suitable to hold at the same time.
Summary:
1. Distinguish between 2 funds or more of the same type of fund can produce risk hedging can be compared in the same stage of performance and retraction data to do comparison. If the ups and downs are the same then it is not possible to do risk hedging.
2. Analyze the ratio of their top ten positions to the net worth to determine their risk appetite. Generally the top ten positions accounted for more than 60% of the net value belongs to the concentration of stocks. The ups and downs are more volatile. The top ten positions account for about 30% of the net value belong to the diversified investment, up and down fluctuations are smaller. Retraction is small. Take up relatively more comfortable.
3. Compare the correlation between the funds. The higher the correlation represents the higher the repeatability of the position. The lower the correlation represents the lower the repeatability. Generally speaking the lower the correlation of the funds in the portfolio the better.
On the market front, the Rising Index gained 0.04 percent to close at 3,442. The SZSE index rose 0.28 percent and the GEM rose 0.54 percent. Northbound funds net inflow of 3.5 billion yuan. Southbound funds net inflow of more than 800 million Hong Kong dollars.
Today's return was about +0.6% based on valuation. The year-to-date return is +0.7% or so. CSI 300 is -2.3% over the same period. I didn't expect a reversal this afternoon today against the trend. This year's dog's head to keep
Today, we reduced the position of 1w Jingshun reduced the position of 1w pharmaceuticals total reduction of 2w.
Added the position of 1w Haiyi added the position of 1w ICBC strategy added the position of 2K blue chip total plus 2.2w
Recently, the medical equipment in the periphery to stimulate the demand for the estimation of a period of time to the convex upward, it is opportune to take advantage of the opportunity to slowly reduce. The problem is not big. For the next my portfolio I feel quite comfortable. Please do not blindly follow.