在线一本码道高清

If you do n’t calculate this account, you may earn 6% less in one year! Citizen Advanced

Time: January 9, 2020 08:33:50 China Finance
Farewell to 2019, and now officially entered the "20s" era. Looking back at the past 10 years, A shares have roughly experienced 3 rounds of bear market and bull market reincarnation.


(Screenshot source: Wind)
Miss Mo believes that during this period, some people invested heavily, and some people did not make much money or even lost money. So, how is the performance of the public offering funds of graduate fund managers from major universities?

It happened that the Haitong Securities Fund Research Team recently released a "Report on the Medium and Long-term Performance of Public Equity Funds", which counted this data. Let's take a look.

Over the past 10 years, the annualized income of equity funds has been close to 7%.
This report counts actively managed equity funds (excluding closed-end funds), averages daily returns, and draws the overall return curve of the fund.

The results show that as of December 31, 2019, the actively managed open-end mixed funds have risen by 96.52% over the past 10 years, and the annualized income is close to 7%, far exceeding the Shanghai and Shenzhen 300 Index increase.


Seeing this, some small partners may want to say that they may have bought fake funds.

Since the overall performance of actively managed equity funds is not bad, why are there still many people who "funds make money, but basic people do not make money"?

Two major reasons cannibalize the income of the culture base. Many people ignore this. 1. Bold purchases at a high level . It is human nature to sell "chasing up and down " in a low panic .

In this report by the Haitong Securities Fund Research Team, we can see that from 2006-2007, 2009, 4Q2014 to 1H2015, 4Q2015, 2Q3 and 2016Q, and When the A-share market is good in 2019, the share of equity funds has increased significantly, especially when the market reaches a stage high, which is precisely when everyone is most excited, and the fund's net purchase volume has reached its peak.

However, in the course of several sharp declines in A shares in 2008, 3rd quarter of 2015, and 1st quarter of 2016, stock-mix funds were net redeemed, and in the staged bottom area of the market, the citizens were redeemed in panic The number of shares returned to the fund also reached a high point.


However, there are times when it is abnormal. For example, A shares fell all the way in 2018, but the share of mixed funds at the end of the year has increased. It needs to be explained here. At that time, a large amount of institutional funds were buying CSI 300 and other index ETFs on dips. If you only look at the individual citizens, the shares of equity funds are still net redeemed as a whole.

2. Frequent buying and selling, the cost of costs is underestimated. Everyone knows that when buying and redeeming mixed funds, there will be a certain amount of expenses. If you apply for redemption multiple times, it will increase the cost of your own base. However, many people think that many fund sales platforms now have a discount of 1% on the purchase fee, and the redemption fee does not cost a few dollars.

Is it really the truth? Let's calculate the account.

Assume that the total rate of one purchase and redemption is 0.5%, 1%, and 1.5%. According to the calculation of the Haitong Securities Fund Research Team, assuming that the fund is traded once a month, the total rate of one trade is 0.5% , Then in one year, the cost of the rate is close to 6%; if the total rate of one transaction is counted as 1%, the cost of the rate in one year has already exceeded 10%! You know, when the market is flat or down, many funds' annual returns do not reach this number.


In contrast, the cost of buying and selling funds every three months, half a year, and one year will be gradually reduced. Even if we assume that the total rate of the fund is 1.5% for each transaction, the rate of expenditure is 2.98% and 1.50%, which is relatively acceptable compared to the above.

It can be seen that if there are many purchases and sales, even if there is a preferential rate, the increase in maintenance costs for yourself is not a small amount.

Of course, Miss Mo does not blindly let everyone hold it for a long time. After all, factors such as market fluctuations, their respective capital requirements, and profit-taking goals must be taken into account. This is just a reminder that when there is no systemic risk in the asset market and the fund product itself is still trustworthy, you may wish to try to properly extend the holding time, and the increased costs of frequent operations will eat away a lot of fund income. (Morgan Stanley Huaxin Fund)
Zhongcai
Headlines
pop up description layer