Secrets hidden in the fund’s annual report

2022-05-15 0 By

Again to the annual fund annual report season, we are very concerned about the corresponding annual report, we will see, combined with the team in Yinhua Breguet – quietly surplus and Yinhua Breguet – red year after year strategy formulation and constituent fund screening practice, speak a few of our habits and tips to read the annual report, for your reference.One, the difference between index funds and active model fund research fund annual report, you should first distinguish between fund category and according to different types of tracking and research focus, index funds because it is tracking index, so focus on error rate, size, etc., subjective active model fund, to focus on the excess return, investment strategy analysis, the analysis of the fund manager,And position analysis.The emphasis is completely different.Two, index funds to see the error rate index funds to focus on the observation of error rate and comparison of Shanghai and Shenzhen 300 earnings.Error rate is to measure the index funds would ever be fully follow the corresponding index, if from 1 months or even years, 6 months, 1 year error rate is big, is the kind of down, then the index funds will not be able to vote in principle (of course, if you have any error of the excess return is up, so it is to focus on).In addition, it is also important to observe whether there is excess return on the CSI 300 index. If there is a relatively large excess return on the CSI 300 index in the medium and long term, it will be a good investment variety.Three, index fund to pay attention to scale for index funds, or pay attention to scale, this is also a relatively important part.According to relevant laws and regulations, the open-end fund within the duration of the contract enter into force, if the fund net worth less than 50 million RMB 60 days in a row, or the number of fund share holders for 60 days to reach 200 people, the fund manager shall report to the China Securities Regulatory Commission and put forward solutions, such as the conversion operation way, and other fund merge or terminate the contract, etc.,It shall be implemented after the vote of the general meeting of fund share holders.Therefore, when the scale of index funds studied is only tens of millions, or even only 100-200 million, we should pay attention to the risk of fund termination, which is a risk for index funds.Of course, active model fund also exists this problem, also need likewise advertent.Four, active fund to see excess return rate for active fund, the most important thing is to see the rate of return, to observe whether it continues to have excess return on the performance comparison benchmark.Of course, in addition to the excess rate of return, there is also volatility, if there are always big ups and downs, then the investment experience will be very bad.Five, active fund to investment strategy is true and sincere about the fund annual report “fund investment strategy and performance description” this section, we still want to read carefully, because the fund manager will take this to communicate with investors and the market their thoughts and thoughts.When reading, we should not care if it is a few hundred words or a few thousand words. We should pay more attention to whether the logic of the content itself is clear and whether the relevant strategy is in line with the market conditions at the corresponding time.All in all, fund managers who tell the truth and communicate their investment strategies and ideas sincerely need to be treasured and valued.Six, active fund to see whether holding positions in line with the market this comparison tests the investment ability of investors themselves, one is to understand the market, need to understand their own investment, can analyze the logic and trend of the market, and then judge whether the active fund holding positions in line with the direction, in order to know.Another ability is the ability to test checking, to see the annual report released open net value of the corresponding change, is in line with the trend of these companies, and see if it is the middle of the fund manager position has changed a lot, just before the annual report released to adjust the position, so that we can test whether fund managers consistency, can advance notice if there were any irregularities.OK, this is probably some habits and methods, only for reference, relatively speaking, like to invest in index funds, there are not so many subjective factors, can be in accordance with their own understanding of investment and the development of the strategy, configuration and adjustment of positions, also can verify investment ability.This is also our thinking in Yinhua Tianji – quietly surplus and Yinhua Tianji – red year after year.Risk note: Investment advisory services for managed funds are provided by Yinhua Fund Management Co., LTD.The investment portfolio proposal may include fund products managed by Yinhua Fund and fund products managed by other fund companies.Interest investors investment fund portfolio strategy should follow the principle of “emptor”, in a comprehensive understanding of the fund of risk and return characteristics of portfolio strategy, operation characteristics and matching on the basis of the opinions, combinative oneself is to choose the appropriate fund investment portfolio strategy, careful to make investment decisions, independent bear the investment risk.Yinhua fund does not guarantee certain profit and minimum return of fund portfolio strategy, nor does it make capital guarantee commitment.The risk characteristics of fund portfolio strategy are different from those of individual fund products.Investment Services’ past performance is not indicative of its future performance and earnings generated for other investors are not a guarantee of performance.The fund investment consultant business is still in the pilot stage, and the fund investment consultant organization may be cancelled due to the pilot qualification and cannot continue to provide services.The fund has the risk, the investment needs to be cautious.