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北京pk赛车注册送彩金:Dacheng Fund: Money is also more troublesome!

时间:2018/6/6 21:15:09  作者:  来源:  浏览:0  评论:0
内容摘要: Scale is a compelling topic. When the basic people pick up the fund, they often feel that: The bigger the scale, the more trustworthy it is...

Scale is a compelling topic. When the basic people pick up the fund, they often feel that: The bigger the scale, the more trustworthy it is. The fund company also generally regards expanding the scale of asset management as one of its goals (of course, it takes the interests of the holder as a precondition).

Generally speaking, a fund manager with a large amount of funds must have certain experience to be able to hold live. What are the unusual martial arts needed to manage large-scale funds?

For those funds with large assets, especially when fund managers had previously lacked the experience of operating such a huge fund, one of our focuses was whether the expansion of asset size affected the performance of the fund. Of course, some managers had previously worried about the expansion of their asset size and chose to voluntarily close the fund. This allowed them to earn investors' appreciation and extra points for their fiduciary duties.

poverty limits the imagination

first look at a number: By the end of 2017, China's public fund, the only single-stock funds average size and partial shares mixed group of funds of 11.86 billion yuan, of which the largest are 13.3 billion yuan.

For ordinary investors, the management of such a large fund, we face some problems can not imagine.

1, stock trading turned into a tug of war

small funds into and exit a stock on the stock price impact is minimal, but you need to take on more large-scale capital transaction costs - when you want to buy a stock fund managers Since the amount of money scale is too large, it is easy to buy when the share price pushed up, so that the increase in purchase costs reduced earnings. Is no different when you sell. Therefore, large-scale capital generally batch approach, exit, and sometimes this process can take weeks or even months, to reduce the impact on the market as much as possible.

2, had to configure unfamiliar stocks

Fund managers are not Superman. Their stocks are not too much. However, fund managers may be required to add positions to a certain level because of contractual pressure or pressure on performance rankings. When the size of the fund continues to increase, and fund managers do not have the right stocks for the current market to invest in, fund managers have to use the new influx of funds to buy stocks that are not really considered to be of investment value or simply unfamiliar.

3 Small and medium-sized stocks can't be purchased

When looking at a small-to-medium sized stock, small-scale funds can be easily allocated to 10% of the fund's assets. On the other hand, large funds cause high costs and because "All funds managed by the same fund manager hold securities issued by one company must not exceed 10% of the market value of the securities" and cannot buy a substantial position. Once the stock has soared, the contribution to the small fund's net worth is much greater than that of the big fund.

Is scale the enemy of performance?

Because of the above reasons, the expansion of fund size is a big challenge for fund managers. Is the size of a huge asset a drag on fund performance?

1, is it an enemy?

First of all, because the large-scale capital mentioned above bears the higher transaction cost, it is difficult to adjust the position in time, resulting in poor flexibility. Smaller funds, “a small boat is good for a rounding,” and the transfer of shares is relatively flexible. Therefore, large-scale funds do have a significant disadvantage in operating in an industry with a wave of rotation and fast-paced style.

At the same time, the increase in the amount of funds may lead to a change in the investment strategy of the fund. For example, after a fund with a large and medium-sized small and medium-sized fund was enlarged, in order to avoid fluctuations in performance, the investment style may tend to be conservative. There are also some funds, the contract itself stipulates that its investment scope is limited to small and medium-sized stocks. When the size of the fund is too large, the situation will be even more unfavorable, because in order to avoid the risk of poor liquidity of small and medium-sized stocks, fund managers will take a stock The strategy of diversifying and increasing the scope of stock picking, which in turn makes the fund portfolio appear to be too fragmented and comprehensive, resembles a “comprehensive index fund,” making it more difficult to obtain excess returns.

2, it can also be a friend!

Scale is not the absolute enemy of performance. The fund also has the concept of economies of scale, that is, as the size of the fund grows, the proportion of operating expenses incurred in the fund management process to management fee income will decrease, which in turn will reduce the fund's operating costs. Therefore, large-scale funds have advantages in this respect. Moreover, large-scale funds are less vulnerable to daily redemption.

Not only that. Since 2017, the market has favored the Baima blue chip market. Since most blue chip stocks are relatively large, the larger the size of the fund, the more funds can be allocated, and accordingly, the share of rising blue chip stocks can be shared as much as possible. As a result, heavy blue chip stocks are larger in size. The fund's ranking in this wave of market performance is relatively good. However, once the market style changes, whether or not to adjust positions in advance will test the management capabilities of fund managers.

Although large-scale funds have disadvantages in the shock market, this does not mean that small-scale funds will be able to survive in such a market environment. This also depends on the ability of fund managers to invest in management. It is not easy to grasp the rhythm of the market, and fund managers cannot always judge correctly. If the frequency of band operations is too fast and does not match the market-style rotation, the performance of the fund will be covered by transaction costs and The double blow of investment mistakes.

3 See also how the fund manager's management ability

In general, whether the overlarge fund size will affect long-term performance depends on the fund manager's investment management ability. This factor may have a greater impact on long-term performance than scale. The role.

Finally, attach the second advice from Warren Buffett at the Berkshire shareholders' meeting to a fund manager who wants to become an investment champion:

“Managing $1 million and now we manage Berkshire’s $20 billion to $50 billion The portfolio is completely different. If I and Munger manage $100,000 or $1 million, we will look for investment opportunities in many small-cap stocks. In some cases, there are investment opportunities in small-cap stocks, which may appear from time to time. Unusual investment opportunities, but I don’t think I would ever want to invest in small-cap stocks, because we’re going to have $12 billion to $14 billion in funds each year, and we have to look for very large-scale stock investment opportunities. We completely forget the investment methods we used very often when we were very young.At that time we were very diligent and looked for lots of stones."

How big is the size of the most appropriate fund?

The size is appropriate? Haitong Securities "Fund Investigation Series IV Funds Optimal Scale" preliminary report has a conclusion: the optimal size of ordinary stocks and partial stocks hybrid funds between 1.989 billion yuan to 3.522 billion yuan. Interested friends can go to find this research report to read.


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