Fixed investment, this traditional fund investment method has become popular again this year.
According to a reporter from the 21st Century Business Herald, many fund managers have taken the initiative to disclose the trend of their own funds recently, not only self-purchasing but also publicizing their fixed investment plans. For example, a group of 12 fund managers under China Asset Management Group has publicly decided to invest in funds managed by themselves. fund.
"The volatile market environment this year is a good time to start a fixed investment." said a large fund company.
In fact, the market has fluctuated this year, and many Christian Democrats have had poor investment returns. The fixed investment strategy of buying in batches has attracted much attention from fund companies.
According to the 21st Century Business Herald reporter, various fund companies have accelerated their fixed investment layout, many fund companies have made innovations, and many companies have launched new fixed investment brands this year.
Fixed investment is to dilute the cost by dispersing the price of each purchase without making the prediction of the lowest point, so as to relieve the impulse to chase up and down.
Fund managers "group" to invest
The 21st Century Business Herald reporter learned from a number of fund companies that recently many fund managers have purchased or scheduled to invest in funds managed by themselves.
One of the largest fund managers this year, the “Determined Investment Group”, came from China Asset Management. China Asset Management launched a fixed investment group activity on May 25, led by 12 fund managers and fund manager assistants.
China AMC's "determined investment group" includes Zhou Keping, Zheng Zehong, Yang Yu, Tu Huanyu, Sun Meng, Wang Zeshi, Yingying, Lu Yayun, Xu Meng, Lv Jiawei, Xia Yunlong, Yuan Yingjie, etc. Their weekly investment is between 1,000-10,000 yuan.
For example, Zhou Keping, the ten-billion-level fund manager of China AMC Fund, started the fixed investment plan on April 14, and insisted on investing 10,000 yuan in the 4 funds under his management every Monday, including 4,000 yuan in Huaxia Innovation Future and 2,000 yuan in each of the remaining 3 funds. And promised that all scheduled investment plans will continue at least until the end of 2023.
According to this calculation, Zhou Keping will invest nearly 900,000 yuan in this round of scheduled investment. Zhou Keping has invested in 8 issues so far, of which Huaxia Science and Technology Innovation Mix A rose 14.17%.
China AMC Fund Manager Ding Investment Group has also created a form of "fixed investment diary" to share with investors.
On June 6, Zhou Keping said in the latest issue of "Scheduled Investment Diary", "From our historical experience, whether it is the industrial cycle, the valuation level, or the operation cycle of the macro economy, it has already reached a certain stage. The area at the bottom of the multiple factors of growth stocks. And how long this area will last, we actually don't know, it may be between one to two quarters, but it is indeed relatively low at present. Therefore, we have begun to fully invest in this position. own fund."
Zheng Zehong, director of the investment research department of China AMC Fund, also made a weekly investment of 3,000 yuan. In the latest issue of "Scheduled Investment Diary" on June 6, he said, "I personally judge that the current market valuation level is close to the low point in 2018. It's more similar... At this point in time, a product with a two-year holding period should be a better investment as long as the market is within the normal operating range, and there should be no black swan events such as global wars."
In addition to the large-scale scheduled investment group of China AMC, on May 18, Tao Can, the fund manager of CCB Fund, also announced his scheduled investment plan.
Tao Can is a daily investment, starting from the end of April for a period of three months, and investing 5,000 yuan per day in fund products managed by himself. Based on this calculation, the total amount of this round of scheduled investment is about 300,000 yuan.
Tao Can said, "I don't want to copy to the pointed bottom, but only to the arc bottom."
On April 26, Tian Guangyuan, the fund manager of Harvest Fund, announced the "Double Rare" fund fixed investment plan. He will invest 1,500 yuan per week in the rare earth and rare metal-themed ETFs he manages.
In addition, there are many fund companies whose fund managers are scheduled to invest. For example, Cui Chenlong and Qiu Jie of Qianhai Open Source Fund have also invested in their own funds.
Fund companies such as Tianhong and Cathay also told reporters that in addition to holding large sums of funds under their own management, many fund managers in the company have also adopted long-term fixed investment to increase their positions in funds under their own management.
A fund manager said: "In the past few months, I have been subscribed and added to my own funds, because in the long run, most high-quality growth companies are already in a reasonable or even undervalued value range."
So, who are the most popular fixed investment fund managers at this time?
Tiantian Fund's "Scheduled Investment Popularity List" shows that the funds with the largest number of scheduled investors in the past month are: Penghua Fenglu Bonds (260,000), Jinyuanshun An Yuanqi Flexible Allocation Mix (230,000), E Fund Consumer Industry Stocks (210,000) 10,000 people), China Merchants CSI Liquor Index (15548.805, 0.00, 0.00%) (LOF) A (210,000 people), Xingquan Herun Mixed (LOF) (160,000 people).
Surprisingly, the most popular bond fund in the past month is the Penghua Fenglu bond fund managed by "Golden Bull Award Fund Manager" Liu Tao (2.60% return this year), followed by Miao Weibin. The managed Jin Yuan Shun An Yuan Qi flexibly allocates a mixed fund, and the fund’s largest drawdown in the past year is only 13.19% (15% return this year). It can be seen that investors' attitude of avoiding risks is obvious this year.
The following popular fixed investment funds are several star funds that have been sought after for many years - E Fund Consumer Industry Stock, China Merchants China Securities Liquor Index (LOF) A, Xingquan Herun Mixed (LOF), the fund managers are Xiao Nan, Hou Hao, and Xie Zhiyu, as of June 8, these three funds have all fallen by more than 10% this year, of which Xingquan Herun (LOF) has fallen by more than 21%.
However, it is worth mentioning that, despite the recent wave of fund managers' fixed investment, fund managers' fixed investment is not very normal.
A person from a large fund company said frankly: "There are not many fund managers in our company who make fixed investments. Fund managers do not choose the timing. They generally invest when the valuation is as low as psychological expectations, or when they have money."
A fund manager explained the reason for not participating in fixed investment: "The main purpose of fixed investment is to smooth the risk of timing and control systemic risk. I rarely do fixed investment, but I do large asset allocation, and choose different in different environments. Asset Class."
Fund company fixed investment scan
Since the beginning of this year, market volatility has intensified, and fund returns have generally been poor. Against this background, various fund companies have accelerated their fixed investment layout this year, and many fund companies have even made innovations.
On June 9, Harvest Fund launched a brand new fixed investment brand - "Smile Fixed Investment".
Generally speaking, the traditional fixed investment strategy is to invest a fixed amount at a fixed time and earn income through long-term holding. When the net value of the fund falls, it can dilute the cost, but it also takes more risks when it rises.
Harvest's "smile fixed investment" strategy is to further optimize the traditional fixed investment strategy. According to reports, it continuously compares the price performance indicators of stocks and bonds, and when equity assets are relatively undervalued, it reminds investors to increase the allocation of equity assets, and through continuous dynamic tracking and management, and strive to bring better profit-taking effect and user experience to customers.
For another example, on May 25, the “Determined Investment Group” created by China Asset Management was officially launched. China Asset Management stated that through this position, the “grouping” of fixed investment has become a new culture. The fund manager, as the head of the group, takes the lead in making a firm investment, shares real-time information, and the head and group members share the wind and rain, and insist on long-term investment.
In addition, GF Fund also launched a brand new fixed investment brand "Kapok Fixed Investment" this year, to educate investors in a variety of ways. For example, it launched the "Kapok Fixed Investment" section on its official account, and released a series of investment education articles on "The Collection of Fixed Investment" and "Kapok Fixed Investment". Niu Ji said that he will invest" series of investment education videos, etc. GF Fund's unique "Super Scheduled Investor" investment advisory portfolio strategy can help investors achieve "more investment at high positions and less investment at low positions" according to market conditions, further solve the problem of timing, and strive to improve investors' sense of gain.
China Europe Fund stated that, focusing on the topic of fixed investment, it has launched investment education columns such as “Ouou Learning Financial Management – Fixed Investment”, “The Evolution of Fixed Investment”, “Ojimede”, and “1 Minute Wealth Class”, and developed a collection of fixed investment tools. ", there are a variety of fixed investment scenarios and fixed investment methods, more than 100 articles on investment education have been written and updated on the topic of fixed investment in funds, and PPT materials and related posters have been produced to help investors improve their understanding and application of fixed investment.
Tianhong Fund introduced that the company has carried out various fixed investment work very early. On the one hand, it is to do a good job in investor education about fixed investment knowledge, and on the other hand, it develops various functions and tools to help investors make fixed investment better. In addition to The Tianhong Fund APP, its own direct sales channel, has opened a special investment area, and Tianhong Fund has also developed many fixed investment functions with its channel partners to provide investors with better fixed investment services.
For example, in 2021, Tianhong Fund, together with China Merchants Bank, developed the "Lai Ding Investment" mini-program based on China Merchants Bank's open platform capabilities to select high-quality funds from thousands of funds in the market, and tailor-made for investors. 7 fixed investment strategies. In addition, investors can also make exclusive investment plans and make one-click fixed investment through "laid investment" free portfolio fund products.
Earlier, Tianhong Fund and Ant Fortune jointly launched "Target Investment" on the Alipay platform in 2018. According to the deduction cycle and deduction date agreed by investors, it deducts money from the designated deduction channel to buy the designated investment. At the same time, because the target rate of return is set, the system will automatically help investors sell the fund when the target rate of return is reached after purchase.
The innovation of "Target Investment" is that the customer sets the profit target of the investment by himself. After reaching the target rate of return, the system will automatically sell the profit for the user. "Target Shots" make it easier to set shots.
According to the introduction of Cathay Pacific Fund, it has set up the "Happiness Fixed Investment" publicity IP, and continues to carry out the investment education promotion of fixed investment through a series of videos, posters, long pictures, pictures and texts. For example, it launched a series of short videos "Happiness is determined by investment, investment is determined by happiness", launched a short video of data investment education "The main line of the market is not clear, can I still enter the market with fixed investment", and publicized the fund's scheduled investment with detailed data.
Is it time to bet?
However, the market has been fluctuating since the beginning of this year, and many investors who have made a fixed investment have not made any money or even lost money. Is now the time to make a fixed investment?
In fact, investors have different views on whether fund managers will invest or buy funds managed by themselves.
Some investors believe that fund managers investing in funds managed by themselves are in line with the interests of holders, which is equivalent to endorsement of their interests and credibility. This year's market volatility will help boost investors' confidence.
However, some investors believe that the fund manager's income is high, and the proportion of fixed investment in its income is low, and the reference value is not large.
So, what is the history of the fund's scheduled investment report card?
If the A-share Shanghai Composite Index reached 5187 in June 2015 as a high point, and fell to 2440 in January 2019 as a low point, and started to make scheduled votes in the first three months of the high point and low point, that is, The high-point fixed investment began in early March 2015 and the low-point fixed investment began in October 2018. The index of the fixed bid is to choose the active and passive partial stock index with a high proportion of equity assets in the Tianxiang Index. According to the calculation, as of May 31, 2022, the average annualized rate of return obtained by the fixed investment at the high point is 3.50. %, the average annualized rate of return obtained by the fixed investment at the low point is 2.72%, and the rate of return of the fixed investment at the high point is relatively high.
The conclusion that "high-point fixed investment returns are relatively high" seems counterintuitive to common sense.
The explanation given by Tianxiang Investment Advisor is that although the fixed investment at the high point may face a market decline, due to the low position at this time and the additional investment in the falling market to reduce the unit position cost, it has accumulated when the market conditions are good. On the other hand, if the investment is made at a low point, the position will be low when the market rebounds, and when the accumulated position is high, it will face the risk of market decline.
Therefore, Tianxiang Investment Advisor Fund Evaluation Center concluded: "From a medium-term perspective, regular investment during the market decline is conducive to continuously reducing the average position cost and gaining benefits when the market reverses."
Taking the CSI 300 ETF fixed investment as an example, according to calculations, if the low-point fixed investment starts in October 2018, as of May 31, 2022, the return of the final fixed investment strategy may be lower than the index trend of the CSI 300.
In addition, Tianxiang Investment Advisor believes that for the timing of fixed investment, it should be avoided as much as possible when the market conditions are better and continuously rising, which is not conducive to taking advantage of the advantages of fixed investment to reduce the cost of holding positions.
The "Public Fund Investors' Fixed Investment Insight Report" from China Asset Management shows that a large number of fixed investment users are "chasing up", and 68% of the users choose to start their fixed investment when the Shanghai Stock Exchange Index is above 3300. From the historical situation of the market, from 2016 to the end of the first quarter of 2022, the market has experienced several major ups and downs. Among the 1,519 trading days, there were only 480 trading days with the Shanghai Composite Index higher than 3,300 points, accounting for 31.6%. The time attracted 68% of users to start a fixed investment, indicating that most users have the characteristics of "chasing up".
Harvest Fund pointed out that "the reason investors actually lose money is that the more they rise, the more they buy".
Where is the market now and is it suitable for a fixed investment?
According to the data from Tianxiang Investment Consulting, according to the Shanghai Stock Exchange Index, as of June 7, 2022, the price-earnings ratio of the Shanghai Stock Exchange Index is around 35% in the past ten years, and the CSI 300 Index (4173.323, -2.35, -0.06%) (4173.3230, -2.35, -0.06%) price-earnings ratio is about 50% in the past ten years, and the price-earnings ratio of the CSI All Index is about 45% in the past ten years. Taken together, the valuation levels of the major indices are at a neutral and low level. Or represent that it is currently at a lower level.
Harvest Fund believes that the ideal start-up stage of fixed investment should be when the market is at a trough.
Judging from the Wind All-A Index, which represents the entire market, the current valuation point of the index is 43.08% in history, which is lower than the average level of the past ten years.
"The stock market is still in the stage of bottom shock, there are abundant structural opportunities in the market outlook, and equity assets have high cost performance. Although it is impossible to determine where the exact bottom of the market is, but laying out at a relative bottom, the opportunities obviously outweigh the risks, and better opportunities can be obtained. Long-term returns." Harvest Fund pointed out.
China Europe Fund said, "The volatile market environment this year is a good time to start fixed investment. Long-term fixed investment can amortize investment risks and save time and effort."
Tianxiang Investment Advisor Fund Research Center said that for fixed investment, equity funds have more investment value. If investors have strong professional ability, they can choose actively managed funds that can beat the market and generate excess returns for regular investment; if it is difficult for investors to judge the fund's long-term excess return ability, it may be a better choice to make regular investment in a more balanced broad-based index .
The research of China Asset Management supports long-term fixed investment. "When the fixed investment transaction is maintained for 2 years or more, the profit will account for more than 80%."
The report shows that the average length of users' scheduled investment is only 153 days, and the scheduled investment time is short.
People who invest regularly have often heard of the "smile curve of fixed investment". The curve is usually divided into these stages: loss → continuous loss → resist pressure and insist on fixed investment → return to capital → profit.
In fact, it is not easy for investors to make fixed investment, especially to go through all stages of the "smile fixed investment curve".
A number of fund companies interviewed by the reporter said that the most difficult task of fund investment is "persistence", especially in the falling market conditions.
Cathay Pacific Fund said, "For investors, insisting on fixed investment requires patience. The first half of the 'smile curve' account is likely to be a floating loss. Many investors can't help but leave the market at the floating loss stage. When the market fluctuates and falls, it is the opportunity for fixed investment to spread low cost and ready to go. Therefore, we need to have a more contrarian thinking in the publicity of fixed investment, and use more patience to build confidence for investors. "
GF Fund said that investors are advised to be patient, not to check the income of fixed investment accounts too frequently, and to improve tolerance for short-term fluctuations in accounts.
(Author: Pang Huawei Editor: Jiang Shiqiang)
