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重庆时时彩免费开户:An index of 99% of the people who will not look at the fund even so good

时间:2018/1/9 14:51:08  作者:  来源:  浏览:0  评论:0
内容摘要: I often hear clients complain that the funds they buy go up slowly, and others' funds go up more than one day. Their funds have risen by as...

I often hear clients complain that the funds they buy go up slowly, and others' funds go up more than one day. Their funds have risen by as much as a few tenths. The problem is that many people forget to pay attention to the fact that when the market plunges, how many more funds have gone down by more than one day?

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In fact, we choose the fund products, in addition to see the level of income, but also need to focus on a risk control indicator - the maximum retracement.

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I. Concept

\n?First, to give an example, someone bought a fund of 1 yuan, the highest rose to 1.5 yuan, then dropped to 1.2 yuan, and rebounded from 1.2 yuan to 1.3 yuan, and then dropped from 1.3 yuan to 1.1 yuan, then in the During this time, what is the maximum possible loss for an investor? That is to buy at the highest point of 1.5 yuan, 1.1 yuan sold in the lowest point, the maximum loss is 0.4 yuan.

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So, the biggest loss is the biggest loss an investor can buy at any given point in a statistical cycle and sell at any later point in time. The larger the loss, it shows that the greater the risk of the fund, the smaller the loss, the smaller the risk of the fund.

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Investing is ultimately based on the end of the period, with you earning twice as much as you used in the past year, but then 90% of the earnings have fallen again. This result is the same as 10% for a year. Therefore, not only to earn more, but also pay attention to losing less, which together is the final result of our investment.

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Back to the concept of maximum retracement. The maximum loss is an absolute value. The maximum retracement is a relative concept. It is the maximum value of the rate of return retracement at any historic point in the selected cycle, when the net product value reaches the lowest point.

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Let's calculate, just example, the highest point of fund net is 1.5 yuan, the lowest point is 1.1 yuan, the biggest loss is 1.5 minus 1.1 and other 0.4 yuan; then the maximum retracement is 0.4 yuan and then divided by The highest point of 1.5 yuan, the result is 26.6%, that is, the maximum retracement is 26.6%.

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The following comparison of two fund products, here is a picture.

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重庆时时彩免费开户:An_index_of_99%_of_the_people_who_will_not_look_at_the_fund_even_so_good

Fund B maximum retracement of 25%, need to rise about 33.33% to return to the original equity unit net.

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Fund A maximum 50% retracement, need to rise 100% to return to the net value of the original unit.

\n?Did you see it? Drop the greater the magnitude, the higher the difficulty of rising back. After the fund falls, it is actually necessary to grasp more opportunities for it to rise again. So, you look at a fund is not good, in addition to looking at its performance, but also need to look at its performance in the market crash, the bull market is not enough, the bear market can minimize the retracement is also very important.

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Second, the empirical analysis

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The A-share market is a largely retail market where short-term profit-oriented investors are expected to bring high volatility in A shares. In 2008 and 2015, there were two stock market strikes in the A-share market, causing investors to suffer heavy losses.

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For the first time, the Shanghai Composite Index dropped from 6124.04 on October 16, 2007 to 1664.93 on October 28, 2008, with a 72.81% retracement rate;

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For the second stock market crash, the Shanghai Composite Index dropped from 5178.19 as of June 12, 2015 to 2850.71 as of August 26, 2015, a rate of 44.95%.

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(data: 2007.10.16-2015.8.26)

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A-shares repeated ups and downs, the risk control can go further

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重庆时时彩免费开户:An_index_of_99%_of_the_people_who_will_not_look_at_the_fund_even_so_good

Data: 2005.1.1-2015.12.31

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We again respectively intercepted Morningstar partial stock, stock, aggressive configuration funds maximum retracement before the 1/4, 2/4, 3/4, 4/4 four ranges (range of descending from small to large) , Calculate their cumulative yield since the previous stock market crash. The results showed that the average increase of the funds in the frontier range (ie, the withdrawal of small funds) was significantly larger than the average increase of the same period in the latter fund (that is, the fund with large withdrawal). In other words, the fund with the largest retracement will usually be better in the long run.

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重庆时时彩免费开户:An_index_of_99%_of_the_people_who_will_not_look_at_the_fund_even_so_good

① The accumulated revenue period since the 2007 crash was 2007.10.1-2017.12.31

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② The accumulated revenue period since the 2015 disaster was 2015.6.1-2017.12.31

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③ The accumulated revenue period since fusing in 2016 is 2016.1.1-2017.12.31

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Morningstar Partial Stake Fund Categories

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= Morningstar Stock Morningstar Radical Configuration Morningstar Flexible Configuration Morningstar Flexible Configuration Morningstar Hybrid Shanghai-Hong Kong Stock Fund

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Third, the application of a single fund

\n?So, as a base person, how to use the maximum retracement indicator in the selection of funds? Here to provide you with two dimensions of thinking.

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First, and broader market retracement of the same range, compared with the average withdrawal of similar funds, choose to withdraw significantly less than the average fund.

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Very simple, you can take a wide range of turbulent shocks, take a look at the market's maximum retracement rate, the fund's average maximum retracement rate is how much, and then calculate the period you buy the maximum withdrawal rate of the fund, the largest Withdrawals of lower funds are generally more risk-averse than their counterparts, and in the light of our above conclusion, long-term performance of such funds tends to be better.

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Still using the 2015 stock market crash as an example. As mentioned earlier, Shanghai Composite Index fell from 5178.19 as of June 12, 2015 to 2850.71 as of August 26, 2015 with a maximum retracement of 44.95%. The average maximum retracement of Morningstar's partial stock funds was 44.15% Only slightly lower than the Shanghai Composite Index. The HSBC Jinxin dual-core fund A maximum retracement rate of 23.76% over the same period, significantly lower than the average for the Shanghai Composite Index and similar fund products. Since the stock market crash in 2015 and the end of 2017, the cumulative return of HSBC Jinxin Dual-Core Strategy A was 31.42%, which was in the top quarters of the Morningstar aggressive allocation fund. (Data source: Wind, 2015.6.12-2017.12.31)

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Second, in the case of the same rate of return, the fund with the largest retracement is preferred.

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For example, since 2015, the annualized return rate of more than 20% Morningstar equity funds , and then "the annual performance retracement margin can be less than the average of similar withdrawals" to be screened, then all stock funds only Four funds were selected, including the HSBC Jin credit market stock funds (540006), and HSBC Jinxun broader market fund in the above time period, the maximum retracement each year are less than the other three. Meanwhile, HSBC Jinxun A market in the past three annualized rate of return ranked 219 Morningstar stock fund top 10.

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重庆时时彩免费开户:An_index_of_99%_of_the_people_who_will_not_look_at_the_fund_even_so_good

Source: Morningstar stock fund classification, 2015.01.01-2017.12.31

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Maximum drawdown: The maximum value of the rate of return retracement at any point in time during the selected cycle, pushed back, and the net worth of the product reaches its lowest level.

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Annualized Yield = [(1 Average Rate of Return) ^ (365 / Calculated Days) -1] * 100%. Of which: The calculation period is week, corresponding to the natural days is 7.

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Investors may ask, what funds on the market to strictly control the withdrawal as an investment strategy it? Buy such funds is not right?

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You're right, it's true. For example, the HSBC Jinzhong Market Volatility Featured Fund (Class A: 002334 / C Type: 002335) adopts HSBC's low volatility strategy to construct its investment portfolio with a view to reducing portfolio volatility and maximum risk of retracement. From the actual results, this fund was established March 11, 2016, since its establishment by the end of 2017, the largest retracement of the Class A share only 5.66% over the same period all Morningstar stock funds performed best, proving that the Fund control Reversal strategy was significantly effective. At the same time, from March 11, 2016 until the end of 2017, HSBC Jinxin Marketwide Volatility Fund A cumulative returns for investors close to 35%. (Source: Wind, 2016.11.11-2017.12.31)

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HSBC Jinxin Dual-Core Strategy A Full-Time Performance

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重庆时时彩免费开户:An_index_of_99%_of_the_people_who_will_not_look_at_the_fund_even_so_good

Source: HSBC Jinxin, as of 2017.9.30

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HSBC Jin-Xin Market A Full-Time Performance

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重庆时时彩免费开户:An_index_of_99%_of_the_people_who_will_not_look_at_the_fund_even_so_good

Source: HSBC Jinxin, as of 2017.9.30

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Huifeng Jinxin market volatility Featured A Full-time performance

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重庆时时彩免费开户:An_index_of_99%_of_the_people_who_will_not_look_at_the_fund_even_so_good

(Translated from: HSBC Jinxin)


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