Disclaimer: This article is only my thoughts and staged combing in my personal investment process. I am just an ordinary casual person. The opinions of the article may not be correct, and the investment level is also very average. The stocks or funds involved in the article may have the risk of a sharp decline , please maintain independent thinking, the market is risky, investment needs to be cautious, the opinions of the article are for communication only, and do not constitute any investment advice, readers and friends, please do not operate accordingly!
We have already written in the previous article that the current population aging problem has become the focus of people’s discussion. At the same time, what we need to face is the issue of pension planning. It includes social security pension + occupational pension (enterprise annuity). If personal pension is configured at the same time, the source of cash flow for retirement will be more abundant. In this article, we will write about the most suitable pension plan among personal pensions “Arsenal”: Pension FOF funds.
Before talking about pension FOF funds, let’s review the fund classification based on the perspective of underlying assets:
It can be seen that FOF funds are usually classified into the asset class of stock funds, so let’s first talk about what FOF funds are. FOF funds are simply understood as funds in funds. The allocation targets of our ordinary funds are usually stocks, bonds, and cash equivalents. However, the targets of FOF fund allocation are usually various sub-funds, which is equivalent to constructing a fund portfolio. Compared with ordinary funds, the assets of FOF funds nested with two layers of fund shells will be more dispersed, and the volatility will also be higher. Lower, for pension goals, the double nesting feature of FOF funds is more suitable.
There are two main types of pension FOF funds: target risk type + target date type
In this article, we evaluate the following two types of 6 pension FOF funds respectively:
a. Target risk pension FOF fund:
The target risk-based pension FOF funds evaluated in this article are: Huaxia Conservative Pension One-Year Holding Mix (FOF) Y (F017359), GF Antai Stable Pension One-Year Holding Mix (FOF) Y (F017280), China Merchants Heyue Steady pension one-year holding period hybrid (FOF) Y (F017270), Bank of Communications Anxiang Steady Pension one-year (FOF) (F006880), Huashang Jiayue balanced pension target three-year holding period hybrid initiation fund fund (FOF) Y(F017345), Xingquan Antai Active Pension Initiative Five-Year FOF(F010267)
First of all, because the Y share of the pension FOF fund has been established for a relatively short time, the fund data used for the evaluation mainly comes from the A share that has been established for a long time. The Y share can be purchased through a personal pension account, and the management fee will be lower ( For example, the one-year holding period of China Merchants Heyue Stable Pension is a 50% discount), but the underlying assets of A share and Y share are the same, so the performance of A share can explain the quality of the pension FOF fund.
Steady target risk pension FOF (equity position <30%):
The allocation style tends to be stable and conservative. Let’s take China Merchants Heyue Steady Pension’s one-year holding period hybrid (FOF) as an example. It can also be seen from the name of FOF. In addition, “one-year holding period” means the lock-in of fund shares The holding period is 1 year, which is mainly to encourage investors to hold for a long time. Let’s take a look at the investment range of China Merchants Heyue Steady Pension with a one-year holding period (FOF):
Note: The content of the picture comes from the fund contract of “China Merchants Heyue Steady Pension One-Year Holding Period Hybrid (FOF)”
Quantum salted fish analysis: Simply put, the equity position is 5%-30%, FOF fund holdings should not be less than 80%, commodity funds should not exceed 10%, if buying Hong Kong stocks, it should not exceed 50% of the total stock position, and cash and cash equivalents should not Less than 5% guarantees the liquidity of fund redemption, and the upper limit of 30% equity positions ensures that the overall volatility of the stable target risk pension FOF fund will not be too large, reflecting a stable and conservative allocation style;
Balanced target risk pension FOF (equity position 45%-60%):
The allocation style tends to be balanced. Let’s take Huashang Jiayue Balanced Pension Target as an example. The three-year holding period of the mixed fund of funds (FOF) is an example. The “three-year holding period” means that the lock-in holding period of the fund shares is 3 years In other words, the minimum holding period is 3 years, mainly to encourage investors to hold for a long time. Let’s take a look at the investment scope of Huashang Jiayue Balanced Pension Fund with a three-year holding period hybrid fund (FOF):
Note: The content of the picture comes from the fund contract of “Huashang Jiayue Balanced Pension Target Three-year Holding Period Hybrid Fund of Funds (FOF)”
Quantum salted fish analysis: Simply put, the equity position is 45%-60%, FOF fund holdings are not less than 80%, if buying Hong Kong stocks, it cannot exceed 50% of the total stock position, and cash and cash equivalents are not less than 5% to ensure fund redemption The return liquidity, the 45%-60% equity position limit ensures the balanced target risk pension FOF fund takes into account the potential rate of return and overall volatility, which is somewhat similar to the hybrid fund in our general fund;
Active target risk pension FOF (equity position 60%-80%, strategic center 70%):
The allocation style tends to be aggressive. Let’s take the five-year FOF of Xingquan Antai’s active pension initiative as an example. The same five years means that the minimum holding period is 5 years. Let’s take a look at the investment scope:
Note: The content of the picture comes from the fund contract of “Xingquan Antai Active Pension Initiative Five-Year FOF”
Analysis of quantum salted fish: Simply put, the equity position is 60%-80%, and the strategic center for configuring the equity position is 70%. Note that the range of allocation ratio is not 60%-75%, because there is a section of equity ratio including commodity funds in the back No more than 80% of the instructions,
FOF’s fund holdings are not less than 80%, and cash and cash equivalents are not less than 5% to ensure the liquidity of fund redemption. The high equity position limit of 60%-80% ensures that active target risk pension FOF funds can obtain potential High rate of return, but also high volatility, somewhat similar to stock funds in our general funds;
Let’s take a look at the comparison of the performance trends of the six target risk-based pension FOF funds:
Note: The picture data comes from choice
Because 4 of the 6 target-risk pension FOF funds are stable, we wrote in the previous article that pure debt funds are an important tool in pension planning, so the performance comparison benchmark here uses Bosera credit bonds For pure debt funds, it can be seen that China Merchants Heyue Stable Pension One-Year Holding Period Hybrid (FOF) and Bank of Communications Anxiang Stable Pension One-Year (FOF) performed better, and Huashang Jiayue Balanced Pension Target Three-year Holding Period Hybrid Launch Fund of Funds (FOF) and Xingquan Antai Active Pension Initiative five-year FOF have a higher proportion of equity positions, and their performance will be worse in the overall market downturn in the past two years;
Comparison of the annualized returns of six target risk-based pension FOF funds:
Note: The picture data comes from choice
The same performance is better than that of China Merchants Heyue Stable Pension One-Year Holding Period (FOF) and Bank of Communications Anxiang Stable Pension One-Year (FOF). The annualized rate of return of these two stable target risk pension FOF funds since their establishment Outperformed the Bosera credit bond pure bond fund. The more important core goal in pension planning is to have a stable rate of return. The representative of the stable pension FOF, while maintaining the stable style of low equity positions, can also outperform the pure debt benchmark, which is a relatively suitable allocation target for pension planning;
Comparison of excess returns of 6 target risk-based pension FOF funds:
Note: The picture data comes from choice
The indicators for evaluating the excess return of funds are generally the Sharpe ratio and the Sordino ratio. I personally value the Sordino ratio more. Some children’s shoes may not know the Sharpe ratio and the Sordino ratio. Here is a brief introduction:
Sharpe ratio: Sharpe ratio = (annualized rate of return – risk-free interest rate) / portfolio annualized volatility = excess return / annualized volatility
The Sharpe ratio is meaningless by itself, only in comparison to other portfolios
Sodino ratio: It is similar to the Sharpe ratio, the difference is that it does not use the standard deviation as the standard, but uses the decline deviation, that is, the degree to which the investment portfolio deviates from its average decline, to distinguish the quality of volatility. Therefore, when calculating volatility Instead of the standard deviation, it uses the downward standard deviation
The Sordino ratio of China Merchants Heyue Stable Pension One-Year Holding Period Hybrid (FOF) and Bank of Communications Anxiang Stable Pension One-Year (FOF) is still in the forefront. In addition, Huashang Jiayue Balanced Pension Target is a three-year holding period hybrid launch fund China Fund (FOF) is a representative of the balanced type, and its excess returns are not bad;
Comparison of the investment and research strength of 6 target risk-based pension FOF fund companies:
Note: The picture data comes from choice
China Merchants Heyue Stable Pension One-Year Holding Period (FOF) and Bank of Communications Anxiang Stable Pension One-Year (FOF) are located in China Merchants Fund and Bank of Communications Schroeder Fund, both of which rank in the top 20 in assets under management. The approval is generally a reflection of the comprehensive strength of the fund company itself. Compared with passive index funds, for active stock funds, including active pension FOF funds that rely on fund managers to select bases, the investment and research strength of fund companies is stronger. Active funds under strong management usually perform well. For fund companies, the size of assets under management is a very important indicator. After all, the larger the size of assets under management, the more management fees they receive. If you have the money to dig more excellent asset management talents, the investment and research strength of the fund company can still play a big role. After all, every adjustment of the fund’s position requires the contribution of one excellent researcher after another. Among the 6 target risk-based pension FOF funds evaluated this time, except for Huashang Jiayue Balanced Pension Target Three-year Holding Period Hybrid Launched Fund, Huashang Fund (FOF) is ranked 61st in assets under management, and the other 5 are ranked in the Top 30, I personally think that the top 30 fund companies in terms of assets under management can be considered top;
b. Target date pension FOF fund:
The evaluation objects of target date pension FOF funds in this article are: Ping An Pension 2025 one-year holding period hybrid (FOF) Y (F017337), Huaan Pension target 2030 three-year holding hybrid initiation type (FOF) Y (F017275) , CEIBS foresees pension target date 2035, three-year holding period hybrid (F017277), Huaxia Pension 2040, three-year holding hybrid (FOF)Y (F017247), Huaxia Pension 2045, three-year holding hybrid (F0F)Y (F017248), Harvest Pension 2050 Hybrid (FOF)Y (F017249)
The main difference between the so-called target-date pension FOF funds is the difference on the “sliding curve of equity assets” . People with certain investment experience will have heard the saying that asset allocation is based on age. For example, at the age of 25, allocate 75 % equity assets, 70% equity assets are allocated at the age of 30, usually based on the “100-age” calculation method, then the “equity asset decline curve” of the target date pension FOF fund is also similar to this concept of equity asset allocation. The longer the target maturity period, the higher the equity asset allocation ratio, and the closer the maturity date, the lower the equity asset allocation ratio. Let’s take Huaxia Pension 2045 three-year mixed holding (F0F) as an example:
First of all, “holding for three years” also means that the minimum holding period is 3 years, and “pension 2045” indicates that the target period of this pension FOF fund is 2045, which is suitable for investors who expect to retire in 2040-2049. We Take a look at the scope of investment:
Note: The content of the picture comes from the “China Pension 2045 Three-Year Hybrid (F0F)” fund contract
Analysis of Quantum Salted Fish: To put it simply, the equity position does not exceed 60%, the fund position of FOF is not less than 80%, and the cash and cash equivalents are not less than 5% to ensure the liquidity of fund redemption. This is just a general provision. What matters is the downside curve of equity assets:
Note: The content of the picture comes from the “China Pension 2045 Three-Year Hybrid (F0F)” fund contract
Note: The content of the picture comes from the “China Pension 2045 Three-Year Hybrid (F0F)” fund contract
Analysis of Quantum Salted Fish: Simply speaking, the decline curve shows that the central allocation of equity assets from 2019 to 2035 is around 50% (upper limit 60%, lower limit 35%), and then gradually begins to decline, and the upper and lower limits of equity assets also decline. It reflects that the volatility risk of the target date pension FOF is gradually decreasing as the target period is gradually approached;
Let’s take a look at the comparison of the performance trends of the six target-date pension FOF funds:
Note: The picture data comes from choice
It can be seen that except for Ping An Pension’s 2025 one-year holding period hybrid (FOF) and Huaan Pension’s 2030 three-year holding hybrid initiation (FOF), the rest have been established for a relatively long time, and they all outperformed Bosera Credit Bond Pure Debt benchmarks, and the performance trends of the remaining 4 target date types are not much different;
Comparison of annualized returns of six target-date pension FOF funds:
Note: The picture data comes from choice
The better performers are Harvest Pension 2050 Hybrid (FOF) and Huaxia Pension 2045 Three-Year Hybrid (F0F). Both the annualized rate of return and three-year performance since its establishment are in the forefront. Huaxia Pension 2040 three-year Owning hybrid (FOF) and CEIBS’ foreseeable pension target date of 2035, the three-year holding period hybrid is in the second echelon, but fortunately, except for Ping An Pension’s 2025 one-year holding period hybrid (FOF), which has just been established, it is basically established The annualized rate of return since then has outperformed Bosera Credit Bonds. The current equity positions for this type of target-date pension FOF are relatively high. In the case of the overall market downturn in the past two years, this performance is still quite good ;
Comparison of excess returns of 6 target-date pension FOF funds:
Note: The picture data comes from choice
Harvest Pension 2050 hybrid (FOF) and Huaxia Pension 2045 three-year holding hybrid (F0F) Sodino’s performance is second only to CEIBS’s foreseeable pension target date 2035 three-year holding period hybrid type, the performance of the first echelon is still strong, CEIBS Although the annualized rate of return of this pension FOF is not the best, the strong performance of Sodino reflects from the side that the fund has a relatively strong ability to control the withdrawal;
Comparison of investment and research strength of 6 target-date pension fund companies:
Note: The picture data comes from choice
Harvest Pension 2050 Hybrid (FOF) and Huaxia Pension 2045 Three-Year Holding Hybrid (F0F) are ranked 12th and 5th in terms of assets under management by Harvest Fund and Huaxia Fund respectively. The investment and research strength of fund companies, the fund companies in which the 6 target-date pension FOF funds are located in this evaluation are all ranked in the top 30 in terms of assets under management, and the overall strength is relatively strong. FOF texture is still good;
Finally, to summarize:
Pension FOF funds are equivalent to constructing a fund portfolio by configuring various sub-funds. Pension FOF funds, which are nested with two layers of fund shells, will be more dispersed and less volatile than ordinary funds. , for pension goals, the dual nesting characteristics of pension FOF funds are more appropriate. The target risk pension FOF is subdivided into stable type (equity position <30%) and balanced type (equity position 45%-60%) , Active type (equity position 60%-80%, strategic center 70%) , the target date pension FOF reflects the fluctuation risk of the target date pension FOF through the decline curve of equity assets, which will continue to decline as the distance from the target period gradually approaches The characteristics of the underlying assets, Huaxia Pension 2045 three-year holding period mixed (F0F), Harvest Pension 2050 mixed (FOF), China Merchants Heyue Stable Pension One-year holding period mix (FOF), Bank of Communications Anxiang Stable Pension one-year (FOF) respectively as The outstanding ones in the target date type and target risk type pension FOF can outperform the pure bond benchmark while maintaining the overall low volatility risk, which is a very suitable type for pension planning. Medium is an indispensable and important configuration category .
#老司基hard core evaluation# #雪球创作者中心# #雪球星计划公园达人#
$ Huaxia Pension 2045 three-year holding period mixed (FOF) Y(F017248)$ $ Harvest Pension 2050 mixed (FOF) Y(F017249)$ $ China Merchants Heyue Steady Pension one-year holding period mixed (FOF) Y(F017270)$
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