I am very honored to participate in the research of the Western Profit Fund organized by Snowball.
I may still be a conservative in my bones, although I invest in stocks directly, based on the long-term, I am still artificially unlikely to continue to be better than the group. Under the normal distribution law of investment, it is appropriate to obtain index returns first. Although this conclusion has been proven countless times, there are still many individual investors who lose more because they look down on the gains of the index.
Therefore, further, if a sustainable source of superimposed income can be established on the basis of index income and outperform the index for a long time, it is a very reliable investment path. Therefore, I personally attach great importance to this exchange, but in the end, it was delayed due to things. Fortunately, there are research notes to learn. The following is the learning experience combined with my own thinking.
The long-term continuation of the source of income is the objective basis for the quantitative enhancement of the index.
The reason is very simple. If the national credit foundation is solid, the yield of national debt will be sustainable. The same stock can make money from volatility as well as from fundamentals, but the strategy will be completely different. On this issue, Sheng Fengyan, the fund manager of $Western Profits Quantitative Growth Mixed A (F000006)$ , introduced that his quantitative enhancement is mainly based on fundamental enhancement, and the results achieved in the past are still satisfactory to investors.
Judging from the rate of return of the above products, it is also stable to run out of long-term excess returns.
Of course, any strategy will face challenges. When it comes to this problem, Sheng Fengyan introduced that it is mainly due to the adjustment of environmental changes. For example, the market style rotation is particularly intense. The adjustment brought about by this kind of adjustment cannot be completely solved by the index enhancement strategy itself. In addition, compared with wide-based enhancement, industry enhancement itself is challenging.
After the strategy itself has obtained an objective basis in terms of income acquisition, there are still many problems that need to be solved by the fund team.
The research ability of the fund team is a subjective expansion of the quantitative enhancement of the index.
At present, there are 5 people in Shengfengyan’s team, 2 fund managers and 3 researchers. 7.5 billion scale, 200 million special accounts. The main focus is on fundamental quantification, and the overall use of technical indicators does not exceed 20%. Using the method of domain modeling, various industries use different quantitative factors, such as dividends, depending on the attributes of state-owned enterprises.
I feel that the workload is still quite large, but there seems to be no other better way to divide the industry. The exchange also introduced that because the rotation of major industries cannot be identified by quantification and the factors are unstable, generally 70% is quantitative and 30% is subjective. This is also the way to solve the style rotation problem mentioned above.
Advice on investing in quantitative funds.
It is purely personal thoughts and suggestions. If you want to obtain an index-based rate of return, it is a very good strategy to hold $Western Profit CSI 500 Index Enhanced A (F502000)$ for a long time, because the source of income is clear and clear, and the fund team is stable and reliable.
If you have a special understanding of the development of the industry, such as the new energy industry or the semiconductor industry, you can get more benefits by choosing an industry quantitative fund as an investor, but this premise must be very confident about the industry prospects, otherwise you may not be able to hold .
Fund Manager Introduction
Sheng Fengyan works for Western Profit Fund Management Co., Ltd. Master of Science from Fudan University, former equity investment assistant of Everbright Securities Co., Ltd., researcher of Shanghai Everbright Securities Asset Management Co., Ltd., and quantitative researcher of Xingzheng Securities Asset Management Co., Ltd.
Since November 2016, he has been the fund manager of the Western Profit CSI 500 Equal Weight Index Graded Securities Investment Fund (Western Profit CSI 500 Index Enhanced Securities Investment Fund (LOF)). Since January 2018, he has served as the fund manager of the Western Profit Jiu’an Return Flexible Allocation Hybrid Securities Investment Fund (transformed into the Western Profit CSI 300 Index Enhanced Securities Investment Fund in December 2018). Since July 2018, he has been the fund manager of the Western Profit China Securities State-owned Enterprise Dividend Index Enhanced Securities Investment Fund (LOF). Since March 2019, he has served as the fund manager of the Western Profit Quantitative Growth Hybrid Sponsored Securities Investment Fund. From June 2020 to August 2021, he served as the fund manager of the large-cap trading open-end index securities investment fund on the Western Gains Growth Enterprise Market. From January 2021, he will be the fund manager of the Western Profit Quantitative Optimal One-Year Holding Period Hybrid Securities Investment Fund. From June 2021, he will be the fund manager of the enhanced securities investment fund of the Western Profit CSI Artificial Intelligence Theme Index. Since December 2021, he has served as the fund manager of the Western Profit Growth Enterprise Market Large-cap Exchange Open-end Index Securities Investment Fund Connecting Fund and the Western Profit CES Semiconductor Chip Industry Index Enhanced Securities Investment Fund. From September 2022, he will be the fund manager of the Western Profit Quantitative Value Hybrid Securities Investment Fund with a one-year holding period.
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