Just like Li Jiaqi brought fire to Huaxizi, the public offering of FOF actually brought fire to a number of fund managers and fund products.
From Zhou Xuejun, Du Yang and Liu Xiao of equity type to Bank of Communications Yulong Pure Debt, Fuguo Credit Debt and Penghua Fengheng of bond type. Compared with the track-based fund managers who gained their reputation from retail investors through extreme bets, the bottom-position products mined by FOF funds are not very sharp, but they obviously have better performance in high-end data such as Sharp and Calmar. .
Not to mention, the FOF team, which has more powerful investment and research resources, has a higher winning rate when it comes to mining gray horse fund managers in the market and making forward-looking research and judgments on the market.
Now after the disclosure of the quarterly report, tracking and analyzing FOF positions has become a routine action of the industry media. Recently, various fund companies have been developing their fund investment advisory business one after another. Fund investment advisory is very similar to FOF in terms of body feeling. Investors are all holding a basket of funds. So for investors, what is the difference between fund investment advisory and FOF? What combination are the fund investment advisory products buying?
The difference between fund investment advisor and FOF
In terms of investment and research resources, fund investment advisors launched by fund companies are basically the same as FOF.
Many fund companies’ fund investment advisors and investment research are all done by the FOF team. Therefore, FOF is a better fund company, and the fund investment advisory business is easier to do. Bank of Communications is even more special. First, it created a popular Internet celebrity online fund portfolio “Stable Happiness”, and then FOF took advantage of the trend to become the largest in the market. After Yang Zhe, the former head of Stable Happiness, went to GF Fund, GF Fund’s FOF and fund investment advisors also gradually became popular.
In terms of investment goals, fund investment advisors and FOF are obviously different. They all need to do well in performance, but fund investment advisors focus more on investor experience, and FOF is more focused on income ranking.
The product form of fund investment advisory is still account service, and the button copy of the online APP uses “transfer in” instead of “buy”. This is quite different from FOF in the form of fund products. For example, FOF can be adjusted in a unified manner. Even if the fund investment advisor has the same strategy, in order to protect the interests of investors, it will also be handled as appropriate for accounts with different buying times. These are all superficial nuances. The core logic is: fund investment advice is a service, and FOF is a product.
The service pursues a better experience, and the product pursues the ultimate performance. Services are hard to compare, and products are easy to come up with for evaluation.
Therefore, for the fund investment advisory business, indicators such as the customer’s profit-making ratio, repurchase rate, and customer retention may be more important than performance. Because even a pure equity fund investment and advisory portfolio does not have any performance assessment itself, especially the current arrangement of the investment and advisory net worth of various fund companies is not very convenient. For FOF, performance still comes first. Fund investment advisors are more inclined to wealth management, and FOF is more inclined to asset management.
Since the fund investment advisory business is more inclined to wealth management, can fund companies do well? My view is that fund companies have a very good chance. Because when it comes to wealth management, everyone here is trash.
If in the past ten years, you have not been swindled by a wealth management agency for a large sum of money, it means that you really have no money. It is an exaggeration to say that China’s wealth management institutions mainly play the job of destroying wealth. Not to mention all kinds of big and small thunders, they say that they are selling wildly at a high level in the equity market, and they don’t know how to make people complain.
At present, a major hype logic of securities companies and commercial banks in the secondary market is the transformation of wealth management, but any transformation must actually face the dilemma of innovators. The most important source of income for traditional fund sales channels is the fee for redemption. Although it does not fit well with the interests of investors, the entire chain is built for this purpose. It is easy to call for transformation from top to bottom. The income structure of so many grassroots employees has not changed. How to transform? As long as the assessment of grass-roots employees does not change, it will be difficult for traditional fund sales channels to manage wealth well.
It can be seen that there are several major players who have obtained the fund investment advisory license. Securities companies are basically following the path of recruiting big Vs, while banks are watching from the sidelines. Only fund companies can make solid achievements. In the entire ecological niche, the fund company itself has not done direct sales, and there is no problem of redistribution of internal interests.
Fund investment advisors need to take into account both investment and advisory capabilities. Fund companies have natural advantages in investment research. Under the fierce battle of e-commerce and brand lines, fund companies are gradually forming combat effectiveness and methodology in this regard. Many fund companies’ public account massage copywriting, I, the media, feel very grounded and compliant.
Finally, to sum up, fund investment advisory and FOF have the same investment and research resources. One is wealth management and the other is asset management at the core. Fund companies have the opportunity to take the lead in the fund investment advisory business.
What products are fund advisors buying?
We have sorted out some of the fund investment advisory strategies of four fund companies, namely GF Fund, Xingquan Fund, China Europe Fund and China Asset Management Fund. Let’s take a look at which products the fund companies are buying with their fund investment advisory strategies.
In general, the fund investment and advisory strategies of fund companies are divided into three risk preferences: 1. Currency substitution; 2. Steady financial management; 3. Aggressive. Corresponding to currency and short-term debt product line, fixed income + product line and pure equity product line respectively.
Let’s look at currency substitution first. This product line is indeed not very different. Huaxia basically chooses its own products. The selection of CEIBS funds is also relatively simple, mainly currency plus short-term debt. It is worth noting that Wanjia Xinjing Pure Debt is an excellent long-term debt product, and many institutions have allocations. In the combination of CEIBS, it should be Play a role in enhancing the configuration.
Both Xingquan and Guangfa are equipped with Yongying Xunli medium and high-grade short-term debt. This product is indeed very popular. The fund manager is a talented woman from Peking University, and she is a very hardworking post-90s generation. Yongying Fund is also a bank, and the major shareholder is the Bank of Ningbo. It has relatively strong strength in fixed income, which I have introduced many times.
GF Yang Zhe is worthy of being the creator of stability and happiness. He has also made such complex responses in such a simple product line, which is very scattered and reassuring.
In the line of sound financial management, I have seen many old friends in the choices of various fund companies. In the combination of fixed income +, fixed income is responsible for guaranteeing the bottom, and the fluctuation is mainly determined by the allocation of stock funds.
Fund investment advisors are very close to FOF in the selection of fixed income funds. Many allocations were previously in ” Which bond funds have been heavily invested in the second quarter of public offering FOF? ” described in the article. Bank of Communications Yulong Pure Debt, Fuguo Credit Debt, Xingquan Wentai, and Penghua Fengheng are all old friends, so I won’t repeat them here.
Xingquan Fund uses the strategy of pure debt + stock products at this level, and the stock type mainly uses its own products. China Asset Management has more fixed income + products, and it can be seen that the fluctuation of China Assets will be greater, and the performance may be better. On the equity side, the fund managers selected by China AMC are relatively balanced, Liu Changchang and Sun Bin are relatively stable, and Yuan Weide has fluctuated a bit in the past six months.
What I like most here is the GF combination. The allocation on the equity side is very balanced, from growth to cycle. It seems that the whole combination is also very stable. Zhou Xuejun, Sun Bin, Wang Bin, Zheng Chengran, Xu Yan…
In the end, in terms of pure rights and interests, Xingquan still focuses on its own products, and the style of configuration is also very Xingquan. Wang Yuanyuan and Fan Yan are all balanced and stable female generals.
Wang Bin is a fund manager with several allocations, and the products of high sharp and high calmar are indeed loved by all.
GF’s holdings can see a very obvious core satellite strategy. Balanced + track guarantees that the product will not underperform too much. Fund managers are very old-fashioned.
The rate of fund investment advisory is actually not high at present. For individual investors, from the physical point of view, it may be a better choice to allocate fund investment advisory. I will buy a bit of both in the future to track equity and changes. After comparing several companies, I currently prefer GF’s products, and the combination is more detailed.
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