The market has been changing in recent months, and many investors are very concerned about what stocks fund managers have bought and what positions they have changed compared with last quarter. So can we novices buy funds from fund managers? Today, Bian Xiao will share with you why copying "homework" is not as good as buying funds directly, for reference only!

Do you really know what a fund manager's "homework" is?

Some investors like to copy the heavyweight shares of a fund manager, but if he doesn't even know the current heavyweight shares of the fund manager, how can he copy them?

Having said that, investors must be somewhat unconvinced: I bought the stocks according to the heavy stocks in the quarterly report. What could be wrong?

-Yes, it's really wrong! What problems did Xiao Ou's stroke bring to everyone?

1. Not all the locations you see are locations.

According to the quarterly report of the fund, we can only know the top ten positions of the product, not all positions (all positions will be disclosed in the annual report and semi-annual report). For fund managers, all positions are a whole. The top ten positions can only reflect the configuration of some industries, and the remaining positions are equally important to the whole.

Just like we cook according to the recipe, but this recipe is incomplete and lacks some ingredients or seasonings, then we can't cook this dish.

Even if you can see all the positions, it is still lagging behind.

Take the end of March, for example. All fund companies have published annual reports of their products. I believe many friends have read a title similar to this-"_ _ It seems that we have obtained all the position information, but we have overlooked one thing: these position information was at the end of 65438+February last year, and now it is April. Who knows what changes have taken place in these positions and how big the changes are?

Similarly, the quarterly report is disclosed within 15 working days from the end of the quarter, and the position information here is at least 15 working days behind.

Can you really copy the "homework" of the fund manager once and for all?

As we all know, stock trading involves buying and selling. As the saying goes, the apprentice will buy and the master will sell. To say the least, we really copied the warehouse, and then, when can we sell it?

Fund managers choose a stock based on a comprehensive understanding and analysis of the company and a grasp of the whole industry. Investment gurus Buffett and Charles Munger once advocated only doing what they can. Similarly, for fund managers, industries and companies that don't understand are afraid to invest.

For American investors, many positions held by fund managers are very "strange" companies. When we don't know these companies at all, let alone the reasons why fund managers choose them, we will buy them rashly, and we are likely to be afraid when we encounter ups and downs. In this way, this "homework" can't be copied casually.

Imagine that you buy according to the position, and when the next quarterly report is disclosed, you find that there is no such heavy stock, but you still hold it, and you don't even know when the fund manager sold it. Are you a little overwhelmed?

Copying homework may be more tiring than buying funds?

Buying and selling stocks needs to be seen. We need to pay attention to the stock market every day. To copy the top ten stocks of a fund, you need to keep an eye on the stocks of 10. If you are optimistic about the two fund managers, you must always pay attention to and operate more than 20 stocks. Investing is equivalent to being a trader at the same time, which takes a lot of time and energy.

Looking back at the original intention of buying funds, on the one hand, I hope to get considerable income through investment, on the other hand, I hope that professional people can do professional things. We spend our spare time relaxing and doing more meaningful things. Why not?

On the other hand, although we do not encourage hasty copying of "fund manager's homework", we very, very encourage you to read more quarterly, annual and semi-annual reports of fund products. These published materials do contain a lot of information. The heavy stocks mentioned above are also a direction we should focus on to see if they conform to the investment style and professional knowledge of fund managers; Whether it conforms to the investment logic of the fund manager; Including the performance of heavy stocks and so on?

In the past two years, the returns of funds purchased by many investors are generally unsatisfactory. What caused the large losses of most funds? Mars, an analyst at Shanghai Securities Fund Evaluation Center, pointed out that, first of all, the essence of fund products is the combination of securities, and the performance of fund income is closely related to the performance of the underlying market. In the continuous decline of the stock market, it is difficult for equity funds and hybrid funds, which mainly invest in stocks, to achieve positive returns. In the case of rising stock market, most partial stock funds can often achieve positive returns. Therefore, it is impossible for funds to create myths and create high positive returns in the continuous decline of the market in recent years.

From the long-term performance, in most cases, the overall performance of funds is better than that of individual investors, especially in bull markets and volatile markets. For example, in 2006 and 2007, more than 80% of equity funds achieved a return of more than 100%, while the proportion of individual investors was less than 20 12 years. Nearly 50% of equity funds have achieved a return of 5% to 30%. According to the survey, more than 50% of individual investors have lost between 5% and 50%. Therefore, the fund is still a good investment tool for individual investors to participate in the capital market.

All kinds of problems, whether China's stock market construction, economic development or asset management industry, can't be eliminated in a short time, and all need the rationality of the market as a whole to promote it. However, as investors themselves, we must measure our risk tolerance clearly and not blindly listen to the propaganda of sales staff. If your risk tolerance is weak, or the funds you want to use in the short term, you can't invest too much in a single stock fund to avoid being greatly affected by the risk of stock market fluctuations. Therefore, for individual investors, it is more meaningful to have a long-term investment mentality, choose appropriate fund products according to their own risk tolerance and renewal, avoid excessive pursuit of popular funds with outstanding short-term returns, pay more attention to funds with relatively stable long-term performance, and spread risks through fixed investment and portfolio allocation to obtain long-term stable returns.

Instead of painstakingly "copying homework", it is better to buy homework templates directly, wouldn't it be more fragrant ~

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