Wang Yu, the proposed fund manager of Baijia Juli Fund, is a fund manager with the underlying investment logic of asset allocation. He pointed out that in the classic investment theory, asset allocation occupies an extremely important position, and more than 90% of the return of the portfolio comes from asset allocation, so it is necessary to attach great importance to the role of asset allocation.
It is understood that Baijia Juli began to sell on October 26, is the second public fund product of Baijia Fund, and its stock assets account for 60%-95% of the fund's assets.
First, diversified dispersion, enhance stability
Wang Yu divides asset allocation into two levels, the first layer is the allocation of large-scale assets, that is, the allocation of cash, bonds, and stocks; the second layer is the dynamic allocation of various industries in stocks. He believes that according to the market validity hypothesis, technical and fundamental analysis has a limited contribution to excess returns, and it is difficult to obtain long-term sustained excess returns by betting on one or two industries, so it should be fully invested and widely covered in order to lose trends and miss hot spots. From the allocation of stocks, bonds, cash and other large types of assets, to the investment distribution of various industries in stocks, it is necessary to have an overall thinking, under the framework of top-down strategy, supplemented by a variety of quantitative evaluation models, dynamic adjustment, and obtain beta returns of various types of asset rotation in different economic cycles.
Wang Yu said that the main intentions of diversified asset allocation are two: one is to use the correlation relationship of various types of assets to hedge risks and enhance the stability of the net value of the fund; the other is to "lurk" in various types of assets in advance, and then adjust the dynamic proportion of various assets according to the economic macro cycle, the industry cycle of various industries, the style characteristics of the market, etc., and follow the trend to obtain beta returns of various types of assets.
Second, quantify the model to empower and seize the opportunity
After doing a good job of wide coverage of "lurking", we also need to seize the opportunity. Wang Yu pointed out that this and our intuitive feeling has always been, even if we choose a good stock target, but the timing of entry and exit is not right, it is difficult to obtain satisfactory investment returns.
So how to grasp the timing? Wang Yu believes that timing is not equivalent to the "timing" widely understood by the market. What the market usually calls "timing" is the choice to hold more stocks or cash, and what he believes is to grasp the timing includes not only "timing" in large asset positions, but also the dynamic proportional allocation of stocks in various industries.
Wang Yu, who has many years of background in financial engineering, has studied and practiced a variety of asset allocation models, and he pointed out that the classic asset allocation method is divided into two branches, one branch is the fundamental active allocation method, including Merrill Lynch investment clock, federal model, etc.; the other is the quantitative asset allocation method, including Markowitz's mean variance model, BL model, risk parity, risk budget, target date and target risk model in pension management. These models have their own strengths, taking the industry configuration as an example, the risk evaluation model can be used to assist the configuration, low allocation of high volatility industries, high allocation of low volatility industries, in order to achieve the goal of reducing the risk of uncertainty as much as possible and obtaining the highest possible yield.
Attached sales channels: China Merchants Securities, Daily Fund, Baijia Fund.
(Risk Warning: Opinions are for reference only and do not constitute investment opinions.) Please read the "Fund Contract", "Prospectus" and other legal documents before purchasing. The market is risky and investments need to be cautious. Past performance is not indicative of future performance. ）
Special note: (1) Personal views, please correct. (2) I am original, welcome to reprint, cite, please indicate the source: the public number "Wang Qunhang".
Wang Qunhang
■ The person with the longest professional research fund in China;
■ Focus on and systematically study the earliest people of FOF;
■ External teachers of Tsinghua University and Peking University;
■ Expert lecturer of China Insurance Asset Management Association;
■ One of the 30 members of the Xinhua News Agency Lookout Think Tank;
■ Judge of the "Golden Bull Award" and "Golden Fund" Award, the highest awards in China's fund industry;
■ Special guest of CCTV;
■ Specially appointed expert of China Securities Network;
■ Participated in the preparation of the national fund practitioner qualification examination textbooks "Basic Knowledge of Securities", "Securities Investment Funds", college textbooks "Personal Finance", and "China Asset Management Industry Development Report" (2014);
Personal Writings:
"Must-read for the first time to buy a fund"
Fund Selection 100
"Fund Investment Must Read"
Fund Selection 2008
Fund Selection 2009
Private Equity FOF: Funds within Funds in the Era of Big Asset Management
"Wang Qunhang Selection Fund" series of books, etc
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