Source: Wind, Haomai Institute. Time range: 2018.1.2-2024.4.24
Today (2024/4/24) the market temperature is 15.37°C, which is in the greedy range. After the rapid rise in February, the market has entered the box shock range, considering that the market temperature is still low, the position is low, you can consider adding positions when it falls, and if the position is high, it is recommended to see more and move less.
1. Real performance
Last week (4.15-4.19) the A-share structural market was dominant, home appliances, banking, coal, non-bank finance, building decoration, petroleum and petrochemical and other industries rose well, most other industries fell, and overseas continued to fall sharply.
Among the underlying equity products, all the equity investment advisory products that mainly invest in A-shares rose, and Niu Jibao rose by 1.48%, which is very good. However, the two pension FOF is down. Mainly due to the fact that the investment advisory products we selected are relatively balanced in terms of allocation and can better adapt to various market environments, while the two FOF products are relatively aggressive in style, although they are more elastic upward, but they are also more volatile, especially Huaxia Jusheng, which has more small-cap funds and fell more last week. Overseas Win also retraced 3.74% last week.
The A-share broad market index continued to fall on Monday and Tuesday, while overseas markets rebounded, with a return of -4.11% since the start of the session as of April 23 (-3.95% in the same period last week).
Data source: Haomai Research Center, Haomai Institute, weekly data time range 2024/4/15-2024/4/19
Friends who are interested in our real market, and want to see the specific position details of the real market, remember to join the Muqing core fund circle, and we will release the departure and position adjustment information in a timely manner, as well as answer everyone's doubtful real questions.
2. How to review the underlying position
Each of us is estimated to have several funds in our hands, which is actually equivalent to a small FOF fund manager. Managing your portfolio is never as simple as buying and holding, but also keeping track of the winning bids in your portfolio.
For example, now that the fund's quarterly report has been released, we have to track it. You can take a look at the quarterly report of the holding fund, especially the heavy position fund, to see if the fund has adjusted its position, the fund manager's interpretation of the performance of the past quarter, and how to invest next. There are also fund managers with excellent long-term performance, and their views on the market will be very valuable. If the fund changes significantly, adjustments may also be considered.
Taking I want to be lazy as an example, penetrating it, Wang Bin (Hua'an Jujia Selection, Huaan Anxin Consumption), Bao Wuke (Invesco Great Wall Shanghai-Hong Kong-Shenzhen Selection, Invesco Great Wall Value Marginal Flexible Allocation), Jiang Cheng (Zhongtai Yuheng Value Preferred), Yang Shijin (Xingquan Multi-dimensional Value), Wang Yuanyuan (Fuguo Consumption Theme, Fuguo Quality Life) The proportion is relatively high, which has a certain impact on the portfolio.
Let's take a look at their quarterly report.
Wang Bin was relatively quiet in the quarterly report, basically only saying that he seized the opportunities in the automobile, public utilities, transportation and other industries in the first quarter, so the performance was not bad, and he didn't say much about his views on the market outlook.
The quarterly report is like this, and the fund's semi-annual and annual reports will have a special "manager's brief outlook on the macro economy, securities market and industry trends".
Bao Wuke has written a lot, he is also what we have been paying more attention to recently, the performance is good, his judgment is more valuable for reference on the one hand, and more importantly, many people will worry that he has been rising, will it be high.
Bao Wuke just answered our doubts in the quarterly report. Several key points have been circled for everyone.
It can be seen that Bao Wuke reduced his stock position in the first quarter and took the initiative to take profit on some stocks that had risen a lot. In other words, you don't have to worry too much, whether the ticket he bought has risen a lot recently, and whether he can't buy it anymore. The fund manager himself is also doing high selling and low buying, so that our timing pressure can be much less.
In addition, for resource stocks that have recently contributed a lot to the portfolio, Bao Wuke's view is that he continues to be bullish on the reason that the supply is insufficient, but the demand continues to grow, and the price of resource goods is expected to rise.
In general, the current holdings of the target are in line with the requirements of Bao Wuke's business model + high barriers + reasonable valuation.
In addition, for the market outlook, Bao Wuke also shared his views. First of all, the actual situation is that the economy was weak in the first quarter, especially in the investment field, and the worse-than-expected difference was mainly due to the poor real estate and infrastructure. Bao Wuke believes that this is a normal pain in the process of economic restructuring, and this process may last for several years.
However, Bao believes that the performance of other aspects of the domestic economy is still good, and the economy as a whole is resilient. I think that Bao Wuke's reduction in equity positions in the first quarter should also be due to the fact that the current economy is still weak.
Boss Jiang expressed optimism more clearly.
In the first quarter, the portfolio did not change much, thinking that the economy has seen the dawn, many industries have fallen out of the extremely cost-effective, and this wave of economic downturn has also screened out competitive companies with real profitability, which will be the target of Boss Jiang's focus.
Regarding the high dividends that are now being discussed, Boss Jiang believes that the important thing is not to take the short-term dividend yield too seriously, but the important thing is the company's ability to pay long-term dividends, which is actually the ability to continue to grow.
Yang Shijin and Wang Yuanyuan talked less about the market, more about reviewing the market in the first quarter, and briefly talked about some ideas on investment strategies.
You can also take a look at other funds for yourself.
3. What should I do if I don't keep up with the previous ones?
Don't worry, you can maintain the current time difference with the real market, and slowly make up for it one by one according to the rhythm of the real position.
Specifically, short-term money can be bought directly at one time, and medium-term money can be bought in 6 batches. Long-term money and pension money, according to the market conditions, you can first build 20% ~ 50% of the bottom position, and the rest of the part is bought in batches by way of weekly regular investment, and it is recommended that the position be completed within 3 months.
You can also poke "Millions of real markets start to build positions! keep up", "I want to be lazy" to start buying overseas to win" to understand the specific strategy of real trading and the rhythm of investment.
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Disclaimer: The content of this article is based on public information research and does not constitute investment advice. Investors should make prudent decisions and bear risks independently.
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