China Securities Network News (reporter Wanyu) Baijia Juli Fund proposed fund manager Wang Yu recently said that in the classic investment theory, asset allocation occupies an extremely important position, more than 90% of the income of the portfolio is from asset allocation, so it is necessary to attach great importance to the role of asset allocation, especially in the structural market in recent years, it is more important to obtain steady returns through asset allocation.
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.
After doing a good job of wide coverage of "lurking", we also need to seize the opportunity. Wang Yu believes that timing is not equivalent to the "timing" widely understood by the market, and he believes that grasping timing not only includes "timing" in large-scale asset positions, but also includes the dynamic proportion allocation of stocks in various industries.
Wang Yu, who has many years of financial engineering background, has studied and practiced a variety of asset allocation models, and he believes 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.
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