"My fund has fallen by 30%, can I still get my money back? What should I do?" Recently, in an online community's "Fund Managers Please Answer" column, 85 fund managers answered this question.
The Paper reporter found that among the 85 fund managers who answered this question, there are many Lin Weibin, general manager of E Fund Index Investment Department, Jiang Cheng, general manager and investment director of Zhongtai Asset Management Fund Business Department, and General Manager of Invesco Great Wall ETF and Innovation Investment Department. Manager Wang Yang, Deputy General Manager of Caitong Fund Jin Zicai, Harvest Fund Equity Investment Research Director Yao Zhipeng and other star fund managers.
As of the time of publication by The Paper, 41,000 people had asked the above question, and the number of post views was as high as 635,000.
So, how should investors respond? Is the possibility of getting back the money still there? In this regard, The Paper reporter sorted out the answers of ten fund managers.
Most fund managers believe that profits and losses are only temporary results, and the hope of getting back capital is not slim. Investors need to strengthen their confidence. At the same time, investors need to review whether their investment portfolio meets their own risk tolerance and investment objectives, and consider whether adjustments are needed to better adapt to the current market environment.
Based on the market itself, many fund managers said frankly that although the current market performance is weak, their confidence in the market outlook has not been shaken. In combination with the policy of stabilizing growth, they are still increasing their positions. The economy may recover steadily, and they are optimistic about the valuation of A-shares. repair.
Short-term fluctuations often do not truly reflect value
"A fund's 30% drop only means that the underlying asset is undergoing adjustments in the recent period. This is not such a terrible thing, and it just takes time to recover the capital." Puyin AXA Global Yu Jin, the manager of the Intelligent Technology QDII Fund, said that when choosing individual stocks, we should also pay attention to their future growth space, which may be 3 years, 5 years, 10 years or even longer. Especially in the U.S. stock market, the market prices are more determined by fundamentals and companies. Driven by performance, short-term losses will not affect long-term decisions.
Wells Fargo Fund Manager Zhang Shengxian emphasized in his answer, "Please don't lose confidence. There are always winners and losers in investment. As long as you don't completely withdraw from the market, profits and losses are only temporary results. Secondly, study the funds you invest in. In the end, What did you invest in? Summarize the reasons for the loss. Is it because of the poor performance of the industry or the incompetence of the fund manager? Or is it because there is a problem with your own trading model? "
" After positioning the reasons and logic clearly, we can finally decide what is the reason. If you want to change a product, or continue to invest in this product, you can set an investment target return plan of 30%, forget about the previous losses, and start from now on, and slowly invest until the target is reached to stop profit." Zhang Shengxian suggested.
Lin Weibin said that for index funds, you can carefully analyze whether the product tracking index belongs to a broad base, industry or strategy, by judging the current macroeconomic cycle, the long-term allocation value of the weighted industry, the index valuation and the historical quantile level and Fund managers conduct research and judgment based on the outlook in regular reports, and do not be swayed by emotions and achieve rational analysis.
"Secondly, adjust the investment strategy based on rational analysis results and gradually reduce the cost of holding positions. For index funds with long-term investment value, investors can use fixed investment strategies to amortize costs; for index funds judged to be in a wide range of market fluctuations, You might as well use a grid trading strategy, combined with the historical trend of the index, to buy one share every time the net value breaks through a grid downwards, sell one share when it breaks through a grid upwards, and earn money by buying low and selling high again and again. Income." Lin Weibin further pointed out.
Finally, Lin Weibin said, "I hope investors will use idle funds to invest rationally. Short-term fluctuations often cannot truly reflect value, especially in bear markets, fund prices are usually low. On the contrary, it may often be a good investment opportunity. It is recommended that investors Stay patient relative to the bottom of the market, wait for the market to rebound through a reasonable long-term holding strategy, achieve relatively high returns, and avoid losses caused by chasing ups and downs."
Changxin Fund Fund Manager Song Haihan analyzed that if the decline is only an industry-themed product, then one way is to wait for the industry to rebound, but considering that the current market hot spots rotate quickly, betting on a single industry There will be risks in a sharp rebound; another way is to enrich your industry allocation at the current low level, and balanced positions may make the holding experience smoother. Hu Chao, fund manager of
Tianhong Fund, said, "You Buying a fund is definitely not like buying lottery tickets randomly, it must have its logic. If the logic you agree with changes, then you should sell when you should; if the logic does not change and it is just market fluctuations that cause the net value to fall, then I Think you should hold firm. I even think that with some high-quality assets at the bottom, you can increase the proportion of fixed investment, gradually make up for your losses over time, or have the opportunity to realize capital recovery or net worth growth. "
" If you accidentally buy at a high point and the fund's floating losses are serious, you first need to re-examine whether the fixed investment product is "excellent", such as style stability, medium and long-term excess returns, historical rankings, etc. "BoCom Fund Manager Shao Wenting also suggested that if there is no problem with the product itself and it is just following the decline of the market, you might as well use some means to cover the position, such as dividing the funds prepared to cover the position into several equal parts, preset a decline range, and every time the decline reaches In addition, you can also use fixed investment to cover positions by weekly fixed investment or monthly fixed investment.
The rules of A-shares have not changed.
Based on the market itself, Zhang Xiaofeng, fund manager of Industrial Securities Global Fund, believes that the current overall estimate The value is supported and the economy is recovering moderately. Although the economy may be in a period of shock in short-term structural adjustment, it has not changed its long-term competitiveness. The current point may be a period of opportunity for long-term strategic allocation.
"From the premium model of equity risk Look, the current allocation value of the stock market is still very prominent. With more domestic economic data, including PMI, industrial corporate profits, inflation, etc., there are signs of marginal recovery of endogenous growth momentum. Combined with the continued increase in policies to stabilize growth, the economy may recover steadily, and we are optimistic about the restoration of A-share valuations. "Huaan Fund Manager Liu Xuanzi said.
Yongying Fund Manager Zhang Lu's view is that the negative profit growth cycle for five consecutive quarters since August has ended, and profits are expected to move out of the upward trend amid fluctuations, driving manufacturing investment to rebound. As As residents' employment and operations are expected to improve, the scarring effect will fade, and consumption is expected to continue to recover. At the same time, the inventory cycle in the fourth quarter switches to passive destocking, and the subsequent inventory cycle is expected to enter an upward stage. In addition, overseas, the Fed's interest rate cut next year is approaching, and A-shares are expected to attract Foreign capital is returning.
“I have experienced three rounds of big bear markets. Although I am under pressure now, my confidence in the market outlook has not wavered. The symbolic significance of this point is greater than the practical significance. Tang Chen, fund manager of Noah Fund, said frankly that the rules of A-shares have not changed. Although the market is thin, growth stocks are still given bull market valuations. This means that some rules have always existed and the big market trends in history will repeat themselves in the future. .At present, the annualized return rate of the Wind All-A Index has been less than 10%, which implies a lot of pessimism, and the general law of mean reversion will come into play.
