Fund Investment Advisory Research Report: The Performance Of Funds Generally Underperformed Similar Funds, Some Strategies May Be Off The Shelves, Portfolio Net Worth Is Controversial

Editor's note

China's fund investment advisory has just started, and the investment advisory market in the United States is growing day by day. On July 6, the CSRC announced that the total service assets of the first batch of fund investment advisory pilot institutions had exceeded 50 billion yuan. In contrast, according to Ping An Securities statistics, the size of US fund investment advisory is as high as 83.7 trillion US dollars. In the face of this huge blue ocean market, the major domestic institutions are also ready to take the lead in layout.

The research group of fund investment advisory course was established by Nancheng Financial Management Co., Ltd. to discover the value of fund investment advisory, clarify the status quo, and provide reference for the development of the industry. In this paper, the research group of Nancheng financial management will focus on the performance of fund investment advisory portfolios of 5 public funds and 3 third-party sales agencies.

94 investment advisory portfolios, with the most radical type accounting for 33%

According to the statistics of the research group of Nancheng financial management, five public funds and three third-party sales agencies have provided a total of 94 fund investment advisory portfolios.

According to the major asset allocation of fund investment advisory portfolio, the research group of Nancheng Financial Management Co., Ltd. divides 94 fund investment advisory portfolios into six categories. They are radical fund portfolio, active portfolio, balanced portfolio, robust portfolio, conservative portfolio and target earning portfolio.

According to the above classification, the research group of Nancheng Financial Management Co., Ltd. selects "nearly one year" as the time dimension, and "rise and fall range" and "maximum withdrawal" as analysis indicators to analyze the performance of fund investment advisory portfolio established for more than one year.

"Super stock all star" dominates the list, does your own fund match have a ceiling?

From the perspective of income indicators, as of July 13, there were 4 Aggressive Fund Investment Advisory portfolios up more than 20% in the past year, 12 radical fund investment advisory portfolios rose or fell between 15% and 20% in recent year, and 21 radical fund investment advisory portfolios increased by more than 10%. The average return of 24 Aggressive Fund Investment Advisory portfolio in recent one year was 16.86%.

The wind data shows that Shanghai Shenzhen 300 rose by 8.18% in the same period, and the average return of ordinary equity funds was 31.27%. The average return of Aggressive Fund Portfolio outperforms CSI 300, but underperforms ordinary equity fund.

As for the type of subdivided funds, 5 of the 24 radical fund investment advisory portfolios have clearly invested in index funds. Among them, the "Sinan multi factor blue chip index portfolio" and "Sinan multi factor growth index portfolio" of China Southern Fund have increased or decreased by 19.45% and 18.04% respectively in the past year, while the average yield of passive index funds in the same period is 12.99%. Both portfolios outperformed passive index funds.

from_the_perspective_of_risk_indicators_ , _the_largest_withdrawal_rate_of_24_aggressive_fund_investment_advisory_portfolios_in_recent_one_year_mostly_occurred_when_the_core_assets_were_significantly_callback_after_the_year_ , _and_the_average_maximum_withdrawal_rate_was_15_._48_ % ._ In the same period, the maximum withdrawal rate of CSI 300 was 15.18%, and the average maximum withdrawal rate of general equity funds was 15.98%. The overall withdrawal of aggressive fund portfolio is at the average level.

Specifically, the largest withdrawal rates of "all star in advantageous industries" of China and Europe and "shenlu No.1" of harvest are both greater than 20% in recent year. However, the largest withdrawal rate of nearly 60% radical fund investment advisory portfolio in recent one year is more than 15%, which is affected by the equity market.

In addition, the largest withdrawal rate of "Long Win index investment plan-s fixed investment" in recent one year is 8.34%, which is also the only portfolio with a withdrawal less than 10% in the investment advisory portfolio of radical funds.

in_terms_of_comprehensive_performance_indicators_and_risk_indicators_ , _china_and_the_eu_ '_s_fund_investment_advisory_portfolio_performed_well_ ._ "Super stock all star", "post-90s water drop pension" and "post-85 water drop pension" ranked among the top three Calmar ratios. Among them, "super stock all star" earnings retracement ratio is as high as 1.94.

In response, China Europe wealth said in an interview with the research group that "super stock all star" is based on the investment strategy of "core + satellite", the core allocation is based on the evaluation of fund products and fund managers, and the fund with long-term performance is selected as the basic allocation, striving to obtain long-term high alpha return and closely tracking the sustainability of fund managers' investment performance; Satellite allocation combines qualitative and quantitative research on fundamentals, technology and policy, appropriately adjusts positions for timing operation, and adjusts allocation in large and small markets, value growth style and industry (bond funds are duration, leverage, interest rate, credit, etc.) by investing in funds of different styles, so as to closely track the possible style drift of fund managers.

From the bottom position, China Europe fortune app shows that the latest position adjustment of the portfolio was at the end of the second quarter, after which 12 funds were allocated. Among them, China Europe Fund's own funds accounted for 75%.

In this regard, a large public offering fund investment manager in South China told reporters that the fund investment adviser portfolio allocation of their own funds is mainly because they are familiar with their own funds, while external funds only have limited understanding through research. But at the same time, it is difficult for a fund company to have outstanding fund and fund managers in many industries, so it is necessary to select the base in the whole market.

The investment manager believes that the allocation ratio of more than 70% is indeed high, and disclosed that the proportion of internal funds allocated by their own fund investment advisory business is about 50%. The research group believes that the allocation ratio is too high or there is the possibility of expanding the scale of its own funds.

In this regard, China Europe wealth replied that at present, "super stock all star" latest position, China and Europe's funds account for about 50%. According to the statistics of China EU wealth on September 6, external funds account for 65%, 70% - 80% and 50% - 100% of China EU wealth "living money management", "sound financial management" and "wealth growth" strategies, respectively.

At the same time, China Europe wealth also said that the allocation of China Europe's funds is mainly based on the fact that its own constituent funds do not need to charge subscription fees and position adjustment and redemption fees (except those included in the fund assets), which can bring greater preferential rates to investors.

"Positive type" portfolio income is lower, actually does not win partial stock mixed type

As of July 20, the average return of active fund portfolio in the past year was 14.8%. However, the CSI 300 rose by 12.42% over the same period, while the partial stock hybrid fund increased by 29.46%. The active fund investment advisory portfolio outperformed Hushen 300 and lost the partial mixed fund.

From the perspective of risk indicators, the average maximum withdrawal rate of 9 active fund investment advisory portfolios in recent one year is 11.08%. During the same period, the maximum withdrawal rate of CSI300 was 15.17%, and the average maximum withdrawal rate of partial stock hybrid funds was 14.09%. It can be seen that the overall withdrawal of active fund portfolio is small.

In terms of comprehensive income and risk indicators, the yield of partial stock hybrid fund is higher than that of active fund portfolio, but the maximum withdrawal rate is also higher, which can be called "high yield and high risk". It is suggested that investors should not only choose on the basis of performance, but also comprehensively evaluate their own demand and risk tolerance.

Specific to the portfolio level, in the top three of the list, China Southern fund occupies two seats. The number one "Sinan stock and debt active portfolio" has increased by 20.33% in the past year. Blue chip style "Sinan stock and debt positive blue chip portfolio" rose or fell 19.60% in the past year. However, from the perspective of risk indicators, the maximum withdrawal rate of the above portfolio in recent one year is above 14%, which is at the same level.

From the perspective of Calmar ratio, China Europe wealth's "water drop pension after 70", yingmi fund's "Long Win index investment plan - 150 shares" and China Southern Fund's "Sinan stock and debt active portfolio" show high cost performance, with the return withdrawal ratio of 2.30, 1.65 and 1.42, respectively.

And in the comparison of similar portfolios, we can also find that Huaxia fortune's "Post-70s Smart Life portfolio" and China Europe wealth's "Post-70s water drop pension" are aimed at the pension investment needs of Post-70s customers. On the whole, the return rate of "water drop pension after 70" is 12.98% in the past year, and the maximum withdrawal rate in the past year is 5.65%, and the return withdrawal ratio is higher.

"Sinan equity debt balance blue chip" rose first, "Chunhua Qiushi" withdrawal control ability is excellent

From the income index, as of July 20, the average return of Balanced Fund Investment Advisory portfolio was 11.44%. According to the statistics of the research group of Nancheng financial management, the average return of balanced hybrid funds in the same period is 19.40%. In contrast, the balanced fund portfolio did not outperform the balanced hybrid fund.

Specifically, China Southern Fund's "Sinan equity debt balanced blue chip portfolio" has the highest yield in recent one year, reaching 18.20%. In recent one year, the maximum withdrawal rate was 9.93%, and the revenue withdrawal ratio reached 1.83.

From the perspective of risk indicators, the average maximum withdrawal rate of 14 Balanced Fund Investment Advisory portfolios in recent one year is 7.14%. The average maximum withdrawal rate of balanced hybrid funds was 14.19%. The overall withdrawal of balanced fund portfolio is low. In addition to Huaxia fortune's "Ivy League education fund portfolio" the maximum withdrawal rate is greater than 10%, the other Balanced Fund Investment Advisory portfolio's maximum withdrawal rate is below 10%.

Comprehensive performance and risk indicators, yingmi fund "chunhuaqiushi" has the highest return withdrawal ratio, reaching 2.81. The portfolio has increased by 12.30% in the past year, with the largest withdrawal rate of 4.37%. In fact, the combination shows a high ability of retreat control in 2019 and 2020. In 2019, the maximum withdrawal rate of Hushen 300 is 13.49%, and the maximum withdrawal rate of this combination is 3.96%; In 2020, the maximum withdrawal rate of Hushen 300 is 16.08%, and the maximum withdrawal rate of this combination is 5.08%.

From the perspective of operation principle, the portfolio is based on the premise of controlling withdrawal, and balances the risk return ratio by allocating equity, bonds, currency, alternative (including commodities, neutral) public funds.

"Sinan shuangyuebao" has become a black horse of investment cost performance, and the page of "annual happy partial debt enterprising" shows errors

As of July 20, the average return of robust fund investment advisory portfolio in recent one year was 6.05%. From the perspective of risk indicators, the average maximum withdrawal rate of 23 fund investment advisory portfolios in recent one year is 2.75%. Except for China Europe wealth's "annual happy partial debt enterprising" and harvest wealth's "dollar interest bearing" portfolio, the maximum withdrawal rate of the rest of the portfolio is within 5%.

Specifically, China and Europe's wealth ranks first in terms of "annual happiness, partial debt and enterprising". The portfolio has increased by 9.60% in the past year, with the largest withdrawal rate of 5.10%.

However, the research group found that the asset ratio and configuration details are not consistent.

China Europe wealth app shows that the asset allocation details of the portfolio are: stock funds account for 23.9%, quantitative hedge funds account for 9.74%, pure fixed income funds account for 30.57%, fixed income + funds account for 30.73%, and monetary funds account for 5.06%.

But in the asset ratio, the data is obviously wrong. According to the page, stocks accounted for 64.37%, bonds accounted for 30.57%, and currency accounted for 5.06%. In other words, 64.37% of the equity funds in the asset ratio include the equity funds, quantitative hedge funds and fixed income + funds in the allocation details. However, the fixed income + fund does not belong to the stock fund, which is easy to mislead investors to a certain extent.

In this regard, the research group also to the experts to verify. Yu Xiaojian, an associate professor at the school of economics and finance of South China University of technology, told the research group that this is mainly due to the classification and display of APP front-end pages. From the bottom allocation point of view, 23.9% of the stock funds are in line with the portfolio positioning.

The seller is responsible and the buyer is responsible. The research group of Nancheng Financial Management Co., Ltd. suggests that institutions verify and adjust the product information to ensure the accuracy of the information, so as to avoid disputes with investors.

In addition to China Europe wealth's "annual happy partial debt enterprising", China Southern Fund's "Sinan shuangyuebao portfolio" is also worthy of attention.

In terms of comprehensive performance and risk indicators, the "Sinan shuangyuebao portfolio" has increased by 4.66% in the past year, with the maximum withdrawal rate of 0.34% in the past year, and the return withdrawal ratio has reached 13.7.

So what is the investment logic of "Sinan shuangyuebao portfolio"? In this regard, Lin Fei, portfolio manager of "Sinan shuangyuebao" investment advisory of China Southern Fund, replied in a telephone interview that: "The investment period of the portfolio is between 2 months and 3 months. According to our calculation, with short-term bond fund as the bottom position, the ability to achieve a higher winning rate and a lower withdrawal within two months. In terms of increasing returns, we mainly have two strategies, namely, the duration adjustment strategy and the equity investment strategy. On the one hand, we allocate pure bond fund or primary bond base by lengthening the duration; on the other hand, we allocate the pure bond fund or primary bond base by lengthening the duration; and On the one hand, we allocate equity assets through the allocation of fixed income + fund with absolute return strategy as the main strategy, and control the stock position of the portfolio within 5%. Finally, we realize the thickening of income and the control of risk through the idea of "double protection"

"Cash enhanced" sharp withdrawal, "conservative" outperformed monetary funds

According to the statistics of the research group of Nancheng financial management, as of July 20, the average return rate of Conservative Fund Investment Advisory portfolio in recent one year was 2.70%, while that of Monetary Fund in the same period was 2.19%. The overall investment advisory portfolio of conservative fund outperformed that of Monetary Fund.

However, in the "conservative" portfolio, there are still some differences in the ratio of the underlying assets of currency and bonds. Among them, "fixed income preferred" bond funds accounted for the highest proportion, reaching 93.61%. Therefore, the rise and fall of the portfolio in recent one year has also reached 4.31%, and the maximum withdrawal in recent one year is relatively high.

In addition, the "cash enhancement" strategy of China EU fund is also worthy of attention. As of September 6, the average return of the portfolio in the past year was 2.18%, and the yield of the benchmark performance comparison (IMF index) in the same period was 2.58%. From the perspective of risk indicators, the product had a significant withdrawal from January 22 to 29, with the maximum withdrawal rate of 0.51%.

In this regard, China Europe wealth told the research group that "cash enhancement" is positioned on the basis of the main investment base strength competing for the flexibility of account funds, and the debt base is increased to seek higher returns. Therefore, compared with the performance benchmark, the volatility and withdrawal are also greater. "In the first quarter of this year, there was a large degree of adjustment in the bond market, which also led to a certain degree of withdrawal of the" cash enhancement "strategy compared with the performance benchmark in the same period," China Europe wealth replied.

"Eight small goals of happiness" may have been removed from the shelves, and the "goal surplus" strategy is still popular

In the fund investment advisory business, the target earnings strategy portfolio has become a major feature.

From the feedback of the institutions, the strategy is very popular with investors after it is launched. So what is the magic of this strategy?

In this regard, Lin Fei, the portfolio manager of "Sinan small target" of China Southern Fund, told the research group that the profit stopping strategy is different from the traditional investment strategy. In order to achieve the goal, we need to pay attention to the selection of positions at key time points, and the volatility of the portfolio may be greater. If the traditional stock debt matching strategy is adopted, the effect may not be very good. "For the target earnings portfolio, we have also specifically developed strategies," says Lin.

On the whole, yingmi fund's "happy little agreement" issued the largest number of issues, reaching 49. However, the issuance time of this portfolio is short, and so far it has not reached the observation period of stop profit.

Among the 36 issues of "Sinan small target" issued by China Southern Fund, 13 issues are still in the silent period, and 21 of the remaining 23 issues have stopped earning. While Huaxia's "xiaochangle target earnings" issue 29 issues, 17 issues have been stopped.

However, there are two target earnings strategies previously issued by China Europe wealth. They are "six six small goals of happiness" and "eight eight small goals of happiness". The annualized target yield of the former is 6.6%, while that of the latter is 8.8%.

Among them, the first issue of the "eight small goals for happiness" has been operating for 219 days since February 1 this year (as of September 8), but it has not met the profit stop conditions. At present, the strategy portfolio can be found on the daily fund app, but the status of "sold out" is displayed. In other words, the product has not been released after issue 1. However, this combination can not be found on the "drop in investment" page of China Europe fortune app. The research group speculates that the strategy combination may have been off the shelves in China Europe fortune app.

there_are_different_standards_of_performance_presentation_ , _and_there_are_disputes_about_the_net_value_of_portfolio_ ._

On the whole, the performance standards of investment portfolio of each fund investment advisory pilot institution are different. The research group found that, except for tengan fund and yingmi fund, which used the net value method to show the performance, the other institutions only showed the daily rise and fall rate and stage income.

In this regard, tengan Fund said to the research group that the net value display of fund investment advisory portfolio mainly takes into account the actual needs of users. "We received feedback from many users before, hoping to increase the field, so we designed the net value." tengan fund replied.

However, an executive of South China Public Offering Fund said in an interview with the research group that the reason why the net value was not designed was that the fund investment advisory portfolio was not a standardized product. "The portfolio of fund investment advisers should not pursue too much relative performance, what really depends on is whether the expected return of investors can be met," said an executive of the mutual fund.

Another senior executive of the investment and Research Department of public funds also holds a similar view.

"Fund investment advisory is a new business. We can't take the old road of traditional productization. The focus is to coordinate the value of investment in the direction of" Gu ". It is advanced to dilute the performance theory. Because it is not the higher the yield, the better the strategy meets the needs of customers. The high or low performance should not be the core standard to measure the quality of the strategy," said the senior executive of the investment and research department.

To be sure, for the fund investment advisory business, performance needs to be valued, but not simply. Investors should pay more attention to whether they really meet their own needs while testing the investment and research ability of institutions through performance. Huang guixuan, researcher of Nanfang finance and economics Omnimedia group   Shenzhen Report