Financial Guide: Investors Should Be Cautious In Buying Funds With Frequent Fluctuations In Performance.

Since the beginning of the year, the style differentiation of the market has gradually approached the extreme. The fund performance has been seriously differentiated. The pressure of fund companies and fund managers on the scale and performance has surged, resulting in frequent fund managers' adjustment and more fund managers leaving. Data show that more than 100 fund managers have left this year, and the number of fund managers will be close to the peak over the past year.

Since the beginning of this year, A shares have continued to differentiate and split, while the performance of partial equity funds has been overall upward, but the differentiation is obvious. In the first seven months of this year, most of the top performing funds were rights and interests positions, which were mainly concentrated in large cap stocks.

A fund company insider told China net financial reporter that his fund manager was not doing well this year, and the pressure was very high. The general manager of the company had talked to him personally, and his performance had improved after adjusting his position. The pressure was smaller. "If the performance has been bad, he may be spanferred to the post and may have left."

At present, the brain drain of the public fund industry is serious. Fund companies are trying to avoid leaving the fund managers. Faced with the short run of fund performance, most fund companies will choose to adjust positions or increase fund managers' balance holding style. Many fund managers have jointly managed the standard of most funds. Recently, the fund managers of several fund companies have been adjusted more densely.

Since June, more than 10 fund companies, including Celestica fund, Chinese business fund, ICBC Credit Suisse fund, Shun Shun the Great Wall fund, Jianxin fund, Haitong fund and Harvest Fund, have adjusted or increased fund managers.

Reporter statistics found that since June, fund companies issued 447 fund managers change announcement, fund companies in just two months to release such a strong change of fund manager announcement, is also rare. Most of them are announcements of fund managers and fund managers, and fund managers' turnover notice accounts for 1/3.

A fund company executives also told reporters that this year's performance of some of the company's funds did fluctuate, and some fund managers had deviated from the market. The company has made many adjustments to the division of fund managers, reducing the number of fund managers, and hoping that fund managers can be more focused. At the same time, the company has also recruited many fund managers, hoping to ease the performance fluctuations.

However, when flowers fall, there is no mercy. There are fund managers who choose to change jobs, spanfer positions and change stocks, and directly choose to leave their fund managers.

Reporter statistics, since June, more than two months of time, 37 fund managers have left, involving 28 fund companies. In addition, since the beginning of this year to August 3rd, 108 fund managers have left office, involving 57 fund companies.

Among them, 3 funds managers have been leaving since June, including the Schroder fund, the central European fund, the Bank of AXA fund and the the Great Wall fund. Since June, 2 fund managers have also left. In addition, the number of 6 fund managers including the Huaxia Fund, the big Moldova Huaxin Fund and the China Merchants Fund has exceeded 4.

Another statistics show that from 2014 to 2016, the number of resignation fund managers was 196, 302 and 166 respectively. The number of fund managers was the largest in the past few years. The number of fund managers has not exceeded half in the three quarter of this year, and the turnover rate of fund managers has exceeded the same period last year.

In addition, in recent years, 94 fund companies have accumulated 240 new fund managers, which were 370 and 505 in 2016 and 2015 respectively. fund The number of managers also increased from 1213 in 2015 to 1550 this year.

Among thousands of fund managers, each fund manager's investment philosophy and shareholding style are different. Some fund managers hold the style fund. They are good at frequent swap and band operation in the short term to make quick returns. There are also strong risk consciousness of fund managers, relatively smooth management fund net value and excellent long-term management performance. Fund managers have different shareholding styles. Fund managers love small and medium-sized businesses. Fund managers have long held large blue chips, and fund managers have high positions to buy new shares.

A fund company insider talked with reporters about the fact that an old fund manager of a company is a relatively extreme investment style. The ability to grasp the market "draught" is very strong. When the stock market goes up, the net value of the fund he has managed to rise is very large, but relatively, the net value of the fund he manages is fluctuating very large.

For such fund managers and Fund products A lot of professional individual investors frequently buy and sell the fund managed by the fund manager on the basis of their own judgement on the market, and they get very high returns over a number of periods. But such funds are not suitable for the fund "Xiao Bai". They do not have their own judgement of the market and can always focus on the trend of the net value of the fund.

Investors must be cautious about the fund that has changed frequently since this year and has a change in the fund manager. Apply for the purchase The investment style of the new fund manager is usually determined after a quarter of a year, and it can be determined by his shareholding and judgement of the future market. For such funds, the people may wish to observe and move first.

A fund company insider told reporters that if the new people entering the market did not know or did not have much time to pay attention to the fund, they could find the star fund products that could be trusted by the fund company. They were named star fund products and star fund managers. Their long-term achievements were mostly advanced, and they could also refer to the rating agencies' rating of the fund, which is a shortcut for ordinary people.

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