What are the regular reports of the fund?
There are three kinds of regular reports of funds: quarterly report, semi-annual report and annual report.
Quarterly report: once every quarter. With strong timeliness, it is usually released within 15 working days after the end of a quarter to introduce the operation of the fund since this quarter.
Semi-annual report: once every six months. Semi-annual reports are generally published within 60 working days after the end of half a year, and the amount of information is between quarterly reports and annual reports.
Annual report: once a year. The annual report is the most informative and comprehensive, but it is usually released within 90 working days after the end of the year.
So where can I see the quarterly report?
In the fund companies official website and Tian Tian Fund, you can check the quarterly, semi-annual and annual reports of the fund and other related information.
What does the fund quarterly report look at?
1, look at the fund income must be the most concerned issue for everyone. We can know how this fund has performed in the past period of time through the "net performance of the fund". Take Morgan Hui Select Growth A Fund as an example.
Source: Report on the third quarter of 2020 of Morgan Huixuan Growth Equity Securities Investment Fund.
Specifically, we can look at it in two parts:
(1), the growth of the fund's net value Through the net value growth rate in the table, we can know the return rate of this fund in the past six months, the past year, the past three years and other different time periods, and understand the income of the fund in the past period.
(2) The performance of the fund's net value growth relative to the performance benchmark is shown in the figure. The benchmark for the performance comparison of Shanghai Morgan Huixuan Growth A Fund is CSI 800 Index Yield *75%+ CSI Hong Kong Stock Connect Index Yield * 10%+ SSE government bond index Yield * 15%. (-) means better than the performance benchmark. The greater the value, the more the fund performance exceeds the benchmark.
2. Look at what the fund bought. Through the portfolio report, we can see what the stock/bond positions of this fund are, which industries and stocks are heavily invested, and so on.
For example, the following table is the top ten heavy positions of Morgan Huixuan Growth A Fund as of the end of the third quarter of 2020.
A breakdown of the top ten stock investments ranked by the proportion of fair value to the net asset value of the fund at the end of the third quarter.
Source: The third quarterly report of Morgan Huixuan Growth Fund in 2020, with data as of September 30, 2020. The above table only shows the fund's heavy holdings at the end of the third quarter, without any specific recommendation, nor does it mean that the fund will continue to hold or choose these projects for investment.
3. Look at the fund investment strategy and operation analysis. Here you can understand the investment ideas of fund managers and think about some views on the market outlook.
Similarly, taking the third quarterly report of Morgan Huixuan Growth A Fund in 2020 as an example, Li Dehui, the fund manager, said in the report, "Looking forward to the fourth quarter of 2020, we believe that the domestic economy will continue to recover weakly, the liquidity is still moderately loose, and the equity market as a whole is cautiously optimistic. In the medium and long term, we believe that the total macro demand will gradually slow down, and there will be a competitive substitution relationship at the micro level. From an investment perspective, we hope to choose some industries or companies that are in a favorable position in future competition. "
So which industries will fund managers be optimistic about?
"We are optimistic about industries such as science and technology, new energy vehicles, photovoltaics, medicine and other industries with medium and long-term demand expansion and internal competition substitution, and we are optimistic about the consumer industry with stable demand growth. In terms of science and technology industry, we believe that the online economy is accelerating to replace the offline economy. Online, digital and cloud will help improve the efficiency of the entire industrial chain and thus have greater vitality. Internet giants with strong network effects and cloud computing companies with strong technical strength are scarce core assets. Hardware terminals are optimistic about the replacement cycle of 5g, and software requirements are optimistic about the applications after 5g. In the new energy automobile industry, intelligent driving is the future. Economical pricing and intelligent products allow consumers to slowly accept new energy vehicles, and the industry penetration rate is expected to increase rapidly, benefiting two key links: intelligence and electrification. In the photovoltaic industry, the demand for long-term replacement of traditional power generation makes the photovoltaic industry have sustainable growth potential, and domestic leading companies also have global competitiveness. In the pharmaceutical industry, the aging population leads to a continuous increase in the total medical demand, but the ability to pay is difficult to keep up with the demand growth, and the price reduction of the whole industry chain will be an inevitable trend, and innovative companies will benefit from the competition. In the consumer industry, with the stabilization of the economy and the wealth effect of residents, high-end consumer goods and cost-effective products have strong demand resilience. "
Specific to the selection of individual stocks, the fund manager said: "We prefer platform-based companies with sustainable growth and strong competitiveness, and hope to reduce the fluctuation risk of industry demand through the leading edge of excellent companies and strive to obtain long-term and stable excess returns."
Through these points, we can also have a general understanding of a fund from the aspects of performance, investment direction, investment strategy and fund manager, so when we are entangled in which fund to buy, we might as well look at the previous quarterly reports of the fund to help us better understand the fund and fund manager.
Under the current market, many investors get on the bus worried about being quilted, but they are afraid of stepping on the air. For most investors, professional things should be left to professional people to do, choose investment direction and excellent fund managers. If you are optimistic about the market outlook, you can buy it once. If you are not optimistic about the market outlook, you can also consider buying in batches and sharing the long-term growth dividend of the enterprise through long-term investment.