Comprehensive evaluation of stock investment management ability of fund management companies 65438-0999;
1 Hua' an, 2 Bo Shi, 3 South, 4 Huaxia, 5 Guotai.
Comprehensive evaluation of stock investment management ability of fund management companies in 2000;
1 south, 2 huaan, 3 changsheng, 4 Bo Shi, 5 penghua, 6 Guotai, 7 Jiashi, 8 Guo Fu, 9 Huaxia, 10 Dacheng.
Comprehensive evaluation of stock investment management ability of fund management companies 20065438+0;
1 Huaxia, 2 Huaan, 3 Jiashi, 4 Changsheng, 5 Guotai, 6 Bo Shi, 7 Penghua, 8 Nanfang, 9 Dacheng, 10 Guo Fu.
Comprehensive evaluation of stock investment management ability of fund management companies in 2002;
1 Huaxia, 2 Jiashi, 3 Yifangda, 4 Nanfang, 5 Huaan, 6 Bo Shi, 7 Yin Hua, 8 Rongtong, 9 Guotai, 10 Penghua.
Comprehensive evaluation of stock investment management ability of fund management companies in 2003;
1 SDIC UBS, 2 e fund, 3 boss, 4 south, 5 galaxy, 6 Huaxia, 7 Guotai, 8 Guo Fu, 9 Great Wall, 10 financing.
Comprehensive evaluation of stock investment management ability of fund management companies in 2004;
1 Yifangda, 2 Huabao Xingye, 3 TEDA ABN Amro, 4 Haifutong, 5 Merchants, 6 Jiashi, 7 Huaan, 8 Rongtong, 9 South, 10 Guotai.
Comprehensive evaluation of stock investment management ability of fund management companies in 2005;
1 guangfa, 2 Shangtou Morgan, 3 Nuoan, 4 Haifutong, 5 Huaan, 6 Yifangda, 7 TEDA ABN Amro, 8 Changsheng, 9 Penghua, 10 Great Wall.
Comprehensive evaluation of stock investment management ability of fund management companies in 2006;
1 Shangtou Morgan, 2 Jing Shun Great Wall, 3 Guangfa, 4 Nuoan, 5 Huitianfu, 6 TEDA ABN Amro, 7 Changxin, 8 Great Wall, 9 ICBC Credit Suisse, 10 SDIC UBS.
Comprehensive evaluation of stock investment management ability of fund management companies in 2007;
1 China Post Venture, 2 boss, 3 Morgan Stanley, 4 Dongfang, 5 Huaxia, 6 Guangfa, 7 Guohai Franklin, 8 Xingye Global, 9 Everbright Prudential, 10 voted for Morgan.
The performance of fund companies in 2008: the comprehensive asset management ability is uneven
Wang Qunhang, Senior Analyst and Director of Fund Research.
Main contents:
Comments on the management ability of equity products of fund companies.
Comments on the management ability of fixed income products of fund companies.
From the perspective of comprehensive evaluation, the stock market in 2008 was a year of mixed feelings. For funds that mainly invest in the stock market, how to reduce the net loss is the main wish of fund managers; For funds that mainly invest in the bond market, getting more income is everyone's goal. The combination of the two is the comprehensive asset management ability of fund companies.
From the perspective of comprehensive evaluation, the stock market in 2008 was a year of mixed feelings. For funds that mainly invest in the stock market, how to reduce the net loss is the main wish of fund managers; For funds that mainly invest in the bond market, getting more income is everyone's goal. The combination of the two is the comprehensive asset management ability of fund companies. Since 2008 is an unprecedented year for the development of bond funds, the number of newly established bond funds exceeds the sum of previous years, which makes our evaluation of the comprehensive asset management ability of fund companies have a practical market foundation.
First, the ability of fund companies to manage equity products.
Equity products refer to funds that mainly invest in the stock market, including closed-end funds, stock funds, partial stock funds and balanced funds. Based on the 2008 annual performance rankings of the above four categories and funds that meet specific conditions, this paper makes a consolidated statistics on the comprehensive performance rankings of equity products of various fund companies in 2008, with the company as the main line. Funds established after June 5438 +2007 10 do not belong to the statistical object of this paper.
Attached table 1 is the top 30 comprehensive scores of equity products of fund companies in 2008, among which Bank of China, Huaxia, Soochow, Xingye Global and Guohai Franklin are among the top, and companies such as Xincheng, CITIC, Golden Eagle, Yifangda and Huitianfu are also among the top. From the perspective of long-term investment, in 2007 and 2008, Huaxia, Guohai Franklin and Xingye were able to maintain the management ability of equity products before the market 10, and achieved a good ranking in 2007. In 2008, Golden Eagle, E Fund, CITIC, Bank of China and Harvest can continue to improve, and their management capabilities of equity products have been in the last two years.
A phenomenon worthy of market attention is that more than half of the top 10 fund companies in 2007 fell behind in 2008, and some companies even fell from the top 10 to the bottom 10. Of course, there are market reasons and product reasons, but more reasons are related to the fund companies themselves. These companies do not manage equity products comprehensively enough, and they will only make profits in a bull market and will not control risks in a bear market. Such a company is not a qualified professional asset management company.
Attached Table1:Top 30 comprehensive scores of equity products of fund companies in 2008.
Comprehensive score of serial number of equity products of fund companies
1 Bank of China 84.62
2 Huaxia 83.92
3 Wudong 80.75
4 Xingye Global 78.97
5 countries Franklin 78.45438+0
6 Xincheng 76.6 1
7 Zhongxin 75. 14
8 Golden Eagle 70.38
9 E fund 70.20
10 Huitianfu 69.48
1 1 ICBC Credit Suisse 66.57
12 Guo Fu
13 Huaan 65.84
14 AIA Huatai 64.99
15 Bank of Communications Schroeder 64.75
16 Jiashi 64.30
17 TEDA ABN Amro 63.29
18 Yinhe 60.00
19 Bo Shi 59.338+0
20 Huabao Xingye 59. 1 1
2 1 Vote for Morgan 58.39
22 China shipping 57.60
23 Investment Promotion 57.28
24 Great Wall 56.47
Yin Hua 54.55
26 Guoan 53.33
27 Tian Hong 49. 15
Peng Hua 47.63
29 Guotai 46.22
30 noan 45.54
Note: (1) Performance range: 2008.
(2) Funds: Funds that are publicly offered for investment in the domestic securities market. Excluding QDII
(3) Data sources: various fund companies and china galaxy Securities Research Institute.
(4) Score range: 0- 100.
Two, the fund company's fixed income product management ability
Fixed income products refer to funds that mainly invest in the bond market. At present, it mainly includes bond funds and money market funds. As for partial debt funds, capital preservation funds and other varieties, because they are not the mainstream fund products in the current market, the management style of most fund companies is seriously deviated, and there are too few sample funds, so they are not included in the statistical scope of this paper. According to the survey, in view of the rapid opening of bond funds this year and the bull market in the bond market in the fourth quarter of 2008, this paper includes all bond funds established before 2008 10.
Attached Table 2 shows the top 30 comprehensive scores of fixed income products of fund companies in 2008, among which CITIC, China Shipping, Changxin, Jianxin and Haifutong are among the best, while Bosera, Huaxia, ICBC Credit Suisse, Bank of Communications Schroeder and Bank of China also achieved good rankings. CITIC Fund Management Company was able to get the first place, thanks to its CITIC Steady Double Interest Bond Fund and CITIC Cash Advantage Money Market Fund, which both achieved leading performance rankings among similar funds. The former ranks second in the total annual income of all bond funds and first in the old funds, while the latter ranks first in the money market funds. CCB Fund Company was also selected because its bond funds and money market funds ranked better among similar funds.
As for China Shipping, Changxin, Haifutong and other companies, the reason why they have the leading fixed income management ability ranking is mainly because of the outstanding performance of their single funds. For example, China Shipping Fund Management Company benefits from its stable income bond fund, while Changxin and Haifutong Fund Management Company benefit from its money market fund. This situation shows that although these fund companies have temporarily obtained a good ranking in the management ability of fixed-income products, their ability in this area needs to be comprehensively improved.
Schedule II: Top 30 Comprehensive Scores of Fixed Income Products of Fund Companies in 2008
Comprehensive score of serial number of fixed income products of fund companies
1 citic 99.4438+0
2 China shipping 93.65
3 Long letter 92.50
4 Jianxin 87.62
5 Haifutong 87.50
6 Bo Shi 85. 1 1
7 Huaxia 82.85
8 China Industrial and Commercial Bank Credit Suisse 77.64
9 Bank of Communications Schroeder 77.28
10 line 72.50
SDIC UBS 68.26
12 Guangfa 65.24
13 E Fund 62+38+0
14 everbright prudential 60.00
15 AIA Huatai 59.53
16 Great Wall 58.24
17 rongtong 57.66
18 Jingshun Great Wall 57.50
19 Dacheng 56.22
20 Hua Fu 54.63
2 1 Huaan 52.438+00
22 Guotai 5 1.7 1
230,000 48.97
24 Yimin 48.47
25 Hui Tianfu 47.08
26 Baoying 46.03
27 south 44.3 1
42.50 for 28 days
Tian hong 36.5 1
30 Businessman 36.3 1
Note: (1) Performance range: 2008.
(2) Fund category: Public Offering of Fund, investing in the domestic fund market, excluding capital preservation funds and other non-mainstream products.
(3) Data sources: fund companies and fund research center of china galaxy Securities Research Institute.
(4) Score range: 0- 100.
Third, the comprehensive asset management ability of fund companies.
The comprehensive asset management ability is the comprehensive statistics of the above two management abilities, namely, the investment management ability in the stock market and the investment management ability in the bond market, with the highest total score of 200 points. Due to the different development strategies and establishment time of each fund company, especially some fund companies have always attached importance to the management of equity products. For the management of fixed income products, this paper can only count 46 fund companies, so for the comprehensive asset management ability, this paper can only count 46 fund companies.
Table 3 shows the top 30 comprehensive asset management capabilities of fund companies in 2008. Five companies, including CITIC, Huaxia, Bank of China, ICBC Credit Suisse and China Shipping, are among the best, and the total scores of E Fund, Bank of Communications Schroeder, Boss, AIA Huatai and Huaan are also good. Among the above-mentioned fund companies, Huaxia, E Fund, Boss and Huaan are well-known established companies, CITIC is a small company that sprang up suddenly in 2008, and Bank of China, ICBC Credit Suisse and Bank of Communications Schroeder are banking fund management companies with strong shareholder background and huge development potential.
For easy observation, all charts are marked with yellow, representing the company with the highest score of 10, red representing the company with a score of 1 1 to 20, and blue representing the company with a score of 2 1 to 30. As can be seen from Appendix 3, CITIC, Huaxia and BOC are companies with comprehensive asset management capabilities, and their management capabilities for equity products and fixed-income products rank in the top 65,438+00 in their respective rankings. ICBC Credit Suisse, China Shipping, Bank of Communications Schroeder and Boss have relatively good management capabilities for fixed income products; In particular, China Shipping needs to improve its management ability for equity products.
There are 14 fund companies that fail to enter the statistical range of comprehensive asset management ability in this paper, but this does not mean that these fund companies are not good. On the contrary, some fund companies have their own characteristics, such as Golden Eagle and Soochow. At present, the development focus of Golden Eagle Fund Management Company is equity products. In 2008, Golden Eagle Small and Medium-sized Fund ranked third among equity funds, which shows the company's management strength of equity products to some extent. Soochow Fund Management Co., Ltd. and Jiahe Quality, two funds mainly investing in the stock market, both performed well in 2008, especially the former. In addition, the company issued a bond fund on June 5438+ 10, 2008, and its comprehensive asset management capability will be evaluated in 2009.
Schedule 3: Top 30 in the total score of comprehensive asset management ability of fund companies in 2008.
No. Fund Company's adjusted comprehensive score for fixed income products and adjusted comprehensive score for equity products. Fund Company's total asset management performance score.
1 citic100.00 89.47189.47
2 Huaxia 86.95 98.24 185. 19
3 Bank of China 80.43100.00180.43
4 China Industrial and Commercial Bank Credit Suisse 84.78 82.45 167.23
5 Zhonghai 97.82 63. 15 160.97
6 E fund 73.9 1 85.96 159.87
7 Bank of Communications Schroeder 82.60 75.43 158.03
8 Bo Shi 89. 13 68.42 157.55
9 AIA Huatai 69.56 77. 19 146.75
10 Huaan 56.52 78.94 135.46
1 1 Huitianfu 47.82 84.2 1 132.03
12 Haifutong 91.30 40.35131.65
Great Wall 67.39 59.64 127.03
14 SDIC UBS 78.26 45.6 1 123.87
15 Jianxin 93.47 24.56 1 18.03
16 Long letter 95.6521.05116.70
17 Societe Generale19.56 94.73114.29
18 Xincheng17.39 91.22108.438+0
19 Jiashi 34.78 73.68 108.46
20 Rongtong 65.2142.10107 438+0
2 1 Guotai 54.34 50.87 105 38+0
22 Jingshun Great Wall 63.04 38.59 10 1.63
23 Yinhe 30.43 70. 17 100.60
24 Merchant 36.95 6 1.40 98.35
25 Guangfa 76.08 17.54 93.62
26 Tian Hong
27 Baoying 45.65 47.36 93.438+0
280,000 526,5438+07 35.08 87.25
29 Rich countries 4.34 80.70 85.04
30 TEDA ABN Amtrak10.87710.9382.80
Note: (1) Performance range: 2008.
(2) Fund category: Public Offering of Fund, investing in the domestic fund market, excluding capital preservation funds, QDII and other non-mainstream categories.
(3) Data sources: fund companies and fund research center of china galaxy Securities Research Institute.
(4) Scoring range: 0-200 points.
(5) Watchmaking: Wang Qunhang.
First of all, fund investment focuses on the long-term, relying on the principle of compound interest and value-added to expand your income. Secondly, according to your situation, in order to strengthen the study and mastery of the fund, it is not recommended to put all the RMB in at one time. In case the market suddenly goes bad, it will also affect your mood of losing money. So your choice is correct. Fixed investment can better spread risks. Finally, the question of what fund to buy. If you want to invest for more than 10 years, and look to the future, you might as well increase the investment proportion of equity funds (provided that you have confidence in China's economic future, of course). The major banks support many funds. I mainly provide you with a few for reference from the perspective of back-end charging.
Index funds: Rongtong Shenzhen Stock Exchange 100, Dacheng CSI 300.
Equity funds: SDIC innovation and Bo Shi franchise.
Hybrid funds: Guo Futian Rui and Bank of Communications performed steadily.
Bond funds: SDIC Ronghua and Guo Fu Tian Li.
All the above funds are back-end funds, and the minimum amount is 100 yuan. While studying, you can invest at least 100 yuan every day, which is suitable for cultivating your investment interest. For example, you can follow the trend of the stock market every day. If it falls that day, you can invest in these fund varieties at a minimum of 100 yuan. Your thousands of dollars are enough. Don't worry about making money now. It is better to familiarize yourself with the market environment and your risk tolerance first, that is, are you afraid when the market plummets? Sometimes you will ignore the risk when the market rises.
Please see the following for questions about why the back-end fee fund is needed and how to allocate it:
Thomas gage: Recommended Fund Anshun and Fund Xinghua.
Reason: Morningstar website ranks in the forefront; The income and risk indicators are also good; The manager is responsible for stability, especially Anshun. Shang Zhimin, the manager, has been here from the beginning, and another Hua 'an Manulife he is in charge of is also excellent and worth having. The companies where the two funds are located, Huaan and Huaxia, have strong investment scale and research strength, and are among the top ten in the industry; The two foundations expire in 20 14 years, and now they start a small cycle of 5 years, both of which have a certain discount rate, making more money than losing money.
Fixed investment: It is enough to recommend five, namely Dacheng CSI 300, Rongtong SZSE 100, Huaan Manulife and SDIC UBS Innovation Power. If you must choose five smart people, then choose one from Golden Eagle SMEs and Xingye Social Responsibility.
Reason:
1, the choice of fixed investment is definitely for long-term investment, so the fund with back-end fees is definitely the first choice, and the first four are all.
2. Why do you want to achieve the Shanghai and Shenzhen 300 and Rongtong Shenzhen Stock Exchange 100? In the long-term fixed investment fund, index fund is essential, because the active fund is replaced by N managers in a short time, and the management ability of each manager is very different, which makes the performance of the fund not guaranteed. And in the long run, most active funds can't outrun passive index funds. At present, China's economy is in the primary stage of being poached by big countries. Rongtong Shenzhen Stock Exchange 100 is more flexible than Shanghai and Shenzhen Stock Exchange 300, and the two companies can vote in turn. The proportion of the total fixed investment of the two companies should not be less than 50% of the total fixed investment, which is a guarantee for the future, and the other 50% should be put in active funds to obtain possible excess returns.
3. Huaan Manulife and SDIC innovation are also good varieties for fixed investment. Manulife back-end fees are free for 5 years, and SDIC innovation is free for 3 years, which is shorter than other terms. The market generally believes that 3-5 years is an investment cycle, which is suitable for making certain adjustments to assets after reaching the free period, such as redemption. In addition, the two funds themselves performed well.
3. If you still want short-term speculative arbitrage, add Golden Eagle's small and medium-sized stocks and Societe Generale, with good performance, or buy ETF and LOF directly. Anyway, I insist on the long-term fixed investment fund with back-end fees. There are too many long-term uncertainties in the actively managed fund. It is better to save more money to convert shares, and I don't agree to put all the funds on the active fund, unless you have found that a current fund manager is the future Buffett, so as to ensure that he will not give up halfway before you and will not be a flash in the pan.
4, Morningstar website to see the ranking.
In the world, it is my understanding of fund investment. I wish you a rich source of investment and financial management.