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□ Shi Hengxin, Shenyin Wanguo Securities Research Institute
GF Jufeng Fund is the second stock fund launched by GF and the first style rotation fund in China at present. Its highlights lie in product design and strategy formulation. GF Jufeng Fund uses style asset rotation as its core stock asset allocation strategy, through which investors can effectively participate in stock market investment, Share the long-term benefits of market development; It can also ensure the medium and long term of assets through disciplined investment system and process setting and balanced style asset allocation
Stable growth. Compared with other types of funds, it has obvious investment advantages.
commonly shares On the stock selection level, the fund divides the stock pool of investable companies into growth type and value type, which can make the nature of the investee clear, the selection more scientific, and the management more convenient. In overseas markets, asset allocation according to the type of equity style assets is a very common investment strategy, and is widely used by fund investors. In China's A-share market, we can also find that if institutional investors adopt growth and value style rotation for asset allocation strategies, the results will be equally outstanding. In the history, A-share is in the bull market stage. Stocks with growth style characteristics perform well, and growth companies are easy to be pursued; However, with the continuous adjustment of the stock market after 2001, value oriented companies are gradually favored, and their stock price performance is far better than that of growth oriented companies. Only institutional investors who choose different styles of asset allocation at different stages can get the best returns. Those investors who focus on investing in single style indexes in the stock market are often vulnerable to greater losses. Therefore, only through balanced allocation and comprehensive consideration of the allocation ratio of growth type and value type, can portfolio risk be effectively reduced to avoid the risk of sharp decline of single style assets.
The economic cycle is the leading factor leading to the periodic excess return of style assets, and the current mood fluctuation of investors and the changes in expectations of future institutional investors will lead to the amplification of market volatility. For example, in the first half of 2003, value stocks were sought after by market investors, and their performance was far better than that of growth stocks. Investors who invested in value stocks earned rich returns. Value based stocks and growth based stocks have achieved excess returns at certain stages, and better results can be achieved through style asset rotation. Looking back at the market performance from 2002 to the third quarter of 2005, although the overall focus of the market has declined, the phenomenon of value oriented growth rotation has still occurred in key companies, of which there were two times of large level rotation, respectively in the second half of 2003 and the first half of 2005, and the rest were small level market style rotation.
By grasping the Chinese stock market, GF Jufeng Fund strives to observe every style change and seize every opportunity. As a stock fund, GF Jufeng Fund is more suitable for investors who prefer high returns and have certain risk tolerance. It can also be used as a medium - and long-term investment variety of investment portfolio.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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