Recently, netizens' interest in funds has increased. In the past three months, #诺安 #、 #基金 #等多次登上微博热搜，新浪财经特邀智君科技研发总监吴雨农解读。 Wu Yunong believes that when Nuoan's growth meets good market conditions, it can bring rich excess income to the people. When the market falls, the fund retracement rate far exceeds the average level of the same kind in the market. To put it bluntly, “good offense is not good at defending.” For funds with high product fluctuations and strong net worth resilience, you can try more “grid trading” or “fixed investment” methods.
Sina Finance: Every time there is a big rise and fall in the market, Nuoan's growth hits the headlines. What do you think?
A: Every fund has its own unique characteristics. The characteristic of Nuoan's growth is that it is heavily invested in the electronics industry and is a single-subject fund. By the end of the second quarter of 2020, Nuoan's growth allocation in the electronics industry reached 84%. It mainly made money through allocation effects, and the industry had a single source of revenue. Its shareholding concentration is high. When the market shocks or rises, or when the industry encounters good market conditions, it can bring rich excess income to citizens. This is an advantage of this fund. However, the fund's shortcomings are also very obvious. Every time the market has declined since its establishment, the fund's retracement rate has far exceeded the average level of similar markets. In particular, in the past six months, the fund's biggest retracement was more than four times that of the Shanghai and Shenzhen 300.
The original purpose of Citizen's participation in fund investment was to hope that a professional team would help to better manage capital, avoid the risk of market decline as much as possible, and obtain more profits. There is indeed uncertainty about fund operations. Occasionally, pullbacks exceeding the market average are also normal, but every time the market pullback is a sharp retracement. This is a problem with the fund's risk control ability. To put it bluntly, it is “not good at attacking or defending”. When the market is good, people are full of anticipation to increase their positions drastically. Once the market falls, people lose a lot. It's no wonder that “the greater the disappointment, the greater the hope, the greater the disappointment”, is trending.
Sina Finance: Investors' attitudes towards Nuoan's growth are seriously polarized. What are the reasons?
A: As mentioned above, the advantages and disadvantages of the Nuoan Growth Fund are all very clear. “Attacking or defending well” has greatly fluctuated in net worth. Offensive ability is very strong during a bull market. Therefore, some clients with a high risk appetite are very fond of it. In a bull market or a volatile market, they are naturally very happy; however, some customers with lower risk appetite participate in the fund, and once they do not profit at a high point in the market, due to the fund's poor risk control ability, the fund's net value retracted far higher than that of similar funds. This is unbearable for such citizens, which naturally gives low reviews.
If we talk about specific analytical data, in the last 3 years, I bought the Nuoan Growth Blend on any date and held it for 3 months. The probability that the yield was greater than 10% was 39%, but at the same time, the probability of losing more than 10% was also 23%, and the overall profit and probability of loss were basically the same. Therefore, participation in the fund requires investors to have a strong ability to choose when to invest. According to the newly announced shareholder structure, Nuoan's personal ownership ratio is 93%, and judging from the scale of explosive growth (the scale has increased nearly 6 times in the past year), a large part of them are ordinary investors who have followed suit. On the one hand, their risk appetite doesn't match the fund itself; on the other hand, they don't understand the fund manager's investment logic. They pay too much attention to short-term performance and can easily buy high and sell low, causing losses.
Sina Finance: How do you view fund products and fund managers with clear holding styles and high product fluctuations?
A: Clear positions and large product fluctuations are themselves characteristics of fund products and fund managers. As long as fund products are flexible and the market recovers, the net worth of the fund can recover to the previous high is the fund that can participate in it. It's just that the operation method of this type of fund is different from others. For funds with stable net worth growth and low fluctuations, the best operation strategy is to “buy and hold”. For funds with high product fluctuations and strong net worth resilience, you can try more “grid trading” or “fixed investment” methods, which often have good returns.
Sina Finance: Any suggestions for investors?
Answer: Every fund has its own characteristics. Before investing in a fund, you must clearly analyze the advantages and disadvantages of the fund, such as risk-return characteristics, position preferences, ability to select stocks at the right time, etc., and design trading strategies and plans based on the characteristics of the fund, so that the effect of “doing more with less” can be achieved.