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组合基金(FOF)还有明天么?

来源: 南方日报网络版     时间: 2019年05月23日 02:53:59
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(原)(标)(题)(:组)(合)(基)(金)((FOF)还)(有)(明)(天)(么)(?
在)(金)(融)(市)(场)(上)(出)(现)(的)(林)(林)(总)(总)(的)(投)(资)(产)(品)(中)(,有)(一)(种)(金)(融)(产)(品)(叫)(做)(组)(合)(基)(金)(。组)(合)(基)(金)(的)(英)(语)(名)(字)(是)(FOF,即)(FundofFunds的)(简)(称)(。今)(天)(这)(篇)(文)(章)(,就)(来)(详)(细)(说)(说)(投)(资)(组)(合)(基)(金)(需)(要)(知)(道)(的)(一)(些)(基)(本)(金)(融)(常)(识)(。
首)(先)(介)(绍)(一)(下)(组)(合)(基)(金)(的)(概)(念)(和)(原)(理)(。目)(前)(全)(世)(界)(大)(约)(有)(1万)(多)(个)(对)(冲)(基)(金)(,这)(些)(基)(金)(采)(取)(的)(投)(资)(策)(略)(各)(种)(各)(样)(,有)(股)(票)(对)(冲)(,债)(券)(套)(利)(,宏)(观)(策)(略)(,外)(汇)(交)(易)(等)(等)(。对)(于)(很)(多)(投)(资)(者)(来)(说)(,要)(想)(做)(出)(理)(性)(的)(投)(资)(决)(策)(并)(不)(是)(一)(件)(容)(易)(事)(,需)(要)(具)(备)(一)(定)(的)(金)(融)(专)(业)(知)(识)(和)(信)(息)(来)(帮)(助)(他)(们)(挑)(选)(比)(较)(合)(适)(的)(对)(冲)(基)(金)(。由)(于)(对)(冲)(基)(金)(不)(受)(政)(府)(金)(融)(部)(门)(监)(管)(,因)(此)(没)(有)(向)(大)(众)(披)(露)(他)(们)(真)(实)(历)(史)(业)(绩)(的)(义)(务)(,这)(也)(给)(挑)(选)(对)(冲)(基)(金)(的)(投)(资)(者)(增)(加)(了)(投)(资)(难)(度)(。
在)(这)(样)(的)(情)(况)(下)(,组)(合)(基)(金)(应)(运)(而)(生)(。组)(合)(基)(金)(提)(供)(的)(价)(值)(是)(帮)(助)(投)(资)(者)(进)(行)(比)(较)(专)(业)(的)(甄)(选)(对)(冲)(基)(金)(的)(金)(融)(服)(务)(。一)(般)(来)(说)(,组)(合)(基)(金)(经)(理)(需)(要)(收)(集)(很)(多)(对)(冲)(基)(金)(和)(基)(金)(经)(理)(的)(信)(息)(,通)(过)(分)(析)(和)(对)(比)(这)(些)(信)(息)(,选)(择)(质)(量)(比)(较)(高)(,收)(费)(比)(较)(合)(理)(,能)(够)(给)(投)(资)(者)(带)(来)(更)(高)(回)(报)(的)(对)(冲)(基)(金)(。
对)(于)(投)(资)(者)(来)(说)(,组)(合)(基)(金)(给)(他)(们)(带)(来)(的)(好)(处)(是)(,可)(以)(省)(去)(他)(们)(自)(己)(去)(挑)(选)(对)(冲)(基)(金)(的)(麻)(烦)(。投)(资)(者)(只)(要)(投)(资)(一)(个)(组)(合)(基)(金)(,就)(好)(比)(一)(下)(子)(投)(资)(了)(好)(多)(对)(冲)(基)(金)(。投)(资)(者)(投)(资)(组)(合)(基)(金)(的)(另)(一)(个)(好)(处)(在)(于)(,很)(多)(对)(冲)(基)(金)(对)(于)(投)(资)(者)(最)(低)(的)(投)(资)(门)(槛)(要)(求)(比)(较)(高)(,如)(果)(投)(资)(者)(的)(资)(金)(数)(量)(有)(限)(,那)(么)(他)(们)(可)(能)(最)(多)(只)(能)(投)(资)(1-2个)(对)(冲)(基)(金)(。组)(合)(基)(金)(将)(很)(多)(投)(资)(者)(的)(资)(金)(集)(合)(起)(来)(,因)(此)(可)(以)(利)(用)(其)(规)(模)(优)(势)(投)(资)(多)(个)(对)(冲)(基)(金)(。因)(此)(组)(合)(基)(金)(的)(投)(资)(者)(就)(可)(以)(在)(投)(资)(数)(量)(比)(较)(小)(的)(情)(况)(下)(,一)(下)(子)(投)(资)(好)(多)(个)(对)(冲)(基)(金)(,享)(受)(这)(样)(的)(规)(模)(经)(济)(的)(好)(处)(。
当)(然)(,天)(下)(没)(有)(免)(费)(的)(午)(餐)(。投)(资)(者)(想)(享)(受)(上)(面)(提)(到)(的)(好)(处)(,那)(么)(他)(们)(也)(需)(要)(付)(出)(成)(本)(。组)(合)(基)(金)(对)(于)(投)(资)(者)(来)(说)(的)(最)(大)(的)(不)(利)(是)(“费)(上)(加)(费)(”。因)(为)(对)(冲)(基)(金)(本)(身)(就)(是)(收)(费)(比)(较)(贵)(的)(金)(融)(产)(品)((一)(般)(来)(说)(对)(冲)(基)(金)(的)(收)(费)(在)(2%管)(理)(费)(/20%利)(润)(分)(成)(左)(右)(,有)(些)(更)(高)(有)(些)(更)(低)(),而)(组)(合)(基)(金)(在)(这)(个)(收)(费)(基)(础)(之)(上)(,还)(要)(加)(上)(组)(合)(基)(金)(经)(理)(收)(取)(的)(管)(理)(费)(和)(利)(润)(分)(成)(,有)(些)(组)(合)(基)(金)(还)(要)(加)(收)(一)(个)(申)(购)(费)(和)(赎)(回)(费)(,因)(此)(到)(最)(后)(扣)(除)(了)(这)(些)(费)(用)(之)(后)(,投)(资)(者)(能)(够)(得)(到)(的)(投)(资)(回)(报)(并)(不)(一)(定)(理)(想)(。
举)(个)(例)(子)(来)(说)(,在)(2008年)(一)(月)(份)(时)(,巴)(菲)(特)(和)(一)(家)(叫)(Protege的)(组)(合)(基)(金)((FundofFunds)打)(了)(一)(个)(赌)(。这)(个)(赌)(很)(简)(单)(,巴)(菲)(特)(说)(,从)(08年)(1月)(份)(开)(始)(的)(十)(年)((到)(2017年)(12月)(31日)(截)(止)(),标)(准)(普)(尔)(500指)(数)(回)(报)(将)(会)(超)(过)(对)(冲)(基)(金)(给)(予)(投)(资)(者)(的)(回)(报)(。Protege是)(美)(国)(一)(家)(比)(较)(有)(名)(的)(组)(合)(基)(金)(,他)(们)(的)(工)(作)(就)(是)(选)(择)(对)(冲)(基)(金)(。在)(他)(们)(的)(公)(司)(网)(站)(,他)(们)(对)(自)(己)(的)(介)(绍)(是)(“专)(业)(选)(择)(小)(型)(的)(多)(种)(投)(资)(策)(略)(的)(对)(冲)(基)(金)(”。这)(个)(赌)(的)(赌)(注)(是)(一)(百)(万)(美)(元)(。
数)(据)(来)(源)(:Thebigbet:BuffettvsProtege
在)(开)(始)(打)(赌)(的)(第)(一)(年)(,巴)(菲)(特)(一)(方)(输)(的)(比)(较)(多)(。因)(为)(正)(好)(经)(历)(了)(金)(融)(危)(机)(,标)(准)(普)(尔)(500指)(数)((上)(图)(蓝)(色)(柱)(子)()跌)(去)(了)(接)(近)(40%,而)(Protege投)(资)(者)(的)(回)(报)((上)(图)(红)(色)(柱)(子)()为)(-20%左)(右)(。虽)(然)(也)(还)(是)(亏)(钱)(,但)(要)(比)(买)(股)(票)(亏)(得)(少)(很)(多)(。这)(恰)(恰)(也)(是)(Protege在)(宣)(传)(其)(服)(务)(是)(主)(打)(的)(招)(牌)(:对)(冲)(基)(金)(由)(于)(可)(以)(买)(,也)(可)(以)(卖)(,因)(此)(在)(市)(场)(下)(跌)(时)(可)(以)(给)(予)(投)(资)(人)(更)(好)(的)(保)(护)(。
但)(是)(在)(2008年)(之)(后)(的)(每)(一)(年)(,标)(准)(普)(尔)(500指)(数)(都)(胜)(过)(了)(Protege组)(合)(基)(金)(投)(资)(人)(的)(回)(报)(。到)(2015年)(年)(底)(为)(止)(,标)(准)(普)(尔)(500指)(数)(的)(回)(报)(已)(经)(领)(先)(对)(冲)(基)(金)(投)(资)(人)(多)(达)(44%。当)(然)(这)(个)(赌)(还)(没)(有)(结)(束)(,因)(此)(我)(不)(想)(在)(这)(里)(妄)(加)(任)(何)(不)(成)(熟)(的)(结)(论)(。但)(希)(望)(投)(资)(者)(可)(以)(理)(解)(巴)(菲)(特)(打)(这)(个)(赌)(的)(初)(衷)(,即)(他)(想)(要)(提)(醒)(我)(们)(大)(家)(,组)(合)(基)(金)(和)(对)(冲)(基)(金)(经)(理)(们)(的)(高)(收)(费)(最)(终)(会)(毁)(了)(投)(资)(人)(。
那)(么)(这)(些)(“费)(上)(加)(费)(”对)(于)(我)(们)(投)(资)(者)(到)(底)(造)(成)(了)(多)(大)(的)(伤)(害)(呢)(?美)(国)(学)(者)(SimonLack曾)(经)(对)(于)(对)(冲)(基)(金)(行)(业)(做)(过)(这)(样)(一)(份)(研)(究)(。根)(据)(其)(对)(1998年)(至)(2010年)(的)(对)(冲)(基)(金)(行)(业)(的)(分)(析)(,对)(冲)(基)(金)(经)(理)(惊)(人)(的)(获)(取)(了)(那)(些)(年)(全)(球)(金)(融)(投)(资)(回)(报)(总)(额)(的)(84%,而)(组)(合)(基)(金)((FundofFunds)经)(理)(们)(获)(取)(了)(另)(外)(的)(14%。也)(就)(是)(说)(真)(正)(的)(投)(资)(者)(只)(分)(到)(了)(这)(张)(大)(饼)(中)(的)(2%。
这)(样)(的)(研)(究)(发)(现)(让)(人)(瞠)(目)(结)(舌)(,同)(时)(也)(让)(整)(个)(行)(业)(蒙)(羞)(。因)(为)(这)(个)(研)(究)(结)(果)(揭)(示)(的)(是)(,在)(对)(冲)(基)(金)(这)(个)(行)(业)(游)(戏)(中)(,真)(正)(受)(益)(的)(只)(是)(对)(冲)(基)(金)(经)(理)((84%)和)(组)(合)(基)(金)(经)(理)((14%),而)(我)(们)(广)(大)(的)(投)(资)(者)(,则)(成)(了)(真)(正)(“人)(傻)(,钱)(多)(”的)(代)(表)(,陪)(那)(些)(基)(金)(经)(理)(玩)(了)(一)(趟)(票)(却)(没)(有)(获)(得)(任)(何)(好)(处)(。
这)(也)(是)(为)(什)(么)(组)(合)(基)(金)(在)(欧)(美)(金)(融)(市)(场)(越)(来)(越)(不)(受)(投)(资)(者)(欢)(迎)(的)(主)(要)(原)(因)(。
比)(如)(根)(据)(对)(冲)(基)(金)(研)(究)(机)(构)(HFR的)(数)(据)(统)(计)(,自)(从)(2008年)(以)(来)(,全)(世)(界)(组)(合)(基)(金)(的)(数)(量)((上)(图)(中)(蓝)(色)(柱)(子)()就)(逐)(年)(减)(少)(,真)(是)(“王)(小)(二)(过)(年)(,一)(年)(不)(如)(一)(年)(”。自)(从)(2009年)(以)(来)(,即)(使)(对)(冲)(基)(金)(的)(数)(量)(每)(年)(上)(升)(,但)(是)(挑)(选)(对)(冲)(基)(金)(的)(组)(合)(基)(金)(的)(数)(量)(还)(是)(每)(年)(下)(降)(,两)(者)(的)(发)(展)(态)(势)(呈)(现)(出)(一)(个)(剪)(刀)(差)(,足)(以)(可)(见)(组)(合)(基)(金)(不)(受)(投)(资)(者)(欢)(迎)(的)(程)(度)(。
不)(光)(组)(合)(基)(金)(的)(数)(量)(没)(有)(增)(加)(,他)(们)(管)(理)(的)(资)(金)(规)(模)(也)(在)(逐)(年)(下)(降)(。比)(如)(上)(图)(显)(示)(的)(是)(HFR统)(计)(的)(全)(球)(组)(合)(基)(金)(管)(理)(的)(资)(金)(净)(流)(入)(/流)(出)(量)(。我)(们)(可)(以)(看)(到)(自)(从)(2008年)(以)(来)(,组)(合)(基)(金)(每)(年)(都)(面)(临)(资)(金)(流)(出)(量)(,即)(越)(来)(越)(多)(的)(投)(资)(者)(意)(识)(到)(组)(合)(基)(金)(并)(没)(有)(给)(自)(己)(带)(来)(令)(人)(满)(意)(的)(投)(资)(价)(值)(,而)(选)(择)(从)(这)(些)(组)(合)(基)(金)(中)(赎)(回)(自)(己)(的)(投)(资)(。
但)(是)(这)(样)(一)(个)(在)(资)(本)(主)(义)(发)(达)(国)(家)(日)(薄)(西)(山)(的)(投)(资)(产)(品)(,在)(中)(国)(却)(迎)(来)(了)(它)(的)(春)(天)(。最)(近)(两)(年)(,无)(论)(是)(从)(资)(产)(规)(模)(还)(是)(发)(行)(数)(量)(来)(看)(,中)(国)(的)(组)(合)(基)(金)((FOF)都)(有)(巨)(大)(的)(增)(幅)(。2014年)(末)(中)(国)(的)(FOF净)(资)(产)(涨)(幅)(达)(到)(224%,2015年)(涨)(幅)(也)(接)(近)(40%。这)(样)(的)(增)(幅)(和)(海)(外)(的)(组)(合)(基)(金)(市)(场)(相)(比)(,真)(是)(冰)(火)(两)(重)(天)(。
是)(中)(国)(的)(投)(资)(者)(比)(英)(国)(人)(和)(美)(国)(人)(更)(聪)(明)(么)(?或)(者)(还)(是)(有)(什)(么)(其)(他)(的)(原)(因)(?这)(个)(问)(题)(就)(留)(给)(我)(们)(聪)(明)(的)(读)(者)(们)(去)(自)(行)(解)(读)(吧)(。我)(在)(这)(里)(想)(提)(醒)(大)(家)(的)(是)(,在)(做)(出)(任)(何)(投)(资)(之)(前)(,都)(应)(该)(花)(点)(时)(间)(做)(一)(些)(尽)(职)(调)(查)(,真)(正)(了)(解)(自)(己)(投)(资)(的)(金)(融)(产)(品)(的)(来)(龙)(去)(脉)(和)(逻)(辑)(原)(理)(,这)(才)(是)(对)(于)(自)(己)(辛)(辛)(苦)(苦)(的)(积)(蓄)(做)(出)(慎)(重)(投)(资)(的)(负)(责)(任)(的)(态)(度)(。
希)(望)(对)(大)(家)(有)(所)(帮)(助)(。
伍)(治)(坚)(新)(书)(《小)(乌)(龟)(投)(资)(智)(慧)(:如)(何)(在)(投)(资)(中)(以)(弱)(胜)(强)(》终)(于)(上)(架)(啦)(。在)(京)(东)(,淘)(宝)(,亚)(马)(逊)(中)(国)(或)(者)(当)(当)(搜)(索)(书)(名)(或)(者)(作)(者)(名)(,都)(可)(以)(购)(买)(到)(该)(书)(。或)(者)(也)(可)(以)(点)(击)(这)(里)(购)(买)(本)(书)(:
2017年)(3月)(6日)(-9日)(,伍)(治)(坚)(将)(在)(上)(海)(财)(经)(大)(学)(/交)(通)(大)(学)(,杭)(州)(浙)(江)(大)(学)(做)(演)(讲)(,题)(目)(为)(《投)(资)(者)(最)(容)(易)(犯)(的)(三)(个)(错)(误)(》。如)(果)(有)(兴)(趣)(参)(加)(或)(者)(想)(和)(伍)(治)(坚)(见)(面)(聊)(的)(朋)(友)(,请)(在)(微)(信)(公)(众)(号)((伍)(治)(坚)(证)(据)(主)(义)()留)(言)(,我)(们)(的)(工)(作)(人)(员)(会)(联)(系)(您)(做)(适)(当)(安)(排)(。
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