Source: Snowball APP, Author: Big Maha Investment, (
In the past two years, the continuous grinding of A shares is discouraged. However, it has a clear comparison with the weak A shares in the overseas rights market., Japan, Britain, Germany, France, such as developed economies such as France, their performance must be obviously A shares.The following table lists the annual and interval rising or falling declines of major markets in the world from 2021. It can be seen that whether it is annual or the entire interval, it is basically the bottom.
Data to: July 26, 2024
Thanks to the good performance of the global market, many investors use public fundraising funds to deploy overseas equity assets. However, due to the limited QDII quota, various purchase restrictions and premiums have become the norm.So what are the precautions for investing in overseas funds (except Hong Kong and China Stocks), we will talk about this article.1. Overseas as a satellite configuration
Although the overseas market has been in full swing in recent years, it seems that I can lie down casually, but I still recommend that you use overseas rights as a satellite for a combination instead of the core.There are two reasons:
(1) For the A -share market we are familiar with, it is difficult for us to predict clearly; then for our less familiar overseas markets, it is difficult to predict its future performance.Because to understand the economic development status of a country or region, the system rules of the capital market and the fundamentals of listed companies, this is not easy. Many times if we do not have professional software, we cannot even get professional data.To give a simple example, many investors are investing recently, so how many investors know the true performance of the ETF tracking index?The index has been adjusted since May 2022. It has fallen 1.96%since the beginning of this year, and only increased by 5.72%in 2019-2020.
(2) Historical performance does not indicate the future. We often see such wind tips in the A -share market, which is also established in the overseas market.A shares do not have a line, and overseas markets will not have long -term painting lines.Regarding the investment risk of the equity market, we cannot take it lightly whether it is domestic or overseas. After all, there are no markets that are just rising.Once the overseas market has been adjusted sharply, we will be easier to be anxious due to the low degree of familiarity.2. Careful investing in overseas active funds
If you want to lay out overseas markets, I will give you priority to recommend the passive index fund products with transparent styles. I am relatively cautious for most of the active QDII funds that are involved in overseas markets.The main reasons are the following points:
(1) Most QDII active funds have the phenomenon of "Home Bias".
Simply put, although many QDII active funds can be invested in the world, they are often easy to allocate Indian assets, such as Hong Kong stocks and Chinese stocks. Although these stocks are listed overseas, their performance has strong synchronization with A shares.Therefore, these QDII products cannot achieve the effect of decentralized risks, nor can they realize the real "going to the sea", and then share the excellent investment returns in various markets.
For example, like Zhang Kun managed, although the product’s benchmark is MSCI Asia except the Japan index, the product’s investment in the product a few years ago was all in the same color Indian assets.In addition, the product agreed that it can invest in not more than 20%, and this part of the fund manager did not use it.
There are many similar examples. Like a QDII fund that is positioned in the world, 40%of the benchmarks are (the index has stable performance in recent years).Farly with the performance benchmark.
As for the reasons why these active QDII funds prefer to India’s stock, in addition to being familiar with India’s "Home Bias" (local preference), one thing is that many QDII products were designed at the beginning of the establishment of those Indias that could not be bought in A shares.High -quality companies, many of these products have a considerable proportion of Hong Kong stocks and A shares in the performance benchmark.
(2) It is not easy to hold those bull stocks
Many people will say that it is not easy to invest in overseas. Can you hold it for a long time? Isn’t it enough to lie down?I think this is a summary of the post -after -to -afters, not an anterior judgment, and the reference value of investment is very limited.For example, it is easy for everyone to understand. This is like someone telling you that it is not easy to invest in A sharesMumbai Wealth Management. Is it good to hold such a company for a long time?I believe everyone will feel the ridiculous sentence.
In fact, the same is true in U.S. stocks and overseas. The only bull stocks mentioned above are only held in this index for a long time, while the active fund managers are mostly unable to take it for various reasons.Many well -known bull stocks, either the active fund did not buy it, or did not buy enough ratio, or it was short of holding time.
(3) Insufficient support for overseas investment research
The recent active fund managers about A shares have long -term Alpha, which has long -term discussions, so this is especially true for overseas markets.
For a long time, the scarcity of QDII quota and the recognition of investors in overseas products, the size of overseas QDII active equity products is not large, which will limit the support of fund companies for overseas investment and research, let alone overseas markets have left us more than us.Far, it is not easy to study itself. In addition, the lack of investment and research support. If the fund manager wants to obtain Alpha in the overseas market, it is even more difficult to pursue excess returns.
(4) Style drift
For active funds, style drift is ubiquitous. It is difficult for us to understand that the active fund we buy does not conform to our target investment direction, which will also exist in overseas funds.For example, a global new energy vehicle fund, its latest top ten major ingredients is the following table:
Although such a position is performing well this year, how much correlation with the new capable car is related to the new energy car. How much do these companies have the proportion of business coming from the new energy car?If investors buy such a global new energy car theme product, it is definitely going to miss the future new energy car market.
It is precisely because of the above reasons that the performance of some overseas QDII active funds is not satisfactory. Whether it is an investment big man like Zhang Kun or many full -time overseas active fund managers, the performance is far less than the overseas mainstream indexes overseas indexEssence3. Index Fund is preferred outside the market
Since the active funds invested in overseas markets have the above deficiencies, index funds have become the best choice for overseas markets.Because the original intention of our overseas market is to go to their Beta, because if the overall performance of the overseas market is similar to that of A shares, we may not be able to devote themselves to overseas.In addition, the relative index of many active funds has not exceeded excess, and the style is not clear. In this case, it is better to choose the index fund to be reliable.Guoabong Investment
Index funds are divided into off -site indexes and ETFs on the field.Because: (1) Many intra -field ETFs have premiums, investors are easy to pay too high, and there is no premium problem outside the court; (2) Many cross -border ETF transactions are disconnected from its transaction time corresponding to the local market.It is very limited in daily fluctuations, and it is not easy for us to predict the short -term performance of overseas, so we do not need to cross -border ETF transaction convenience to us.
So what are the off -site index fund products that invested in overseas (except Hong Kong stocks and China assets), and what are their respective purchases?In the table below, I will specify all current overseas index funds products and their daily purchase amount (the product that tracks the same index is sorted from high to low according to the upper limit of the purchase amount). Interested friends can refer to reference(I will update from time to time in the future):
Overseas QDII Overseas Index Fund List (1)
Data to: July 26, 2024; Daily purchase upper limit unit: yuan
Overseas QDII Overseas Index Fund List (2)
Data to: July 26, 2024; Daily purchase upper limit unit: yuan
In response to the problem of restrictions on off -site index funds, I have two solutions for your reference:
(1) If you are optimistic about a certain index, you can consider all the fund products that track the index, and then use all the purchase quotas in the form of large pie.For example, the quota of Boshi, Huatai Berry and China Merchants are more abundant. Most investors can quickly buy enough quantities.To nearly 100,000.
(2) If the fund product corresponding to a certain index does not have enough subscription quota, you can collect the near -line indexes, because investing overseas mainly depends on the major beta and does not need to be so detailed.For example, if we are optimistic about the US stock pharmaceutical sector, we can summarize the amount of fund products corresponding to Nasdaq biotechnology, S & P biotechnology industry, and 1200 medical care industry.Block; U.S. stock oil and gas is also the same.4. ETF in the field selects a low premium
If you fail to find a suitable off -site index fund product if you fail to find a suitable out -of -field index fund product due to various problems such as the quota, no suitable index and liquidity requirements, then we may wish to take a look at the field.For the on -site fund, we are most concerned about the premium. As investors, the better the product with a lower premium.
The following table is a list of all overseas ETF products and its recent discount premium (I will be updated from time to time in the future).
Through the above table, we can find that there are a lot of differences in the folding premium of each ETF that tracks the same index.For example, the 12 ETFs tracked, the highest premium is (513300), with an average premium of 5.8%in the past 10 trading days; and the average premium of (159659) and (513870) is only 2%, which is significantly lower than the former.Other ETF products also have similar characteristics, so when you buy overseas ETFs, you can still make some choices to buy as low as possible to reduce uncertainty.
In addition, it is worth mentioning that there is a discount ETF in the above ETF, which (513310).Regarding the investment value of this product, I have previously made some homework on China and South Korea’s semiconductors and did not expect that the semiconductor index performed so well in the two articles. Interested friends can refer to it.
For ETFs with high premiums, everyone should still be cautious and be cautious. If we just hold the product beforehand, once the premium is greatly expanded, we can take the opportunity to achieve the income.The more typical statue (159687), the previous premium was maximum to 20%, but now the premium has basically disappeared, and investors buying high premiums have suffered heavy losses.5. Some active funds worthy of attention
In the previous article, I mentioned all the disadvantages of overseas active funds, but in the process of sorting out:
(1) Individual products to achieve the role of class index investment through active forms.Although the product form of the Great Wall Great Wall Great Wall Global Semiconductor Chip Industry (501225) is an active product, it is managed by the two index funds managers of Wang Yang and Jinzheng.The products are very scarce in the A -share market. At present, the purchase is strict (1,000 yuan).Jaipur Stock
(2) Some products have made up for a specific market.For example, (008763) has invested in Vietnam, the only fund product in the market that is open into the Vietnamese market; ICBC India Market (164824) and Manulue India (006105) are the only two two open -ended funds in the market.; Morgan European Power Strategy (006282) is also a relatively scarce fund product in the market.Since the opening of the specific market is scarce, everyone should not be too tangled.
(3) There are also some products that have maintained the stability and consistency of the investment style for a long time, and have obtained a certain excess returns relative to the benchmark. This is also worthy of everyone’s attention.
The following tables are the lists of product lists I mentioned in me. You can refer to it (of course, for the third point, choice will inevitably have certain subjectivity. If you have any questions, please correct it).
———————————————————Bangalore Wealth Management
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Disclaimer: The above content is for reference only and does not constitute investment advice.The fund has risks, and investment needs to be cautious.
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