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电子游戏新网址:US$880 billion pension fund firm choice The secret of this fund’s success is

时间:2018/3/26 17:45:53  作者:  来源:  浏览:0  评论:0
内容摘要: Pension investment is a global topic. If you want to ask what is the most popular pension investment in the world, the target date fund wil...

Pension investment is a global topic. If you want to ask what is the most popular pension investment in the world, the target date fund will win without a doubt. Morningstar The report shows that as of the end of 2016, the cumulative target fund size has reached US$880 billion. The newly released “Guidelines for Pension Investment Funds (Trial)” also explicitly set the target date strategy as the main alternative strategy. Why is this strategy widely viewed and recognized by the pension investment sector? What is the secret of winning it? Today we will talk about this topic.

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The Target Date Fund is an old-age investment product designed for retired investors on a specific date. In order to reach the pension goal, the pension goal date fund follows a dynamic asset allocation strategy to invest. The so-called "dynamic" refers to the process of the fund's constant adjustment of its asset allocation ratio in order to achieve its retirement goals over a period of several decades.

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The most significant dynamic adjustment feature of the Target Date Fund is that the proportion of equity assets will gradually decline as the retirement date approaches. According to the "Guidelines for Pension Investment Funds (Trial)", funds with target date strategies should gradually reduce equity assets as the target date approaches. (Stocks, equity funds and hybrid funds For example), the allocation ratio of non-equity assets (bonds, , bond funds , , money funds , etc.) is increased. The gradual decline in the allocation ratio of equity assets in this process is also called the glide path.

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Why gradually reduce the proportion of equity assets? There are many explanations on this theoretical level. A simpler understanding is that young people have less pension assets accumulated in their accounts, and even if they lose, they can quickly make up for it through continuous input and can withstand higher investment risks. Therefore, a relatively high proportion of equity assets can be allocated. In order to win rapid appreciation of assets, the scale of pension assets is already considerable when it comes to retirement, and small fluctuations in the market may result in greater losses. At the same time, at the same time, investors will be able to continue to invest in limited funds, so it is not easy to make up. The risk tolerance is low, so this stage should aim at the steady increase of assets, and configure less equity assets.

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In addition to the gradual decline in the proportion of equity, the characteristics of the dynamic adjustment of the target date fund are also reflected in the fact that the down track itself is not static and will be adjusted according to different market conditions. It is embodied in two aspects: strategic asset allocation and tactical asset allocation.

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The strategic asset allocation aspect focuses more on the matching of asset allocation and long-term investment goals and policies. For example, if the early stage investment income is low, resulting in slower-than-expected overall wealth accumulation, then we need to delay the timing of the decline in equity asset investment and increase the expected return of the portfolio to make up for the asset gap; if the early stage investment returns are high, wealth accumulation Faster than expected, we can appropriately reduce the proportion of investment in equity assets, and advance to the stage of decline in the proportion of equity, so as to reduce the overall risk of the portfolio and make it safe as soon as possible. In addition to investment income, factors such as initial investment age, continuous investment amount, and changes in long-term risk and return of assets may affect the strategic asset allocation. They need to be considered in the actual operation of the fund, dynamically adjust the downward track, and improve the realization of old-age goals. Probability.

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Tactical asset allocation focuses more on the short-term fluctuations in the market. When we have relatively clear expectations about the short-term market trend of certain assets, we can temporarily deviate from the established downward trajectory, reduce the proportion of such assets in a bear market, control fluctuations and downside risks, and increase the proportion of such assets in the bull market. Improve portfolio returns.

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Therefore, each different market environment corresponds to a specific down track. Although we cannot predict how the declining orbit will concretely go in the future, we can simulate thousands of different market conditions and calculate the best declining orbit.

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In summary, the dynamic asset allocation strategy is the core strategy of the pension target date fund. Through the introduction of dynamic asset allocation, the target date fund can continuously optimize its own investment structure, and under the premise of controlling downside risks, it will increase the long-term investment income and better serve the pension goals. This is incomparable to other kinds of public funds and it is also an endowment. Target date The fund's winning secret. Huaxia Fund Senior pension management qualifications, rich management experience, and is currently actively preparing pension fund, hoping to provide professional and rich pension target date fund products and services for investors in the future.


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