Chapter 797: Helpless Passive Portfolio Adjustment!
"The main rise in the first stage of the bull market." Hearing Liu Changling's words, Shao Xiaoyun was slightly stunned. After a moment, he responded, "Haha, yes, I feel that the market has indeed entered the main rise in the first stage of the bull market. The strong bullish power has completely blocked the market’s room for decline.”
"It can be foreseen... that the market will continue to be shorted in the future." Liu Changling said.
Shao Xiaoyun nodded, thought for a while, and continued: "Do you think that the fund product we manage at this time... still has room to further adjust positions, or that it can continue to pursue several core main lines that have performed well in the market. Are they popular stocks or leading stocks?”
"That depends on your expectations, Mr. Shao." Liu Changling said, "The market is mainly rising, and the entire market has rapidly transformed from the previous partial rising trend to a comprehensive rising trend. Even if we maintain static positions, You should be able to reap the dividends of this part of the market's main uptrend stage and have a high probability of outperforming the market index. However, if you want to obtain more market excess profits.
We want the fund products we manage to achieve better net value performance, or to be on the annual performance list of related products in the industry.
Then I feel that simply holding static positions and maintaining the previous trading strategy is still far from enough.
After all, the bull market pattern in the market is basically clear.
And in the entire market, all major financial groups are accelerating their positions and going long.
At this stage, basically far-sighted or enterprising asset management institutions related to fund products in the industry, as well as many asset management fund managers, should choose more aggressive trading strategies.
In other words, at this time, the positions of many fund products should have reached a relatively high position.
In other words, everyone has the same basic starting point in terms of position management and position control.
In this case, if you want to surpass the performance of these similar fund products, you need to do more things. "
After hearing what Liu Changling said, Shao Xiaoyun responded: "There is no doubt that I naturally want to enable the fund product we manage to obtain more market excess profits, and at the same time, take advantage of the end of the year to expand the fund. To increase our net worth, we must at least reach the performance target we set at the beginning of the year, right?”
"Then we have to continue to choose a more aggressive trading strategy." Liu Changling said.
Shao Xiaoyun nodded and continued: "What do you think is the appropriate trading strategy if we want to obtain more market excess profits at this moment?"
Liu Changling thought for a while and said: "The current market trend pattern of the entire market is still the market pattern of 'the strong always get strong and the weak always get weak'. In the entire market, the main active capital groups mainly gather and follow the trend. It is also the main areas such as 'big finance, big infrastructure, military industry, film and television media, and sub-new stocks' that have the strongest money-making effect, as well as their related popular stocks and concept leading stock fields.
If we want to obtain excess profits in the market, the trading strategy should be implemented.
It has to fall into these areas. "
Shao Xiaoyun heard Liu Changling's words, thought for a moment, and responded: "You mean... we will continue to select our positions and concentrate our positions to attack the popular main lines of 'big finance, big infrastructure, military industry, film and television media, and sub-new stocks' Among the fields, the trend is still strong and the popular leading stocks are still making breakthroughs?”
"Yes!" Liu Changling nodded and continued, "'The best among the best will be the best, and the strong among the strong will be the strong'. If you want to obtain excess profits in the market, you must embrace the popular market leader with the strongest money-making effect, otherwise it will be very difficult. It is difficult to significantly exceed the market’s growth in the short to medium term and increase the fund’s net value quickly.”
"But the current positions of these popular stocks are not low." Shao Xiaoyun was a little worried.
Liu Changling said: "Bull markets focus on momentum, while bear markets focus on quality. Although these popular stocks are currently at a high level, compared with other stocks, they still have the strongest money-making effect in the market. The main financial groups follow suit and are even the most active in raising funds. For stocks, as long as the market sentiment continues to be hot, and the bullish sentiment and the power of long funds continue to ferment, then for the active capital groups in the market, as well as the large-scale incremental capital groups pouring in from the sidelines, For example, the first is the target of increasing positions, and the target of attack.
They will definitely be the leading stocks that have the strongest money-making effect, can best condense bullish sentiment, and can best drive the market.
in other words……
Under the overall bull market pattern of the market, these stocks are still the ones with the best investment performance-price ratio and profit-loss ratio among the two cities.
There is also excess profits, which are inherently accompanied by certain uncertain risks.
I think as long as the profit-loss ratio is good, there is nothing wrong with further concentrating positions and increasing the position weight of these popular weighted stocks and leading concept stocks.
There is also the original position direction of our fund products.
It has been concentrated in the core main areas of ‘big finance, big infrastructure, military industry, film and television media, and sub-new stocks’.
Even if it is not concentrated and you continue to diversify your positions like this, in fact, once the market undergoes an extreme adjustment, or a continuous adjustment trend.
The market adjustment risk you face after concentrating your positions with us.
Basically, there is no difference. "
After listening to Liu Changling's analysis, Shao Xiaoyun thought about it carefully and felt that what Liu Changling said did make some sense. Moreover, the current market trend can be said to be overwhelming, with strong stocks hitting new highs one after another, without any downward adjustment at all. space, at this time, concentrated positions are chasing these popular heavyweight stocks and concept leading stocks that have gathered more active capital groups, as well as major capital groups.
It seems that investment risks are indeed within a controllable range.
Moreover, in order to obtain more market excess profits and further increase the fund's net value to a new height.
It seems that apart from the method mentioned by Liu Changling, there is no other better method in the short to medium term.
So, after thinking carefully for a while, Shao Xiaoyun finally nodded and said: "Since the overall trend risk of the market is controllable, and the incremental capital group, as well as the market's long investment confidence and investment sentiment, are still fermenting and deepening, , is still rising, then according to what you said just now, 'choose the best from the best, choose the strong from the strong', reduce positions and take profits among the stocks held by our fund, which are relatively weak, or cannot outperform the broader market index. In this way, the reduced positions are concentrated on popular heavyweight stocks that can outperform the market, continue to gather main funds, and the stock prices are still rising, reaching new highs. "
"Okay!" Liu Changling nodded.
Immediately, he quickly turned to the traders behind him and issued relevant trading instructions.
Let everyone further concentrate their positions and pool funds into the popular heavyweight stocks and concept leading stocks in the two cities that have the best upward trend, the strongest expectations, and the most active main funds to follow the trend.
After the discussion, the two decisively adjusted their positions and further concentrated their positions on the long strategy.
Almost at the same time...
Many industry institutions that had insufficient positions before, or had not had time to fully increase their positions, are also continuing to increase their positions on a large scale and pouring into 'big finance', 'big infrastructure', 'military industry', 'film and television media', and 'sub-new stocks' Strong popular stocks and related weight stocks in core main line areas.
Among them, such as within the Magic Capital Financial Investment Company.
‘Future Investment Mixed Selection’ fund product trading department, in the internal trading room.
Product fund manager Zhao Zhongming stared at the rapid breakthroughs in the market trends of the two cities, as well as the growing gap with the trend of popular mainline related sectors such as 'big finance', 'big infrastructure', 'military industry', 'film and television media', and 'sub-new stocks' Related sectors in other non-popular main line areas, after carefully weighing the pros and cons, finally had to make a trading decision to further liquidate positions in stocks in other non-popular main line areas, thereby concentrating positions to increase holdings of core hot stocks in popular main line areas, passively The ground adjustment warehouse follows.
"Boss, at this time, we are focusing on chasing and adjusting positions..." Hearing Zhao Zhongming's words, Yi Xiaopeng, the leader of the fund's product trading team, was slightly surprised. After hesitating for a while, he couldn't help but said, "A bit What does it mean to chase the rise and kill the fall? Is this really appropriate? "
Zhao Zhongming heard the doubts in Yi Xiaopeng's heart, sighed helplessly, and said: "I also know that our fund products used to pay attention to position risk control. In terms of specific positions, they were too dispersed, so in 'big finance', 'big infrastructure', Positions in popular main line fields such as 'military industry' do not account for too much of the proportion of positions, and thus they do not enjoy too much market profit when these core main lines explode.
But now, the market's main trend is already fully concentrated on these core main lines.
If we don’t make changes to our trading strategy.
I'm afraid it will continue to underperform the market index.
And now, the end of the year is coming, and the performance ranking of fund products in the industry is just around the corner. However, the current net value performance of our fund products, as well as the performance ranking of related fund products in the industry, are not ideal. They are not at all satisfactory. It did not meet expectations at the beginning of the year or even in the first half of the year.
If this goes on...
Not only will investors be disappointed with us, but there will also be huge problems in business development next year!
What's more, the active capital groups in the market, the main capital groups, have been completely occupied by popular mainline related industry sectors and concept sectors such as 'big finance', 'big infrastructure', 'military industry', 'film and television media', and 'sub-new stocks'. There are also a number of popular stocks and leading stocks in the market that have been siphoned off.
In this case, other non-popular main line sector sectors, as well as corresponding component stocks.
There is simply no attention from the main financial groups.
There is simply no active long-term financial power to take the initiative to attack, open up their upside space and stock price space, and further condense their money-making effect.
In other words, these are constituent stocks in non-popular mainline areas.
The trend gap and trend gap with the popular leading stocks in the popular main line field will only become wider and wider due to the completely different long forces.
If we continue to hold on to these non-popular mainline component stocks, it is just a waste of opportunity and time.
Our A-shares, under the pattern of market investor participation groups, mainly retail investors, are destined to be a mainstream investment method based on trend investment.
If we don't follow the trend, we will only be further and further left behind by the market.
The gap between the net value of the main fund products of other industry institutions that follow the trend is getting wider and wider.
Therefore, for the performance ranking of fund products at the end of the year, and for us to obtain more excess profits from the market, to satisfy the investors who invest in us.
Even if we know that a number of popular stocks in these hot mainline areas in the market are already at a short-term high.
We have to passively adjust our positions to keep up with the trend changes in the market.
You know, if you keep up with the trend and grasp the main line of the market, but end up losing money, investors will only say it is the problem of the market, and if you don’t keep up with the trend and end up losing money, investors will complain that it is the problem of our managers, not to mention... It’s a bull market now!
The principle of ‘the strong will always be strong, and the weak will always be weak’ is still useful in the bull market stage.
Since our previous investment and trading strategies were conservative and could not keep up with the trend changes and the market index, we must change and must change. ”
“But we have no cost advantage in several hot mainline areas in the market. "Yi Xiaopeng also knew the difficulties in Zhao Zhongming's heart, and knew the embarrassment of their holding positions at the moment, and said helplessly, "Without cost advantages, it is difficult to withstand the huge fluctuations in these mainline areas, and if we can't withstand huge fluctuations, it is difficult to really hold the chips in our hands. I am afraid that if we adjust our positions on a large scale at this time, we will buy at the high point of the stock price in the medium and short term.
What's more..."
Yi Xiaopeng exhaled, paused, and continued: "What if the market situation rotates and switches again in the next market situation? Then we will completely step on the wrong market rhythm, so... Not only will we not be able to catch up with the market index, but we will also suffer a certain degree of loss, which will cause a greater blow to the net value of our fund products. "
"Then do you have a better improvement strategy? "Zhao Zhongming thought for a while and asked.
Yi Xiaopeng pondered for a while and said: "I don't think we need to be too anxious, let's wait for a better node to adjust positions and exchange stocks. If this is a big bull market, the market cannot last only one month, and I think the main areas such as "big consumption", "non-ferrous cycle", "petrochemicals", and the two core main lines of "mobile Internet" and "smartphone industry chain" that have been fully adjusted, are not without opportunities to completely get out of the shock platform and rise comprehensively. "
"Continue to hold static positions and continue to wait?" Zhao Zhongming frowned obviously when he heard Yi Xiaopeng's words, and said, "Time waits for no one. The current market form is already a bull market form with a strong certainty. Next... there will be more and more incremental capital groups pouring into the market.
There will also be more and more main capital groups, as well as institutional capital groups that were previously under-positioned.
Large-scale position adjustment to the main lines of "big finance" and "big infrastructure".
If we don't make a choice at this time and continue to wait, we will obviously miss more opportunities.
By then, the stock prices and valuations of these popular mainline weighted stocks and high-quality stocks will be higher and higher, and the short squeeze will become more and more serious, making it even more difficult to do it.
I think... rather than doing this, it is better to increase the position on the right side at this time. "
After saying that, Zhao Zhongming looked at Yi Xiaopeng again.
Yi Xiaopeng struggled slightly in his heart, thinking that if he was wrong, the main holdings of the fund products would be completely empty-handed in the market of the main lines of "big finance" and "big infrastructure", and he really couldn't bear this responsibility, so after a long pause, he had to agree to Zhao Zhongming's proposal and responded: "Then follow the trading strategy you said! "
After saying that, Yi Xiaopeng immediately issued relevant position adjustment instructions to the traders behind him.
Afterwards, when the instructions were issued, he turned his eyes back to the trading disks of the two markets, and saw that at this time, the market trading time had entered around 10:30.
Shanghai Index, Shenzhen Index, ChiNext Index, several major core indexes, continued to fluctuate and rise, setting new highs on the disk.
At the same time, the active capital groups and main capital groups in the two markets are still continuing to converge on the popular main line areas such as "big finance", "big infrastructure", "military industry", "film and television media", and "new stocks", especially the "Internet finance" sector and the "new stock" sector. The daily limit trend is still getting more and more intense, and the money-making effect is also becoming more and more popular in the aggressive capital following. (End of this chapter)