The Fund Said That The Plate Rotation Was Forced To Adjust The Stock Position Quickly.

"Now even the fund likes to stir fry, and retail investors are more likely to have band operations for security." Mr. Liu, a senior investor who has been concerned about fund performance, told reporters this time.

The annual report shows that the stock turnover rate of the fund last year was 5.6 times, compared with 2.92 times in 2014, an increase of 92%, far exceeding the overall stock turnover rate of the A share market in the same period.

Market participants believe that the current A share market volatility, the fund's use of band operation is also understandable, in the medium to long term, turnover and performance is not much correlation.

However, investors should also guard against excessive or too low funds. Such funds may follow the trend, catch up or fall, or lack of ability and market sense, and their performance will be greatly affected.

If the turnover rate of some funds is always low, no matter how the market changes, almost no significant changes can be seen in the distribution of industries and heavy stocks in any quarter, and the performance in the medium and long term has always been poor.

With the 2015

The annual report is coming out, and the profit and operation of the public fund are also displayed.

At the moment.

The latest disclosure of fund company annual report shows that last year, the public offering fund made a profit of 680 billion yuan, a record high in six years.

In addition to the substantial increase in fund revenue and the rise in management fees, there was another obvious feature of the fund industry last year, that is, the high turnover rate.

Data show that last year the fund paid 47 billion 500 million yuan, 9 billion 700 million yuan and 12 billion 400 million yuan for management fees, custodian fees and trade commissions respectively.

Compared with 2014, the three major expenses have increased to varying degrees, with the largest increase in paction commissions, reaching 118%.

Trading Commission surged, in addition to the reasons for the expansion of the fund scale, the 2015 extreme market fund exchange rate rise is also one of the reasons.

The annual report also shows that the stock turnover rate of the fund last year was 5.6 times, compared with 2.92 times in 2014, an increase of 92%, far exceeding the overall stock turnover rate of the A share market in the same period.

The index shows that the first half of last year

Stock turnover was 3.2 times, 2.9 times in the second half of last year, and 2.07 times in the second half of 2014.

Among them, the smaller the size of the fund is, the smaller the more flexible it is, the easier it is to adjust the stock and change the shares, and the stock turnover rate of these fund companies is relatively high last year, while the large fund companies are relatively low.

Among them, the most frequent paction was the Western profits fund, with a turnover of 45.87% last year.

Reporters learned that in the fourth quarter of 2015, some of the fund managers had actively adjusted their positions. More than 70% of the 304 funds with comparable data were added.

The biggest increase is the new trend of Soochow, which has surged from 9.67% to 77.5% in the fourth quarter.

In the four seasons report, we can see that some fund managers are more accurate in grasping market conditions and have adjusted their positions accordingly.

Zhao Nan, manager of Changsheng electronic information fund, said that in September and October last year, active positions and positions were managed, and the direction changed from defensive to positive. However, after mid November, the market view turned to be neutral, and the positions remained neutral, preventing net worth from withdrawing.

Reporters also found in the interview, including public funds, such as institutions, there is a rapid advance and retreat in some stocks.

Previous data show that since December 2015, there has been an active fund block trading.

Since December last year, as of December 13th last year, 9 trading days, 135 shares in Shanghai and Shenzhen two cities appeared on the block trading platform, the total number of pactions was 305 times, with a cumulative turnover of 16 billion 701 million yuan.

In the several adjustments since 2016, the market participants believe that to some extent, the end of the public fund raising is due to the pfer of stock positions.

Including the eastern fortune and other fund Chong Chong stocks are also in the lead in the crash.

In this regard, industry analysts said that at the end of the year ranking, fund managers may be able to obtain more advanced performance through frequent stock swap, which is one of the important factors leading to the increase of turnover rate.

There is a correlation analysis between medium and long term fund turnover and fund performance. It is found that there is no significant correlation between fund turnover and performance from the medium and long term data.

However, in different market environments, the advantages of different operation styles are different.

If the industry is moving faster and the stock market is active, the fund with a high turnover rate will be more flexible and active, and more likely to raise the income level of the fund through band operation and market hot spots.

However, in the market environment with a concussion, the performance of these funds may not be as good as those with lower turnover rate, because in the process of market decline, the fund with frequent turnover rate will be adjusted frequently, and the opportunity cost and paction cost will increase. Moreover, if the adjustment result is not ideal, it will accelerate the net loss of the fund directly.