投資與理财——基金（下）

1.基金産品的選擇

選擇基金産品時首先必須考慮自身的具體情況，包括收入水平、資金實力、對待風險的态度、個人投資偏好，明确對收益的期望和投資理财的目的。明确這幾個問題将有助于對基金産品的選擇。

1. Selection of fund products

When choosing a fund product, you must first consider your own specific situation, including income level, financial strength, attitude towards risk, personal investment preference, and clarify your expectations for returns and the purpose of investment and financial management. Clarifying these questions will help in the selection of fund products.‍

當明确選擇适合投資者本人的投資基金類型後，還有必要了解一下這些基金的基本情況，主要包括:

(1)基金産品的管理公司和基金經理。由于基金管理公司下面的多個基金産品往往共用一個研究隊伍和管理工作隊伍，通過對基金管理公司已經管理的基金的了解，可以對基金管理公司的研究能力和管理能力有個初步認識。另外，基金經理直接決定着基金的投資，了解基金經理的專業背景和從業經驗是非常重要的。

After clearly choosing the type of investment fund that is suitable for the investor, it is necessary to understand the basic information of these funds, including:

(1) Management companies and fund managers of fund products. Since multiple fund products under a fund management company often share the same research team and management team, by understanding the funds already managed by the fund management company, you can have a preliminary understanding of the research and management capabilities of the fund management company. In addition, the fund manager directly determines the investment of the fund. It is very important to understand the professional background and experience of the fund manager.‍

(2)過往業績和風險。可以借助基金評級公司的專業評價來了解某隻基金的業績。雖然過去的業績并不代表将來的業績，但是以前的業績往往可以體現出基金管理研究團隊的實力，可以在某種程度上作為基金業績預測指标。需要注意的是，對基金業績的考察必須與基金風險的考察結合起來。

(3)費用。基金的費用主要有認購費、贖回費、管理費和托管費。投資者可以通過招募說明書來比較各基金的費用水平。

(2) Past performance and risks. You can use the professional evaluation of the fund rating company to understand the performance of a certain fund. Although past performance does not represent future performance, previous performance can often reflect the strength of the fund management research team and can be used as a predictor of fund performance to some extent. It should be noted that the examination of fund performance must be combined with the examination of fund risk.

(3) Fees. Fund fees mainly include subscription fee, redemption fee, management fee and custody fee. Investors can use the prospectus to compare fee levels across funds.‍

2.基金的投資策略

在選定投資的基金産品後，如何把握申購和贖回的時機及對基金進行組合投資将成為能否獲得理想投資收益的關鍵。

2. The investment strategy of the fund

After selecting the fund product to invest in, how to grasp the timing of subscription and redemption and how to invest in the fund portfolio will become the key to whether or not to obtain ideal investment returns.‍

(1)申購和贖回時機的選擇。每位基金管理人都會對投資者說:基金投資是一種長期投資。當你精心挑選基金後，長期持有才是最好的投資策略。如果基金價格下跌，那麼适當地買入同類型的基金單位，拉低基金持有成本，待基金價格上漲時就可獲得利差。對于新發行的基金，當投資者決定投資基金時應立即購買基金單位。申購基金面臨購入價格的選擇時應遵循這樣的原則:購買下跌中的基金。這個原則的前提是基金淨值的下跌是由于系統性風險也就是市場風險引起的，如果基金淨值的下跌超過了同類基金的平均水平則不在考慮範圍之内。

(1) Choice of subscription and redemption timing. Every fund manager will say to investors: fund investment is a long-term investment. When you have carefully selected funds, long-term holding is the best investment strategy. If the price of the fund falls, it is appropriate to buy units of the same type of fund to reduce the holding cost of the fund, and the interest spread can be obtained when the price of the fund rises. For newly issued funds, investors should purchase fund units immediately when they decide to invest in the fund. Subscribing funds should follow this principle when faced with the choice of the purchaser's price: buy funds that are falling. The premise of this principle is that the decline in the net value of the fund is caused by systemic risk, that is, market risk. If the decline in the net value of the fund exceeds the average level of similar funds, it will not be considered.‍

(2)基金的組合投資。了解經濟學的人都聽過這樣一句話: “不要把雞蛋放在同一個籃子裡”，即投資者在進行投資時應分散投資。雖然基金投資本身就是一個分散風險的過程，但是由于不同基金有着不同的風險，資金充裕的投資者有必要同時選擇多家基金公司投資，分散投資基金的非系統性風險。下面介紹基金投資組合建立的兩種基本方法。

(2) Portfolio investment of the fund. Anyone who understands economics has heard the saying: 'Don't put all your eggs in one basket', that is, investors should diversify their investments when making investments. Although fund investment itself is a process of risk diversification, since different funds have different risks, it is necessary for investors with sufficient funds to invest in multiple funds at the same time to diversify the unsystematic risks of investment funds. Two basic approaches to fund portfolio building are described below.‍

1 )選擇不同投資風格的基金進行組合。基金的投資風格有很多種類，在市場中不同投資風格的基金的表現可能存在很大差異,因此可以選擇不同投資風格的基金進行投資組合，但不建議選擇同一家基金管理公司的基金進行組合。

2)選擇不同投資方向的基金進行組合。目前，市場上基金的投資隻限于股票或債券，而這兩種證券有着負相關性，即當股票市場利好時，往往債券市場就不太景氣。所以，可以用股票型基金和債券型基金構建“基金池”。

1) Select funds with different investment styles to combine. There are many types of investment styles of funds, and the performance of funds with different investment styles in the market may be very different. Therefore, you can choose funds with different investment styles for investment portfolios, but it is not recommended to choose funds from the same fund management company.

2) Select funds with different investment directions to combine. At present, the investment of funds in the market is limited to stocks or bonds, and these two securities have a negative correlation, that is, when the stock market is good, the bond market is often not very good. Therefore, a 'fund pool' can be constructed with stock funds and bond funds.

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翻譯來源于谷歌翻譯‍