Distribution channels discovered the fund pool "quality Fund" in the first half performance than lattice

Every trainee reporter, Xu Hao, has some knowledge of the investment operations of the fund companies know that the fund's choice of stocks are derived from its investment and research team identified a "stock pool."　　Now the main marketing channel of the fund-banks to copy this investment ideas, set up a "fund pool." What is the target of the "fund pool"?　　What is the quality of these funds?　　This week, the daily economic news conducted a comprehensive survey of the bank's "fund pool" for a full analysis!　　News: "Fund pool" as a new selling point of the bank in 2008 due to the impact of the Big bear market, the fund markets sharply cold, but also directly affected the bank's retail business interest income. As the fund's most important channel of sales, the bank has long been aware of the "gold content" of the consignment fund, the attitude of the Fund from the very beginning to sell only the funds entrusted by the bank to open the door to all funds, in order to win, and now began to focus on the boutique route.　　Therefore, many banks launched the service will be "fund pool" as a major feature of their own fund business, focus on publicity. According to the "Daily economic News" survey, the launch of the business is mostly joint-stock commercial banks and city firms. The so-called "fund pool" is the market on the hundreds of funds selected, to determine some funds as "high-quality" funds for CDI choice. From the introduction of many "fund pools", banks aim to choose the best from a wide variety of fund varieties. For example, a bank "fund pool" promotional materials on its positioning as-"specifically for investors to solve why buy funds, how to buy funds, what funds to buy, how many funds, and so on."　　"While the other bank's" fund pool "said that" in the ' preferred, fine ' principle, for investors objective and impartial choice of outstanding performance funds. "　　Survey: The "Pool of funds" selection criteria do not regulate the "stock pool"-This limits the scope of the fund to select stocks, also means that the stocks that can enter the "stock pool" have basically been recognized by the fund company's Investment Institute, so what are the criteria for the "fund pool" that the bank has launched? The daily economic news has compared the fund pools of several banks and randomly sampled two banks ' pools for data analysis. From a visual impression. Most of the fund pools include stocks, hybrid, bond, currency, and other types of funds, including stock and mixed funds accounted for more. But different fund pool size difference and variety exchange frequency is very big, a bank's "fund pool" usually has 10~15 fund, the first quarterly exchange.　　In another bank, there are as many as 62 funds in the pool of funds, which are exchanged on a monthly basis. How did the fund get transferred to the "fund pool" through selection? According to a banker, it is mainly based on the results of a third-party research agency rating the fund. The two banks surveyed at random by reporters relied on Morningstar ratings.　　For the highly rated products offered by the research institutes, the bank's in-house financial experts make two more choices. Then another question arises-"two choices"By what standards?　　The bank has not given a clear explanation, many banks to the reporter's reply is mostly-"high-quality" funds will be selected, and not the "Quality" fund standards for one by one interpretation, obviously, this answer is not satisfactory!　　Analysis: "Optimal" fund quality of the golden mean to make money is the hard truth!　　Since banks are not able to explain in detail the criteria for the inclusion of the "fund pool", can we look at the performance of the quality funds selected for the "Fund pool"? Fund variety is too single if the funds selected for the "fund pool" are categorized, it is not difficult to find that these funds exist three common characteristics: first, the birth of a family, second, the eligibility of older, third most of the non-exponential fund.　　These three features coincide with the method of Morningstar rating, in which the passive-managed index fund "star" is mostly low.　　Galaxy Securities analyst Mayong said that the large fund companies often elected to the fund pool and the longer established funds because they have a historical basis, more conducive to research institutions for analysis. Industry insiders told reporters that the first half of this year, index funds are undoubtedly the biggest winners, the new fund and a lot of flexible performance of small and medium fund companies also frequently run out of dark horse, these funds and the bank's "fund pool" missed, apparently the bank "fund pool" in the fund's choice more to pursue a stable,　　The fund pool's gold content is actually not high! "Optimal" fund is not "excellent" income is the most intuitive measure of the quality of the fund. Reporters to the fund pool in the first half of the fund's earnings were counted, the data show that as of July 8, 2009 years ago, the average net worth of all equity funds rose by 53.53%; however, the average earnings of the stock funds in the "fund pool" of the two banks, which were randomly sampled, were 49.97%. and 50.65%. In addition, the ratio of the first half to 40% shares in all equity funds accounted for 11.46%, compared with 12.5% and 16.67% per cent for two pools respectively.　　It is not difficult to find that the performance of these "quality" funds has not reached the "passing line". Why did the "optimized" fund failed to achieve the expected performance?　　Mayong, a Galaxy Securities analyst who has studied the construction of "fund pools", thinks that there may be two reasons, first, that banks may choose funds mainly from the perspective of risk control, and secondly, perhaps their research capacity is not strong, not to elect a good fund. Industry insiders to the "Daily economic news" reporter revealed that the bank's "fund pool" is generally based on the third rating agencies of the periodic recommendations, due to human factors and the lack of business level, these recommendations or a little bit of moisture.　　At the same time, some of the banks in the "care" of some funds, they will also be included in the fund pool. Experts: The establishment of a "fund pool" should be more rigorous sometimes the pain does not come from no choice but because of the choice too much. It's painful for ordinary investors to make choices from hundreds of of funds.。　　The emergence of "fund pools" did help investors complete the "primary". However, the current bank's select funds are really hard to "fine", some banks "fund pool" construction is rather rough-the type of fund is single, and "fund pool" is almost copy the fund rating agencies research results.　　This is clearly not enough in the face of changing markets.　　Industry insiders said that the current "fund pool" more suitable for the "golden mean" of investors, the pool is difficult to select the dark horse, but the possibility of stepping on the mine is relatively small. At the same time, the industry cautioned that investors should not be too superstitious "fund pool", the "fund pool" excluded index funds, new funds, closed-end funds in different market conditions may also become "optimization." For example, in the market trend upward process, the index fund can enjoy the market rally to a large extent, and in the market shocks or the situation is not clear in the situation, the more flexible position of the new fund is also a better defensive type.　　The closed-end fund with "discount rate" can also dissolve some of the market risk, or bring excess income to investors. As for how to make the Bank "fund pool" to rebuild the proposal, Mayong said: "The establishment of the ' Fund pool ' should be as rigorous as ' stock pool ', should not just pull into a few funds, but should be based on different risk tolerance investors to set up different portfolios." ”