Enhanced index base tracking index to earn more winners in 2019
Original title: In 2019, the enhanced index base index will earn more five performance winners. The operating path exposure source: Daily Economic News Every reporter Nie Hong Every editor Xiao Ruidong Enhanced Index Fund does not mean that it can definitely outperform the index, butJudging from the performance in 2019, most have achieved results that exceed the index.
”Daily Economic News” reporter noticed from the 2019 Four Seasons Report recently disclosed that the top ten heavy positions in the index fund with outstanding performance have different degrees of changes from the tracking index, and some of the top ten heavy positions are even before the index.The top 武汉夜网论坛 ten stocks are completely different.
What exactly did the Enhanced Index Fund do in the fourth quarter of 2019?
The reporter selected a number of five broad-based indexes—the Shanghai Stock Exchange 50, the Shanghai Stock Exchange 100, the Shanghai Stock Exchange 300, the Shanghai Stock Exchange 300 and the Shanghai Stock Exchange 1000—to look for index funds that showed outstanding performance in order to explore their “enhancement” secrets.
Most Enhanced Indexes Receive Excessive Returns From the five major indexes selected by reporters, most enhanced index funds have received excess returns.
Specifically, the enhanced index funds tracking SSE 50, CSI 100 and CSI 1000 all ran out of excess returns in 2019, while the rest of the funds in the relevant enhanced index funds of CSI 300 and CSI 500 were basically the same.Outperformed the index, and even bottomed out in index funds tracking the same index.
In fact, the products with outstanding performance also made enough excess income, outperforming the index by more than 10 exchanges.
Among them, at least the fund ran over 23 compared to the underlying index in 2019.
2 outstanding returns.
Is there a way for index funds to run out of excess returns?
A senior analyst at the Shanghai Securities Fund Evaluation and Research Center stated that from a strategic perspective, multiple enhanced index funds obtain excess returns through a quantitative multi-factor model, and only a small number of funds use active management.
Other enhancements include new stocks and hedging of stock index futures.
So, for the enhanced index funds that ran out of significant excess in 2019, did they use some kind of enhancement strategy?
How was the position allocation in the fourth quarter?
The reporter combed the five outstanding performance enhanced index funds and found that in terms of strategy, most of the enhanced index funds use quantitative multi-factor models as one of the enhancement methods.
Some high-level sources said that the current strategy of index enhancement is mainly done through quantitative models, and rarely used active management.
Judging from the fund report, innovation is also an important source of enhancement.
What are the criteria for a good index-enhanced fund?
Do investors properly consider certain aspects when choosing?
The analyst said: “When selecting index-enhanced funds, I will pay more attention to products with excess returns that increase stock selection capabilities.
If a Shanghai and Shenzhen 300 index-enhanced product often picks small market capitalization stocks in the CSI 500 or CSI 1000, then its excess income comes from exposure to market value factors, not stock selection capabilities.
In addition, more strictly speaking, when comparing similar products, other sources of income, such as new, should be separately identified to simply assess their stock selection capabilities.
“Some stocks were heavy in the fourth quarter?
If the ability to select stocks is an important aspect of index-enhanced funds, what are the heavy-weight stocks in the fourth quarter of the five largest enhanced indexes that have performed well in 2019?
How are the top ten 杭州夜网 constituents different from their underlying index?
Among the index funds tracking the SSE 50, E Fund’s SSE 50 Index has performed outstandingly, and outperformed nearly 18 indexes in 2019.
From the perspective of heavy stock holdings, as of the end of the fourth quarter, the proportion of the weight of the first two heavy stocks of the E Fund SSE 50 Index A was basically the same as that of the Shanghai 50 Index, and the position of heavy stocks has been adjusted since then.
For example, Ping An Bank, China Construction, Wuliangye, and Changchun Hi-tech appeared in the top ten heavy warehouses. These four stocks alternated among the top ten constituent stocks of the Shanghai 50 Index.
Under the ranking, in the index fund tracking the CSI 100, it ran out of 10 in 2019.
The 91 single excess Baoying CSI 100 Index has strengthened. Among the top ten heavy positions in the fourth quarter, except for the order of Midea Group and Industrial Bank, which is slightly different, it is basically the same as the top ten odd stocks of the underlying index.
Throughout 2019, the GF Shanghai and Shenzhen 300 Index has strengthened more than the Shanghai and Shenzhen 300 Index to earn 11 more.
From the position of the fourth quarter, 7 funds of the fund’s top ten heavy positions belong to the top ten land stocks of the Shanghai and Shenzhen 300 Index.
Among them, the top three heavy warehouses in China Ping An, Guizhou Moutai and China Merchants Bank have not changed, and the proportion of the fund’s net worth is basically the same as the weight of individual stocks in the index.
In addition, the three stocks of the top ten constituents of the fund’s dividend index are Vanke A, Ping An Bank and Everbright Bank.
Since Shenwan Lingxin CSI 500 preferred enhancement has not yet disclosed the 2019 Four Seasons Report, the reporter replaced it with an increase of more than 10 Boshi CSI 500 indexes.
According to the information disclosed in the quarterly report, the Bosh CSI 500 Index strengthened the top ten heavy positions at the end of the fourth quarter of 2019. In addition to the top ten stocks of Wingtech and the CSI 500 Index, the other nine heavy stocks have different and changing advantages.
The China Merchants CSI 1000 Index, which outperformed the CSI 1000 by more than 15 copies in 2019, has strengthened. At the end of the fourth quarter, the top ten heavy stocks and the top ten constituents of the index did not overlap.And from the perspective of positions, the ratio of the fund’s net worth is all zero.
9% and above, significantly higher than the weight of individual stocks in the CSI 1000 Index.
The enhanced index fund that basically tracks the large-cap index, the enhanced index fund for the small-cap index seems to be more thorough in the change of heavy positions.
Some ordinary people said: “The excess returns of index-enhanced funds still need to adjust the size of the company. It is relatively difficult to choose better stocks in the Shanghai 50 and Shanghai 300.
There are good and bad in CSI 500 or CSI 1000, so it will be easier to get some excess returns through stock selection.