年末基金投资体检，别忽视了这一项

Core Insights - The article emphasizes the importance of year-end investment review and asset allocation rebalancing as a critical aspect of investment strategy [1][5][16] Group 1: Investment Review and Rebalancing - Year-end investment review is likened to a vehicle check-up, where asset rebalancing is compared to minor adjustments of the steering wheel [2] - A simplified formula for analyzing investment performance is introduced: Investor Return = α + β - γ, where α represents fund selection ability, β indicates market opportunities, and γ reflects investor behavior losses [3][4] - The article highlights that many investors do not solely invest in one fund but rather multiple funds, making overall account performance more significant than individual fund performance [4] Group 2: Rebalancing Principles - The principle of rebalancing involves periodically adjusting asset proportions back to initial target values, selling overperforming assets and buying underperforming ones [5] - A simplified simulation illustrates that a conservative investor with an initial 70% bond and 30% stock allocation may need to rebalance if stock allocation drops to 15%, suggesting buying undervalued stocks to regain target allocation [5][6] Group 3: Rebalancing Effectiveness - Data analysis using the CSI A500 Index and the CSI All Bond Index shows that both quarterly and annual rebalancing strategies outperform a buy-and-hold strategy in terms of cumulative returns and reduced risk metrics [8][9] - The results indicate that annual rebalancing yields a cumulative return of 116.71% with a maximum drawdown of -16.69%, while quarterly rebalancing achieves 118.20% with a maximum drawdown of -13.95% [9][10] Group 4: Practical Rebalancing Guidelines - The article outlines a four-step process for effective rebalancing, including reviewing investment goals, checking asset allocation deviations, executing rebalancing through direct adjustments or incremental funding, and establishing a rebalancing discipline [11][12][13] - It suggests setting a rebalancing frequency and a deviation threshold to trigger rebalancing actions, with examples from major hedge funds [12][13] Group 5: Behavioral Aspects of Rebalancing - The article notes that rebalancing can be psychologically challenging, as investors may hesitate to sell assets that have performed well or buy those that have underperformed [8][14] - It concludes that any rebalancing strategy is better than inaction, emphasizing the importance of execution in maintaining investment discipline [14][16]