复刻「全天候」经典资产组合后，如何调仓管理？

Core Viewpoint - The article discusses the challenges and strategies of asset allocation in the context of the high volatility of the A-share market, emphasizing the need for diversified investment approaches to mitigate systemic risks [1]. Group 1: Asset Allocation Strategies - The article highlights various classic asset allocation models, such as the 60/40 stock-bond portfolio and the all-weather portfolio, which have been historically validated but are limited in domestic application due to investment target restrictions [1]. - The Snowball app offers a "three-part method" for asset allocation, allowing users to conduct risk assessments and receive intelligent recommendations for asset class ratios, which can be manually adjusted [3][9]. Group 2: Performance and Timing Issues - The article notes that while historical returns and maximum drawdowns of asset allocation strategies may appear favorable, actual performance can differ significantly, as evidenced by a tracked portfolio yielding only 5.48% over a year [11]. - It emphasizes that expected returns are positively correlated with asset selection and holding time, while the timing of purchases significantly impacts short-term experiences and returns [12][13]. Group 3: Dynamic Rebalancing - The concept of dynamic rebalancing is introduced as a method to maintain target asset ratios and manage risk actively, rather than merely chasing returns [23]. - Key aspects of dynamic rebalancing include mean reversion during market fluctuations, proactive risk management, and enhancing long-term return stability and holding experience [24][25][26]. - The Snowball platform provides reminders for when and how to rebalance, offering clear guidance and explanations for asset adjustments, thereby improving the investment experience [27].