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Core Viewpoint - The article emphasizes the importance of having a systematic and scientific profit-taking strategy for mutual fund investments, especially in a rising market, to avoid losses during market corrections [3][5]. Group 1: Theoretical Foundation of Profit-Taking Strategies - Behavioral finance highlights that investors often sell winning assets too early due to fear of losing profits while holding onto losing assets in hopes of recovery, leading to the "disposition effect" [7][8]. - Modern portfolio theory suggests that profit-taking is essential for dynamic rebalancing of investment portfolios, allowing investors to lock in profits and reallocate funds to more attractive assets [9]. Group 2: Main Profit-Taking Strategies and Case Studies - Fixed return profit-taking method involves setting a clear profit target (e.g., 15%, 20%, 30%) and redeeming funds once that target is reached. This method is suitable for risk-averse investors with specific financial goals [11][12]. - Moving stop-loss method allows investors to adjust their profit-taking threshold upwards as the fund value increases, protecting gains while allowing for potential further appreciation. This method is ideal for medium to long-term investors [14][15]. - Valuation-driven profit-taking method relies on analyzing the underlying asset valuations (e.g., PE, PB ratios) to determine if the market is overheated, prompting profit-taking when certain thresholds are met [17][18]. Group 3: Differences in Profit-Taking Strategies by Fund Type - For actively managed equity/mixed funds, profit-taking strategies should focus on the fund manager's performance and investment logic, considering redemption even if profit targets are not met [21]. - Index funds are better suited for valuation-driven or moving stop-loss strategies, taking into account macroeconomic cycles and specific industry factors [22]. - Bond funds typically require a long-term holding strategy unless there is a significant change in market interest rates, with lower thresholds for profit-taking in hybrid bond funds [23]. Group 4: Risk Control and Practical Recommendations - It is advisable to avoid lump-sum transactions for both buying and profit-taking, opting for gradual operations to mitigate risks associated with market volatility [25]. - Establishing a "profit-taking and reinvestment" loop is crucial, ensuring that redeemed funds are allocated to new investment opportunities [26]. - Regularly reviewing and adjusting profit-taking strategies is necessary to adapt to changing market conditions and personal circumstances [27]. - Utilizing available tools for valuation and performance tracking can enhance the decision-making process for profit-taking [28]. Conclusion - There is no one-size-fits-all profit-taking strategy; the most effective approach aligns with individual investment goals, risk tolerance, and market understanding, emphasizing the need for a clear exit plan from the outset [30].