【导读】知名公募量化基金经理开通实盘 对于"市场这么好，快点上车，还是降低仓位？"的问题，盛丰衍表示，本金长投，利润落袋。从专业角度，这是各类资产的再平衡策略，是行之有效的大 类资产配置方法。从心态角度，上涨了有钱进账；下跌了至少之前的利润已经落袋为安了，跌多了还有钱补仓。从精力角度，不用天天猜顶猜底。 盛丰衍表示，再平衡策略的原理是，当投资组合中某类资产因市场波动导致占比偏离目标比例时（如股票占比从60%升至70%），通过卖出部分高占比资 产（如股票）并买入低占比资产（如债券），使各类资产比例恢复至初始设定值。这一策略有助于控制风险，避免投资组合过度集中于某一类资产，也能 帮助投资者保持理性，不被市场短期波动所左右。 "晒实盘"基金经理大扩容 近日，知名公募量化基金经理盛丰衍公开"晒实盘"。蚂蚁财富数据显示，他的实盘金额超过51万元，目前已累计盈利超12万元。 对于基金经理开通实盘，业内人士认为，一方面，基金经理可通过这种形式增强投资者对市场及基金产品的信心，用"真金白银"表明与基民共进退的态 度；另一方面，能为投资者提供操作参考，引导他们更理性地投资。 知名公募量化基金经理开通实盘 8月20日，西部利得基 ...

【导读】知名公募量化基金经理开通实盘 中国基金报记者 曹雯璟 近日，知名公募量化基金经理盛丰衍公开 " 晒实盘 " 。蚂蚁财富数据显示，他的实盘金额超 过 51 万元，目前已累计盈利超 12 万元。 对于基金经理开通实盘，业内人士认为，一方面，基金经理可通过这种形式增强投资者对市 场及基金产品的信心，用 " 真金白银 " 表明与基民共进退的态度；另一方面，能为投资者提 供操作参考，引导他们更理性地投资。 知名公募量化基金经理开通实盘 8 月 20 日，西部利得基金旗下知名公募量化基金经理盛丰衍在蚂蚁财富平台开通了个人投资 实盘。 从持仓来看，盛丰衍主要持有其管理的西部利得央企优选股票 A 、西部利得多策略优选灵活 配置混合 A 、西部利得量化成长混合 A ，实盘总金额超 51 万元，目前累计收益超 12 万 元。截至 8 月 20 日，盛丰衍持有西部利得量化成长混合 A 、西部利得央企优选股票 A 的 收益均超 2.3 万元，其中，西部利得量化成长混合 A 的持有收益率超 34% 。 | +3.729.83 +46.821.04 | | +121.689.29 | | --- | --- | --- | | ...

Group 1 - The core viewpoint of the article is that "Fixed Income +" funds have gained popularity due to declining deposit and wealth management yields, with nearly 200 such funds reaching new highs in net asset value as of April 2025 [1][29] - "Fixed Income +" funds are characterized by a combination of low-risk fixed income assets and higher-risk assets like stocks and convertible bonds, aimed at enhancing returns while maintaining a defensive posture [6][7] - The popularity of "Fixed Income +" funds has surged as RMB assets enter a low-interest-rate environment, with 10-year government bonds yielding only 1.6%-1.7% as of June 2025 [8][9][12] Group 2 - The three sources of returns for "Fixed Income +" funds include: 1. Stock component, which focuses on value-style stocks that provide stable dividends and lower volatility [17][19] 2. Bond component, primarily consisting of short to medium-term bonds with yields around 1.6% [20] 3. Rebalancing strategy that allows for buying low and selling high during market fluctuations, contributing to overall returns [21][22] Group 3 - The article suggests that investment in "Fixed Income +" funds is suitable when the underlying stocks and bonds are relatively inexpensive, indicating a favorable entry point for investors [24][31] - As of June 2025, short-term RMB bonds remain a viable investment option, and value-style stocks are either returning to normal valuations or still undervalued [25][26][27]

Core Insights - The article discusses the challenges faced by retail investors in the current financial market, particularly regarding the impact of fund losses on their investments and psychological well-being [2][3][4] Group 1: Fund Performance and Investor Behavior - Many retail investors are experiencing significant losses in their funds, leading to a "lying flat" mentality, which masks a deeper financial erosion [2] - A hypothetical investment of 100,000 yuan in a stock fund that loses 30% would leave the investor with only 70,000 yuan, while management fees continue to accrue [2] - Investors face a dilemma when considering redemption, as they incur fees of 0.5%-1.5%, and delaying redemption can lead to even greater losses [2][3] Group 2: Opportunity Costs and Market Timing - Being trapped in underperforming funds results in missed opportunities, such as the potential gains from AI-related ETFs that surged over 40% while traditional energy funds fell by 15% [3] - Historical data shows that 80% of stock market gains occur within just 20% of trading days, emphasizing the risk of missing out during market rebounds [3] - Behavioral finance indicates that when losses exceed 20%, a significant portion of investors may adopt a "ostrich mentality," avoiding market information and delaying decision-making [3] Group 3: Credit Impact and Legal Rights - Continuous losses can negatively affect investors' credit records, impacting their ability to secure loans or credit [3][4] - Investors have the right to take action against fund managers for negligence, as evidenced by a case where a quant fund was penalized for improper trading practices [4] - Strategies such as dollar-cost averaging and rebalancing can help mitigate risks during market fluctuations, allowing investors to navigate through volatile periods [4]

Group 1 - The core idea of the "core-satellite" strategy involves dividing an ETF portfolio into "core positions" and "satellite positions," where core positions aim to track market performance through broad-based ETFs, while satellite positions focus on capturing market opportunities for excess returns [1] - Core positions typically do not require frequent trading and can be managed using a buy-and-hold strategy, while satellite positions need to be adjusted based on market changes, allowing for active management [1] - Investors who prefer single-stock investments can also apply the "core-satellite" strategy by replacing part of the satellite positions with individual stocks, creating a mixed portfolio of ETFs and stocks [1] Group 2 - The rebalancing strategy in ETF asset allocation involves regularly reviewing the investment portfolio to compare the latest weights of various ETFs against target weights, adjusting positions accordingly [2] - Rebalancing can be conducted based on time intervals, with long-term portfolios typically rebalanced every six months or annually to minimize trading costs [2] - Alternatively, rebalancing can be triggered by expected returns, such as when an ETF's price increases by 25% or exceeds the target weight by 5% [3]