文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门限时免费的福利课程，介绍了基金投顾的方方面面。 想要获取这个课程，可以添加下方「课程小助手」，回复「 基金投顾 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 基金投顾是什么? 者什么值用? 一长按添加@课程小助手,回复「基金投顾」 免费领取《螺丝钉基金投顾入门课》课程 更有课程笔记、思维导图,帮你快速了解基金投顾 基金有风险, 投资需谨慎 urne #螺丝钉小知识 银行螺丝钉 主动基金的规模，多大比较好? 基金的规模会对主动基金的收益产生影 响，俗话说，规模是业绩的敌人。 那基金规模,究竟多大比较合适呢? 首先,不管是主动基金,还是指数基 金,我们都不会考虑规模太小的基金, 比如说规 ...

Core Viewpoint - The article emphasizes the pitfalls of having an excessive number of funds in an investment portfolio, likening it to running a supermarket, which can lead to false diversification and management difficulties [6][17]. Group 1: Reasons for Excessive Fund Holdings - Fear of Missing Out (FOMO) drives investors to buy into new concepts and themes, leading to an overwhelming number of funds [9]. - Misunderstanding the principle of diversification results in investors believing that holding more funds inherently reduces risk [11]. - Decision paralysis occurs when investors are overwhelmed by choices, leading them to buy multiple funds without a clear strategy [13]. Group 2: Problems with Excessive Fund Holdings - False Diversification: Holding many funds does not guarantee risk diversification, as many funds may share the same underlying assets [18]. - Management Overload: Monitoring numerous funds can be time-consuming and impractical, making it difficult to analyze performance and make informed decisions [22]. Group 3: Steps to Optimize Fund Holdings - Step 1: Define a portfolio structure based on individual risk tolerance and investment goals, including allocations to different types of funds [27][30][34]. - Step 2: Tag each fund according to its category to gain clarity on the portfolio composition [37]. - Step 3: Consolidate similar funds by evaluating them based on performance, drawdown history, fund size, fee structure, and manager experience [41][45][49]. Group 4: Tools and Recommendations - The article suggests using fund comparison tools available in various apps to facilitate the selection process and streamline decision-making [50]. - It introduces a three-part asset allocation tool that helps investors avoid common pitfalls by providing a structured framework for fund selection and management [65][66].

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The article promotes a free course on fund advisory, offering additional resources like course notes and mind maps for efficient learning [5] Group 2 - There are two main types of stock funds: active funds, which rely on fund managers to select stocks, and passive funds, such as index funds, which select stocks based on an index [12][11] - Index funds have higher transparency regarding their holdings compared to active funds, which do not disclose daily holdings [14][17] - The impact of changing fund managers is significant for active funds, as the investment decision is closely tied to the manager's expertise [18][19] Group 3 - Active funds have a longer development history and generally have more options in terms of quantity and scale compared to index funds [21][22] - Active fund managers have the flexibility to select stocks, which can meet diverse investment needs, while index funds follow strict rules [23][24] - Both active and index funds have their advantages and can be considered for stock fund investments [24]

Core Viewpoint - The current market sentiment is subdued compared to previous bull markets, with many investors feeling less excitement and engagement due to past experiences and current market conditions [1][2][11]. Group 1: Market Sentiment - Many investors, especially seasoned ones, are cautious and less enthusiastic about the market reaching 4000 points, as they have experienced significant losses in the past [1][2][11]. - The current market feels stagnant, with stocks showing little vitality, similar to previous low points like 2600 [3][12]. - Investors express frustration over not making substantial profits, with some indicating they are still at a loss despite the market's rise [4][15]. Group 2: Investment Behavior - There is a noticeable shift in investment behavior, with some investors turning to alternative assets like gold, which has become more popular this year [10][18]. - The market is characterized by a lack of widespread participation from retail investors, leading to a perception that the current bull market is not as robust as in the past [19][20]. - The current market dynamics suggest a slow and steady growth pattern rather than rapid increases, which some investors find more manageable [16][17].

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisors provide expertise similar to other professional consultants in various fields, such as doctors for health issues and lawyers for legal matters [6] - A free course is available to educate investors on the various aspects of fund advisory [5] Group 2 - Global investment through index funds is easier for ordinary investors as it allows them to share in global economic growth and capture more investment opportunities [9][10] - Low correlation between different markets helps in diversifying investments across various stock markets, leading to a more stable overall portfolio [10][11] - Selecting active funds can be challenging due to limited access to information about fund managers, and changes in management can impact fund performance [12][13] - The performance of active funds can decline as their size increases, making smaller, well-performing funds more desirable [14]

Core Viewpoint - The current bull market in A-shares has seen significant gains, with the ChiNext Index and STAR Market Index rising by 91.65% and 98.41% respectively since the market bottom on September 24 last year, indicating that the market has been performing for a considerable time [4][5]. Market Performance - The bull market has been characterized by rapid shifts in market hotspots, making it challenging for investors to achieve satisfactory returns unless they were actively engaged during key trading days [4][5]. - As of September 8, major indices like the CSI 300 and the CSI A500 have increased by 16.1% and 18.62% respectively this year, while the ChiNext Index has seen a remarkable rise of 38.5% [6]. Investment Strategies - Investors are advised to reduce trading frequency and hold onto their positions rather than chasing market trends, as this approach may yield better returns in the long run [5]. - Maintaining a defensive position with a portion of value-style assets is recommended to navigate market volatility, with suggestions to upgrade holdings to funds that exhibit strong defensive characteristics during downturns [7]. - Selecting and patiently holding onto industry themes such as AI, innovative pharmaceuticals, robotics, semiconductors, and precious metals is encouraged, while also considering less popular sectors for potential opportunities [8]. Asset Allocation - A "core-satellite" strategy is proposed, where the core portfolio consists of stable, high-probability assets, while a smaller portion is allocated to riskier assets for potential high returns [8].

Group 1 - The article discusses the differences between index-enhanced products and ETFs, emphasizing that different products suit different investment goals and needs [2][3] - ETFs aim to closely track indices, offering a wide variety of options, low costs, and trading flexibility, making them suitable for trading strategies [5][9] - Index-enhanced funds seek to outperform indices through smart adjustments, making them more suitable for long-term investors [5][9] Group 2 - The comparison between index-enhanced funds and active funds highlights that index-enhanced funds use quantitative models while active funds rely on in-depth research by fund managers [7] - Index-enhanced funds have a more diversified stock selection, resulting in lower volatility of excess returns compared to active funds, which are more concentrated and subject to higher performance fluctuations [8] - Index-enhanced funds are recommended for investors seeking a clear investment style and strategy transparency while aiming for returns above market averages [8][9]

Core Insights - The perception among Americans is that a retirement savings goal of $1.26 million is necessary, but only 4.6% of households have over $1 million saved for retirement [1][2] - The median retirement savings across American households is only $88,000, with only 9.2% of individuals aged 55 to 64 having $1 million or more in their accounts [2] Group 1: Retirement Savings Statistics - A Northwestern Mutual survey indicates that most Americans believe they need $1.26 million to retire comfortably [1] - According to a Congressional Research Service analysis, only 4.6% of American households had more than $1 million in retirement accounts as of 2022 [1] - The median retirement nest egg for all American households is $88,000 [2] Group 2: Age Demographics - Older Americans, particularly those aged 55 to 64, are more likely to have substantial retirement savings, with 9.2% having $1 million or more [2] - This implies that nearly 90% of Americans are not close to the perceived retirement savings goal [2] Group 3: Strategies for Improvement - To increase the likelihood of reaching a $1 million retirement savings goal, individuals should aim for a monthly savings rate of at least 10% [4] - Maximizing contributions to tax-efficient savings plans like 401(k) and Roth IRA is recommended, along with seeking employers who match contributions [5] - Passive investing in low-cost index funds has gained popularity, with passive funds attracting more capital than active funds over the past nine years [6]

Group 1 - The article discusses the concept of dollar-cost averaging in undervalued markets, suggesting that consistent investment during these periods can lower the average cost and enhance returns when the market improves [2] - It explains the structure of enhanced index funds, which typically invest about 80% in index components and 20% in enhancement operations, allowing them to follow index trends while also considering index valuations [3] - The challenges of actively managed funds are highlighted, particularly the lack of transparency regarding current holdings, as only quarterly reports reveal the stocks held [4] Group 2 - Several strategies for evaluating active funds are presented, including assessing the investment style or industry focus of the fund manager, such as value-oriented funds referencing value indices [5][6] - The article notes that active funds often have performance benchmarks, which may change to reflect the manager's actual investment direction, impacting their compensation if they underperform [7] - It suggests that constructing a diversified portfolio of actively managed funds across different styles and sectors can simplify valuation compared to evaluating individual active funds [8][9]

Market Overview - The overall market has experienced a decline, closing at 4.3 stars [1] - Large, medium, and small-cap stocks have all decreased, with small-cap stocks showing greater volatility [2] - The STAR Market and securities indices have seen significant declines [3] - The STAR 50 index rose to an overvalued position in the past two weeks before experiencing a pullback [4][5] - Consumer sectors have also shown signs of decline [6] - Hong Kong stocks have exhibited smaller fluctuations compared to A-shares, with Hong Kong dividends remaining relatively strong [7][8] - Recent global stock market fluctuations have indirectly impacted both A-shares and Hong Kong stocks [9] Global Market Influence - Last week, global stock markets saw a downturn, particularly in Europe, while A-shares managed to rise [10] - This week, global markets continued to decline, with Hong Kong stocks showing slight gains and A-shares experiencing minor drops [11] - Fluctuations in overseas markets have affected the performance of RMB assets, although RMB assets have shown less volatility due to valuation advantages [12][13] Investment Strategies - For index funds, it is easier to determine if a stock or fund is overvalued or undervalued by referring to daily published index valuation tables [14][15] - The valuation table categorizes indices into green (undervalued), yellow (fairly valued), and red (overvalued) [17][18] - Being in the undervalued range does not imply that the index will not experience fluctuations [19][20] - Regular investments in undervalued areas can help average down costs, leading to potential gains when market conditions improve [23] Fund Management Insights - Active funds present more challenges in valuation as fund managers do not disclose current holdings, only showing them in quarterly reports [28] - Investors can assess active funds by understanding the manager's investment style or industry focus [29][30] - Active funds often have performance benchmarks, which may change to reflect the manager's actual investment direction [36][37] - A diversified active fund portfolio can reference overall market valuations for investment decisions [40][41] Tools and Resources - The "Today’s Star" mini-program has expanded its percentile valuation table for indices, allowing users to purchase corresponding index funds [43] - Users can filter by categories such as broad-based, strategy, industry, theme, and global indices for targeted investments [43] Investor Mindset - Mature investors understand the importance of establishing a suitable investment framework, recognizing that market fluctuations are unpredictable [45] - Continuous learning and rational decision-making are essential to mitigate emotional impacts on investments, with a stable mindset being key to achieving sustained returns [45]