","canEdit":true,"like_count":0,"paid_mention":null,"reward_count":0,"reward_amount":0,"reward_user_count":0,"offer_amount":0,"pic_sizes":[],"root_reply_to_cid":-1,"child_comments":[],"reply_user":{"subscribeable":false,"common_count":0,"remark":"","recommend_reason":null,"blog_description":"","stocks_count":50,"recommend":null,"st_color":"1","intro":null,"follow_me":false,"allow_all_stock":false,"stock_status_count":null,"domain":"","type":"1","friends_count":526,"location":"","description":"","id":8520354277,"url":"","status":0,"screen_name":"动感超人呵呵哒","verified_type":0,"verified":false,"verified_description":"","blocking":false,"followers_count":17,"following":false,"profile":"/8520354277","donate_count":0,"status_count":82,"province":"","city":"","gender":"n","last_status_id":331429357,"step":"null","name":"","verified_infos":null,"group_ids":null,"verified_realname":false,"name_pinyin":null,"screenname_pinyin":null,"photo_domain":"//xavatar.imedao.com/","live_info":{},"profile_image_url":"community/202310/1699236081998-1699236082177.png,community/202310/1699236081998-1699236082177.png!180x180.png,community/202310/1699236081998-1699236082177.png!50x50.png,community/202310/1699236081998-1699236082177.png!30x30.png"},"editable":true,"extend_comment_info":{"cmt_exchange_info":"","tag_type":-1,"type":""},"ip_location":"云南","is_refused":false,"text":"对","is_answer":false,"source":"雪球","comment_reply_count":0,"fundx_manager":false,"fundx_holder":false,"fundx_type":0},{"id":272910741,"user_id":8520354277,"created_at":1675345811000,"in_reply_to_comment_id":272821903,"root_in_reply_to_status_id":241077819,"retweet_status_id":null,"statusId":0,"truncated":false,"edited_at":null,"pic":"","rqtype":null,"rqid":0,"payment":0,"amount":0,"reply_count":0,"user":{"subscribeable":false,"common_count":0,"remark":"","recommend_reason":null,"blog_description":"","stocks_count":50,"recommend":null,"st_color":"1","intro":null,"follow_me":false,"allow_all_stock":false,"stock_status_count":null,"domain":"","type":"1","friends_count":526,"location":"","description":"","id":8520354277,"url":"","status":0,"screen_name":"动感超人呵呵哒","verified_type":0,"verified":false,"verified_description":"","blocking":false,"followers_count":17,"following":false,"profile":"/8520354277","donate_count":0,"status_count":82,"province":"","city":"","gender":"n","last_status_id":331429357,"step":"null","name":"","verified_infos":null,"group_ids":null,"verified_realname":false,"name_pinyin":null,"screenname_pinyin":null,"photo_domain":"//xavatar.imedao.com/","live_info":{},"profile_image_url":"community/202310/1699236081998-1699236082177.png,community/202310/1699236081998-1699236082177.png!180x180.png,community/202310/1699236081998-1699236082177.png!50x50.png,community/202310/1699236081998-1699236082177.png!30x30.png"},"status":null,"reply_remark":null,"reply_verified":null,"reply_verified_type":null,"reply_verified_description":null,"reply_comment":null,"reply_screenName":null,"blocked":false,"blocking":false,"donate_count":0,"donate_snowcoin":0,"truncated_screen_name":null,"censored":null,"spamType":null,"modifiedSpamType":null,"liked":false,"mark":0,"timeBefore":"2023-02-02 21:50","reward":true,"description":"刚好说反,普通人买主动基金才是更好的选择","canEdit":true,"like_count":0,"paid_mention":null,"reward_count":0,"reward_amount":0,"reward_user_count":0,"offer_amount":0,"pic_sizes":[],"root_reply_to_cid":-1,"child_comments":[],"reply_user":{"subscribeable":false,"common_count":0,"remark":"","recommend_reason":null,"blog_description":"","stocks_count":14,"recommend":null,"st_color":"1","intro":null,"follow_me":false,"allow_all_stock":false,"stock_status_count":null,"domain":"","type":"1","friends_count":57,"location":"","description":"","id":3370025284,"url":"","status":1,"screen_name":"奉天靖难","verified_type":0,"verified":false,"verified_description":"","blocking":false,"followers_count":19,"following":false,"profile":"/3370025284","donate_count":0,"status_count":119,"province":"上海","city":"浦东新区","gender":"n","last_status_id":340088275,"step":"three","name":"","verified_infos":null,"group_ids":null,"verified_realname":false,"name_pinyin":null,"screenname_pinyin":null,"photo_domain":"//xavatar.imedao.com/","live_info":{},"profile_image_url":"community/20202/1583381234319-1583381234522.jpeg,community/20202/1583381234319-1583381234522.jpeg!180x180.png,community/20202/1583381234319-1583381234522.jpeg!50x50.png,community/20202/1583381234319-1583381234522.jpeg!30x30.png"},"editable":true,"extend_comment_info":{"cmt_exchange_info":"","tag_type":-1,"type":""},"ip_location":"河南","is_refused":false,"text":"刚好说反,普通人买主动基金才是更好的选择","is_answer":false,"source":"雪球","comment_reply_count":0,"fundx_manager":false,"fundx_holder":false,"fundx_type":0},{"id":272862922,"user_id":1363422848,"created_at":1675321308000,"in_reply_to_comment_id":null,"root_in_reply_to_status_id":241085336,"retweet_status_id":241077819,"statusId":0,"truncated":false,"edited_at":null,"pic":"","rqtype":null,"rqid":0,"payment":0,"amount":0,"reply_count":0,"user":{"subscribeable":false,"common_count":0,"remark":"","recommend_reason":null,"blog_description":"","stocks_count":574,"recommend":null,"st_color":"1","intro":null,"follow_me":false,"allow_all_stock":false,"stock_status_count":null,"domain":"","type":"1","friends_count":333,"location":"","description":"","id":1363422848,"url":"","status":2,"screen_name":"撒旦的诗篇","verified_type":0,"verified":false,"verified_description":"","blocking":false,"followers_count":18,"following":false,"profile":"/1363422848","donate_count":0,"status_count":255,"province":"天津","city":"未知","gender":"m","last_status_id":347081090,"step":"null","name":"","verified_infos":[{"data":[],"verified_type":"5","verified_desc":"用户已完成实名身份认证"}],"group_ids":null,"verified_realname":false,"name_pinyin":null,"screenname_pinyin":null,"photo_domain":"//xavatar.imedao.com/","live_info":{},"profile_image_url":"community/20217/1628685011225-1628685011404.jpeg,community/20217/1628685011225-1628685011404.jpeg!180x180.png,community/20217/1628685011225-1628685011404.jpeg!50x50.png,community/20217/1628685011225-1628685011404.jpeg!30x30.png"},"status":null,"reply_remark":null,"reply_verified":null,"reply_verified_type":null,"reply_verified_description":null,"reply_comment":null,"reply_screenName":null,"blocked":false,"blocking":false,"donate_count":0,"donate_snowcoin":0,"truncated_screen_name":null,"censored":null,"spamType":null,"modifiedSpamType":null,"liked":false,"mark":0,"timeBefore":"2023-02-02 15:01","reward":true,"description":"说的太对了","canEdit":true,"like_count":0,"paid_mention":null,"reward_count":0,"reward_amount":0,"reward_user_count":0,"offer_amount":0,"pic_sizes":[],"root_reply_to_cid":-1,"child_comments":[],"reply_user":null,"editable":true,"extend_comment_info":{"cmt_exchange_info":"","tag_type":-1,"type":""},"ip_location":"天津","is_refused":false,"text":"说的太对了","is_answer":false,"source":"雪球","comment_reply_count":0,"fundx_manager":false,"fundx_holder":false,"fundx_type":0},{"id":272821903,"user_id":3370025284,"created_at":1675304849000,"in_reply_to_comment_id":null,"root_in_reply_to_status_id":241085336,"retweet_status_id":241077819,"statusId":0,"truncated":false,"edited_at":null,"pic":"","rqtype":null,"rqid":0,"payment":0,"amount":0,"reply_count":0,"user":{"subscribeable":false,"common_count":0,"remark":"","recommend_reason":null,"blog_description":"","stocks_count":14,"recommend":null,"st_color":"1","intro":null,"follow_me":false,"allow_all_stock":false,"stock_status_count":null,"domain":"","type":"1","friends_count":57,"location":"","description":"","id":3370025284,"url":"","status":1,"screen_name":"奉天靖难","verified_type":0,"verified":false,"verified_description":"","blocking":false,"followers_count":19,"following":false,"profile":"/3370025284","donate_count":0,"status_count":119,"province":"上海","city":"浦东新区","gender":"n","last_status_id":340088275,"step":"three","name":"","verified_infos":null,"group_ids":null,"verified_realname":false,"name_pinyin":null,"screenname_pinyin":null,"photo_domain":"//xavatar.imedao.com/","live_info":{},"profile_image_url":"community/20202/1583381234319-1583381234522.jpeg,community/20202/1583381234319-1583381234522.jpeg!180x180.png,community/20202/1583381234319-1583381234522.jpeg!50x50.png,community/20202/1583381234319-1583381234522.jpeg!30x30.png"},"status":null,"reply_remark":null,"reply_verified":null,"reply_verified_type":null,"reply_verified_description":null,"reply_comment":null,"reply_screenName":null,"blocked":false,"blocking":false,"donate_count":0,"donate_snowcoin":0,"truncated_screen_name":null,"censored":null,"spamType":null,"modifiedSpamType":null,"liked":false,"mark":0,"timeBefore":"2023-02-02 10:27","reward":true,"description":"对普通人来说,真的还是搞宽基指数吧。主动基金实在搞不懂。太费神了。","canEdit":true,"like_count":0,"paid_mention":null,"reward_count":0,"reward_amount":0,"reward_user_count":0,"offer_amount":0,"pic_sizes":[],"root_reply_to_cid":-1,"child_comments":[],"reply_user":null,"editable":true,"extend_comment_info":{"cmt_exchange_info":"","tag_type":-1,"type":""},"ip_location":"上海","is_refused":false,"text":"对普通人来说,真的还是搞宽基指数吧。主动基金实在搞不懂。太费神了。","is_answer":false,"source":"雪球","comment_reply_count":0,"fundx_manager":false,"fundx_holder":false,"fundx_type":0},{"id":272819647,"user_id":2356382715,"created_at":1675304085000,"in_reply_to_comment_id":272819036,"root_in_reply_to_status_id":241077819,"retweet_status_id":null,"statusId":241085336,"truncated":false,"edited_at":null,"pic":"","rqtype":null,"rqid":0,"payment":0,"amount":0,"reply_count":0,"user":{"subscribeable":false,"common_count":0,"remark":"","recommend_reason":null,"blog_description":"","stocks_count":132,"recommend":null,"st_color":"1","intro":null,"follow_me":false,"allow_all_stock":false,"stock_status_count":null,"domain":"liwenbi","type":"1","friends_count":249,"location":"","description":"《基金投资全攻略》作者,私企业主,经济学硕士,专注于基金投资,秉承长期、稳健、价值投资原则,科学择基并进行合理的大类资产配置,把基金投资当成最靠谱的懒人生意。","id":2356382715,"url":"","status":2,"screen_name":"懒人养基","verified_type":0,"verified":false,"verified_description":"","blocking":false,"followers_count":97790,"following":false,"profile":"/liwenbi","donate_count":0,"status_count":2938,"province":"不限","city":"未知","gender":"m","last_status_id":352620235,"step":"null","name":"","verified_infos":[{"data":[{"desc":"雪球2023年度视频影响力用户","icon":"https://xqimg.imedao.com/18c70d0ef411a23fbca69066.png","link":"https://xueqiu.com/3748823499/271072346"},{"desc":"雪球2022年度基金影响力用户","icon":"https://xqimg.imedao.com/184c2e6ab36b53fe6c066844.png","link":"https://xueqiu.com/2552920054/236414609"},{"desc":"雪球2021年度十大新锐用户","icon":"https://xqimg.imedao.com/17e95f45b0d403fef1603066.png","link":"https://xueqiu.com/2552920054/209971707"},{"desc":"雪球星计划创作者","icon":"https://xqimg.imedao.com/17b584deb16ce183feffb89b.png","link":"https://xueqiu.com/1130856323/194962647"}],"verified_type":"10","verified_desc":"雪球2023年度视频影响力用户"},{"data":[],"verified_type":"5","verified_desc":"用户已完成实名身份认证"}],"group_ids":null,"verified_realname":true,"name_pinyin":null,"screenname_pinyin":null,"photo_domain":"//xavatar.imedao.com/","live_info":{},"profile_image_url":"community/20239/1696774684338-1696774684812.jpg,community/20239/1696774684338-1696774684812.jpg!180x180.png,community/20239/1696774684338-1696774684812.jpg!50x50.png,community/20239/1696774684338-1696774684812.jpg!30x30.png"},"status":null,"reply_remark":null,"reply_verified":null,"reply_verified_type":null,"reply_verified_description":null,"reply_comment":null,"reply_screenName":null,"blocked":false,"blocking":false,"donate_count":0,"donate_snowcoin":0,"truncated_screen_name":null,"censored":null,"spamType":null,"modifiedSpamType":null,"liked":false,"mark":0,"timeBefore":"2023-02-02 10:14","reward":true,"description":"看懂更重要,推荐几只基金容易,问题是它们表现不好的时候你就谁都不信了,只有抱怨和割肉的份。没用的。","canEdit":true,"like_count":0,"paid_mention":null,"reward_count":0,"reward_amount":0,"reward_user_count":0,"offer_amount":0,"pic_sizes":[],"root_reply_to_cid":-1,"child_comments":[],"reply_user":null,"editable":true,"extend_comment_info":{"cmt_exchange_info":"","tag_type":-1,"type":""},"ip_location":"云南","is_refused":false,"text":"看懂更重要,推荐几只基金容易,问题是它们表现不好的时候你就谁都不信了,只有抱怨和割肉的份。没用的。","is_answer":false,"source":"雪球","comment_reply_count":0,"fundx_manager":false,"fundx_holder":false,"fundx_type":0}],"reply_user":null,"editable":true,"extend_comment_info":{"cmt_exchange_info":"","tag_type":-1,"type":""},"ip_location":"云南","is_refused":false,"text":"看着好复杂,能不能推荐几只适合定投的基金??","is_answer":false,"source":"雪球","comment_reply_count":5,"fundx_manager":false,"fundx_holder":false,"fundx_type":0};
window.SNOWMAN_TARGET = window.SNOWMAN_REPLY.user;
window.SNOWMAN_STATUS = {"id":241077819,"user_id":2356382715,"source":"雪球","title":"投资者需要一份什么样的基金定期报告?","created_at":1675301771000,"retweet_count":12,"fav_count":15,"truncated":false,"commentId":0,"retweet_status_id":0,"symbol_id":null,"description":"选主动基金就是选基金经理。
当我们拿到一只主动基金的时候,迫切需要一张基金经理的“画像”。
基金定期报告有基金经理的学历、从业背景以及管理基金的履历,但这给基金经理“画像”还远远不够。
基金定期报告会披露基金主要财务指标和基金净值表现,我们可以据此判断基金经理管理基...","type":"3","source_link":null,"edited_at":null,"user":{"subscribeable":false,"common_count":0,"remark":"","recommend_reason":null,"domain":"liwenbi","type":"1","friends_count":249,"intro":null,"location":"","description":"《基金投资全攻略》作者,私企业主,经济学硕士,专注于基金投资,秉承长期、稳健、价值投资原则,科学择基并进行合理的大类资产配置,把基金投资当成最靠谱的懒人生意。","id":2356382715,"url":"","status":2,"blog_description":"","stocks_count":132,"recommend":null,"st_color":"1","follow_me":false,"allow_all_stock":false,"stock_status_count":null,"screen_name":"懒人养基","verified_type":0,"verified":false,"verified_description":"","blocking":false,"followers_count":97790,"following":false,"profile":"/liwenbi","donate_count":0,"status_count":2938,"province":"不限","city":"未知","gender":"m","last_status_id":352620235,"step":"null","name":"","verified_infos":[{"data":[{"desc":"雪球2023年度视频影响力用户","icon":"https://xqimg.imedao.com/18c70d0ef411a23fbca69066.png","link":"https://xueqiu.com/3748823499/271072346"},{"desc":"雪球2022年度基金影响力用户","icon":"https://xqimg.imedao.com/184c2e6ab36b53fe6c066844.png","link":"https://xueqiu.com/2552920054/236414609"},{"desc":"雪球2021年度十大新锐用户","icon":"https://xqimg.imedao.com/17e95f45b0d403fef1603066.png","link":"https://xueqiu.com/2552920054/209971707"},{"desc":"雪球星计划创作者","icon":"https://xqimg.imedao.com/17b584deb16ce183feffb89b.png","link":"https://xueqiu.com/1130856323/194962647"}],"verified_type":"10","verified_desc":"雪球2023年度视频影响力用户"},{"data":[],"verified_type":"5","verified_desc":"用户已完成实名身份认证"}],"profile_image_url":"community/20239/1696774684338-1696774684812.jpg,community/20239/1696774684338-1696774684812.jpg!180x180.png,community/20239/1696774684338-1696774684812.jpg!50x50.png,community/20239/1696774684338-1696774684812.jpg!30x30.png","group_ids":null,"verified_realname":true,"name_pinyin":null,"screenname_pinyin":null,"photo_domain":"//xavatar.imedao.com/","live_info":{}},"retweeted_status":null,"answers":null,"rqtype":null,"rqid":0,"target":"/2356382715/241077819","fragment":null,"blocked":false,"blocking":false,"topic_pic":null,"topic_symbol":null,"topic_title":null,"topic_desc":null,"donate_count":0,"donate_snowcoin":0,"liked":false,"view_count":0,"weixin_retweet_count":0,"mark":5,"card":null,"favorited":false,"favorited_created_at":null,"offer":null,"score":null,"controversial":false,"fundxHold":null,"tips":null,"firstImg":null,"rawTitle":"投资者需要一份什么样的基金定期报告?","reward":true,"tagStr":"","longTextForIOS":false,"expend":true,"timeBefore":"2023-02-02 09:36","stockCorrelation":["SH560800"],"canEdit":true,"topic_pic_thumbnail_small":null,"topic_pic_thumbnail":null,"topic_pic_headOrPad":null,"tagsForWeb":"2022基金四季报解读;SH560800,F011832,F161031","reply_count":20,"meta_keywords":"{\"ip_location\":\"云南\",\"stockCorrelation\":\"SH560800\",\"stockList\":\"F011832_23,F161031_23,SH560800_13\"}","paid_mention":null,"reward_count":2,"reward_amount":36234,"reward_user_count":1,"talk_count":0,"like_count":21,"video_info":null,"quote_cards":null,"promotion_pic":null,"promotion_url":null,"promotion_id":0,"mark_desc":null,"pic_sizes":[],"cover_pic_size":null,"order_id":0,"tags":[],"status_industry":null,"excellent_comments":[],"notice_tag":null,"common_emotion":null,"current_stock_price":null,"new_card":null,"source_deep_link":null,"source_feed":false,"editable":true,"like_config":null,"title_ad_pic":null,"title_ad_url":null,"title_ad_deep_link":null,"answer_comment":null,"answer_count":0,"answer_users":null,"bonus_screen_name":null,"fundx_tag":null,"extend_st_feed_info":{"stock_event_time":0,"stock_event_type":null,"change_event_color":null,"is_future_event":false,"stock_event_id":null,"stock_event_message":null,"original_text_length":1715,"disputed_status":false,"excellent_status":"false"},"stock_list":[{"symbol":"F011832","type":"23"},{"symbol":"F161031","type":"23"},{"symbol":"SH560800","type":"13"}],"reply_user_images":null,"reply_user_count":0,"fundx_symbol":null,"hot_new_rank":null,"image_info_list":null,"extend_st_home_page":{"ip_location":"云南","st_mention_stock_count":4,"ai_card":null,"ai_status":false},"cover_pic":"","is_refused":false,"is_ss_multi_pic":false,"is_bonus":false,"pic":"","recommend_cards":null,"text":"
选主动基金就是选基金经理。
当我们拿到一只主动基金的时候,迫切需要一张基金经理的“画像”。
基金定期报告有基金经理的学历、从业背景以及管理基金的履历,但这给基金经理“画像”还远远不够。
基金定期报告会披露基金主要财务指标和基金净值表现,我们可以据此判断基金经理管理基金的短中长期业绩,推定基金经理的投资能力。
基金定期报告还披露了基金持仓详情。
通过分析持仓个股总体估值可以判断基金经理偏价值还是成长风格;
分析持仓个股市值规模分布可以判断基金经理是偏好投资大盘股还是中小盘股;
通过分析持仓行业集中度、个股集中度、前十大持仓集中度可以判断基金经理是偏进攻、均衡抑或防守风格;
通过分析持仓换手率判断基金经理管理投资组合到底是以交易为主还是以选股长期持有为主;
通过分析基金多年的持仓行业分布及变化大致判断基金经理的能力圈。比如有的基金经理擅长消费和医药,有的基金经理擅长金融和地产,有的基金经理擅长TMT,有的基金经理擅长中游制造,有的基金经理则长期重仓配置上游行业,有的基金经理同时擅长几个行业,有的基金经理好像没有什么行业偏好、行业配置较为分散均衡……
投资业绩、投资风格、能力圈,加上学历、从业背景和管理基金的履历,大体上也可以给基金经理“画像”了。
问题是,投资业绩、投资风格和能力圈的分析和判断,需要资深投资者甚至专业投资者借助一定的基金分析工具才能做得到,而这些分析和判断主要还是偏定性的,难免会有一些主观和片面。
普通投资者就更不用说了,根本没有能力进行这些细致的分析和判断。拿到一只主动基金,无非就是看一下业绩(而且主要还是短期业绩),简单粗暴,业绩好就买;买在手中碰到业绩不好的时候就傻眼了,因为不了解基金经理的投资理念和投资框架,大概率会在基金业绩很不好的时候骂骂咧咧割肉出局。
其实基金定期报告完全可以对基金经理的投资理念和投资框架进行实事求是的披露,也就是基金经理给自己“画像”,与投资者进行坦诚沟通,获得投资者的了解与信任。
毕竟,基金定期报告是我们了解基金经理最为便捷的方式,基金经理也应该好好加以利用才是。对普通投资者而言,获得真正有价值的基金经理访谈和研报并不是件容易的事。
现实却是,一些基金经理在基金定期报告《报告期基金投资策略和运作分析》部分惜字如金,或者敷衍了事。
很多基金经理打广告、做直播、接受各种访谈,甚至直接写文章,阐述自己的投资理念和投资框架,不就是寻求与投资者进行充分而坦诚的沟通吗?为什么就不能在“管理人报告”部分做较为充分的阐述呢?
我希望《报告期基金投资策略和运作分析》能够解答下列问题:
1、管理人(基金经理)是否承认任何一种投资体系和投资策略都有局限性、不可能“通吃”所有市场风格?
2、管理人对投资组合权益仓位(股债配置)短中长期的考虑。
3、管理人对选股与交易孰轻孰重的看法以及对报告期交易倾向的解释。
4、管理人对价值与成长、大小市值规模的偏好及理由。
5、管理人过去、现在和未来看好什么行业和方向,并说明理由。
6、管理人如何管理投资组合实现超额收益:买什么?怎么买?怎么卖?
7、管理人如何应对市场波动,尤其要回答业绩严重落后时怎么办?
8、管理人对未来的投资展望。
你希望基金经理在定期报告中解答哪些问题呢?欢迎评论区一起交流。
本文所有观点和涉及到的基金不构成投资建议,只是我自己思考和实践的一个真实记录,据此入市投资,风险自担。
#2022基金四季报解读# @今日话题 @雪球创作者中心 @雪球基金 @ETF星推官
$数字经济ETF(SH560800)$ $西部利得中证人工智能主题指数增强A(F011832)$ $富国中证工业4.0指数(F161031)$
本文由 懒人养基 首发,版权归作者所有。未经许可严禁转载。欢迎朋友们转发朋友圈。