Over the past week, Wind All A has fallen by 1.49%.
One said that it was not big, and that it was not a small decline.
In terms of large and small markets, there is also a similar decline, and the CSI 1000 is a bit miserable, -2.42%.
However, the anxious mood of investors is visible to the naked eye in various groups.
Perhaps, it is not the weekly decline that is making investors nervous, but the year-to-date decline – especially for investors.
The chart below compares the three indices so far in 2024. Wind All A and Wind Partial Equity Mixed Fund Index should be familiar to everyone. The Wind All A Equal Weight Index is to calculate the index performance of all A shares, regardless of large and small caps, according to the same weight, compared with Wind All A to calculate the weight according to the circulating market capitalization, it is generally considered to be closer to the experience of ordinary shareholders (who prefer to buy small and mid-cap stocks). Although the Wind All-A Equal Weight Index did not fall below the low point in early June, it once again extended its year-to-date decline to 19.06%, and the anxiety of investors can be imagined.
Seeing this picture, I suddenly thought of a metaphor that has been very hot in recent years: the boomerang that flew out finally hit itself.
I vaguely remember that last year, many old shareholders showed disdain for buying funds. "Stock trading is not very simple", this is the intuitive feeling of many investors last year, and many people will open a stock account to share with you the soaring positions.
Indeed, in 2023 with the blessing of small and micro disks, it is indeed not difficult for shareholders to make money.
Still the above three indexes, you will find that the Wind All-A Equal Weight Index, which is close to the intuitive feeling of ordinary people, will rise by 8.79% in 2023, and the corresponding Wind Partial Stock Mixed Fund Index, which represents the feelings of the people, will fall by 13.52%.
However, after a year, the boomerang of "easy to make money" has returned to many shareholders.
Mistaking the beta of small and micro disks as their alpha, many investors did not understand the difficulty of making money in a bear market until this year.
On Thursday night, I updated the data of Wind All A Five-Year Anchor, and I said that if the deviation is more than -13%, I will add the first position. Many readers ask, what to add.
In fact, at this time, if you plan to make money from the oversold swing of the market, and make money from the rebound of the overall valuation of A-shares, the idea of stabilizing is to benchmark the overall market value distribution of A-shares.
At present, after all, it is not the beginning of 2021, the CSI 300 is deformed and overestimated, and the small and micro disks are extremely lonely.
At present, both large and small caps have experienced a baptism of decline, and even the earnings data of large-cap stocks are better, even considering that it is relatively easy for small and micro caps to exceed the amount, then it may be better to anchor the all-A index to increase the position of a basket of fund portfolios.
I extracted all the constituents of the latest CSI A-share index and made a categorical calculation based on the distribution of the constituents of the broad-based index at the end of 2023.
In terms of plates, the main board is still the majority, and eighty percent of the weight is less than a little. 15% on the ChiNext Board, 5%+ on the Science and Technology Innovation Board, and the Beijing Stock Exchange is negligible for the time being.
From the perspective of the distribution of constituent stocks of the broad-based index, the current weight of the CSI 300 is 49.28%, of which the value of the 300 accounts for 20%, and the growth of the 300 is 14.04%. Then the CSI 500 accounted for 16.91%, the CSI 1000 accounted for 14.98%, the CSI 2000 accounted for 11.96%, and the remaining 6.87% were micro-cap stocks that could not even enter the CSI 2000.
This means that a fund portfolio anchored to all A, the CSI 300 class should be used as the Dinghai Shenshen needle, even if it is not worthy of half, I think at least 45% should be given. Of course, in my style, within the CSI 300, I would consider overweighting the 300 value, and not increasing the exposure of the 300 growth for the time being.