基金投资101

alex1031 · 发表于 2014-5-21 15:18:19

顶一下，怎么还没动静？斑竹们都午睡去了？

西边雨 · 发表于 2014-5-21 16:52:41

嗯，看来澳洲上也是要催一催才见效的

philgu · 发表于 2014-5-21 17:25:17

催什么？

philgu · 发表于 2014-5-21 18:21:52

原帖由黑山老妖于 2006-10-16 08:29 发表
philgu, thank you for the feed back.Thank you for clarifying master trust and wrap. I will make the change. :)I am somehow have a different view of brand and personality for managed funds....
Very fair points... But I think it is more or less in line with fund manager's arguements. Here are a few thoughts I have regarding the mainstream fund managers (albeit working for one).1. mentality. Most of the big fund managers run a sizeable and profitable business. They are more concerned with maintain/grow market share than anything else. It leads to the fact most of the big fund manager run portfolio more less similar. They would tweak their weighting on the stock against index. So the result is they would have similar returns against market but not significantly out/underperform. The thing they most fear is if they made a bad call and lose market share to major competitors. It is lesser of an issue to boutiques.2. size. As you already pointed out, size is of

黑山老妖 · 发表于 2014-5-21 19:31:45

There is some subtle difference btw master trust and wrap service.
Master trust like ING OneAnswer is unitised discretionary trust. So you are holder of the units in the trust. If you want to leave, you would have to sell the units and pay CGT if there is any.
Wrap (officially called IDPS or investor directed portfolio service) is slightly different. It offers a service to "wrap" all the investment onto one platform. You would be the owner of the underlying investments. So say if you want to move from one wrap product from one company to the other. You can just transfer the title to other company without incurring a CGT event.[ 本帖最后由 philgu 于 2006-10-17 07:01 编辑 ]

蓝山老妖 · 发表于 2014-5-21 19:59:28

Thank you for the insights into how the bountique funds work and how subtle differences one product can different to the other in the same category. Just shows how a professional is miles better than an amature.See, its only by talking to others we learn.With regard to mentality, having market return is not necessarily a bad thing. For average managers to chase higher than market return after fees is too big an ask. Not many can do it, let alone do it consistantly. We are not short of example of those who say they are trying and consistantly fail miserably. Also be risk averse plays nicely for the average risk averse investor, don't you think? :pFully agree about the situation with finanical advisors. That's why there is a big push by AMP(If I remember correctly) is trying hard to push for advisor disclosure. Anyway, for average investor a GOOD INDEPENDENT advisor is invaluable. Not the kind who have monthly quota to fill or want to sale you the product with the highest trailing commis

philgu · 发表于 2014-5-21 20:19:19

虽然不懂，先收藏着，顺手加分

蓝山小妖 · 发表于 2014-5-21 21:15:56

I don't think I can be called a professional. Personally I think I am a rookie in term of investment experience. In my view, only those who made and lose serious money can be called true professional (especially those made serious gains after serious losses).Absolutely agree with you regarding market return. The point is what you are paying for it. I think currently unlisted indexed fund are far too expensive (i.e. Vanguard). Paying 80-100 bps for no active management is a bit too deep for me. In a good industry super, you cost of indexed/ enhanced indexed fund is only around 30 bps. However there is listed index fund offerred by ssga called stree track. But because listed investment is very unpopular here (unfortunately very different from US), the liquidity is quite limited. I do envy very much the investment options people get in US. Again boutique fund can range on quite broad spectrum of risk/return scale, from very aggressive to very conservative. Last year, I watched with great