| Asset allocation is the primary tactic in securities | | | | There are already many studies on how to |
| investment decisions and is the fundamental | | | | choose funds in the micro-level. But as for how to |
| element in determining the safety and benefits of | | | | allocate assets between different types of funds, |
| securities investment. Strategic asset allocation is | | | | such as stock funds, bond funds, currency funds, |
| the most powerful means of immunization to the | | | | in the macro-level, there are few articles. Based |
| systemic risk. With the increasing of financial | | | | on this, We attempt to introduce the idea of |
| assets of China's population, the investment | | | | asset allocation to the allocation between different |
| consciousness is ever-increasing. | | | | types of funds to compensate for the |
| In the current macroeconomic background, the | | | | shortcomings of existing studies. It will provide |
| ability to accurately judge the investment value of | | | | reference on funds investment for investors. It |
| financial assets, to seize strategic investment | | | | will also provide an operational method and |
| opportunities and to select the appropriate asset | | | | performance standard to create a real sense of |
| is the key to determine the future investment | | | | the FOF product and to the operation of the |
| returns. Since the launch of the first open-ended | | | | existing set of quasi-FOF. |
| funds in September 2001, China has a rapid | | | | The idea of this paper is to solve the problem of |
| development of open-ended funds. Open-ended | | | | how to allocate between different kinds of funds |
| funds gradually replace closed-end funds and | | | | based on the theory of asset allocation. Select |
| become the mainstream of the fund industry. As | | | | three kinds of most representative funds, which |
| of August 2009, open-ended funds have reached | | | | are stock funds, bond funds and currency funds. |
| as many as 527 and the types of open-ended | | | | By analyzing the characters of time series, |
| funds tend to be more diversified. | | | | simulate the forecast model and predicate the |
| According to the division of open-ended funds by | | | | yield of the three types of funds in the first six |
| Galaxy Securities Funds Research Center, there | | | | months of 2009. Then allocate between the |
| are already five categories open-ended funds can | | | | stock, bond and currency funds by the optimal |
| be selected for investors. Facing of the wide | | | | portfolio model of risk assets under the condition |
| variety, profitability uneven open-ended funds, it is | | | | that having risk-free asset and not allowing short |
| a very practical problem for investors to obtain | | | | selling. The result proves that it's necessary and |
| high-yield by making good use of the | | | | effective to configure between the different |
| characteristics of the fund, a relatively | | | | types of funds. |
| high-yielding, low risk and good liquidity. | | | | |