Financial help sub-LaoK (CK) Fund Classification

 Financial help sub-LaoK (CK) Fund Category
- LaoK, financial help children
;, referred to as CK classification. This classification originated from a year ago LaoK of several research papers, and ultimately by the overall fiscal help children achieve. We believe that this classification has a very unique, better than the Morningstar category in China's national conditions, while indeed hope that the majority of this category-based Friends of the establishment of a fund to give to provide some combination of reference and help.
one, why should the funds classified?
more and more friends started to like the establishment of the Fund's investment portfolio, which for balance risk and reduce volatility have very good results. In an ideal investment portfolio, first thing to consider is the different asset allocation, such as stock funds and bond funds allocation, which is almost decided the overall benefits of long-term investment portfolio the bulk of. The second is the configuration of medium and small proportion of equity funds offer.
broader market funds, although the main direction of the market, but in the small cap fund is a very active part of the market. based on individual risk preferences, in combination the appropriate allocation of small cap funds can effectively increase the portfolio return and reduce volatility.
to be clear that the broader market, small cap funds do not mean the size of the fund itself, but rather refers to the direction of the Fund's investments, market shares if the fund investment That is the broader market fund; if the investment is small-cap stocks, that is, small cap funds. and the fund size does not matter, a 20-billion fund may be broader market funds, fund a 100 million small cap fund may be
First of all, small cap and the tape is less relevant areas, which is the object of a very good diversification. Now most funds are concentrated in the broader market, the result is very prone to the phenomenon of cross-holdings. and small cap funds in the deserted , naturally guaranteed his maverick. But the market is moving wheel, the big bull market in the 06-07 second half of 2006 was dominated by blue chip companies, the first half of 2007 the stock market is the small-cap stocks . Therefore, small cap funds is the need to be considered in the strategic projects.
Second, the small cap fund short-term volatility than the broader market fund large, long-term gains will be higher than the broader market funds. This is the so-called small-cap risk premium. in accordance with the U.S. stock market history, the long-term average, small-cap earnings than the broader market about 1% higher. If the income in accordance with the broader market average of 12%, 13% small cap to estimate, then compounded by the great work, you can turn the broader market after 20 years 9.6 times, while the small cap turned 11.5 times. This is an attractive small cap funds is another reason, of course, the high cost of short-term fluctuations. for affordable long-term investment with high-risk, small cap funds is very attractive things.
So consider a combination with the broader market and in the small cap funds, and try to stabilize this ratio, so that the entire fund portfolio's risk appetite remains stable. This is what led to the most important issue is the broader market funds, which are in the small cap from? that is how to fund classification problems.
Second, how to fund classified?
on the market today use a maximum of Morningstar fund categories are classified investment style boxes. According to investment styles, Morningstar the fund in size divided into three categories: the broader market, Mid and small cap funds. simply means that the fund invests primarily large-cap stocks as the broader market fund invests primarily in small cap fund called, the small cap fund. The total market value of large-cap stocks as a percentage less than or equal to 70% of the shares; Mid market share for the cumulative percentage of between 70% -90% of stock; the percentage of small cap stocks for the total market value of more than 90% of the shares. this category in fact the United States continue to use Morningstar's classification of the U.S. stock market. Morningstar published every six months on the classification of all open-end fund, and the main source of data is the Fund's annual and semiannual reports.
2007 year, China Securities Index Company issued scale in the card index series, including CSI 100, CSI 200, CSI 500, CSI 700 and CSI 800 Index, plus the previously released Shanghai and Shenzhen 300 Index to constitute a description of all the Chinese cities of Shanghai and Shenzhen scale series of stock prices index. This index series based on the government of the people we are very big help. There are two reasons: 1, these indices include Shanghai and Shenzhen; 2, a very clear distinction between what is a large-cap stocks, shares in the offer and small cap stocks. Here's three most basic index is:
China Securities 100 Index: This is in Shanghai and Shenzhen 300 Index, select the largest market capitalization index composed of 100 stocks. It is also in Shanghai and Shenzhen A shares the largest 100 market capitalization stocks. It covers about 100 A-share stock market value of half of the flow, which is part of the first 50%. The A-share market index is actually a large cap stock index;
CSI 200 Index : The CSI 300 CSI 100 deducted from the remaining components of the index of 200 stocks. It occupies about 200 of China's A share market value of 50% to 70% from 20% of the middle part. CSI 200 Index is considered is the disk index;
China Securities 500 Index: This is a row of A shares after the Shanghai and Shenzhen 300 index composed of 500 stocks. 500 stocks which constitute about the market value of A from 70% to 90% 20% of the middle part. can be considered small-cap index.
The CSI 300 Index is the Central Securities 100 and CSI 200 composition; Central China Securities 700 Index Card 200 and the composition of the CSI 500; Zhong CSI 800 Index of the Central Securities 100, CSI 200, CSI 500 together form.
the China Securities Index Company in China's special status on the stock market, and we think that the series of index card size classification more in line with China's national conditions, And because these are regularly published every day the scale index, which tracks the index to investors bring great convenience. If we can all index funds in accordance with the CSI series to be divided, that not only card company in the energy and unity classification, while real-time in the card can be used to estimate the index of real-time Change Fund case.
three sub-LaoK financial help financial help sub-classification
-LaoK classification, referred to as CK classification is based on the scale of China Securities Index Series to create the fund classification.
scale in the card index which provides that all index constituent stocks, but to classify funds according to the constituent stocks of the fund must rely on quarterly or annual reports, and strictly speaking only the last day of the reporting period shareholdings, which will inevitably lead to inaccurate classification. In addition our funds are generally mixed, part of the broader market funds contain small cap stocks, small cap funds contain some large cap stocks, which bring a lot of confusion problem.
Another way is to LaoK proposed to determine the correlation coefficient with the ownership of the Fund. minds are very simple to take these changes in income of the Fund and the China Securities 500 Index 100,200 and changes in contrast, calculated the statistical correlation coefficient. look at this fund and who rely on the recent trend, that is, the maximum correlation coefficient. If the maximum correlation coefficient and 100, which is a fund by the broader market, and 200 if it is closest, that is, mid-cap funds.
According to this idea of a fund's movements over time and in the card 100,200 and 500, respectively, to do correlation analysis, then the weighted average of the correlation coefficient, so that could have been a style for each fund factor. In CK classification method, the style factor from 1 to 3, where 1 is closest to the tape, and 2 Mid Fund, and 3 for the smallest plate fund. This method is the core of the Fund by the trend to classify, and not through Shigekura Analysis Unit.
a style factor as given, so that funds can not only distinguish between medium and small plate, can be further refined, so CK classification, given in seven categories the final level, they are: tape, tape ( Partial Mid), Mid (partial tape), the disk, the disk (small plate), small (partial Mid) and small cap funds.
four, the first quarter of 2008, stock fund categories
CK classification in accordance with, here are all the equity funds in the first quarter of 2008 classification:
No.
Fund Name
style factor
Category
1
Great Wall Brand Optimization
1.1543
tape
2
Wall consumer value-added
1.1586
tape
3
Po Hong consumer
1.2144
tape
4 < br> ABN AMRO TEDA stability
1.2195
tape
5
South II No.
1.2291
sound tape
6
facility broader blue-chip
1.2362

7
Great Selection
1.2424
tape
8
the Great Wall for a long time constant
1.2454
tape
9
China Baoli configuration
1.2457 < br> When Bo tape
10
tertiary industry
1.2472
tape
11
easy to base 50 Index
1.253
tape
12
King Shun selected blue-chip
1.253
tape
13
China Shanghai 50ETF
1.256
tape
14
Invesco broader domestic demand growth
1.256

15
Invesco No. II growth of domestic demand
1.2565
tape
16
Industrial Convertible
1.2572
tape
17
INVESCO Great Wall balance
1.2572
tape
18
facility power pioneer
1.262
tape
19
Yinhua Dow Jones 88
1.2623
tape
20
facility new blue-chip
1.2626
tape
21
AIA SSE Dividend
1.2653
tape
22
HSBC Jintrust Dynamic Strategy
1.2665
tape
23
sound
1.2665
GF tape
24
Invesco Great Wall monopoly
1.27
sound tape
25
South growth
1.2707
tape
26
Bauhinia broader pan-coastal
1.2713

27
Lion Stock
1.2741
tape
28
Harvest quality
1.2752
Bo tape
29
theme
1.276
tape
30
Invesco Emerging Growth
1.2767
tape
31
Invesco Great Wall optimization
1.2769
tape
32
Everbright Quantifying core
1.2789
tape
33
safe return of the Great Wall
1.279
tape
34
Great wealth
1.2792
tape
35
Tianfu advantage
1.2817
rich days of the broader market
36
Bo
1.284
tape
37
Fortune SGAM earnings growth
1.2842
tape
38
Great growth
1.2868
tape
39
Yinhua preferred
1.2871
tape
40
HSBC Jinxin Long Teng
1.2875
tape
41
Yinhua quality
1.2875
tape
42
Industrial Global View
1.289
when the broader market
43
Featured
1.2919
Bo tape
44
TRW rich sound
1.2925
tape
45
Southern blue-chip growth
1.2925
tape
46
Hua strategy optimization
1.2928
tape
47
easy to base a smooth
1.2956
tape
48
Invesco Great Wall Ding Yi
1.2957
tape
49
facility CNINFO 100
1.2966
Castrol tape
50
theme
1.2972
day the broader market
51
rich benefits
1.2982
tape
52
Po Hong flexible configuration
1.2983
tape
53
China Industry Select
1.2993
tape
54
Changsheng China Securities 100
1.3004
tape
55 < br> Great selection of value-added
1.3022
tape
56
Great Value Growth
1.3025
tape
57
Everbright bonus
1.3034
broader market < br> 58
China II
1.3049
return tape
59
Celestica Featured
1.3054
tape
60
Fortune SGAM Power portfolio < br> 1.3059

61
facility leading the broader market growth
1.3093
tape
62
Hua innovation
1.3103
tape
63
Tim Rich balanced
1.3103
tape
64
Lion Value Growth
1.3125
tape
65
Great sound
1.3135
blue-chip tape
66
intermediation industry boom
1.3137
tape
67
AIA Prime
1.3138
tape
68
Dresdner advantage
1.3152
tape
69
Shanghai 180ETF
1.3163
tape
70
rich Tianyi
1.3175
Bo tape
71
value
1.3175
tape
72
Tianfu focus
1.3179
when the broader market value
73
Bo II No.
1.318
tape
74
South Featured
1.3181
component tape
75
China Sea revenue
1.3182
tape
76
Featured
1.3182
ABN AMRO TEDA tape < br> 77
SW Paris Featured
1.3186
tape
78
preferred
1.3189
GF tape
79
China returns
1.3191
tape
80
silver Hua Fuyu
1.3195
tape
81
GF tape
1.3207
tape
82
China Bonus < br> 1.3217
tape
83
GF Jufeng
1.3222
broader market trends
84
Central
1.3224
tape
85 < br> Vanguard 180
1.323
tape
86
Cathay TIS
1.3235
tape
87
sea return
1.3251
strengthen Fortis tape
88
sea Fortis shares
1.3253
tape
89
preferred
1.3254
new century
90
ABN AMRO TEDA broader market < br> 1.3265
tape
91
Southern High Growth
1.3287
tape
92
Industrial Trend
1.3292
tape
93
China Renaissance
1.3298
tape
94
dividends and increased profits in the sea
1.3304
tape
95
Bank of blue-chip
1.3304
tape
96 Investment Pioneer
1.3305

tape
97
Castrol service
1.3318
tape
98
Hua growth
1.3328
tape
99
value
1.3333
Cathay Jinpeng tape (side of plate)
100
AIA growth
1.3336
tape (side of plate)
101
Investment and domestic demand on the power
1.3356
tape (partial in the disk)
102
Bo Yu Fu
1.3364
tape (partial in the disk)
103
Bank of China
1.3372
tape (side of plate)
104
easy to strategy II
1.3384
tape (side of plate)
105
Cathay Shanghai and Shenzhen 300
1.3395
tape (partial Mid)
106
Featured
1.3396
Bank of tape (partial Mid)
107
easy to base the value of
1.3403 < br> tape (side of plate)
108
core values
1.3429
investment tape (side of plate)
109
China Sea potential
1.3435
tape ( Partial Mid)
110
Fidelity Four Seasons Red
1.3447
tape (partial Mid)
111

1.3451
prone tape-based strategy (partial Mid )
112
Great Shanghai and Shenzhen 300
1.3474
tape (partial Mid)
113
Yinhua advantage
1.3483
tape (partial Mid)
114
Penghua value
1.3491
tape (side of plate)
115
Bo balance
1.3493
tape (partial in the disk)
116
Everbright advantage
1.3504
tape (partial Mid)
117
Dresdner sound
1.3516
tape (partial Mid)
118
Southern Longyuan < br> 1.352
tape (partial Mid)
119
positive
1.3532
prone tape-based (partial Mid)
120
Hua of China A Share 1.3534
tape (partial Mid)
121
long letter Lee
1.3539
silver tape (partial Mid)
122
Cinda broader market leading
1.3544
(partial Mid)
123
Castrol growth
1.3566
tape (partial Mid)
124
Fortune SGAM strategic growth
1.3569
tape (partial Mid)
125
Fortune SGAM Selected
1.3578
industry tape (partial Mid)
126
China Post Core Growth
1.3579
tape (partial Mid)
127
Harvest Strategy
1.3582
tape (partial Mid)
128
rich source days
1.3587
tape (partial Mid) < br> 129
investment growth
1.3594
tape (partial Mid)
130
Chi Changsheng
1.3599
with the broader market (partial Mid)
131 < br> Southern active configuration
1.3606
tape (side of plate)
132
Alpha
1.3613
vote on the tape (side of plate)
133
Harvest growth
1.3619
tape (partial Mid)
134
UBS SDIC innovation
1.3619
tape (partial Mid)
135
constituent stocks of the Golden Eagle Optimization
1.3661
tape (partial Mid)
136
UBS SDIC Core Enterprise
1.3675
tape (partial Mid)
137
Castrol 300
1.3689
tape (partial Mid)
138
Lion balance
1.369
tape (partial Mid)
139
Fortune SGAM advanced growth
1.3704
tape (partial Mid)
140
Bo emerging growth
1.3718
when the tape (partial Mid)
141
Bauhinia Strategic Growth
1.3721
tape (partial Mid)
142
GF Jufu
1.3736
tape (partial Mid)
143
China Post Core Optimization
1.3739
tape (partial Mid)
144
long Great Wall Thai
1.3768
tape (partial Mid)
145
balance
1.3778
ICBC tape (partial Zhong plate)
146
Dacheng Innovation Growth
1.3778
tape (partial Mid)
147
Chinese blue-chip
1.3793
tape (partial Mid)
148
ICBC growth
1.3803
tape (partial Mid)
149
SDIC Ruiyin Jing gas industry
1.3814
tape (partial Mid)
150
sea superiority
1.3822
Fortis style tape (side of plate)
151
preferred
1.3824
ABN AMRO TEDA tape (side of plate)
152 < br> Chinese growth
1.3855
tape (partial Mid)
153
Castrol sound
1.3858
tape (partial Mid)
154
CCB Optimization configuration
1.3871
tape (partial Mid)
155
Galaxy sound
1.3882
tape (partial Mid)
156

easy to grow the base value 1.3882
tape (partial Mid)
157
Soochow Harvest
1.3885
tape (partial Mid)
158
CCB optimal growth
1.3902
tape (partial Mid)
159
China advantage
1.3953
tape (partial Mid)
160
Penghua industry growth
1.3958
tape (partial Mid)
161
China Putian Peng income
1.3994
tape (partial Mid)
162
million harmony
1.3997
tape (partial Mid)
163
RCM Small Cap
1.4001
tape (partial Mid)
164
CITIC classic configuration
1.4019
tape (partial Mid)
165
Bao Ying Hung Lee
1.402
tape (partial Mid)
166
Hua Fucheng long trend
1.4037
tape (partial Mid)
167 < br> Galaxy Yintai
1.4053
tape (partial Mid)
168
SW power
1.4054
Paris tape (partial Mid)
169
long Sheng Palit
1.4058
tape (partial Mid)
170
Peng, China and China 50
1.4102
tape (partial Mid)
171
mixed Oriental Dragon
1.4137
tape (partial Mid)
172
Everbright new growth
1.4143
tape (partial Mid)
173

Yimin Innovation Advantage 1.4158
tape (partial Mid)
174
Cathay Taurus
1.4177
tape (partial Mid)
175
Jutian resource optimization
1.4181
tape (partial Mid)
176
GF Small Cap
1.4211
tape (partial Mid)
177
ABN AMRO TEDA Efficiency
1.4221
tape ( Partial Mid)
178
Changsheng Dynamic selection
1.4222
tape (partial Mid)
179
sea Fortis Featured
1.4234
tape ( Partial Mid)
180
Cathay Pacific Dragon industry
1.4264
tape (partial Mid)
181
Yasunobu quality of life
1.4275
tape (partial Mid )
182

1.428
Chinese business leaders in the broader market (partial Mid)
183
HSBC Jintrust 2016
1.4309
tape (partial Mid)
184
days Governance Core Growth
1.4315
tape (partial Mid)
185
easily deep 100ETF
1.4389
base tape (partial Mid)
186
growth
1.4402
Bank of tape (partial Mid)
187
sea Fortis income
1.4432
tape (partial Mid)
188
National Tai Jinma sound
1.4459
tape (partial Mid)
189
day rule the broader market wealth growth
1.4472
(partial Mid)
190
Jutian basis Industry
1.4485
tape (partial Mid)
191
facility Shenzhen 100
1.449
tape (partial Mid)
192
Bank of sound
1.4493
tape (partial Mid)
193
long letter Kinley
1.4506
tape (partial Mid)
194
China Sea elastic
1.4513
tape (partial Mid)
195
long letter by Lee
1.4573
tape (partial Mid)
196
budget
1.4594
ABN AMRO TEDA tape (side of plate)
197
sea Fortis II No.
1.4638
selected tape (side of plate)
198
Wall Jiufu
1.4716
tape ( side of plate)
199
Yasunobu first strategy
1.4738
tape (partial in the disk)
200
investment balance
1.474
tape (partial in the disk) < br> 201
investment growth on the Pioneer
1.4747
tape (partial Mid)
202
quality growth in the sea
1.4775
tape (partial Mid)
203 Merchants stock
1.4813

tape (partial in the disk)
204
Hua An Hongli
1.4829
tape (side of plate)
205
SW Paris New Economy
1.4839
tape (partial Mid)
206
ABN AMRO TEDA cycle
1.4855
tape (partial Mid)
207
Allianz Global Investors Selections
1.4877
tape (partial Mid)
208
East selection
1.4912
tape (partial Mid)
209
quality control
Penghua 1.4913
tape (side of plate)
210
value
1.4922
ICBC tape (side of plate)
211
CCB lasting value
1.5048
tape (partial Mid)
212
Nordisk value advantage
1.5064
tape (partial Mid)
213
steady increase
1.5089
Chinese tape ( side of plate)
214
Featured
1.5161
CITIC bonus tape (side of plate)
215
Changsheng Growth Value
1.5301
tape (partial in the plate)
216
Penghua power
1.5313
tape (partial Mid)
217
day governance quality optimization
1.5388
tape (partial Mid) < br> 218
Bank income
1.5476
tape (partial Mid)
219
in the sea of energy policy
1.5968
tape (partial Mid)
220
Dresdner ease
1.605
tape (partial Mid)
221
SW configuration
1.6069
Paris tape (partial Mid)
222
on investment dual-income
1.6185
tape (partial Mid)
223
Soochow double power
1.68
Mid (partial tape)
224
million public < br> 1.7356
Mid (bias tape)
225
rich Shui
1.8339
Mid (bias tape)
226
Fu competitive
1.865
Mid (partial tape)
227
vote advantage on the Mid
2.128
(small plate)
228
Guotaijinying growth
2.1998
in the disk (small plate)
229
China small plate
2.3195
the disk (small plate)
230
growth
2.3386
ABN AMRO TEDA Small Cap (partial Mid)
231
small cap Chinese market
2.5063
(partial Mid)
232

2.6661
Bank Small Cap Growth (partial Mid)
233

2.7244
Golden Eagle in the small cap small cap
234
Yimin Dividend Growth
2.735
small cap
235
Prudential essence of small-cap growth
2.9289

total of 235 funds, of which the broader market fund 98 large bias in the disk Fund 117, the bias tape 3, the small three, small side , 3 only, small-cap 2.
According to this classification and style factor to index funds, for example, we can clearly see the track on the card 50 large cap fund is the broader market, the following sequence is on the card 100, the Permit 180, CSI 300, Shenzhen 100, and small plates already won the small cap side, we think that is very reasonable. Morningstar category in the same period, the two enhanced tracking the Shanghai and Shenzhen 300 Index Fund, Hua A shares and 300 were assigned to the Great Wall for a long time Mid Thailand, two index funds tracking depth of 100 was classified into the middle game.
five holders of the use of any funds
CK classification of the most important tool holders is how to help. Then how do classification using the CK?
First of all, many holders of the Fund is very concerned about the ups and downs in real time, which is a lot of websites offer tools to simulate the net. But we all know, analog value quarterly through the fund are generally to be projected Awkwardness, over time, the Fund's transfer positions to simulate the net more and more inaccurate. its net to see simulation, it is better classified in accordance with the Fund to observe changes in the corresponding index. also fancy card 100 is the broader market funds, the license plate of 200 fancy, small fancy card 500. more subdivision of large mid-cap bias to see the Shanghai and Shenzhen 300, in small fancy card 700. Of course, this is not absolute , but the basic context is to see clearly.
Second, when the building fund portfolio, not only can be easily carried out with medium and small plate fund, while positions in the portfolio structure based on their return can be considered a combination of their own style factor. such as a small cap from the GF, GF Jufeng, on the edge and the vote cast each Alpha 1 / 4 fund portfolio, and that the style factor is the combination of a single weighted average fund style factors. For example, in 2008 a quarter of the average style of this combination coefficient is 25% * 1.4211 +25% * 1.3222 +25% * 2.1280 +25% * 1.3613 = 1.558
This is a broader market and very close to the middle board of the Fund portfolio. according to their own investment style, we can determine their own portfolio of funds is in line with their own style.
Furthermore, we can style index to analyze the history of a fund's style drift. It can be seen through the fund manager style drift investment style. which will be discussed in detail in another paper.
Fourth, as the classification does not depend on CK Fund Annual Report, in principle, any time we can calculate his time in the past the style of a certain factor, and therefore have a good real-time. Of course, financial help sub-site will regularly publish these coefficients for reference.
VI Conclusion
financial help sub-LaoK Category This is our shortcomings are inevitable. so we also hope to discuss, with the sound of this classification. so that everyone would be more benefit and common development.