什么是一只好基金的key indicator ?

louislu

大家好，
看过“基金投资101”之后，感觉学到很多，再次感谢愿意分享自己经验的同志！
我现在有个比较具体的问题，希望大家能一起讨论一下。我在用Direct Access作为平台来关注澳大利亚的基金情况。其中，对于每只基金，Direct Access都把这只基金的一些数据提供出来。

能不能说说那些数据是应该重点关注的？或者说在作投资判断的时候，我们应该重点倚仗那些数据？为什么？简单的说就我们评什么来评估一只基金的好坏？

以下是一个例子：
++++++++++++++++++++++++++++++++++++++++++++++++++++++++

== Fund Details ==

Fund Manager                                BT Funds Management Ltd
Morningstar Rating                       Morningstar Rating is 5 stars
Fund Size                                   112.90
Fund Start                                   01 November 1998
Tax Structure                                 Inv Trust - Tax Liab Dist
APIR Code                                 RFA0019AU
Category                                  Australian Equity Trusts        
Min. Initial Investment              5000
Entry Price (19 October 2006)         1.66        
Min. Balance                                 N/A
Exit Price (19 October 2006)          1.66        
Min. Addtional Amount                   1000
Buy/Sell Spread                      0.01        
Min. Redemption Amount                 1000
MER         1.87



== Investment Objective ==

To provide an overall return (before fees; charges & tax) that exceeds the return from the S&/ASX300 Accumulation Index by delivering a growing; tax effective income stream; with long term capital growth.



== Performance as at 30 September 2006 ==

Period          Income(%) pa         Growth(%) pa         Total Return(%) pa         Category Rank Volatility
6 months       2.34    3.01         5.35          10 of 338         N/A
1 year                  3.39          18.47          21.86           7 of 326          3.16
2 Years         13.95         13.93         27.88          4 of 240         2.74
3 Years         14.66         11.88         26.54         12 of 132      2.52
4 Years         11.89         11.06         22.95          N/A                  N/A
5 Years         10.53         7.67          18.20           6 of 97          2.71
6 Years         10.68         5.41          16.09           N/A                   N/A
7 Years         9.82          5.75           15.57    N/A                    2.66



== Transaction Fees ==

Transaction Fees         Standard         Direct Access
Entry                                4.00                   0.00
Exit                                 0.00                    0.00



== Asset Allocation as at 30 September 2006 ==

Sector                          Actual %   Benchmark %
Aust Shares                          90.37             60.00         
Int shares                            0.00        0.00
Listed Property                  6.30              0.00
Direct Property                  0.00              0.00
Cash                                     3.32         0.00
Aust Fixed Int                           0.00       0.00
Int Fixed Int                            0.00        0.00
Mortgage                           0.00               0.00
Other                                     0.00         0.00
++++++++++++++++++++++++++++++++++++++++++++

I am sorry for the messy format, hope anyone may contribute on this. Thanks in advance!

黑山老妖

Do you have link to its prospectus? Need to have a look at that.

louislu

Do you have link to its prospectus? Need to have a look at that.

Link:
http://www.directaccess.com.au/i ... ax=mf&sort=star

Description:
This Link takes you to a list of managed funds which result base on a 3 year performance search(can be search by others).

Base on this, what you can do are:
1. sort those funds by
  1.1 their name
  1.2 fund size
  1.3 3year performance
  1.4 5year performance
  1.5 Morningstar rating (http://www.morningstar.com.au/)

2. To watch a particular fund's detail, just click the fund's name, then it will give you the comprehensive data on the selected fund

*The initial thread is a concrete example of number 2.

黑山老妖

First thing I look for is usually who is the fund manager. As long as its a reputable one, you will be okay. Normally each fund manager has a few blue ribbon funds(招牌)。I would only join those one.

I would say the star ratings are just a guide, I would not use it as a selection criteria. If you know how the rating system (not) works, you won't be too fussed about it. The topic of ratings can be a discussion thread by itself. Also there are ASSIRT and S & P doing ratings too. Its a marketing gimick, at least that's how I look at it.

Personally I watch for :
1. Return. Long term return is more important. However if the short term return is really terrible then I will look closely to see what went wrong. 5 Years return of 18.20% is pretty good. BUT, you need to check if this is after fees return or before fees. Makes a big difference here. 1.87% over 5 years can make a difference of more than 10%. Read prospectus closely. Call them to find out.

2. Management fee, low fee is always good. For an Australia share fund 1.87% is not too bad, though not very low at it too. CFS Imputation 1.76%.

3. fund size can matter depending on the fund type. If its index/imputation type, I would prefer a large fund size because they don't have to trade too much, so bigger the lower MER.

4. Buy sell spread is very low with this one, which is good. 0.01%.

So after reading the prospectus I have a few questions and doubts in mind about it.
1. Is the return after fees or before fees?
2. Its size of only 113M is kinda small for an imputation or index fund. Maybe that's why its MER is not the lowest.
3. Its asset allocation is a bit liberal for an imputation fund. Hmmm...
4. Need to find out what's the minimum amount for regular monthly inventment. Does not say in the prospectus. With regular investment the minimum initial investment is $2000 instead of $5000 and its better in the long term.


Hope this helps.

PeterWay

写的好,老黑,这个5 Years return of 18.20%是p.a.吧?

黑山老妖

yes. its per annual. Bear in mind (pun fully intended), last 3 years have seen the best bull market for in a very long time. So don't use these numbers as an indication of future returns. You will be very disappointed.

[ 本帖最后由 黑山老妖 于 2006-10-24 12:18 编辑 ]

PeterWay

的确牛的太久, 现在好象业内人士对现在的stock market都长线看跌, 你怎么看?

黑山老妖

No comment for now. Haven't looked at share market for a long time. Maybe I should have a look at it tonight...

The last time I looked, its not too bad. But that's 2-3 months ago.

btw, I don't do short term investment any more. All short-term money is in telenet saver earning 6.6% pa (almost) risk free. Long term investment does not care where the market is going next week/month/year. Low market means good investment opportunity. That's why you do regular investment. Put in a few hundred dollars a months. That's how Dollar cost averaging is intended to work.

[ 本帖最后由 黑山老妖 于 2006-10-24 12:44 编辑 ]

louislu

Hope this helps.

It's very helpful!

louislu

[quote]
First thing I look for is usually who is the fund manager. As long as its a reputable one, you will be okay. Normally each fund manager has a few blue ribbon funds(招牌)。
[quote]

Can you tell us a bit more on this? like who you think are the good fund managers and what their's blue ribbon funds
If you could make a list like:

Fund Manager  |   Their bule ribbon funds      
=========================
1.黑山老    fund_A
                   fund_B
                   fund_C

2.peterwei  fund_1
                   fund_2
                    ...

Then I will really appreciate ! and I guess we can learn more and quick by go through some concrete cases rather than talking too much on investment principles and general rules, examples are always good and easy to get hands on.

louislu

First thing I look for is usually who is the fund manager. As long as its a reputable one, you will be okay. Normally each fund manager has a few blue ribbon funds(招牌)。

Can you tell us a bit more on this? like who you think are the good fund managers and what their's blue ribbon funds
If you could make a list like:

Fund Manager  |   Their bule ribbon funds      
=========================
1.黑山老     fund_A
                   fund_B
                   fund_C

2.peterwei   fund_1
                   fund_2
                    ...

Then I will really appreciate ! and I guess we can learn more and quick by go through some concrete cases rather than talking too much on investment principles and general rules, examples are always good and easy to get hands on.

黑山老妖

I think Philgu is probably more qualified to come up with a table like you have suggested.
I only know a few fund managers. Also keep in mind that I have an idea of what sort of fund I want to invest in so I search for these ones only. My investment idea might not suit you at all. So really you have to do your own homework.
I can tell you off my mind:
CFS: Imputation and Global Resources. Their Future Leaders Fund and Developing Companies Fund are very good too but can't join now.
Vanguard: index fund
Ask philgu for more.

louislu

Thanks good man 黑山老妖