我自己也把4個基金(有賺兩位數回酬)100%轉移去低風險的基金了。
本地的基金:
-Public Ittikal Fund
-Public Dividend Select Fund
-Public Balanced Fund
海外的基金:
-Public Asia Ittikal Fund
Public Ittikal Fund ﹑Public Balanced Fund﹑Public Asia Ittikal Fund -- 轉移去Public Money Market Fund了。 Public Dividend Select Fund -- 轉移去Public Bond Fund了。
29/2/2009我基金的switching價錢: Public Ittikal Fund = 1.0583 (11/3/2008是0.9425﹐在短短的11天﹐跌了0.1138) Public Balanced Fund = 0.8392 (11/3/2008是0.7865﹐在短短的11天﹐跌了0.0527) Public Dividend Select Fund = 0.3049 (11/3/2008是0.2750﹐在短短的11天﹐跌了0.0299) Public Asia Ittikal Fund = 0.2692 (11/3/2008是0.2463﹐在短短的11天﹐跌了0.0229)
Inthe wake of the turbulence of stock markets in recent months, unittrust investors may be tempted to either sell or buy. However,investors are advised to remain calm and practise dollar cost averagingwith their long-term goals in view.
Whenregional and global markets succumbed to panic selling in August 2007and more recently in January 2008, the severity and sharpness of thecorrection was large enough to make unit trust investors ask themselveswhether they should redeem now to stem further losses or buy more unitsat currently low prices. In fact, if they practise dollar costaveraging, they need not concern themselves with these timing issues.Dollar cost averaging enables investors to automatically buy more unitswhen prices fall and fewer units when prices rise.
Itis especially during times of market volatility that individualinvestors should remain focused on their long-term investment goals andkeep their emotions from influencing their investment decisions. Adisciplined and methodical approach to investing is the key tolong-term investment success.
Unittrust investors are advised to buy and hold their investments for themedium to long term. The buy-and-hold principle is based on the notionthat a good investment will generate reasonably attractive returns overthe medium to long term. This also means that investors are able todistinguish between daily movements in the market and the underlyinglong-term value of their investments. Professional fund managers buyand hold for the medium to long term as they are prepared to waitpatiently over several years for their investments to reach theirintrinsic or fair values. For the unit trust investor, the'buy-and-hold' strategy can also be applied by holding on to awell-selected unit trust fund over a period of at least three years.
Thereare some investors who believe they can achieve superior returns bytiming the purchase and redemption of equity funds to profit from thestockmarket's short-term movements. These investors are tempted toengage in timing the market especially in an environment where equitymarkets are volatile. Such investors who wish to make quick gains inthe stock market by switching from one fund into another fund willoften be disappointed. Market timing strategies that are oftenrecommended by 'investment experts' have seldom been successful. Thisis because stock markets are inherently volatile and are impossible topredict with numerous factors, both domestic and foreign, affectingdaily and weekly fluctuations in stock prices.
Investorswho wish to take a more active approach with their investments bytiming the market will expose themselves to many risks. In order toprofit from the market's short-term trends, the investor has tocorrectly predict the market's trend and its turning points.
Withoutthe appropriate skills to discern signals and time the entries andexits, the market timer may not only miss opportunities, but alsopotentially suffer the blow of rapid losses. Also with a higherfrequency of fund switching, investors will have to incur increasedtransaction costs.
Investorswho are concerned about market volatility are advised to practisedollar cost averaging as this strategy enables investors to focus onthe long-term investment goal and not worry about the prevailing levelof the market. Dollar cost averaging is simply investing a fixed amountof money in a financial asset (such as a unit trust fund) on a regularbasis (monthly, quarterly, biannual) regardless of the market cycle. Byinvesting a fixed amount on a regular basis, investors will buy moreunits when the market is lower and fewer units when the market ishigher. This strategy will produce a lower average cost of investmentthan the average market price over any given period.
Inaddition, investors are also advised to rebalance their portfoliosregularly at least once a year to ensure that their portfolioallocation reflects their investment objectives and risk profile. Thusif, as a result of an uptrend in stock prices, an investor's equityexposure has exceeded a level consistent with his risk tolerance, hecan trim a portion of the equity funds and switch into bond or moneymarket funds to rebalance the asset allocation accordingly. Maintaininga target asset allocation reduces the risk that the portfolio becomestoo concentrated in a single asset class.
Inconclusion, unit trust investors should always focus on achieving theirmedium to long-term investment goals. The practice of dollar costaveraging and regular portfolio rebalancing are effective tools thathelp investors remain focused on the long term horizon and prevent themfrom over-reacting to short-term movements of the stockmarket.
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发表于 1-3-2008 12:15 AM
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