| The FOF is different from running a single fund.It is a portfolio of funds.Not only the fund managers are required to have a deep understanding of the assets,but also the choice of asset allocation strategy has high requirements.Risk balanced strategy,as a kind of asset allocation strategy,based on the risk levels of various assets ratio,by making each type of risk assets contribution to the combination of the whole risk weights equal to achieve diversification in the true sense,make those in economic rise,economic decline,inflation,inflation and deflation in different environments,such as organic combination of the performance differences between the assets and long-term investment is contributing to a similar investment portfolio,so that the combined earnings more robust,obtain better sharpe ratio for a long time.Since 2015 in the capital markets several big adjustment,make investors prefer the certainty sentiment continues to rise,especially in the past 2017 years,the structural at home and abroad market is particularly outstanding,single type of volatile assets,investment income lack of robustness,how to cope with the complex categories of asset allocation with macro environment has been the subject of thinking big institutions.This paper tries to explore a variety of market environment is relatively optimal asset management strategy,using the strategy to construct the relevant portfolio,in order to performance benchmark empirical comparison and contrast combination.Study found that the risk equilibrium strategies apply to China capital market,suitable for'investment,and on the whole is better than weight strategy as well as the minimum variance strategy,and in commodities and stocks as alternative to the underlying assets,risk equilibrium strategy can achieve better effect. |
