When you choose a fund, you may encounter a tangled problem. For example, Fund A earned 30% in the past year, with a maximum withdrawal of 8%. In the past year, the yield of Fund B was 26%, with a maximum withdrawal of 6%. Then, if the investment styles of the two funds are similar, which one is more cost-effective? What does the fund Camaby mean?

What does the fund Camaby mean?

Nuoan Low Carbon Economy Stock A(00 1208)

Cai Yubin, the fund manager, started management on June 22nd, 2009, with a yield of 3 1.56%, the maximum withdrawal of 5.43% and a Kumar ratio of 5.8 1. The top ten stocks in the third quarter of 2023Q3 are Vanke A, China Pacific Insurance, Xinhecheng, Changsheng Bearing, China Construction, Jerry, Poly Development, Dahua, Kelun Pharmaceutical and China Telecom, which are distributed in real estate, finance, machinery and equipment, computers, medicine and biology.

ICBC Logistics Industry Stock (00 17 18)

The product was established on March 1 2006 and managed by Zhang Yufan, the fund manager. In the past year, the yield was 35.86%, the maximum withdrawal was 7.20%, and the Kamabi was 4.98. In Q3, 2023, the top ten heavyweight stocks were Dayun, Contemporary Ampere Technology Co., Ltd., Huace Navigation, SF Holdings, Farah Electronics, En Jie, Feng Chun Electric Power, Starr Semiconductor, Fuyao Glass and AVIC Optoelectronics, which were distributed in power equipment, transportation, national defense, electronics, automobile and other industries.

Qianhai Kaiyuan Public Utility Stock (005669)

Cui, the fund manager, started to manage on July 20th, 2000. In the past one year, the rate of return was 1, 3 1.37%, the maximum withdrawal rate was 26.79%, and the Kama ratio was 4.90. The top ten stocks in Q3 of 2023Q3 are: China Resources Power, Yiwei Lithium Energy, BYD, Huaneng International, Farah Electronics, China Electric Power, Contemporary Anpu Technology Co., Ltd., CGNPC New Energy (H), Zhongke Electric and Xintian Green Energy (H), which are concentrated in power equipment, utilities, electronics and other industries.

Baoying National Security Strategy Shanghai-Hong Kong-Shenzhen Stock A(00 1877)

Chen Jinwei, the fund manager, has been in management for 20 years (165438+ 10/), with a yield of 67.26%, a maximum withdrawal of 14.34% and a Kumar ratio of 4.69. The top ten stocks in the third quarter of 2023Q3 are: Ziguang Guowei, Platinum New Materials, Outong, Oriental Hong Sheng, Tianzheng Electric, Zhong Jian Science and Technology, Construction Machinery, Hetai, Keli Sensing and Huarong, which are distributed in power equipment, non-ferrous metals, mechanical equipment, national defense and military industry, electronics and other industries.

Mixed funds with high Kama ratio

In the past year, the top 10 hybrid funds in Kama ratio are: Guangfa Diversified, Bank of Communications Mixed Trend, Dacheng State-owned Enterprise Reform, Baoying Advantage Industry, Anxin Xinfa Optimized Mix, China-Europe Value Intelligence Select Return, Huaan Cultural and Sports Health Theme, Dacheng New Industry, Huaxia Industry Prosperity and Bo Shi Houze Return.

Guangfa Multi-factor Mixing (002943)

Fund managers Tang and Yang Dong started to manage from June 25, 2008, with a yield of 89.33%, the maximum withdrawal of 9.40% and a Kumar ratio of 9.50. The top ten stocks in Q3 2023Q3 are Hang Seng Electronics, OCT A, Haitong Securities, Guotai Junan, Huatai Securities, Straight Flush, Saturday, CITIC Securities, Jinhe Industry and Lu 'an Huaneng, which are distributed in real estate, computer, brokerage and chemical industries.

Bank of Communications Trend Mix A(5 19702)

Yang Jinjin, the fund manager, started to manage on May 6, 2000, with a yield of 80.8 1%, a maximum withdrawal of 8.8 1% and a Kumar ratio of 9. 17. The top ten stocks in Q3 2023Q3 are: Taihua New Materials, Mingtai Aluminum, SINOMACH Seiko, Focus Technology, Feng Run, Harvest Technology, Zhong Bing Hongjian, Xinbo, Jingke Technology and Wuzhou New Year, which are distributed in textile and garment, machinery and equipment, non-ferrous metals, chemicals, national defense and military industries.

Dacheng State-owned Enterprise Reform Flexible Configuration Combination (002258)

Han Chuang, the fund manager, has been in management since June 65438+1October 13, 2023. In the past year, the yield was 98.48%, the maximum cash withdrawal was 1 1. 16%, and the Kumar ratio was 8.82. The top ten stocks in Q3 2023Q3 are: Sailun Tire, Guanghui Energy, Mingtai Aluminum, Luyang Energy Saving, Xingfa Group, China Petroleum, Dongfang Electric, Jerry, Shandong Heda and Dongfang Fortune, which are distributed in automobile, petrochemical, building materials, power equipment, mechanical equipment and other industries.

Baoying Advantage Industry Mix A(00 1487)

Mix and Chen Jinwei, fund managers, started to manage on June 7, 2007, with the yield of 65,438+0,065,438+0.30%, the maximum withdrawal of 65,438+0,654,38+0.59% and the Kumar ratio of 8.74. Before the increase in Q3 of 2023 10, the stocks are: IRI Technology, Oriental Hong Sheng, Hertai, Oulutong, Gongdong Medical, Jieni Energy, Platinum New Materials, Construction Machinery, Tianzheng Electric, Keli Sensor, which are distributed in the pharmaceutical and biological, petrochemical, electronics, power equipment, non-ferrous metals and other industries.

What are the Sharp ratio and Kumar ratio?

1, sharp ratio

In the capital market, Sharp ratio is the most important fund evaluation index, which reflects the risk-adjusted rate of return. It was first proposed by Nobel Prize winner william sharpe in 1966.

Usually, the Sharp ratio can be simply defined as: (annualized income-risk-free income)/annualized volatility. What it shows is: how much excess income a fund can get per unit risk.

In other words, the Sharp ratio is an indicator to measure the "cost performance" of investment.

Generally speaking, the Sharp ratio is greater than 1, which means that the return rate of the portfolio is higher than the risk of fluctuation; If it is less than 1, it means that the risk of portfolio fluctuation is greater than the rate of return. When comparing funds with Sharp ratio, the value is generally positive, and the bigger the better.

However, it should be noted that when using the Sharp ratio, it must be compared with the abstracts of the same type of funds, otherwise it is meaningless. In addition, this is a measure of the historical performance of the fund, which does not mean that there will be the same performance in the future.

2. Kama ratio

Brother-Kama ratio of Sharp ratio. It is also an important indicator of fund evaluation.

Formally, Kama ratio is very similar to Sharp ratio. The denominator measures the fluctuation of portfolio, and the numerator measures the return of portfolio.

Different from Sharp's ratio, the denominator of Kama's ratio is interval maximum retracement, which represents the limit risk of downward fluctuation of portfolio, and the numerator selects the annualized rate of return of portfolio, which represents the absolute rate of return of portfolio. The higher the Kama ratio, the higher the level of income the fund can get when it bears the loss of unit withdrawal.

Therefore, in practical application, Kamabi is more suitable for absolute income target products such as bonds, fixed income+and quantitative hedging.

At the same time, the maximum retracement, as the denominator, is more suitable for investors' psychological activities of chasing up and down. Looking for high-quality "fixed income+"funds is an investment weapon when the market fluctuates violently.

What is the Kumar ratio?

Let's take a look at Kumarby's formula first:

Kama ratio = interval annualized rate of return/interval maximum retracement

As can be seen from the formula, Kama ratio measures the relationship between fund income and maximum withdrawal: the level of income that investors can get per unit withdrawal. The higher the Kama ratio, the higher the level of income that the fund can get from the withdrawal per unit. Therefore, Kama ratio is also called "unit retracement rate of return".

For example, the annualized rate of return of Fund A in the last three years is 20%, and the maximum withdrawal is-10%. Fund b has an annualized rate of return of 50% in the past three years, with a maximum retreat of -40%. Through calculation, the Kama ratio of fund a is 2; The Kama ratio of fund b is 1.25.

For investors, although the annualized income of fund B is higher, the risk of withdrawal is also greater; Although the annualized income of Fund A is relatively low, the exit risk during the holding period is also small, and the holding experience will be better. Therefore, although the annualized rate of return of Fund B is relatively excellent, the unit income level is actually not as good as that of Fund A..