为你的投资组合选择合适的信托基金
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投资者应该如何选择适合个人投资需求的信托基金?只需在选择过程时跟着以下五个简单的步骤,你就会发现其实比你预期来得更容易。
第1步:

投资目标与风险承受能力

无论是信托基金、股票、债券或任何货币市场工具,在你做出任何投资决定之前,一定要彻底厘清投资目标和确认自己当初是为什么要投资。

这与你的风险承受能力(risk-tolerance)息息相关,也就是你愿意让你的投资承受多少的风险。你能够承受你的投资组合出现大幅度的波动吗?抑或你偏好安全为上且选择较为保守的方案?

规划你的投资目标与风险水平,将有助你决定哪一项基金最能够符合你的需求。
第2步:

收益型、增长型或平衡型?

对风险具有较高承受度的投资者,可以选择较为积极的增长型基金,以能够透过多元化的投资组合取得长期资本增值。这通常是涵盖快速增长的股票,并有潜能带来高于平均的回报。

另一方面,收益型基金基本透过主要投资于高息债券或其他固定收益证券,以提供稳定收入来源。

对风险具有较高承受度的投资者,可以选择较为积极的增长型基金,以能够透过多元化的投资组合取得长期资本增值。这通常是涵盖快速增长的股票,并有潜能带来高于平均的回报。

另一方面,收益型基金基本透过主要投资于高息债券或其他固定收益证券,以提供稳定收入来源。
第3步:

评估基金的表现

投资者接下来要评估基金过往的表现,并要探讨在变化多端的市场周期中基金表现如何。有关基金是否持续跑赢所阐明的基准水平?

厘清这一点之余,过往的表现还是无法保证未来的成果。因此,投资者亦要仔细阅读基金的说明书,以进一步了解其策略,以及基金的领域配置和基金所持的工具。

最重要是基金一定要有正确可靠、可轻易理解的投资过程。
第4步:

费用和收费

投资者应该留意针对不同交易收取的各种费用。常见的费用包括:
首付销售费/申购手续费
包含了持有信托期间,行销、分销和信托基金顾问监督信托基金表现的费用
退场费
当要卖出或退出信托基金时需要支付的费用
转换费
当投资者要从一个类别转换到另一个类别的信托基金时需要支付的费用
管理费
涵盖投资组合管理费用、信托人和托管开销、审核和行政费用
第5步:

衡量波动性

虽然评估基金的相对或绝对表现(relative / absolute performance)很重要,但在选择基金时也应该考量到回报的波动性。

针对马来西亚市场,金融分析机构理柏(Lipper)列出了基金波动性因素(FVF)和基金波动性等级(FVC),以在选择的过程中引导投资者。

基金波动性因素提供了一个衡量基金收益的标准偏差(standard deviation),而这是以基金在3年内的按年回报率计算。具有较高基金波动性因素的基金,意味其回报率对比按年回报的波动性较高。相比之下,具有较低基金波动性因素的基金,反映出其回报率的波动性较低。以上图作为例子,基金波动性因素10.2意味基金对比按年回报率,有10.2%的上升和下跌可能性。

该基金也被列为“高”的等级,带出了基金处于较高风险区,并适用于较积极的增长策略,以取得所需的回报率。
理解是成功的一半

挑选信托基金并不是难事。只要清楚了解投资目标和风险容忍度,你就已经成功克服最大的障碍。

做一点功课和尽职调查(due diligence),也能够大幅度帮助你增加成功的机率及挑选出适合你投资组合的最佳信托基金。
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TENG CHEE WAI

Managing Director
Teng Chee Wai is the founder of Affin Hwang Asset Management Berhad (Affin Hwang AM). Over the past decade, he has built the Company to be the fastest growing and only independent investment management house in Malaysia’s top three, with an excess of RM47 billion in assets under management as at 31 December 2018.​

​In his capacity as Managing Director / Executive Director, Teng manages the overall business and strategic direction as well as the management of the investment team. His hands-on approach sees him actively involved in investments, product development and marketing. Teng’s critical leadership and regular participation in reviewing and assessing strategies and performance has been pivotal in allowing the Company to successfully navigate the economically turbulent decade.

Teng’s investment management experience spans more than 20 years, and his key area of expertise is in managing absolute return mandates for insurance assets and investment-linked funds in both Singapore and Malaysia. Prior to his current appointments, he was the Assistant General Manager (Investment) of Overseas Assurance Corporation (OAC) and was responsible for the investment function of the Group Overseas Assurance Corporation Ltd.​

​Teng began his career in the financial industry as an Investment Manager with NTUC Income, Singapore. He is a Bachelor of Science graduate from the National University of Singapore and has a Post-Graduate Diploma in Actuarial Studies from City University in London.
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