What is the basis for evaluating the performance of the fund?

According to different criteria, **investment** can be divided into different types:

According to the different investment objects, it can be divided into ****, bonds**, money market**, ****, etc.

According to whether the unit can be increased or redeemed, it can be divided into open and closed. Open-ended non-listed trading, generally through bank subscription and redemption, the scale is not fixed, the unit can be bought back from investors at any time, and can also be bought back at the request of investors; Closed-end has a fixed duration, during which the scale is fixed, and it is generally listed and traded on the trading venue, and investors buy and sell units through the secondary market.

According to the different organizational forms, it can be divided into company type ** and contract type **. Investment is established by issuing shares to establish an investment company, which is usually called a corporate type; It is established by the manager, the custodian and the investor through a contract, which is usually called a contractual type. At present, China's **investment** is contractual**.

According to the different investment risks and returns, it can be divided into growth**, income** and balance**.

The performance benchmark is an important indicator to measure the relative return of performance, and it is the expected goal that you set for yourself. The expected annualized rate of return is the rate of return that the wealth management product hopes to achieve when it is established, and it is convenient to compare the yield of the yield when it is converted into a one-year deposit period, because the term of the product may be longer or shorter than one year. The two are not comparable, however, the expected annualized rate of return is generally slightly higher than the benchmark.

Extended Materials. The difference between the performance benchmark and the annualized rate of return:

Different in nature: performance benchmarks measure product performance; The annualized rate of return measures the return of the product, and the annualized rate of return is the expected rate of return converted into one year.

Returns are different: Performance benchmarks are usually set as the minimum target in actual operation, and the probability of meeting or even exceeding the expected rate of return will be higher in products with a smaller risk factor.

Nowadays, many wealth management products no longer use the annualized rate of return as an important reference index, and the performance benchmark has replaced the annualized rate of return as a reference index in most wealth management products. Investors can judge the expectations of wealth management products by understanding the performance benchmark.

1. The performance comparison benchmark generally refers to the performance comparison benchmark. To put it simply, a performance benchmark can be considered as a "passing line" for long-term performance, and is the minimum goal that should be pursued in management operations. The performance benchmark is an important indicator to measure the relative return of performance, and it is the expected goal that you set for yourself.

The performance benchmark is the information that must be announced to investors at the time of issuance, and investors can learn about its specific content in any documents related to it.

2. If in a certain period of time, the income of a certain ** is higher than its performance benchmark, then it means that this ** is "qualified". Otherwise, it is unqualified**. The performance comparison benchmarks of equity ** are: one is the proportion of the index, and the other is the reference standard.

The index ratio is responsible for measuring the risk-return level of **, and the reference standard stipulates the main investment scope and investment style of **.

3. The annualized rate of return is only calculated by converting the current rate of return (daily rate of return, weekly rate of return, and monthly rate of return) into an adult rate of return, which is a theoretical rate of return, not a real rate of return that has been obtained. In many financial products, the annualized rate of return is calculated.

Actual return = principal annualized rate of return 365 investment days

The performance benchmark can be regarded as the "passing line" of long-term performance and is the minimum goal that should be pursued in management operations.

In the investment process, investors tend to pay more attention to the absolute return and relative ranking, and ignore the passing line - the performance benchmark, which reflects the relative return of the manager and the management ability of the manager.

Extended information: The role of performance benchmarks.

1. An important indicator for judging the management level.

In the process of investment, regardless of the absolute return and ranking, in a specific period, the rate of return is better than the performance benchmark performance, indicating that the management and operation of the product are qualified; If the yield of ** is lower than the performance of the performance benchmark, it is not qualified.

2. The setting of the "basic score line".

For example, if the full score is 100 points, it is usually 60 points, if it is 150 points, it is 90 points, and the difference is that when taking the driver's license test, it is usually 100 points and the passing score is 90 points. Similarly, there is a relatively large difference in performance benchmarks for different types of performance.

Bond** and currency** performance benchmarks are usually linked to bond indices or demand deposit rates, taking current bonds** as an example, the performance benchmarks include China Bond Composite Bond Index, CSI Credit Bond Index, CSI Total Bond Index, etc., and some are composite performance benchmarks, such as China Bond Composite Wealth (Total) Index yield 90% 1-year time deposit interest rate (after tax) 10%.

3. Reveal the best investment style.

For those who invest in small- and mid-cap stocks**, the small- and mid-cap index is usually used as one of the components of the performance comparison benchmark, such as a Shanghai mid-cap ETF connection**, and the corresponding performance benchmark is "SSE mid-cap index yield 95% demand deposit interest rate (after-tax) 5%"; Most of the investment in ** stocks is one of the components of the CSI 300 performance benchmark.

4. Reflect the team's management ability.

Usually, the management ability of the team cannot be judged simply by whether the company outperforms the market, and the performance benchmark can relatively more accurately reflect the relationship between the risk of the corresponding system and the level of the management team.

5. Query channel.

In addition to the special query tool, the performance comparison benchmark is one of the disclosure information of the public offering, and investors can see what the performance comparison benchmark is in the prospectus, contract, etc.; In the quarterly report, semi-annual report, and annual report of Jiwan Luxijin, you can see the income of the performance benchmark and the net value growth rate, and there is an intuitive comparison chart to show whether the ** outperforms the performance benchmark in the same period.

The performance ratio of the performance ratio is to define an appropriate benchmark combination for the **, and the performance of the ** can be measured by comparing the yield of the ** and the yield of the performance benchmark.

** is the pursuit of relative return of financial products, the so-called "relative", refers to the performance of ** compared with its performance benchmark. In a certain period, if the income of a ** is better than the performance of its performance benchmark, then regardless of whether it has achieved absolute returns or surpassed its peers, it should be said that the manager is qualified for the management and banquet chain operation of the **; Otherwise, it is not qualified. To put it bluntly, the performance comparison basis can be regarded as the "passing line" of the first class, and it is the lowest goal that should be pursued in the management and operation.

The performance benchmark is the information that must be disclosed in the public offering, and investors can learn what the specified performance benchmark is in the prospectus, contract and other legal documents.

The performance benchmark of bonds** and currencies** will be linked to certain bond indices or demand deposit rates, while the performance benchmarks of equity classes such as ** and hybrid** are usually composed of a ** bill index and bond index. The performance benchmarks of the first two types of ** are relatively simple and easy to understand, with a focus on the performance benchmarks of equity **.

The performance benchmark is a comparative objective thing, usually reflected in the first or financial products, each product is based on different performance benchmarks, for example: some products directly take the CSI 300 index as the performance benchmark; Some products have an independent calculation formula, as shown in Fig

So in layman's terms: a performance benchmark is to compare the results of the product with a specific index or a specific calculation formula. In terms of **:

If the actual return of ** is greater than the performance benchmark, then it means that the return on investment of this ** is high. The return on investment is inseparable from the manager's ability to select and select stocks, so it shows that the manager is highly water-sensitive. If the return on investment of a certain ** has been above the performance benchmark for many years, it is only a good **.

If the actual return of ** is below the performance benchmark of Ye Buhu, it means that the return on investment of this ** is low, which reflects the poor ability of the ** manager to select stocks and select stocks, and the ability to control risks. If the earnings of ** have been below the performance benchmark for many years, this type of ** is not recommended**.

A performance benchmark of 5% means that the minimum return target pursued by the ** is 5%.

The content of the performance benchmark:

1.The performance comparison benchmark is mainly used for net-worth wealth management products, which are non-principal-guaranteed floating income products, which means that banks do not promise to protect capital or minimum returns.

2.The estimated return of net-worth products is reflected through performance benchmarking, which is the estimated return that investors may obtain calculated by the bank based on the past performance of the product or the historical performance of the same type of product.

3.Both the performance benchmark and the expected rate of return represent the earnings valuation, and when used as a reference for historical performance, the two have great similarities, from which an approximate earnings or sedan estimate can be calculated.

4.However, it should be noted that the expected rate of return is often of the nature of rigid payment, that is, the actual return after the maturity of the product will not be very different from 5%.

5.The performance benchmark only has reference value, and does not have the nature of rigid payment at all, nor does it have any effect of actual return commitment, that is, there may be a large deviation between the actual rate of return of the product and the performance benchmark.

6.This is related to the nature of net-worth wealth management products, the actual return of net-worth products is calculated based on the net value of unit shares, and this net value can only be known on the day the product is redeemed.

Extended Materials: Selection of Performance Benchmarks

1.The radial dimension datum of the shaft is the axis, and the diameter of each shaft segment is marked along the axis direction. Important end faces, contact surfaces (e.g. shoulder sail blanks) or important machined surfaces are used as references in the length direction.

2.Wheel disc parts usually use the shirt and axis of the shaft hole as the radial size reference, and the important end face (the surface with the highest machining accuracy and the contact surface with other parts, etc.) is used as the reference for the length direction.

3.The main datum of fork frame parts in the three directions of length and height is generally the axis of the hole, the symmetrical surface and the relatively large processing surface.

4.The main datum of the length, height and height of the box parts is generally the axis, symmetry plane and large processing plane.