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04/07/2012

指數基金是「悶男人」!

  • 唐德玲

    唐德玲

    古人話:「君子愛財,取之有道」;但作為一位從事理財策劃十多年的職業女性,我想補充一點:「女子愛財,投資有道」。女性對金錢的觀念和觸覺,肯定跟男性不同,這一點從我和我的客戶中便可見一斑。

    女子愛財

    隔周更新

  上期《基金才是「好男人」?!》引起很大迴響,部分讀者認為,投資工具沒有所謂好壞,最重要是配合自己的性格,這個我絕對同意。

 

  我寫這個專欄,其中一個目的,就是想透視每一種投資工具的特性,以及讓姊妹們知道自己的風險取向,或所謂的風險承受能力,然後按照自己的情況去選擇(調配)投資工具。

 

  另外,也有一些意見認為,基金會有各種各樣的收費,始終是買股票較划算。我想指出一點,正正因為買基金比起直接買股票有一定優勢,尤其從風險角度,因此,要付出一點代價是正常的。至於收費是否合理,我認為,基金市場的競爭比股票有過之而無不及,如果大家相信自由經濟的話,貨品不是最好而又賣得貴,最終都會被市場淘汰。

 

  好了,言歸正傳,如果再用男人作比喻,我上次提過,基金還可以分為主動式管理的基金和被動式管理的基金,後者我們一般俗稱為指數基金。我自己會形容,指數基金其實有點像個「悶男人」!

 

  何以見得?那大家就要先明白指數基金的運作。

 

  要明白指數基金的運作,我舉一個簡單的例子,大家會更易明白,因為我相信,大部分讀者都會聽過盈富基金(02800,投資者簡稱為2800)。這是香港最早期的一隻指數基金,甚至可以說,盈富基金是開創香港指數基金的先河,所以,她既有代表性,也很具象徵意義。

 

  簡單來說,2800是追踪恒生指數49隻成分股的表現(每一元代表1000點,假設恒生指數為20000點,盈富基金的理論價就是20元)。基金經理要做的,就是完全跟足恒生指數中,各隻股份的比重不斷調配,務求令基金的表現完全跟足恒生指數。由於盈富基金有股息派,在接近派息時,估值或會高於恒生指數,除息之後又會很接近恒生指數。

 

  類似2800的指數基金,大部分都在交易所買賣,所以又叫做交易所買賣基金(Exchange Traded Fund)。從交易的角度,它跟其他股票一樣。但從另一個角度看,它是一籃子的股票,所以又有分散風險的作用。

 

  如果將指數基金跟市場其他基金相比,最大的分別是,指數基金的投資目標只是追踪某指數的走勢,基金經理沒有責任爭取高於該指數的表現,所以稱為被動式管理的基金;但市場上的股票基金,一般稱為主動式管理的基金,基金經理有責任跑贏大市指數(視乎該基金選擇哪一個大市指數作為比較基準),以及同類型的基金。

 

  因此,如果你只想獲得恒生指數的回報,買盈富基金便可。但如果你想在安全的情況下,爭取高於恒生指數的回報,便應該考慮買入市場上主動式管理的基金。

 

  同樣地,買盈富基金也有額外的一些費用。整體上,盈富基金的管理費,包括信託人、管理人費、過戶處費用及其他法律和審計費用,每年大約是資產值的0.2%,是目前市場上最便宜的指數基金之一。

 

  除了盈富基金之外,還有一隻追踪國企指數表現的交易所買賣基金,叫恒生國企ETF(02828),投資者大都簡稱該基金為2828。2828的各類管理費用每年大約是0.6%,而其他主動管理的基金,管理費一般為1.5-1.75%之間。但大家要注意,這些所有費用全部都會在基金的價格中扣除,不會向基金持有人額外收取。

 

  總結一句,直接買股票一定比較刺激,有時令妳好開心(可以短時間內幾成回報),但有時又會嚇得妳心驚膽跳(隨時單日下跌兩三成),所以是「壞壞地」的男人;買主動式管理的基金,上落幅度不大不小,優質的主動式基金有可能為妳賺取高於大市指數的回報,所以我認為是「好男人」;而買指數基金,則主要是爭取大市的回報,絕對不能期望有驚喜,所以,我認為這是「悶男人」!

 

  作者電郵:tong_lydia223@yahoo.com.au

 

 

 《經濟通》所刊的署名及/或不署名文章,相關內容屬作者個人意見,並不代表《經濟通》立場,《經濟通》所扮演的角色是提供一個自由言論平台。

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  • funs發表於 2012-7-19 06:04 PM
  • #26
  • 回覆 #10 Who_am_I


    我不會隨便買賣股票 (投資者如履薄冰, 一旦踏足股市, 要步步為瀯)
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  • brownleung發表於 2012-7-6 11:22 AM
  • #25
  • 如筆者所言,投資工具沒有所謂好壞,最重要是配合自己的性格。本人較喜愛投資股票,本人愚見,簡單歸納了幾個挑選長期投資股票的重點:首先欲投資的公司產業趨勢要對,至少未來3至5年的產業趨勢一定要往上;其二股票市值最好不要太大,尤其不要已經是距離全世界市值最大之同類公司很接近的公司;其三要投資行業的龍頭公司,長期競爭力越強越好;其四是有關公司的股息能穩健配發,股息配息率越高越好。配息率是一個非常重要的指標,這表示公司賺錢後,需要花多少錢去再投資,如果再投資的比例低,仍有同樣或更好的獲利,這個投資就更棒。若能投資一隻好的股票,累積的財富可能是驚人的。
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  • superherodad發表於 2012-7-6 08:01 AM
  • #24
  • 指數基金雖然是悶,可是很多女人也喜歡他,就是因為他夠穩重,不用擔心他會做一些越軌行為,每晚可以有覺好訓。

    其實指數基金比直接買股票對大部份女人來說是比較適合。指數基金因為是由很多股票組成,因此風險是比買兩三隻股票低很多很多。長遠來說,指數基金的回報也很好,比銀行定期和證券高很多。即使你對投資市場不是十分了解,你也可以利用指數基金來將你的財富增加。

    總括來說, 指數基金是風險低,回報高的投資,最適合女人,和所有不願有太多驚喜的人。銀行定期和證券才是「悶男人」。
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  • scl發表於 2012-7-5 10:19 PM
  • #23
  • MPF 我是選指數基金,全因可以肯定當中的起跌,方便於適時轉換(高沽低買),比起股票基金較易掌握升跌百分比.
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  • wongminn發表於 2012-7-5 07:55 PM
  • #22
  • 其實我覺得無時間投資理財ge 人買指數型etf 係好事黎, 平均成本法的確可以幫佢地投資獲利
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  • 樓市分析員發表於 2012-7-5 10:18 AM
  • #21
  • 所以我唔只識,业餘分析樓市 , 对股市都有小小认识
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  • 樓市分析員發表於 2012-7-5 10:15 AM
  • #20
  • Why I never buy HSBC but Standard Chartered?? (part 6)

    This is very important. If mgt lacks such insights to identify RISKS, why shareholders pay so-much to hire you?? As for a corporate giant like hsbc, her CEO needs not find new business themselves and businesses will come automatically. If those senior mgt were hired just to earn more money without ideas of risk management, I would think that U and I would take and replace his roles. So HSBC is NOT my choice. U can say I am 硬頸 and stubborn, even though many ppl likes HSBC and earned a lot from $28 subscription price.


    Ms. 胡孟青 is super smart to please the general public because she cried and made ppl touched beyond word. However, she does not think about reasons of $33 HSBC and she just cried without thinking. Because she cried, she won a lot of public attention. But, she is very stupid from my point of view.
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  • 樓市分析員發表於 2012-7-5 10:13 AM
  • #19
  • Why I never buy HSBC but Standard Chartered?? (part 5)

    (3)
    Based on the above events, I personally think that management of HSBC was stupid & incapable (sorry to Tony Maesor & HK HSBC fans). They lacked insights to identify the potential risks and prevent / mitigate the risks from happening. Nowadays, the business environment (especially for banking industry) is highly complex, such that mgt must have long-terms insights to identify risks.

    As for a giant enterprise like HSBC, they should have many professional experts to remind compliance requirements and loopholes (漏洞 ). They should competent enough to avoid this trap. In the event, I think 2888 mgt is better than HSBC mgt because the former one was able to identify the risks and do something to mitigate risks IN ADVANCE / before the year-end date (i.e. avoid the period from the year-end date to the result announcement date) . 2888 successfully completed the right issues in Nov 2008 and prevent the disaster like HSBC
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  • 樓市分析員發表於 2012-7-5 10:06 AM
  • #18
  • Why I never buy HSBC but Standard Chartered?? (part 4)

    Story Review
    In Nov – Dec 2008, its share price were around $75 - $90, I have the following questions:

    (1)
    If HSBC mgt announced the right issue in Nov 2008 while HSBS share price was $80 - $90, would the subscription price of HSBC be as low as HK$28?? Any room to get a subscription price higher than HK$28??

    (2)
    Would the existing shareholders need to suffer from so-called “unreasonable” price of HK$28??

    Admin, pls help delete comment no. 17
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  • 樓市分析員發表於 2012-7-5 10:03 AM
  • #17
  • <Story Review>
    In Nov – Dec 2008, hshare price were around $75 - $90, I have the following questions:

    <1>
    If HSBC mgt announced the right issue in Nov 2008 while HSBS share price was $80 - $90, would the subscription price of HSBC be as low as HK$28?? Any room to get a subscription price higher than HK$28??

    <2>
    Would the existing shareholders need to suffer from so-called “unreasonable” price of HK$28??
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  • 樓市分析員發表於 2012-7-5 10:01 AM
  • #16
  • Why I never buy HSBC but Standard Chartered?? (part 3)

    31 Dec 2008 – March 2009
    Year-end date of HSBC is 31 December. From the year-end date to the date of result announcements, this period is the sensitive period. During that period, Substantial or Very Substantial Transactions (e.g. right issues) are not allowed to be announced and taken place before the result announcements. Many i-banks / 大鱷 identified this weakness that HSBC cannot do any actions to raise capital during that grey period. Then those big masters published a lot of negative news about HSBC, including liquidity and capital deficiency, black-holes of sub-prime U.S. debts, etc. From Dec 2008 to Mar 2009, HSBC share price dropped from $90 to $33 (during U 盤) by those big guys. During the result announcement day of HSBC (around 2 March 2009), the stupid HSBC management announced the right issue at a price of HK$28 under the unwilling circumstance because HSBC had urgent need to strengthen the capital base.
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  • 樓市分析員發表於 2012-7-5 09:59 AM
  • #15
  • Why I never buy HSBC but Standard Chartered?? (part 2)

    (Nov 2008) continued
    On the other hand, the stupid management of HSBC said that HSBC had strong capital base and did not have any need to raise capital in the market. Share Price of HSBC was around $75 - $90. However, such a stupid action by HSBC plunged HSBC to a death / 萬劫不服 position.


    ETnet does not enable me to write consecutively. I need to cut into several pieces.
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  • 樓市分析員發表於 2012-7-5 09:57 AM
  • #14
  • Why I never buy HSBC but Standard Chartered?? (part 2)

    (Nov 2008) continued
    On the other hand, the stupid management of HSBC said that HSBC had strong capital base and did not have any need to raise capital in the market. Share Price of HSBC was around $75 - $90. However, such a stupid action by HSBC plunged HSBC to a death / 萬劫不服 position.


    ETnet does not enable me to write consecutively. I need to cut into several pieces.
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  • 樓市分析員發表於 2012-7-5 09:52 AM
  • #13
  • Why I never buy HSBC but Standard Chartered?? (part 1)

    Below is the history review and my viewpoint (even a little bit outdated):

    <September 2008>
    Financial tsunami happened after the collapse of Leaman Brothers.

    <October 2008>
    The US gov’t and other govt bodies then saved all problematic banks in Oct 2008 and the 1st round crisis was resolved under the strong interventions by govt’.

    <November 2008>
    Standard Chartered announced a big right issue plan to raise capital from the existing shareholders. I do not remember the allotment ratio of this right issue, but the subscription price was HK$45. Share price around the right issue was around HK$80 – 90. At that moment, people were surprised about 2888’s right issue plan immediately after the settlements of financial tsunami by various govt. However, the investors thought that this was favourable to 2888 because this action could enhance capital bases. The right issue were satisfactorily completed.
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  • 樓市分析員發表於 2012-7-5 09:46 AM
  • #12
  • 雖然小弟乳名為樓市分析員 , 我对股票都有一点認识 , 我曾经 read 过一本書裏面記載左一個 research , research 分析左10 -20 年指數基金 vs 你所謂的其他基金 , 我只信数据 , 不空口話 , 数据勝于雄辯 , 今晚如早收工 , quote 番比您睇

    过去我郡做过D業餘股票分析 , 譬如于 2008 年11月建议買 Standard Chartered 、唔買HSBC , 以上是我的見解 , 但市面好多 commentators 都冇用我嘅角度去想兩者之優劣 , 2008 年10-11月 , 我用$90買左10000股 standard chartered 再加 $45 供股 , 2009 - 2010年平均$160 走晒 , 雖然最高旦過$230 - $240.....
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  • ketong50發表於 2012-7-5 09:28 AM
  • #11
  • 回覆 #10 Who_am_I


    I like your comments "因為你不會隨便換男朋友或丈夫吧!" ..... haa haa
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  • Who_am_I發表於 2012-7-5 02:56 AM
  • #10
  • 投資應因時勢而定;現在股市難預測,買派息基金(不一定是指數基金)或高息股較穩健,待股市穩定下來,才買股票去賺更多;另外,以男人比喻投資,不是太妥當,因為你不會隨便換男朋友或丈夫吧!
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  • Shulin發表於 2012-7-4 09:31 PM
  • #9
  • 我是每個月設定一筆錢月供盈富基金,用平均買入法來投資一籃子較有實力的股票,既收息又可分散投資,又不用太花時間精神!
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  • ketong50發表於 2012-7-4 08:14 PM
  • #8
  • 闷男人先係用來倣老公 , 厘D先踏實、唔会古靈精怪及花 fit .....
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  • sarahcheung發表於 2012-7-4 03:32 PM
  • #7
  • 自從連一些傳統大藍籌都出事, 好似先前16號新鴻基一天可以跌成十塊, 本人開始意識到盈富在這個時勢有其可取之處。另一方面, 盈富好的公司就in, 唔好的就out, 每過一段時間就拿去做這個動作, 起碼有一定保證。
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