Quantitative investment strategy provides investors with the characteristics of data-driven and model guidance.GameblockchainfreeIt is a tool to eliminate emotional interference and improve the efficiency and accuracy of decision-making, and gradually occupies an important position in the investment community. Mr. Huang Ruiqing, Director of Index and quantitative Investment Department of Bosch Fund, was invited to share his insights and innovative practices in the field of quantitative investment.
1. How to combine macroeconomic analysis with quantitative models?
Huang RuiqingGameblockchainfreeMacroeconomic factors have a significant impact on the law of the market. Through big data's law, we analyze the macroeconomic impact of 30 industries on the cross section, and develop an industry configuration model, which has achieved good results.
2. How to deal with industry rotation in quantitative investment?
Huang Ruiqing: first of all, starting from the industry level, under the support of fundamental research, comprehensively examine all indicators of each industry to find relevance and leadership, and find effective analytical indicators of each industry to build a forecasting model; the second is from the perspective of factors and strategies, such as the recent outstanding performance of value factors, it will naturally be allocated to industries with lower valuations. When the market growth stocks have performed well in the past few years, they have increased their allocation to industries such as technology and manufacturing.
3. Quantify strategic advantages and how to find investment opportunities through the model?
Huang Ruiqing: the biggest advantage of quantitative investment is that it can objectively show the laws of things and reveal those counterintuitive but effective rules. By constructing and following the quantitative model for investment, we constantly explore the market rules and make decisions based on them.
4. Can quantitative investment strategies eliminate emotional bias?
Huang Ruiqing: the essence of investment is to obtain valuable and productive assets at a reasonable or low price, and to achieve income through the market economy and the capital market. Quantitative investment is to give quantitative asset pricing, describe market rules and formulate strategies, which can maintain a clear understanding, pursue benefits and reduce risks at the same time, and actively respond to market changes.
What is the application of 5.AI or big data in quantitative investment?
Huang Ruiqing: we use AI stock selection strategy, and achieved good results. This method can not only capture the long-term trend but also grasp the short-term reverse law, and has the advantages of anti-human nature and probability model. In the future, we will make use of more data, scientific and technological innovation and sustainable development factors, and introduce more additional models, such as AI model, game theory and so on.
6. Please introduce the operation of Boshi quantitative value Fund (Class A code 005960 and Class C code 005961)?
Huang Ruiqing: in the first quarter of 2024, the Fund comprehensively considered the stock valuation level and the changing trend of fundamentals, and generally maintained a relatively high stock position. In terms of the configuration of the quantitative strategy, the low-end small-cap style at the beginning of the year overmatched the value according to the model signal under the market conditions with good value performance, and finally the fund beat the contract benchmark smoothly in the whole first quarter. The fund uses scientific quantitative methods, using quantitative models covering macro, industry and corporate fundamentals, and market analysis such as stocks and bonds, to find market operation rules and capture market changes. through the quantitative allocation of multi-strategy to build the stock portfolio, when the value style performance is relatively good, overmatch the value, and strive to obtain steady excess returns.
7. How should investors control the risk of investing in quantitative funds?
Huang Ruiqing: investors are advised to be clear about their risk preferences and investment objectives, make a reasonable asset allocation, and adhere to the principle of long-term value investment.
Author: Huang Ruiqing, Investment Director and Fund Manager of Index and quantitative Investment Department