Fond energiomställning
And so, these people have kept to their plan and been systematic about their investment and not try to trade their way to better results. För detaljerad information ifall Morningstar Star Rating för aktier, vänligen titta här. And that just shows that these funds are often core parts of portfolios. And I think that's definitely positive news, because these are funds that are used often by investors who don't think they are expert enough to go and select their own funds or stocks.
And this is a result that we've also seen before. For Morningstar, I'm Lukas Strobl. And those are some of the areas where investors had a tough time. Strobl: So, are there any instances where investors actually did better than the underlying funds? detta är osannolikt att företaget kommer kunna återskapa de historiska fördelarna som Warren Buffet Ökning av den årliga inflationstakten väntas, ytterligare ett räntesänkning fortfarande inprisad i Att undersöka företagens geografiska intäktskällor ger användbara insikter för dagens investerare.
They are kind of niche investments.
Teknik och energiomställning extra svåra för sparare att tajma
Strobl: The report also funnen geographical variants with country-focused funds exhibiting much larger gaps in some countries than in others. Möttölä: Yeah. Morningstar's Mind the Gap report measures where that difference is worst, and what to look out for to be on the winning side of this. And again, this type of timing fryst vatten just very, very difficult. I think that's a positive finding, definitely.
Möttölä: That fryst vatten rare, but the gaps were really small in areas like allocation funds. Investeringar inom värdepapper är föremål för marknadsrisker och andra risker. Strobl: Is that because those areas investors tend to be jittery, getting in and out more frequently? They are not like something that you would just hold on to, but rather something that you go in when you think the time is opportune and then try to get out.
Fyra komponenter driver stjärnbetyget: 1 vår bedömning av företagets ekonomiska vallgrav, 2 vår uppskattning av aktiens verkliga värde, 3 vår osäkerhet kring uppskattningen av verkligt värde och 4 det aktuella marknadspriset. And another important finding, I think, is that within categories of similar medel, it were the more riskier ones where investors had larger gaps so the investor returns were lower than their total returns.
Tidigare avkastning är ingen indikation på framtida avkastning. Morningstars stjärnbetyg för aktier tilldelas baserat på en analytikers uppskattning av aktiens verkliga värde. Om våra normalantaganden är sanna kommer marknadspriset att konvergera på vår uppskattning från verkligt värde över tiden, vanligtvis inom tre år. Möttölä: Yeah, it seems that when the news cycle kind of drives your attention and you kind of realize that there's a new interesting investment opportunity, often that investment opportunity is perhaps no längre there, or at least some of the run-up is already behind when you get on board.
And it has again been good to see that investors have kept to those investments and their plan, and being patient with their money. So that is really a big problem that the investors have. And that's where a lot of the worse behavior happens in the sense that these funds are perhaps not part of the core. There's usually a gap due to poorly timed entries and exits. Matias Möttölä: Yeah, Lukas, it's been a tough period for investors over the last five years with Covid crisis and yields rising in the U.
And so, asset prices have just moved around much more, and that shows in the results, especially in things like alternative energy, China funds, some technology funds, really areas where you may have had a large run-up in prices, but then also some disappointing periods. En 1-stjärnig aktie bedöms däremot handlas över dess uppskattade verkliga värde. Quantitative Fair Value Estimate representerar Morningstars uppskattning av värdet per aktie som ett företags eget tillgångar är värt idag.
Strobl: So, it sounds like the way to minimize one's performance gap is to avoid chasing trends, keep it broad and stick around for the long term. So, single country funds are typically more concentrated, and they are also in the bigger universe of investments. So, how do you explain that? And another area where the gap was again relatively small was passive equity funds compared with active equity funds.
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Denna process kulminerar i en betyg med en poäng som uppdateras dagligen. Morningstar tilldelar stjärnbetyg baserat på en analytikers uppskattning av en akties verkliga värde. Thank you for explaining this, Matias.