锐联创始人许仲翔博士对话MORNINGSTAR(晨星)聊新兴市场分散配置
Q :我们观察到市场上有部分资管产品将“A股市场与除A股市场以外的新兴市场剥离开来,分别构建投资组合”,对此您怎么看?Jason:在资产配置构建层面,将A股市场与除A股市场以外的新兴市场区隔开来,我认为主要是出于两方面考虑:一方面是,降低单一市场的集中度,提升资产配置效率。随着国内GDP的增长,A股在新兴市场投资组合中的权重与影响力与日俱增, A股的占比有时甚至高达50% 。如果将A股与其他新兴市场放在一起,构建新兴市场投资组合,那么 A股市场的涨跌将会在很大程度上决定整个投资组合的涨跌 。如果将A股市场单独剥离出来,与其他新兴市场分别构建投资组合,则有助于降低单一市场的集中度,提升资产配置效率。上述方式,与将 美国市场和其他发达市场剥离 ,分别构建美国市场投资组合以及除美国市场之外的其他发达市场投资组合,道理是一致的。另一方面是,支持投资者表达观点,提供灵活、多元的配置工具。锐联是逆向投资、价值投资的践行者, 目前A股市场正值历史低位 ,我们长期看好A股,也在投资组合层面长期做多中国。将A股市场与其他新兴市场分别纳入不同的产品之中,能够为市场上不同的机构以及个人投资者提供 足够的空间与灵活度 。
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- 请求信息 : 2024-12-27 12:37:09 HTTP/1.1 GET : www.ksrayliant.com/info/180.html
- 运行时间 : 0.025849s [ 吞吐率:38.69req/s ] 内存消耗:3,077.20kb 文件加载:51
- 查询信息 : 12 queries 0 writes
- 缓存信息 : 0 reads,0 writes
- 配置加载 : 68
- 会话信息 : SESSION_ID=88b9kgth51lptdqpa1shp75r95
- /www/wwwroot/jr/index.php ( 0.76 KB )
- /www/wwwroot/jr/thinkphp/start.php ( 0.74 KB )
- /www/wwwroot/jr/thinkphp/base.php ( 2.66 KB )
- /www/wwwroot/jr/thinkphp/library/think/Loader.php ( 21.73 KB )
- /www/wwwroot/jr/vendor/composer/autoload_static.php ( 3.04 KB )
- /www/wwwroot/jr/vendor/topthink/think-helper/src/helper.php ( 2.88 KB )
- /www/wwwroot/jr/vendor/topthink/think-captcha/src/helper.php ( 1.59 KB )
- /www/wwwroot/jr/thinkphp/library/think/Route.php ( 61.83 KB )
- /www/wwwroot/jr/thinkphp/library/think/Config.php ( 6.58 KB )
- /www/wwwroot/jr/thinkphp/library/think/Validate.php ( 42.96 KB )
- /www/wwwroot/jr/vendor/topthink/think-migration/src/config.php ( 0.83 KB )
- /www/wwwroot/jr/thinkphp/library/think/Console.php ( 23.98 KB )
- /www/wwwroot/jr/vendor/topthink/think-queue/src/common.php ( 1.19 KB )
- /www/wwwroot/jr/thinkphp/library/think/Error.php ( 3.88 KB )
- /www/wwwroot/jr/thinkphp/convention.php ( 10.66 KB )
- /www/wwwroot/jr/thinkphp/library/think/App.php ( 22.17 KB )
- /www/wwwroot/jr/thinkphp/library/think/Request.php ( 51.43 KB )
- /www/wwwroot/jr/application/config.php ( 9.48 KB )
- /www/wwwroot/jr/application/database.php ( 2.00 KB )
- /www/wwwroot/jr/application/extra/queue.php ( 0.62 KB )
- /www/wwwroot/jr/thinkphp/library/think/Hook.php ( 4.86 KB )
- /www/wwwroot/jr/application/tags.php ( 0.99 KB )
- /www/wwwroot/jr/application/common.php ( 4.42 KB )
- /www/wwwroot/jr/thinkphp/library/think/Env.php ( 1.25 KB )
- /www/wwwroot/jr/thinkphp/helper.php ( 17.87 KB )
- /www/wwwroot/jr/thinkphp/library/think/Lang.php ( 7.49 KB )
- /www/wwwroot/jr/thinkphp/library/think/Log.php ( 6.28 KB )
- /www/wwwroot/jr/thinkphp/lang/zh-cn.php ( 11.94 KB )
- /www/wwwroot/jr/application/route.php ( 4.20 KB )
- /www/wwwroot/jr/application/index/controller/Index.php ( 14.20 KB )
- /www/wwwroot/jr/application/index/controller/Base.php ( 1.11 KB )
- /www/wwwroot/jr/thinkphp/library/think/Controller.php ( 6.29 KB )
- /www/wwwroot/jr/thinkphp/library/traits/controller/Jump.php ( 5.06 KB )
- /www/wwwroot/jr/thinkphp/library/think/View.php ( 7.01 KB )
- /www/wwwroot/jr/thinkphp/library/think/view/driver/Think.php ( 5.80 KB )
- /www/wwwroot/jr/thinkphp/library/think/Template.php ( 46.02 KB )
- /www/wwwroot/jr/thinkphp/library/think/template/driver/File.php ( 2.31 KB )
- /www/wwwroot/jr/thinkphp/library/think/Session.php ( 11.22 KB )
- /www/wwwroot/jr/thinkphp/library/think/Db.php ( 6.85 KB )
- /www/wwwroot/jr/thinkphp/library/think/db/connector/Mysql.php ( 4.02 KB )
- /www/wwwroot/jr/thinkphp/library/think/db/Connection.php ( 31.00 KB )
- /www/wwwroot/jr/thinkphp/library/think/db/Query.php ( 96.72 KB )
- /www/wwwroot/jr/thinkphp/library/think/db/builder/Mysql.php ( 4.66 KB )
- /www/wwwroot/jr/thinkphp/library/think/db/Builder.php ( 32.43 KB )
- /www/wwwroot/jr/thinkphp/library/think/Debug.php ( 7.37 KB )
- /www/wwwroot/jr/application/index/model/Info.php ( 1.77 KB )
- /www/wwwroot/jr/thinkphp/library/think/Model.php ( 71.44 KB )
- /www/wwwroot/jr/thinkphp/library/think/db/Expression.php ( 1.16 KB )
- /www/wwwroot/jr/runtime/temp/847c00f9520152ad914ec1ba89b58963.php ( 7.99 KB )
- /www/wwwroot/jr/thinkphp/library/think/Response.php ( 8.61 KB )
- /www/wwwroot/jr/thinkphp/library/think/debug/Html.php ( 4.28 KB )
- /www/wwwroot/jr/thinkphp/library/think/Cache.php ( 6.34 KB )
- [ LANG ] /www/wwwroot/jr/thinkphp/lang/zh-cn.php
- [ ROUTE ] array (
'type' => 'module',
'module' =>
array (
0 => 'index',
1 => 'index',
2 => 'info',
),
'convert' => false,
)
- [ HEADER ] array (
'host' => 'www.ksrayliant.com',
'referer' => 'http://ksrayliant.com/info/180.html',
'accept-encoding' => 'gzip, br, zstd, deflate',
'user-agent' => 'Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)',
'accept' => '*/*',
'content-length' => '',
'content-type' => '',
)
- [ PARAM ] array (
'id' => '180',
)
- [ SESSION ] INIT array (
'id' => '',
'var_session_id' => '',
'prefix' => 'think',
'type' => '',
'auto_start' => true,
)
- [ DB ] INIT mysql
- [ RUN ] app\index\controller\Index->info[ /www/wwwroot/jr/application/index/controller/Index.php ]
- [ VIEW ] /www/wwwroot/jr/application/index/view/index/info.html [ array (
0 => 'uname',
1 => 'reqUrl',
2 => 'site',
3 => 'type',
4 => 'one',
5 => 'sfClass',
6 => 'tj',
7 => 'up',
8 => 'down',
) ]
- [ DB ] CONNECT:[ UseTime:0.000345s ] mysql:host=127.0.0.1;dbname=think_jr;charset=utf8
- [ SQL ] SHOW COLUMNS FROM `think_site` [ RunTime:0.000550s ]
- [ SQL ] SELECT * FROM `think_site` WHERE `domain` = 'www.ksrayliant.com' LIMIT 1 [ RunTime:0.000283s ]
- [ SQL ] SHOW COLUMNS FROM `think_classs` [ RunTime:0.000368s ]
- [ SQL ] SELECT * FROM `think_classs` WHERE `pid` = 2 AND `state` = 1 [ RunTime:0.000190s ]
- [ SQL ] SHOW COLUMNS FROM `think_info` [ RunTime:0.000487s ]
- [ SQL ] SELECT * FROM `think_info` WHERE `id` = 180 LIMIT 1 [ RunTime:0.000257s ]
- [ SQL ] SELECT * FROM `think_classs` WHERE ( pid=2 and state>0 ) [ RunTime:0.000256s ]
- [ SQL ] SELECT * FROM `think_info` WHERE ( type=4 and id<>180 ) ORDER BY `top` DESC,`sort` DESC LIMIT 0,3 [ RunTime:0.001322s ]
- [ SQL ] SELECT * FROM `think_info` WHERE ( id <180 ) AND ( bs=0 ) ORDER BY `id` DESC LIMIT 1 [ RunTime:0.000368s ]
- [ SQL ] SELECT * FROM `think_info` WHERE ( id >180 ) AND ( bs=0 ) ORDER BY `id` ASC LIMIT 1 [ RunTime:0.000261s ]
- [ SQL ] SELECT * FROM `think_classs` WHERE `id` = 4 LIMIT 1 [ RunTime:0.000237s ]
- [ SQL ] SELECT * FROM `think_classs` WHERE `id` = 4 LIMIT 1 [ RunTime:0.000165s ]
0.027325s