{"id":386845,"date":"2021-06-18T00:39:11","date_gmt":"2021-06-18T07:39:11","guid":{"rendered":"https:\/\/nai500.com\/?p=386845"},"modified":"2021-06-18T00:39:11","modified_gmt":"2021-06-18T07:39:11","slug":"%e6%8a%95%e8%b5%84%e7%bb%84%e5%90%88-%e9%81%bf%e5%9d%91%e6%8c%87%e5%8d%97-%e5%a4%9a%e5%85%83%e5%8c%96-diworsification","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2021\/06\/%e6%8a%95%e8%b5%84%e7%bb%84%e5%90%88-%e9%81%bf%e5%9d%91%e6%8c%87%e5%8d%97-%e5%a4%9a%e5%85%83%e5%8c%96-diworsification\/","title":{"rendered":"\u6295\u8d44\u7ec4\u5408\u907f\u5751\u6307\u5357\uff1a\u591a\u5143\u5316\u7a0d\u6709\u4e0d\u614e\u5c31\u4f1a\u53d8\u6210Diworsification"},"content":{"rendered":"<p>\u591a\u5143\u5316\uff01\u591a\u5143\u5316\uff01\u591a\u5143\u5316\uff01\u8fd9\u662f\u6295\u8d44\u754c\u4ee5\u53ca\u6295\u8d44\u987e\u95ee\u65f6\u5e38\u6302\u5728\u5634\u8fb9\u7684\u53e3\u5934\u7985\u3002\u5982\u679c\u6267\u884c\u5f97\u597d\uff0c\u6295\u8d44\u7ec4\u5408\u7684\u591a\u5143\u5316\u53ef\u4ee5\u6709\u6548\u964d\u4f4e\u6295\u8d44\u98ce\u9669\uff0c\u4f46\u4e00\u65e6\u64cd\u4f5c\u4e0d\u5f53\uff0c\u5c31\u4f1a\u53d8\u6210diworsification\uff08\u591a\u60e8\u5316\uff0cdiversification\u548cworse\u8fd9\u4e24\u4e2a\u82f1\u6587\u5355\u8bcd\u7684\u7ec4\u5408\uff09\u3002\u987e\u540d\u601d\u4e49\uff0cdiversification\u6307\u7684\u662f\u8fc7\u5ea6\u591a\u5143\u5316\u4ee5\u81f3\u98ce\u9669\/\u6536\u76ca\u6743\u8861\u51fa\u73b0\u6076\u5316\u3002<\/p>\n<p>Diworsification\u8fd9\u4e00\u672f\u8bed\u9996\u5148\u51fa\u73b0\u5728\u5f7c\u5f97\u00b7\u6797\u5947\u7684\u300a\u5f7c\u5f97\u00b7\u6797\u5947\u7684\u6210\u529f\u6295\u8d44\u300b\u8fd9\u672c\u6295\u8d44\u8457\u4f5c\u4e2d\uff0c\u6700\u521d\u63cf\u8ff0\u7684\u662f\u516c\u53f8\u5c42\u9762\u7684\u95ee\u9898\uff0c\u4f46\u6b64\u540e\u6f14\u53d8\u4e3a\u6295\u8d44\u754c\u7684\u4e00\u4e2a\u70ed\u8bcd\uff0c\u6307\u7684\u662f\u4e0e\u6574\u4e2a\u6295\u8d44\u7ec4\u5408\u76f8\u5173\u7684\u4f4e\u6548\u591a\u5143\u5316\u3002<\/p>\n<p>\u516c\u53f8\u7684diworsification\u4f1a\u8ba9\u673a\u6784\u53d8\u5f97\u81c3\u80bf\u4f4e\u6548\uff0c\u800c\u6295\u8d44\u7ec4\u5408\u4e2d\u6301\u6709\u592a\u591a\u7684\u6295\u8d44\u4f1a\u8ba9\u6295\u8d44\u8005\u611f\u5230\u56f0\u60d1\uff0c\u589e\u52a0\u6295\u8d44\u6210\u672c\uff0c\u52a0\u91cd\u5c3d\u804c\u8c03\u67e5\u7684\u8d1f\u62c5\uff0c\u4ee5\u53ca\u5bfc\u81f4\u98ce\u9669\u8c03\u6574\u540e\u6536\u76ca\u4f4e\u4e8e\u5e73\u5747\u6c34\u5e73\u3002\u5728\u5c31\u4e1a\u5b89\u5168\u548c\u4e2a\u4eba\u7ecf\u6d4e\u5229\u76ca\u7684\u9a71\u4f7f\u4e0b\uff0c\u6709\u4e9b\u6295\u8d44\u987e\u95ee\u4f1a\u5bf9\u4f60\u7684\u6295\u8d44\u8fc7\u5ea6\u591a\u5143\u5316\u3002\u53e6\u5916\uff0c\u51b2\u52a8\u6295\u8d44\uff0c\u98ce\u683c\u6f02\u79fb\u4e0d\u5b9a\uff0c\u4ee5\u53ca\u8d85\u914d\u67d0\u4e00\u4e2a\u677f\u5757\u4e5f\u662f\u5bfc\u81f4diworsification\u7684\u4e00\u4e9b\u56e0\u7d20\u3002<\/p>\n<p>\u4f5c\u4e3a\u666e\u901a\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u5e94\u8be5\u5982\u679c\u8bc6\u522b\u81ea\u5df1\u7684\u6295\u8d44\u662f\u5426diworsification\uff1f\u4ee5\u4e0b\u56db\u4e2a\u8fc7\u5ea6\u591a\u5143\u5316\u7684\u8ff9\u8c61\u53ef\u80fd\u4f1a\u5bf9\u4f60\u6709\u6240\u5e2e\u52a9\uff1a<\/p>\n<h2>\u6301\u6709\u592a\u591a\u7c7b\u4f3c\u7684\u57fa\u91d1<\/h2>\n<p>\u6709\u4e9b\u5171\u540c\u57fa\u91d1\u7684\u540d\u79f0\u53ef\u80fd\u975e\u5e38\u4e0d\u4e00\u6837\uff0c\u4f46\u6301\u4ed3\u4ee5\u53ca\u6295\u8d44\u7b56\u7565\u5374\u76f8\u5f53\u7c7b\u4f3c\u3002\u5982\u679c\u4f60\u7684\u6295\u8d44\u7ec4\u5408\u6301\u6709\u7684\u90fd\u662f\u8fd9\u4e9b\u57fa\u91d1\uff0c\u867d\u7136\u770b\u4e0a\u53bb\u662f\u628a\u9e21\u86cb\u653e\u5728\u4e86\u4e0d\u540c\u7684\u7bee\u5b50\u91cc\uff0c\u5374\u5176\u5b9e\u90fd\u662f\u201c\u4e00\u6839\u7ef3\u4e0a\u7684\u8682\u86b1\u201d\uff0c\u4e0d\u4ec5\u8d77\u4e0d\u5230\u5206\u6563\u98ce\u9669\u7684\u6548\u679c\uff0c\u53cd\u800c\u589e\u52a0\u4e0d\u5fc5\u8981\u7684\u6210\u672c\u3002<\/p>\n<p>\u4e3a\u4e86\u5e2e\u52a9\u6295\u8d44\u8005\u7a7f\u8d8a\u8425\u9500\u7684\u6c6a\u6d0b\uff0c\u6709\u4e9b\u6295\u8d44\u5e73\u53f0\u5f00\u53d1\u51fa\u4e86\u57fa\u91d1\u7c7b\u578b\u7684\u5206\u7c7b\u4f53\u7cfb\uff0c\u6bd4\u5982\u8bf4\u201c\u9ad8\u5e02\u503c\u4ef7\u503c\u578b\u201d\u6216\u201c\u4f4e\u5e02\u503c\u6210\u957f\u578b\u201d\u57fa\u91d1\uff0c\u628a\u6301\u4ed3\u548c\u7b56\u7565\u7c7b\u4f3c\u7684\u5171\u540c\u57fa\u91d1\u5f52\u4e3a\u4e00\u7c7b\u3002\u5982\u6b64\u4e00\u6765\uff0c\u4f60\u53ef\u4ee5\u628a\u81ea\u5df1\u6295\u8d44\u7ec4\u5408\u5f53\u4e2d\u4e0d\u540c\u7684\u5171\u540c\u57fa\u91d1\u4e0e\u5171\u540c\u57fa\u91d1\u7684\u7c7b\u578b\u5206\u7c7b\u4ea4\u53c9\u5bf9\u7167\uff0c\u770b\u770b\u81ea\u5df1\u662f\u5426\u6301\u6709\u592a\u591a\u98ce\u9669\u7c7b\u4f3c\u7684\u6295\u8d44\u3002<\/p>\n<h2>\u8fc7\u5ea6\u4f7f\u7528\u591a\u7ba1\u7406\u4eba\u6295\u8d44\u4ea7\u54c1<\/h2>\n<p>\u7c7b\u4f3c\u57fa\u91d1\u4e2d\u7684\u57fa\u91d1\uff08FOF\uff0c\u53c8\u79f0\u7ec4\u5408\u578b\u57fa\u91d1\u6216\u6bcd\u57fa\u91d1\uff09\u7b49\u591a\u7ba1\u7406\u4eba\u6295\u8d44\u4ea7\u54c1\uff08multimanager investment product\uff09\u662f\u5c0f\u578b\u6295\u8d44\u8005\u5feb\u901f\u5b9e\u73b0\u591a\u5143\u5316\u7684\u4e00\u6761\u7b80\u4fbf\u9014\u5f84\u3002\u5982\u679c\u4f60\u4e34\u8fd1\u9000\u4f11\u6216\u8005\u662f\u6295\u8d44\u7ec4\u5408\u7684\u89c4\u6a21\u8f83\u5927\uff0c\u9002\u5b9c\u4ee5\u66f4\u52a0\u76f4\u63a5\u7684\u65b9\u5f0f\u5b9e\u73b0\u6295\u8d44\u7ba1\u7406\u4eba\u7684\u591a\u5143\u5316\u3002\u8003\u8651\u6295\u8d44\u591a\u7ba1\u7406\u4eba\u6295\u8d44\u4ea7\u54c1\u65f6\uff0c\u6211\u4eec\u5e94\u5f53\u5728\u591a\u5143\u5316\u5e26\u6765\u7684\u597d\u5904\u4e0e\u5b9a\u5236\u5316\u4e0d\u8db3\u3001\u9ad8\u6210\u672c\uff0c\u4ee5\u53ca\u5c3d\u804c\u8c03\u67e5\u88ab\u7a00\u91ca\u7b49\u8fd9\u4e9b\u7f3a\u70b9\u4e4b\u95f4\u8fdb\u884c\u6743\u8861\u3002<\/p>\n<p>\u627e\u4e00\u4e2a\u8d22\u52a1\u987e\u95ee\u76d1\u7763\u4e00\u4e2a\u76d1\u7763\u5176\u4ed6\u6295\u8d44\u7ecf\u7406\u4eba\u7684\u6295\u8d44\u7ecf\u7406\u4eba\uff0c\u8fd9\u5bf9\u4f60\u771f\u7684\u6709\u597d\u5904\u5417\uff1f\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u5728\u9ea6\u9053\u592b\u81ed\u540d\u662d\u8457\u7684\u6295\u8d44\u9a97\u5c40\u4e2d\uff0c\u81f3\u5c11\u6709\u4e00\u534a\u7684\u6d89\u6848\u8d44\u91d1\u90fd\u662f\u901a\u8fc7\u7c7b\u4f3cFOF\u6216\u5b50\u57fa\u91d1\uff08feeder fund\uff09\u7b49\u591a\u7ba1\u7406\u4eba\u6295\u8d44\u95f4\u63a5\u6d41\u5411\u4ed6\u7684\u53e3\u888b\u3002\u8fd9\u4e9b\u57fa\u91d1\u7684\u6295\u8d44\u8005\u5f88\u591a\u90fd\u60f3\u4e0d\u5230\uff0c\u9ea6\u9053\u592b\u7684\u6295\u8d44\u5c06\u4f1a\u57cb\u85cf\u5728\u591a\u7ba1\u7406\u4eba\u591a\u5143\u5316\u7b56\u7565\u7684\u8ff7\u5bab\u4e2d\u3002<\/p>\n<h2>\u6301\u6709\u592a\u591a\u4e2a\u80a1<\/h2>\n<p>\u4e00\u822c\u6765\u8bf4\uff0c\u80a1\u7968\u6295\u8d44\u7ec4\u5408\u8f83\u4e3a\u5408\u7406\u7684\u6301\u80a1\u6570\u91cf\u572820\u523030\u53ea\u5de6\u53f3\uff0c\u4f46\u5e76\u6ca1\u6709\u4e00\u4e2a\u660e\u786e\u7684\u5171\u8bc6\u3002\u683c\u96f7\u5384\u59c6\u8ba4\u4e3a\u6301\u670910\u523030\u5bb6\u4e0d\u540c\u516c\u53f8\u7684\u80a1\u7968\u5c31\u80fd\u5b9e\u73b0\u591a\u5143\u5316\uff0c\u4f46\u65af\u5854\u66fc\u5374\u6307\u51fa\uff0c\u6309\u7167\u5747\u503c\u65b9\u5dee\u7ec4\u5408\u7406\u8bba\u5f53\u4e2d\u7684\u539f\u5219\uff0c\u5f53\u4eca\u6700\u4f18\u7684\u591a\u5143\u5316\u6c34\u5e73\u6240\u9700\u7684\u6301\u80a1\u6570\u91cf\u5df2\u7ecf\u8d85\u8fc7300\u53ea\uff0c\u4f46\u6b64\u540e\u53c8\u5206\u522b\u8c03\u6574\u4e3a\u81f3\u5c11120\u53ea\u548c30\u523040\u53ea\u3002<\/p>\n<p>\u6301\u80a1\u6570\u91cf\u8fc7\u591a\u4f1a\u5e26\u6765\u5927\u91cf\u7684\u5c3d\u804c\u8c03\u67e5\u8d1f\u62c5\uff0c\u5bfc\u81f4\u7a0e\u52a1\u5904\u7406\u53d8\u5f97\u66f4\u52a0\u590d\u6742\uff0c\u4ee5\u53ca\u6210\u672c\u4e0a\u5347\u4f46\u8868\u73b0\u5374\u8d8b\u540c\u4e8e\u80a1\u7968\u6307\u6570\u3002\u65e0\u8bba\u6295\u8d44\u8005\u7684\u201c\u5e78\u8fd0\u6570\u5b57\u201d\u662f\u591a\u5c11\uff0c\u4e00\u4e2a\u591a\u5143\u5316\u7684\u6295\u8d44\u7ec4\u5408\u5e94\u5f53\u6295\u8d44\u4e0d\u540c\u884c\u4e1a\u7684\u516c\u53f8\u5e76\u5339\u914d\u6295\u8d44\u8005\u7684\u6295\u8d44\u7406\u5ff5\u3002\u6bd4\u5982\u8bf4\uff0c\u4e00\u4e2a\u91c7\u7528\u81ea\u4e0b\u800c\u4e0a\u9009\u80a1\u65b9\u6cd5\u7684\u6295\u8d44\u7ba1\u7406\u4eba\u5f88\u96be\u4e00\u6b21\u786e\u5b9a300\u53ea\u4f18\u8d28\u7684\u4e2a\u80a1\u3002<\/p>\n<h2>\u6301\u6709\u81ea\u5df1\u4e0d\u7406\u89e3\u7684\u8d44\u4ea7<\/h2>\n<p>\u76f8\u6bd4\u516c\u5f00\u4ea4\u6613\u7684\u6295\u8d44\u4ea7\u54c1\uff0c\u79c1\u4eba\u975e\u4e0a\u5e02\u6295\u8d44\u4ea7\u54c1\u7684\u4e00\u4e2a\u8425\u9500\u5671\u5934\u662f\u4ef7\u683c\u7a33\u5b9a\u6027\u4ee5\u53ca\u591a\u5143\u5316\u5229\u76ca\u3002\u8fd9\u4e9b\u201c\u53e6\u7c7b\u6295\u8d44\u201d\uff0c\u6bd4\u5982\u8bf4\u79c1\u52df\u80a1\u6743\u548c\u975e\u4e0a\u5e02\u623f\u5730\u4ea7\uff0c\u6216\u8bb8\u80fd\u591f\u63d0\u4f9b\u591a\u5143\u5316\uff0c\u4f46\u5b83\u4eec\u7684\u4ef7\u503c\u6765\u81ea\u4e8e\u4f30\u4ef7\u800c\u975e\u6bcf\u65e5\u516c\u5f00\u5e02\u573a\u7684\u4ea4\u6613\uff0c\u6295\u8d44\u98ce\u9669\u4e5f\u6709\u53ef\u80fd\u4f1a\u88ab\u4f4e\u4f30\u3002\u6a21\u578b\u4f30\u503c\u6cd5\u53ef\u4ee5\u5bf9\u4e00\u9879\u6295\u8d44\u7684\u6536\u76ca\u7387\u8fdb\u884c\u4eba\u4e3a\u71a8\u5e73\uff0c\u4e5f\u5c31\u662f\u6240\u8c13\u7684\u201c\u6536\u76ca\u7387\u5e73\u6ed1\u201d\u73b0\u8c61\u3002<\/p>\n<p>Alan H. Dorsey\u66fe\u7ecf\u6307\u51fa\uff0c\u6295\u8d44\u4e1a\u7ee9\u5e73\u6ed1\u7684\u95ee\u9898\u5728\u4e8e\u8fd9\u4e00\u8fc7\u7a0b\u4e5f\u71a8\u5e73\u4e86\u6ce2\u52a8\u7387\uff0c\u4ece\u800c\u6709\u53ef\u80fd\u5bfc\u81f4\u4e0e\u5176\u4ed6\u7c7b\u578b\u8d44\u4ea7\u7684\u76f8\u5173\u6027\u53d1\u751f\u53d8\u5316\u3002\u7814\u7a76\u5df2\u7ecf\u663e\u793a\uff0c\u6536\u76ca\u7387\u5e73\u6ed1\u53ef\u80fd\u5938\u5927\u8be5\u6295\u8d44\u7684\u591a\u5143\u5316\u5229\u76ca\u3002\u590d\u6742\u7684\u4f30\u503c\u6cd5\u53ef\u80fd\u4f1a\u5f71\u54cd\u5230\u8bf8\u5982\u4ef7\u683c\u76f8\u5173\u6027\u548c\u6807\u51c6\u5dee\u7b49\u591a\u5143\u5316\u7684\u7edf\u8ba1\u6d4b\u91cf\uff0c\u4e0d\u8981\u88ab\u8fd9\u4e9b\u6240\u8499\u853d\u4e86\u3002\u975e\u4e0a\u5e02\u6295\u8d44\u7684\u98ce\u9669\u53ef\u80fd\u8981\u6bd4\u5b83\u4eec\u770b\u4e0a\u53bb\u7684\u66f4\u5927\uff0c\u5e76\u4e14\u9700\u8981\u4e13\u4e1a\u5206\u6790\u6280\u80fd\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u591a\u5143\u5316\uff01\u591a\u5143\u5316\uff01\u591a\u5143\u5316\uff01\u8fd9\u662f\u6295\u8d44\u754c\u4ee5\u53ca\u6295\u8d44\u987e\u95ee\u65f6\u5e38\u6302\u5728\u5634\u8fb9\u7684\u53e3\u5934\u7985\u3002\u5982\u679c\u6267\u884c\u5f97\u597d\uff0c\u6295\u8d44\u7ec4\u5408\u7684\u591a\u5143\u5316\u53ef\u4ee5\u6709\u6548\u964d\u4f4e [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":386850,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[430],"tags":[],"class_list":["post-386845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hans","sectors-1602"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/386845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=386845"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/386845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/386850"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=386845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=386845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=386845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}