Optimization Of Investment Strategy Of "HSBC Jinxin 2026" Life-cycle Funds

China's pensions are currently facing two major problems:the aging process is accelerating and the pension gap is increasing.With the deepening of aging,China's pensions have a large number of depreciation phenomena.Their growth rate does not win inflation all the year round,and the voice of pensions entering the market is getting higher and higher.It is of great practical significance to study and improve life-cycle funds.The results of many years of operation of the three life-cycle funds represented by "HSBC Jinxin 2026"in our country are highly risky.The comparative analysis found that the investment strategy is the main factor causing the high risk status of the fund.Therefore,this paper combines the VaR model to optimize the investment strategy of "HSBC Jinxin 2026" to facilitate better control of risks.The current problems of the "HSBC Jinxin 2026"investment strategy are that the allocation of large-scale assets cannot effectively control risks,which concentration of sub-investment assets is too high,and the choice of investment targets is greatly influenced by fund managers.They are the main target of fund investment strategy optimization.The first is the optimization of the allocation strategy of large-scale assets.Traditional large-scale asset allocation strategy of life-cycle funds is to measure the risk of funds by the proportion of positions of risk assets.This design makes the fund risk a vague and abstract concept,which cannot use data measur and predict,especially when the market is highly volatile,the risk agent position accounted for a much lower risk than the fund actually bears.The optimization strategy uses VaR to measure the risk of the fund.VaR decline track is designed according to the retirement life of the investor and the risk tolerance.The Monte Carlo simulation is used to predict the fund trend and the asset allocation is based on the VaR model.Eempirical results show that the asset is calculated by the VaR model.Configuration can indeed dynamically adjust the asset allocation weight according to the VaR value set in advance when the market fluctuates greatly,find potential high-risk phenomenon,and control the risk in a timely and effective manner.Secondly,it is the choice of the target of subdivided asset investment.The investment of the original fund is stock and bond,that concentration of the industry is very high,so that non-system risk faced by the fund is large.Which effect of the choice of investment target is subjectively influenced by the fund manager.In the optimization design,the fund's investment target is changed to the same fund company's sub-fund,so that the risk can be diversified twice if fund operates in the form of FOF,the overall risk of the fund can be reduced,and the problem of high concentration of the subdivided asset investment target can be solved.At the same time,the dynamic allocation of selected funds in the whole fund operation process significantly weakens the influence of fund managers on the choice of investment targets and reduces the subjective risk of the fund.The test data shows that the effect of investment strategy optimization is obvious,which provides an improved idea for the optimization of HSBC Jinxin Fund's late life-cycle fund investment strategy,and also provides theoretical advice and practical reference for the design of life-cycle fund investment strategy of other fund companies in China.It will help promote the further development of pension investment.