Affected by the epidemic, the decline in pharmaceutical stocks in the early stage was not very large. Today, the gratifying increase has not only recovered lost ground, but also set a new high. Although the epidemic was an accident, it really boosted the pharmaceutical stocks. Lemon Jun joined the medical fund in the fund portfolio before the Spring Festival, which also played a good hedging role.
In the near future, we can also consider increasing the position of medical funds to hedge the uncertain risk of "epidemic". In the medical index fund, Lemon Jun advocates improving the medical index.
Why does the respect index increase? Before talking about index funds, we should first talk about how the index is positioned and what is the role of the index?
On this basis, the index fund, as a fund to track the index performance, is nothing more than a relatively controllable investment tool to copy the index performance. Its controllability lies in high certainty and small deviation. But when we invest, we must pursue higher returns, and we will never be satisfied with an index return. If we can increase our income in some effective ways, there is no problem at all. Index enhancement is such a fund.
Not all indexes are suitable for enhancement. Last year, the performance of the strategic index fund was not very good, which also dragged down the reputation of the index enhancement fund. In fact, the overall sadness last year was that the performance of the index enhancement fund was ok, and the overall performance still showed a very good enhancement effect, but not all indexes were suitable for enhancement, but the scale of the indexes that were not suitable for enhancement was too large.
Taking CSI 300, CSI 500 and CSI 1000 as examples, we can see that CSI 1000 is easy to improve the outperformance index, while CSI 500 is relatively easy. It's hard to get into CSI 300 games. ...
This actually reflects a problem. There is no room for improvement in the index compilation of samples with high fundamental quality. For example, there are many excellent stocks in the Shanghai and Shenzhen 300, and it is much more difficult to get the essence from them; It is much easier to find blue-chip stocks in Shanghai and Shenzhen 1000, which are all junk stocks. As long as the junk stocks are screened out, this is a simple and effective enhancement method. Of course, the index enhancement foundation uses more complicated methods to survive the fittest.
Therefore, the index with relatively poor quality of sample stocks is suitable for enhancement. The medical index is such an index. The stock quality of pharmaceutical industry is uneven, and there are many listed companies that lack competitiveness.
I don't think I need to explain too much about the basics of medicine. In the long run, it is a promising industry with obvious demand growth. You can imagine. The older you get, the deeper you feel. Last year, the performance of pharmaceutical stocks was also excellent, and many pharmaceutical funds in the market made dazzling achievements. However, investors who want to share a share of the pharmaceutical stock market through index funds should not feel too good last year, because the performance of the pharmaceutical index was too urgent, and several medical indicators rose by 30% and 40% respectively, which wasted the market. The saddest thing is to treat the industry correctly, and finally get only average income.
Why is this happening? This is related to the great differentiation of sub-industries and individual stocks within the pharmaceutical industry. For example, last year, medical care as a whole was stronger than medicine, and biopharmaceuticals were stronger than traditional Chinese medicine; The pharmaceutical business grew well as a whole. Yifeng Pharmaceutical and Dashenlin continue to rise, but Liu Yao's share will not rise. ...
This is an obvious trend, which shows that the structure of the big pharmaceutical industry has undergone great changes, and many listed companies without hard power have been marginalized, but the medical index on the market has not taken this into account. This trend is actually a huge space for index enhancement funds to obtain excess returns (enhanced returns).
The improvement of the medical theme index of crime scene investigation in Fuguo (16 1035) seized this opportunity: in recent years, it has achieved remarkable excess returns, especially in recent years, the differentiation of pharmaceutical stocks has intensified, and the excess returns have become more and more obvious. Moreover, in this process, the tracking error is low among similar index funds, indicating that even if there are more excess returns, the tracking effect is excellent.
Recently, although the performance of the drug is relatively strong, it still loses money because of the epidemic. It can be seen from the fact that Pharmaceutical 100 is obviously stronger than Shanghai and Shenzhen 300 that high-quality pharmaceutical stocks are killed by mistake. The epidemic situation is really good for pharmaceutical stocks, especially in pharmaceutical commerce, medical services and medical device industries. The awakening of public health awareness is a long-term benefit, and consumption growth is very worth looking forward to. If time is prolonged, we can feel that great changes have taken place in the pharmaceutical industry in the past two years. If the speed of this change continues, the differentiation of pharmaceutical stocks will not stop. Medicine is the industry with the largest number of listed companies, which is big but not strong. The process of becoming stronger is the process of the growth of excellent companies, that is, the process of the formation of leaders, which also gives the medical index improvement fund a lot of room to improve its income. Therefore, for the future of medical index funds, we can still focus on medical index promotion funds, such as the rich country CSI medical theme index.
Guo Fu Pharmaceutical Enhancement (161035) 2019 The scale at the end of the fourth quarter was 2150,000, which was neither small nor large. The new income can also provide some excess income for this fund. Such an index enhancement fund has great potential to continuously stabilize excess returns. The fund is still LOF and can be traded in the market. The transaction volume is small now, but there is still room for the old future. The follow-up market will continue to improve and the volume will go up. At least, we can pay attention to it first.