Fund male god Kun can't escape the curse of scale? ~
Zhang Kun, as a public stock magnate who manages active equity funds in the market with a scale of over 654.38+030 billion, is very concerned by the market.
At the end of the first quarter, 88 billion active equity funds, E Fund's blue chip selection can touch the hearts of countless people.
E Fund Blue Chip Selection: How has the Equity First Foundation, which is highly anticipated by the people and sought after by countless people, performed recently?
Let's look at the picture directly:
In the past 1 week, 1 month and March, the income basically belonged to the bottom level, especially in March, when it fell by 14.64%, which greatly underperformed the average level of its peers and the Shanghai and Shenzhen 300 Index, ranking 4458 among 4608 similar funds. It's no exaggeration to say it's a countdown.
Old K specially went to the discussion forum selected by E Fund Blue Chip to see the public's reaction!
The latest one is that Tucao just returned to Beijing and returned after two days off. This citizen has long held the blue chip selection of E Fund, but he has been losing money and his funds have been transferred to other funds.
Of course, there are people who buy more and more. A citizen said in the community that E Fund's blue-chip selection has made up the most positions in its own position funds and suffered the biggest losses, but at present, it is still making up the positions when it falls.
There are also some people who die and choose to recognize themselves, but they are persuading others not to buy them.
The recent decline has even caused some citizens to lose money. A citizen wrote in the community, "E Fund is green, the medical accident in China and Europe, E Fund is not good, new feedback, Nuoan teaches you to grow up, Huitianfu spends money indiscriminately around the world, and Hongde can't see the return ..."
Specifically, those funds, everyone can go to the right place, spit out bad things, and the investment road has to go on.
There are also more rational people in the society, saying that E Fund's blue chip selection is so large that it ranked at the bottom in recent March. Should I give up?
There are people who reply below, and the scale is large, which does have an impact.
Yes, the size of the fund has an impact on the income of the fund. We need to take the size factor into account when choosing the fund.
Such a large scale as E Fund's Blue Chip Selection means that the basic people recognize Zhang Kun, the fund manager, and this fund, but the large scale does have an impact on the fund's income.
Old K will specifically tell you the influence of fund size on fund income.
Advantages and disadvantages of small-scale funds
Small-scale funds face the risk of liquidation. We all know that the fund has a liquidation red line. The small scale of the fund means that the fund is not easy to sell, and poor performance may be the biggest reason. If the scale does not go up, it will face the risk of liquidation.
There are also some fixed costs in the operation of the fund, such as audit fees, accountant fees, advertising fees, sales and maintenance fees, etc. These expenses are allocated to the unit share, and the smaller the scale, the greater the proportion. It also reduced the income of the people to a certain extent.
Of course, there are advantages to being small. Small boats turn around easily. Compared with large-scale funds, small-scale funds are more flexible in investment and more conducive to obtaining excess returns.
Advantages and disadvantages of large-scale funds
A large-scale fund shows that the fund manager and this product have high market recognition, at least indicating that the fund or fund manager has excellent long-term performance.
However, large-scale funds have an obvious disadvantage, that is, poor liquidity, and it is difficult to obtain excess returns.
Large-scale capital swap is not so fast. Take E Fund's blue chip selection as an example. At present, the fund holds 65,438+00.05% shares of Wuliangye. According to the scale at the end of the first quarter, the market value of Wuliangye has reached 8.8 billion. With such a large market value, you can't change positions and stocks in a day or two.
Large-scale funds to buy small and medium-sized stocks with growth potential and obtain more excess returns have basically become extravagant hopes.
E Fund's blue chip selection scale is 1%, which is 880 million. If a company holds more than 5% of the shares, it will reach the placard line. If it exceeds 5%, it needs to be reported in writing to the regulatory authorities, and trading is not allowed for half a year.
This makes it difficult for E Fund Blue Chip Select to buy companies with a market value of less than 5 billion, so we can see that the top ten positions in Zhang Kun are leading companies with large market value.
Some people say that it is to buy more stocks and buy less each! This will greatly increase the burden of investment and research, even if you buy some big bull stocks, it will have little impact on the overall net value of the fund.
Zhang Kun's E Fund blue chip selection has reached 88 billion, which will definitely be greatly affected. It can be seen from the fact that the positions selected by E Fund Blue Chip are rarely adjusted. In order to cope with the situation of large scale, Zhang Kun can only choose high-quality industry leaders to hold for a long time, and earn money for the growth of enterprises, and it is impossible to do band operation to obtain excess returns.
Judging from the performance of E Fund's blue chip selection in the past three months,
The highest point of HKEx and Tencent Holdings fell by about 20%, and the highest point of Meituan fell by more than 30%.
Kweichow Moutai also fell by nearly 20%, while liquor stocks with heavy positions such as Wuliangye, LU ZHOU LAO JIAO CO.,LTD and Yanghe all fell sharply.
Among the top ten heavy positions, China Merchants Bank and Ping An Bank newly added in the first quarter performed slightly better.
In the case that it is impossible to switch positions and exchange shares on a large scale, E Fund's blue chip selection basically depends on the faces of the two major indexes: Liquor Index and Hang Seng Science and Technology Index.
Therefore, the blue-chip selection of E Fund has not performed well in recent March, and it is not all a large-scale pot, mainly because the liquor index and Hang Seng Technology Index, which rose sharply before, are overvalued and are now in the callback stage.
There is no ever-rising market, so we still need to give Zhang Kun more time. He himself said that it is normal for the investment strategy to fail in stages, but the firm offer of Ji Shen camp of Lao K has been cleared, and E Fund Blue Chip chose this giant fund.
Disclaimer: The comments published in this account only represent personal opinions and cannot be used as a basis for buying and selling. The market is risky and investment needs to be cautious. The past performance of funds and fund portfolios cannot predict their future performance. Fund research, analysis and fund portfolio services do not constitute investment consulting or consulting services. Please read relevant legal documents and risk disclosure, and make rational investment according to your risk tolerance.
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