Pan-theme funds are handed over to fund managers to screen industries, and theme funds define an industry theme, so that fund managers can invest in an industry. Due to the periodicity and valuation of the industry, the investment risk coefficient of industry active funds is much higher than that of pan-theme funds.

The allocation ratio of industry active funds should be controlled within 50% as far as possible. Regarding the industry theme, the long-term optimal allocation direction is medicine, science and technology, consumption and Internet. Secondly, we can consider finance, military industry, agriculture, nonferrous metals and chemical industry.

The pan-theme fund is configured as a nuclear star and the industry theme is configured as a satellite.

1, nine sectors of theme funds, comparison chart of US stocks in the whole industry First of all, we must understand that among the 28 industries in the whole market, several industries have the best long-term performance, namely medical care, consumption and technology. These three industries, whether American, Japanese, European or China, have been in the top five in the past 20 years. Other industries may not always be the best, but they also have the value of allocation when there are underestimated opportunities. For example, financial real estate, military industry, nonferrous metals, chemicals, agriculture and other industries with strong periodicity need to decide whether to invest at present according to industry valuation and investment logic. Let's analyze them one by one.

2. Pharmaceutical active fund, industry investment logic. Recently, the medical sector has undergone a sharp correction, with a correction of about 25% in just one month. However, the valuation of the medical industry has gradually entered a reasonable range, but it should not be underestimated. I think if we open a warehouse, we can start building it in small batches. If you buy 1/4 every time it falls by 10%, then you can allocate it all as long as it falls by 40% and becomes extremely undervalued. (2 1.3. 15) Individuals only hold positions of about 10%, and the positions are not high. Glen medical fund selection. Considering that medicine is a high-quality track worthy of long-term investment, but the internal differentiation of the industry is serious, and it is difficult to select high-quality companies without professional research, so it may be the best choice to hand these things over to professional fund managers. CEIBS Healthcare (003095): ranked second in recent three years, and the allocation of CEIBS funds in biomedicine has always been optimistic. This year's mid-year report shows that the health care industry accounts for 30%, and the core representative is China-Europe health care. CEIBS Healthcare is the representative work of Glen, the fund manager. He is a doctor of biomedicine from Tsinghua University who studied in the United States and is considered as one of the few overseas doctors in China. Glen is the fund manager of 15, and had a great retreat earlier because of nominal management. However, after he really started to manage pharmaceutical industry funds on 16, his performance was excellent, his turnover rate was not high, and he was very capable and diligent in stock selection in the past three years. Another bright spot here is that Glen also has a fund manager's husband Fay, who is also doing very well. I think exchanging academic knowledge with each other is also a way to improve performance. However, the disadvantage is that the fund managed by Gulen now exceeds 20 billion yuan, so he may prefer large-cap blue-chip pharmaceutical stocks in stock selection, and his flexibility is not great. And in the internet age, it's a bit exaggerated. I may be under a lot of pressure and be cautious.

3. Science and technology initiative fund, the investment logic of science and technology industry, mainly has three points. 1. In the past twenty years, the best rising industrial index in the United States is S&P technology. Although the competition of technology is more intense than consumption and medicine, once the competitive pattern is formed, the leading stocks will be "printing presses" in the long run. In the past, the main rising power of Nasdaq was contributed by FAMMG's five major technology stocks. 2. At present, the industry with the biggest gap between China and the United States is science and technology, especially in the fields of semiconductors, chips and electronics, which is the most important link to promote industrial transformation. Research and development of science and technology can also be regarded as a national strategy. 3. China's economy needs a new round of upgrading driven by science and technology industry. At present, we are at the forefront of the world in terms of Internet, 5g, communication and new energy. Driven by the research and development of these unicorn enterprises, the development of high-end technology will also accelerate.