From the end of 2000 to the end of 20 18, from the financial allocation of 20 billion to the total assets of 2.24 trillion, the total return is close to 1 trillion, with an average annual yield of 7.82%. Social security fund not only set an example for value investment, but also profoundly influenced Public Offering of Fund's investment philosophy.
"The values of long-term investment and in-depth research are guiding the market to gradually mature. Looking ahead, Public Offering of Fund needs to encourage investors to do the right thing, do long-term things and reward long-term behaviors. The market will also give rich returns to investors who adhere to the correct concepts and methods. " The above-mentioned award-winning stock fund manager said.
Deep cultivation value
The 20 18 annual report of the social security fund shows that by the end of 20 18, the total assets of the social security fund were 2,235.378 billion yuan, and the total assets of the basic endowment insurance fund were 703.282 billion yuan. From the investment performance, the social security fund's equity investment income in 20 18 was-47.685 billion yuan, and the return on investment was -2.28%. The accumulated investment income is 955.2 billion yuan, with an average annual investment return rate of 7.82%; The income from equity investment of the basic old-age insurance fund in 2065438+2008 is 9.864 billion yuan, and the investment return rate is 2.56%.
Why is the long-term investment performance of social security funds excellent? Wang Zhongmin, former vice chairman of the National Social Security Fund Council, once said that the social security fund can get a higher annualized return, which is related to several reverse investments in the capital market besides the correct investment concept. In addition, the social security fund is the earliest institution to conduct long-term evaluation of investment in the secondary market. In his view, only by insisting on long-term assessment can a specific fund manager allocate assets, select stocks and grasp bands according to long-term market goals.
In the view of fund managers who manage the social security portfolio, high and stable stock allocation is the main reason for the source of social security income, and the emphasis on long-term performance reflects the professionalism of social security funds. "In the field of public offering or special account, many customers not only look at the performance rankings for half a year and quarter, but also look at the rankings for one month, one week and one day. This phenomenon is very common, and many demands will be made. The success of the long-term investment of social security funds lies in the full release of fund managers, and there are few specific requirements and interventions, so that fund managers can concentrate on studying the company, thus fully grasping the opportunities of individual stock growth and market fluctuations. "
The long-term holding of social security has also spawned a large number of bull stocks. Choice data shows that as of the first half of this year, among the blue-chip stocks such as Gree Electric, Changchun Gaoxin, Sany Heavy Industry, China Resources Sanjiu, Tongrentang and Lepu Medical, social security positions have the highest market value, and Haida Group, Fuling Zhacai, Jinnongxin and Lutai A also have multiple social security fund portfolios.
Win by change.
Whether the continuous entry of foreign capital will compete with domestic institutions for the pricing power and dominance of A shares has become the focus of market attention. A senior fund manager who has been managing the social security portfolio for a long time said that it is not foreign capital that is gradually dominating the market, but the values of long-term investment and in-depth research are guiding the market.
He said: "Domestic professional institutional investors such as social security have established investment systems and methods that conform to the concept of value investment, and the effectiveness of this method has been reflected in their long-term sustainable performance. Moreover, compared with foreign capital, domestic institutional investors have more in-depth research on China companies and have obvious advantages. We are happy to see the entry of foreign capital, which will help promote the market to be more mature and effective, and the concept of long-term investment and value investment can be better carried forward. "
Under the influence of social security fund, Public Offering of Fund's investment concept is also undergoing subtle changes.
The insiders believe that there are two problems in the current fund market: one is that the investment turnover rate remains high, and the other is that the investment style of fund managers often drifts. The above-mentioned short-term behaviors make "short-term stars" emerge one after another in China fund market, while "long-term stars" are few and far between, making it difficult for customers to improve their profit experience.
In this regard, some fund companies have begun to act, not only to increase the weight of long-term performance in the assessment, but also to fundamentally change their investment strategies, from the game strategy that was faster than "fast" in the past to the long-term fundamental strategy that was farther than "far". Insiders said that "good stocks" were chosen in the past. Even if the company's texture is average, as long as there are themes, concepts and imagination, it is better to make quick money through short-term speculation. The future will be a "trade-off" game, so we must look for "good companies", especially those whose stock prices are lower than their intrinsic values, buy and hold them, and wait for the value to return.
Social security funds and pension funds have accelerated their entry into the market to "support" the upgrading of A shares.
Social security fund occupational annuity insurance funds ran into the market, and A shares welcomed 100 billion incremental funds.
Social security funds should increase the proportion of equity investment and speed up the pace of entering the market.
Investment trends >>& gt
The latest exposure of the social security fund: I love a new share 1 1 for four years, and the increase in two months exceeds 20%.
(Article Source: shanghai securities news)