In practice, the excellent stock selection ability based on the new blue-chip target is the main reason for financing the new blue-chip fund to obtain excess returns.
Moreover, in the volatile market, the operation style of Rongtong New Blue Chip Fund is relatively stable. The fund's holding position is low, and its domestic demand-oriented industry conforms to our judgment on industry hotspots in the coming period. In view of the above reasons, we give investment suggestions for "buying" new blue-chip funds.
Strong capital preservation ability
In the expected market environment of continuous shock adjustment, Rongtong New Blue Chip Fund pays attention to risk control, showing strong capital preservation ability and absolute profitability in the middle and upper reaches of the industry.
Using portfolio information to decompose the fund's excess returns, the benchmark is 65% Shanghai Composite Index (the median allocation of stock positions of new blue-chip funds) +35% national debt market. It shows that Rongtong's new blue-chip fund has made some achievements in allocation and stock selection. 865,438+0.48% of its total income comes from stock selection, and the other 65,438+08.52% comes from allocation. The stock selection ability and allocation ability of Rongtong New Blue Chip are outstanding.
Pay attention to the growth ability of enterprises
Stock investment will focus on "new blue-chip" capital appreciation investment, and the future growth ability of enterprises will be the core criterion for choosing investment targets. By analyzing the income of the top ten heavyweights of the new blue-chip fund, it can be found that the excellent stock selection ability based on the new blue-chip target is the main reason for the excessive income of the new blue-chip fund. Since the establishment of Rongtong New Blue Chip Fund, the average yield of the top ten heavyweights is basically higher than that of the Shanghai Composite Index in the same period, and the excess returns are rich. It has been nearly six years since the establishment of Rongtong New Blue Chip Fund, and it has experienced a relatively long market cycle. Generally speaking, whether in the weak market environment from 2002 to 2005, or in the strong market environment in 2006 and 2007, the average returns of the top ten stocks of Rongtong New Blue-chip Fund have obtained excess returns.
From the first quarter of 2005 to the second quarter of 2008, the holding position of Rongtong New Blue Chip Fund has been lower than the average level of its peers. Although the fund's shareholding position is lower than the average level of the industry, it will be adjusted appropriately according to the changes and expectations of the market environment. In the volatile market in 2008, the low shareholding ratio of Rongtong New Blue Chip Fund is also one of the important reasons for the stable performance of the fund.
In the second quarter of 2008, Rongtong New Blue Chip Fund increased its holdings in domestic demand-oriented industries such as electricity, medicine, food and beverage, paper making and printing. In the volatile market, the domestic demand-oriented industries increased by the fund are in line with our judgment on the hot spots in the next stage, and also provide a guarantee for the stable performance of the fund in the near future.