It may be appropriate to use this famous investment quotation to review the domestic A-share market since 20 15. At the beginning of 20 15, the Shanghai composite index [-0.35%] soared from around 3000 points to 5 178, and then suffered a stock market crash. After a year's detour, the major indexes in Shanghai and Shenzhen almost returned to the original point. And the mood of all investors is also ice and fire. For the domestic Public Offering of Fund industry, it is no exception.
Wind information statistics show that among the 494 partial-share hybrid funds with comparable data in the market, the average maximum withdrawal rate has exceeded 46.93% since the Shanghai Composite Index hit a new high of 5 178 last year, and as many as 4 13 funds have the maximum withdrawal rate of over 40%, accounting for 83.60%. Partial stock hybrid funds have experienced a veritable "retracement tide".
However, according to Wind information data, many hybrid funds have achieved positive returns in the past year. Such funds reduced their positions in time when the market was the craziest, locked in their earnings and successfully reduced the maximum withdrawal ratio. Among them, Societe Generale Global Fund (hereinafter referred to as Xingquan Fund) has the most representative light assets, He Runhe business model.
Avoid "low tide" in time
Investors don't care about the process, but only value the result. Therefore, only after experiencing severe fluctuations in the capital market can a fund that can still achieve high returns truly win the trust of investors.
In fact, compared with the unfavorable situation that many funds suffered a sharp correction of A shares in the previous bull market and could not lighten their positions in time, a group of long-running old funds, represented by Xingquan Fund, have withstood the test and verified the managers behind these funds' judgment and sensitivity to the market to some extent.
Take the Golden Bull Award winner Xingquan Light Asset Fund as an example. This hybrid fund was established in April 20 12. After Xie Zhiyu became a fund manager in February 20 14, he generally adopted a cautious strategy of opening positions. According to relevant sources of Xingquan Fund, the fund began to gradually reduce its stock positions around May last year. Although it did not escape from the top, it escaped the first wave of sharp decline from June to early July. It was not until the Shanghai Composite Index fell to a lower position in the third quarter that it increased its position, sharing the most Big bounce after the stock market crash, and finally achieving a net growth rate of over 100% at 20 15.
The reporter also found that among the 494 partial-share hybrid funds with comparable data in the market, the average maximum withdrawal of the Shanghai Composite Index has exceeded 46.93% since it hit a new high of 5 178 last year, and as many as 4 13 funds have withdrawn more than 40%, accounting for 83.60%. Partial stock hybrid funds have experienced a veritable "retracement tide".
The maximum retracement of Xingquan light assets is only 30%, far exceeding the average retracement in the same period.
"These funds have avoided the stock market crash by their strong timing ability, and some funds have overcome the stock market crash by their strong stock selection ability. Although it is impossible for Public Offering of Fund to have foresight in the face of the sudden stock market crash, for those fund practitioners who always follow the market rules, when the valuation of the stocks held by their funds reaches a high point, they will decisively lighten their positions at this excellent opportunity. Instead of waiting until you enter the downtrend channel, you will passively adjust your position and lighten your position. " In this regard, some industry veterans analyzed and pointed out.
"Xingquan Fund may be the slowest company in Public Offering of Fund to issue new funds. Even last year, in the rare bull market of A shares, we didn't make a new fund. When the capital market is hot, it is even more important for Public Offering of Fund to keep a cool head. Managing every fund is a top priority. " In this regard, the relevant person of Xingye Global Fund said.
Respect the market
As a volatile emerging capital market, A-shares are invincible only by respecting the market, whether for institutional or individual investors. Since the beginning of this year, the A-share market has been caught in a tug-of-war for half a year around 3000 points (Shanghai Composite Index), and the market is also confused about the future market outlook.
In this regard, Dong, the investment director of Xingquan Fund, Xingquan Trend Investment and Xingquan New Vision Fund Manager, said that at this stage, the stock market as a whole is still a bull market, and it is difficult to have a big trend.
"On the economic fundamentals, the economic indicators in the first quarter are actually good, but in terms of policy expectations, it is not too clear. As for some recent hot events, including MSCI's adjustment of the component index and the Federal Reserve's interest rate hike, the direct impact on A shares is relatively limited, and the A-share market has its own operating rules. Specific to the operation, the idea of' big ups and downs, big ups and downs, big positions' will be adopted in the near future, with band operation as the mainstay, and the overall position will not be too high. " Dong Cheng stopped screaming.
Dong also pointed out that in the second half of the year, we can focus on the investment opportunities of convertible bonds. On the one hand, it is expected that the supply side will launch some large varieties, which will help improve the overall valuation of convertible bonds at present. On the other hand, more and more convertible bonds in yield to maturity provide a better "safety mat" for convertible bond investment.
Specific to the industry, Wu Shengtao, deputy director of Xingquan Fund Investment, Xingquan Business Model and Xingquan Global Vision [-0. 1 1%] fund manager, expressed optimism about the medical and pharmaceutical industry. Wu Shengtao emphasized that optimistic about medical care will focus on medical reform, and in the future, it will weaken "taking medicine to support medicine" and emphasize the improvement of medical services. Under such guiding ideology, on the one hand, hospitals will develop in a more market-oriented direction, and at the same time, because of the particularity of this industry, competition will be relatively orderly, which is beneficial to those medical institutions with outstanding strength as a whole. In medicine, we mainly value blood products. Blood products have been under control for a long time. If it is liberalized, prices may have room to rise.
Asset allocation is king. Some funds gained positive returns in the stock market crash.
In the past year, the stock market peaked and fell, and the bull went to bear, and the partial stock funds generally suffered heavy losses. However, some funds not only successfully avoided the stock market decline, but also seized the opportunity of market rebound and brought some positive returns to investors. With its strong stock selection ability, the fund's net value once hit a new high at the end of last year, and the decline this year is only 5.58%. Since the stock market crash, the net value has not decreased, but has increased.