Although the A-share market fluctuated as a whole, the structural market was extremely interpreted, and the new energy sector was still hot, attracting a large influx of funds. However, some fund managers did not bet on the new energy track, and the fund products they managed also achieved excellent results. So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!
Some follow the trend and some choose to stick to it.
Judging from the heavy stocks of the fund in the second quarterly report, more fund products added new energy during the market correction at the beginning of the year. Since the beginning of this year, many fund managers have chosen to try new fields, including some veterans who have never set foot in new energy tracks, under the pressure of a substantial return of fund net worth. New energy track stocks were included in heavy positions for the first time.
For example, a fund manager with a management scale of more than 2 billion yuan was very optimistic about value stocks at the end of last year and the first quarter of this year, and allocated a large number of low-valuation sectors. However, the net income of the fund has greatly underperformed the same type of funds, resulting in a large floating loss. According to the second quarterly report of this year, the fund manager changed all the top ten stocks, except the first one became a new energy stock, and three lithium battery stocks entered its top ten stocks for the first time. Fund managers rarely make a complete turn in portfolio investment, which is enough to reflect the speed of fund managers changing positions and shares.
A fund industry insider said that the funds with heavy positions in the new energy sector generally performed well, and many of them were actually suspected of blindly following the trend. To put it bluntly, it is "copying homework", and the homework is copied correctly. Make money with the track this year; If you copy your homework incorrectly, you have to lie flat and wait for the style to switch back.
However, there are also many fund managers who insist, either following or blindly following. For example, after reflecting on the logic of poor performance of liquor and medicine, a fund veteran still said that he would continue to insist.
The performance of new energy track stocks without heavy positions is still leading.
The energy theme, which has attracted much attention from the market, continues to be hot, overshadowing other sectors. Up to now, the sector with the highest cumulative increase in the year is coal, and the CITIC Coal Index has risen by 45. 15% year-to-date, which can be described as a ride, far exceeding the second-highest increase in agriculture, forestry, animal husbandry and fishery (4.69%). Among the index stock funds, the top gainer is also the coal index fund. The net income of Guotai CSI Coal and Guo Fu CSI Coal both exceeded 40% during the year, exceeding the popular tracking index funds such as photovoltaic, battery and semiconductor.
According to the rough statistics of the Securities Times reporter, except for passive funds, half of the active equity funds with positive net income and stock market value accounting for over 50% during the year have no new energy stocks in their heavy positions.
Since the beginning of this year, the A-net growth rate of Wanjia macro timing multi-strategy, Wanjia Xinli flexible allocation hybrid and Wanjia selection hybrid managed by fund manager Huang Hai has reached 65.02%, 590.05438+0% and 565.438+0% respectively, which is far ahead in the fund performance ranking. From the heavy positions of the above three funds, it is not difficult to see that Huanghai has been actively exploring low-valued blue-chip stocks, and has substantially increased its positions in coal stocks since the second half of last year. The average P/E ratio of heavy positions is lower than 10 times for a long time.
In addition, the theme of the reform of state-owned enterprises, the supply reform of E Fund, and the steady balance of Ying Da's investment promotion with a net return of over 20% during the year, most of the top ten heavyweight stocks are coal stocks.
Funds with heavy positions in coal stocks have brought high returns, while funds with heavy positions in agricultural breeding and gold have actually performed well and achieved positive returns during the year. For example, Caitong New Vision, Caitong Multi-strategy Fuxin, Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Agricultural Theme Selection A and other heavy agricultural breeding sectors; Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Core Resources, Qianhai Kaiyuan Gold and Silver Jewelry, Huatai Bairui R&F and other heavy gold sectors.
In addition, some fund managers with excellent stock selection ability and frequent replacement of heavy stocks also manage excellent fund products. For example, Yuan Qi and Guo Jin in Shun 'an, Jin Yuan, and the quantitative selection of investment promotion are scattered. Among them, Jinyuan Shun 'an Yuanqi achieved a return of 30.99% during the year, and the proportion of its top ten awkward stocks in the fund's net value did not exceed 10%, and the largest withdrawal in the year was only 13. 19%.
Funds with concentrated holdings and frequent replacement of heavy stocks include Zhonggeng value pilot and Dacheng industry trend. Among them, the trend net value of Dacheng Industry, which was established in February 20021year, has increased by 49.54% so far, and reached a record high on August 23rd. Han Chuang, the proposed fund manager of the fund, said at the beginning of the year that looking forward to the whole year, there will be no special redistribution in a certain industry or a certain segment. Previously, Dacheng Xinrui Industry, managed by Hanchuang, did not hold new energy track stocks, but won the 20021partial stock hybrid fund annual championship with excellent performance.
The essence of fund management is to seek the best industry and company.
Market style is unpredictable. At the moment when the structural market of A-shares is getting worse and worse, it is not easy for fund holders to choose a fund that suits them and can continue to make profits among tens of thousands of funds.
A FOF fund manager told the Securities Times that fund products can be roughly divided into value type, growth type and balance type according to the investment style. How to evaluate which type is better? On the one hand, we should look at the market style, on the other hand, we should study the investment framework of fund managers, and we can't simply evaluate the quality of products.
A fund manager who is good at industry rotation once said in an interview with the Securities Times reporter, "A qualified fund manager should surpass the market and benchmark every year. You can't say that the style is here, you are particularly awesome, the style is not on your side, and your performance is at the bottom. The main task of fund managers should be to seek the best companies and industries. There will be many new things in the capital market. Fund managers should respect the capital market with an open mind and constantly learn to expand their ability boundaries. "
From this perspective, a fund manager who is good at investing in growth stocks is actually unqualified if he has not invested in new energy sources in recent years, because he has not seen the industrial trend.
For value funds, if they hold low-valued sectors such as finance, real estate and coal all the year round, there is almost no change in heavy stocks. The average performance in previous years and outstanding performance this year do not mean that the fund manager is good enough. The value fund, which is famous for its low valuation, has a serious performance differentiation this year. Some fund products that adjusted their positions to the coal sector in advance last year performed well this year, while fund products with long-term unchanged positions performed poorly.