In the eyes of many people in the industry, the long-term investment value of the pharmaceutical sector is significant, and the pharmaceutical theme funds with outstanding active management ability can often obtain higher excess returns by selecting individual stocks. So how do we beginners choose funds? Today, Bian Xiao will share with you how to choose a medical theme fund for your reference only!

Screening medical theme funds

1, long-term income is stable.

The performance of the fund is usually divided into recent 1 month, recent March, recent June, recent 1 year, recent 2 years, recent 3 years, recent 5 years, this year and the performance trend since its establishment. It is suggested to choose a fund layout with stable long-term income.

2. Good risk control ability

It can be selected by sharp ratio, volatility, maximum retracement and return retracement ratio.

Volatility: an indicator of the degree of change in the rate of return, and the more intuitive expression is risk. The smaller the index, the better. The greater the fluctuation, the higher the risk.

Sharp ratio: indicates the expected excess return per unit risk. The bigger the index, the better. The greater the Sharp ratio, the more cost-effective the fund is.

Maximum retracement: indicates the decline of the fund's net value from the highest to the lowest. The smaller the index, the better. The greater the maximum retreat, the worse the risk control ability.

Income withdrawal rate: indicates the ratio of income to withdrawal of the fund. The bigger the index value, the better. The greater the proportion of income extraction, the better the fund's profitability and risk control ability.

3. The investment strength of fund managers is very strong.

The earliest one or two medical theme funds were established on 20 10, so it is almost difficult for fund managers in this field to find veterans who have been managing for more than 10 years.

Among the fund managers who have worked for more than 5 years, Qu Yang has the longest working experience, exceeding 7 years, and Jiang Xiulei is almost 7 years old. The Qianhai open source healthcare and Rongtong healthcare industries managed by these two managers started to be managed on 20 18. From the analysis of income and retracement, Jiang Xiulei, Gu Lan and Zhao Bei are all players with high comprehensive scores.

Among the fund managers who have worked for 3-5 years, Zhao Wei's working experience is slightly shorter than 3.5 years, and his performance is relatively stable; Tan's retreat was well controlled after more than four years, and the maximum retreat during his term of office was only 15%.

Among the fund managers who have worked for less than 3 years, Pi Jinsong, Lou Huiyuan and Liu Xiao are all dark horses with good returns and good exit control. However, it should be noted that due to their short working hours, they have not experienced a round of bull-bear test, so the sustainability of their performance remains to be seen.

Pharmaceutical funds with high stock positions, such as Guangfa Healthcare and European Healthcare, are more suitable for "extreme investors", while pharmaceutical funds with low positions, such as Morgan Healthcare and Bank of China Healthcare, are more suitable for "moderate" investors.

Investment logic of medical theme fund

1, depending on the valuation

Is the medicine "expensive" now? From the perspective of valuation, medicine is indeed "expensive". However, this valuation is on the high side and belongs to static valuation. That is, when measuring the valuation of the pharmaceutical industry, the impact of performance growth on the valuation was not considered. If the pharmaceutical industry has an annual growth rate of 20%, the valuation can be reduced by 20%. If the performance continues to grow, the valuation will drop rapidly.

In the short term, the valuation of A-share pharmaceutical sector is relatively high, but it is not pessimistic in the medium and long term because the overall performance of pharmaceutical stocks is stable and sustainable. Throughout the history of A-shares, the pharmaceutical bio-industry has always been a "golden track", and medical and pharmaceutical theme funds still have investment value for a long time. You can consider entering the market in batches during the callback of the plate, or choose the way of fixed investment.

If you think that the medical valuation is expensive now, you can choose a fund with a more balanced industry allocation without changing fund managers. If you prefer consumption and medicine, you can pay attention to Wu's Guangfa Rotation Configuration. If you prefer technology and medicine, you can pay attention to the new starting point of China-Europe Mingrui in Gulen or the scientific and technological innovation managed by ICBC in Zhao Bei for half a year.

Of course, if you can tolerate the fluctuation of net worth, I believe that the performance of the pharmaceutical sector can gradually digest the valuation, and you can also hold excellent funds for a long time. After all, the fund that suits your risk preference is the best fund.

2. Long-term investment

The longer the time, the higher the income of the actively managed medical fund.

Judging from the product income in the last five years, the overall performance of medical theme funds is bright, and most products have greatly outperformed the Shanghai and Shenzhen 300 Index.

Generally speaking, the risk of pharmaceutical funds is relatively small, and most companies with fund positions have good performance support.

When buying a fund, your admission time is not particularly important. What matters is whether the fund industry you choose is on a good track, whether the management ability of the fund manager is excellent, and your fund needs to be held for a long time.

With strong profits, high barriers and wide coverage, medicine obviously belongs to a good track suitable for long-term operation.

To sum up, we should pay attention to three points when choosing medical theme fund investment.

1. There are valuation risks in the industry, and the valuation level of pharmaceutical stocks and pharmaceutical indexes is still at a high level. At this time, it depends on how the fund manager views the valuation risk and position adjustment, and whether the operating performance and growth ability of the selected company are worth entrusting. You can focus on some star fund managers.

2. Many popular pharmaceutical stocks are high-tech, so it is difficult for ordinary investors to clearly understand the current development stage and future prospects. At this time, it depends on whether the fund manager has a very solid medical knowledge base, whether the style is stable, and whether the stock selection ability is outstanding.

3. The policy has a great influence on the medical industry, which depends on whether the industry growth logic of fund selection is clear and whether it has policy immunity.

Tip:

First, we should pay attention to arranging the proportion of fund varieties according to our own risk tolerance and investment purpose. Choose the fund that suits you best, and set an investment ceiling when buying partial stock funds.

Second, be careful not to buy the wrong "fund". The popularity of funds has led to some fake and shoddy products "fishing in troubled waters", so we should pay attention to identification.

Third, pay attention to the post-maintenance of your account. Although the fund is worry-free, it should not be left unattended. Always pay attention to the new announcements on the fund website, so as to have a more comprehensive and timely understanding of the funds you hold.

Fourth, pay attention to buying funds, and don't care too much about the net value of funds. In fact, the fund's income is only related to the net growth rate. As long as the fund's net growth rate stays ahead, the income will naturally be high.

Fifth, we should be careful not to "love the new and hate the old" or blindly pursue new funds. Although the new fund has inherent advantages such as preferential prices, the old fund has long-term operating experience and reasonable positions, which is more worthy of attention and investment.

Sixth, we should be careful not to buy dividend funds unilaterally. Fund dividend is the return of investors' previous income, so it is more reasonable to change the dividend method to "dividend reinvestment" as far as possible.

Seventh, we should pay attention not to talk about heroes in the short term. It is obviously unscientific to judge the pros and cons of the fund by short-term ups and downs, and it is necessary to make a comprehensive evaluation of the fund in many aspects and conduct a long-term investigation.

Eighth, we should pay attention to the flexible choice of investment strategies such as steady and worry-free fixed investment and affordable and simple dividend transfer.

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