The Fund'S Annual Billboard List Is Growing Again.

< p > this year there have been several ups and downs of the public fund ranking battle. When it comes to ending, it is also due to the restart of a href= "http://www.91se91.com/news/list.aspx ClassID=101112107105" > IPO < /a > the impact of regeneration variables.

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< p > data show that 306 of the 360 standard stock funds included in the statistics have shrunk in net value last week, and 76 of them have lost more than 5%, which obviously will upset the annual ranking pattern of stock bases.

Last week, the top ten top sellers in the "Dragon Tiger list" lost more than 5%, reaching 7, and some funds even lost more than 9%.

At the critical moment of the end of the year's performance ranking war, such a sharp performance wave indicates that in the few trading days this year, the final pattern of the performance of the public fund is still variable.

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< p > industry insiders pointed out that the impact of IPO restart, the high valuation of the gem "bubble" is facing the risk of being punctured, and this year's most eye-catching performance of the stock market is mostly heavy GEM stocks, since December, the net shrinkage has been related to the collapse of the GEM stocks.

As the date of IPO is approaching, the valuation of gem will probably continue. This will profoundly affect the pattern of year-end performance ranking of public funds, and investors should be alert to the risk of short-term slump in some funds.

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< p > < strong > gem will become "victory and defeat hand" < /strong > /p >

< p > the performance ranking war of the public funds this year can be described in one sentence: becoming a gem, losing the growth enterprise board! < /p >

< p > data show that last week, the gem index fell 11.71%, dragging down 360 standard stock funds last week, the average net value shrank by 2.89%, of which 76 of the losses reached more than 5%, we can see that the decline of GEM has a deep impact on fund performance.

The data from Jinniu financial network show more clearly the impact of the decline of gem on the fund's net value: after the IPO restart news, the GEM stocks showed the first two trading days of the collective downtrend. At the end of the three quarter, the average stock price of the gem share accounted for more than 30% of the fund reached an average of 5.85%; the fund between 20%-30% decreased by an average of 4.11%; the average decline of funds between 10%-20% was 3.2%; while the same period did not weigh heavily, while the a href= "http://www.91se91.com/news/list.aspx ClassID=101112107107" > gem < /a > fund's average decline was only 1.19%.

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< p > if we focus our attention on the top priority of the annual performance ranking of the public fund, the battle of the top ten "dragon and tiger list", we will feel more deeply that the gem's impact on the performance ranking war will be more severe.

Data show that as of last weekend, the public funds accounted for the top ten of this year's performance fund, the net value of the single week shrunk to 9% of 3, the net value of the single week shrunk to 8% of the two, and in addition, the net value of the single week of the two funds shrank by more than 5%.

Last week, when the net value of these funds had shrunk, the top ten "Dragon Tiger list" performance ranking changed significantly compared with the previous week: the strategic emerging industry of China Post still topped the list, but the performance gap leading to second had narrowed rapidly to 4.06 percentage points over the weekend by 17.38 percentage points from the previous weekend. The position of the champion has been seriously threatened by the sharp fluctuations in the fund's net value. After the fluctuation of net value last week, the position of the Changsheng electronic information industry, which had a smaller shrinkage in net value last week, moved forward in the position of "Dragon Tiger list", and the position of some other funds was forced to move back.

It should be pointed out that after last week's sharp shrinkage of the fund's net value, the gap between the fund performance of the "dragon list" has been further narrowed, which makes the final pattern of this year's public fund performance ranking full of suspense.

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< p > a Shanghai fund manager told the China Securities Journal reporter that as the A share market showed obvious "structural" market this year, the sharp rise in GEM stocks and the stagnation of blue chips in the main board showed a great contrast, which led to the accumulation of stocks on GEM stocks, while some radical fund managers increased the proportion of the GEM stocks to the extreme, which led to the trend of gem in terms of the performance ranking of public funds this year.

"The operation style of many fund managers this year has substantially increased the investment risk of equity funds, and correspondingly is the sharp fluctuation of fund performance, which is a more important test for fund holders."

The fund manager said, "after all, when the fluctuation of the single week net value of the stock base has exceeded 5%, the fund holders will inevitably reassess the risk of holding the fund.

In the context of the possibility that the growth enterprise market will continue to fall, the stock base of overloaded stocks will also face the danger of redemption.

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< p > < strong > worry and joy of "style switch" < /strong > /p >

< p > for the heavy holdings of GEM stocks, in addition to IPO restart or will pierce the pressure of the high valuation bubble of the gem, the A share market hot spot or switch from gem growth stock to the blue chips of the motherboard is another worry.

But for many funds whose performance is poor this year due to heavy blue chips, the "style switch" will be a good opportunity for them to turn the tables.

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< p > investment director of a fund company told the China Securities Journal reporter that from the perspective of the operation rules of the A share market over the past few years, style switching has been continuous, it is difficult to have a plate or concept that can last for many years.

From the recent trend of the A share market, the main board market and the growth enterprise market are showing signs of reverse, and the market hot spots are also gradually inclined to blue chips in the main board market. This may mean that a new round of style switching has begun.

Although the downward trend of China's macro economy has not been terminated, in the short term, strong expectations for reform and frequent positive policies will be conducive to the gradual strengthening of blue chips.

On the other hand, with the restart of IPO, the valuation of gem will also stimulate the blue chip stocks that underestimate the value of capital inflow, which is also expected to stimulate the valuation of a blue chip stock market.

The investment director said.

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< p > Hai Fu Tong Fund pointed out that at the end of the year, the valuation differences between industries began to converge, and influenced by factors such as tight funds and IPO gate opening, the style switching became a reality.

From the perspective of institutional holdings, the three quarter public data showed that the allocation of growth stocks, especially the gem, almost reached the peak of history, and also had room for reduction.

In addition, from the perspective of performance risk, the gem share market will be released in mid January of next year.

From now until next year, IPO will be a sharp sword hanging on the market, and will continue to bear pressure on GEM and overvalued stocks.

A variety of factors decide that the growth stocks that previously overvalued valuation will face the process of valuation regression. Local funds will be pferred from the overvalued growth stocks to the undervalued stock market, which will form a certain support for the stock index.

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The P / A share market or the start of style switching at the end of the year will be a good opportunity for them to change the ranking of this year's performance, focusing on the a href= "http://www.91se91.com/news/list.aspx ClassID=101112107108" blue chip /a.

Data show that after last week's gem crash, there are still 49 stocks based single weekly net value has achieved positive returns, the highest Xinhua diamond quality enterprise fund weekly net growth of 2.46 percentage points.

However, with the sharp drop in net value of many funds, the performance of these funds that achieved positive growth in net weekly value has increased significantly.

Taking the Xinhua diamond quality company as an example, the Fund ranked 213rd in the standard stock market the week before, but in a short span of a week, the performance ranking has been promoted to 143rd place in the short span of a week, which has raised 70 places.

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< p > in fact, at the end of the year, the most profitable ones will be those stocks that have made structural adjustment in advance.

From last week's changes in net fund value, we can find that a few of the first three quarters of the stock market and the stock market based on the results of the "dragon list" were the biggest. The shrinkage of the net value last week is obviously inconsistent with the proportion of the gem held at the end of the three quarter. This indicates that these stock bases may have a larger position in the fourth quarter, and substantially reduced the GEM stocks with high valuation, instead of adding some undervalued blue chips.

This forward-looking placement will enable these stocks to play a favorable role in the final ranking battle.

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