The First Three Quarters Of The Fund Company'S "Stocks" Ability Ranking: The Performance Of Serious Differentiation To Win The Industry Selection.

The three quarter fund company's stock investment ability evaluation results came out.

In large companies, the overall equity investment performance of Cathay Pacific Fund and South Fund is the best, and the average yield of equity products is 9.43% and 8.30% respectively.

Judging from the situation of the blue chip companies, investment fund selection is crucial to the fund's three quarter performance.

For example, heavy investment in electronic components, pharmaceuticals, computers, food and beverage industries ranked three in the first quarter. In addition, the growth of small cap growth stocks in the three quarter was much better than that in the stock market.

Financial information management leads

In the three quarter, the A stock market split up, the important index performance is: Shanghai Composite Index -2.47%, Shenzhen stock index 2.92%, gem 7.68%, while Shanghai and Shenzhen 300 and Shanghai Composite Index 50 down 0.29%, 1.12% respectively.

Overall, small and medium-sized stocks are better than large cap stocks, and their growth outperforms their value.

In this market, the overall performance of equity funds in the three quarter is good.

In the third quarter of 2019, statistics from Haitong Securities show that 128 of the 133 public fund management companies have positive return on equity investment. The top 10 of the weighted average returns of equity products are: CAITONG securities information management 16.58%, Huatai Baoxing 16.52%, Indo Australian silver 15.60%, Nong Yin Hui 11.54%, Rui Yuan 11.49%, finance Tong 11.40%, Zhejiang securities securities management 11.35%, Hua Runyuan 10.76%, CSC construction 10.06%, and laterite innovation 10.05%.

However, the number of equity products of some fund companies is small and the scale is small.

For example, in the third quarter and since this year, the equity weighted average yield of equity products ranked first in CAITONG securities management, there is only one equity fund, CAITONG information management consumption selection, a fund determines the company's overall equity investment performance, which is difficult to reflect the comprehensive strength of the fund management company's management rights and interests products, and it is unfair. Therefore, if the fund companies are divided into large, medium and small categories according to their size, the results are as follows:

According to the classification of the large companies (the total fund size of the equity fund accounts for 50% of the total market to 12), the average yield of equity investment in the three quarter is: Cathay Pacific 9.43%, South 8.30%, Huaan 7.98%, rich country 7.48%, Guang Fa 7.07%, Yi Fang Da 7.06%, Bo time 6.01%, east securities management 5.83%, Castrol 5.83%, huitianfu, Xingquan, Huaxia.

The average yield of equity investment in the three quarter is: Bank of communications Schroder 8.09%, investment 7.95%, Penghua 7.24%, ICBC Credit Suisse 7.19%, China Europe 6.33%, Yinhua 6.05%, Huatai Barry 4.18%, and Jing Shun the Great Wall 3.97% in the three quarter, which is divided into 8 medium-sized companies by equity companies.

In addition to 12 large companies and 8 medium-sized companies, the rights and interests of the remaining 113 small companies are highly differentiated, with the highest average yield of 16.58% of the Treasury securities and 16.58% of the lowest honeycomb -1.95%.

Performance depends on industry choice.

So what's the investment style of the three quarter?

A reporter interviewed found that choosing what industry is the key to equity investment performance. In the three quarter, only 11 sectors of the 29 CITIC first class industries had positive earnings. Among them, the larger sectors were electronic components, pharmaceuticals, computers, food and beverages, while the larger sectors were iron and steel, nonferrous metals, commerce and retail, construction and petroleum and petrochemical industries.

Taking Cathay Pacific Fund as an example, its equity fund averaged 9.43% in the three quarter of 2019, ranking first in 12 large equity fund companies. Public information shows that in the three quarter, the industry configuration of Cathay Pacific Fund focused on three sectors, including pharmaceuticals, computers and food and beverage industries, while the three industries rose by 6.86%, 5.03% and 3.57% respectively in the three quarter.

"In the three quarter, based on the relatively optimistic judgement of the market, the overall position has been improved. We have better grasped the rhythm of the market, and gradually realized the gains for some sectors which were too high in the early stage, and gradually increased the price for the growth industries with high cost performance, so we achieved a good performance ranking at the end of the three quarter." In October 10th, Cathay Pacific Fund stakeholders told reporters in an interview with twenty-first Century economic report.

The above-mentioned Cathay Pacific Fund stakeholders pointed out: "looking ahead to the fourth quarter, we remain cautiously optimistic about the market. The valuation of A shares is relatively low in history, and the cost performance is relatively high. We expect further monetary and fiscal policies to be further developed. Since 8-9 months, the interbank market has warmed up, and the four quarter special debt is expected to be renewed. For the A share market, we are more optimistic about the performance of securities, technology, automotive, photovoltaic, wind power and other sectors.

In the three quarter, the southern fund, the largest company ranked second in the average earnings of equity funds, mainly loaded with food and beverage, medicine, agriculture, forestry, animal husbandry, fishing and electronics. The four industries showed outstanding performance in the three quarter, or 3.57%, 6.86%, 0.07% and 18.63% respectively.

The deputy general manager and chief investment officer of the Southern Fund (rights and interests) Shi Bo believes that stock selection should continue to adhere to value investing. Poor performance stocks may still have no chance. Investors still need to focus on value investing and good companies. On the premise that the valuation is reasonable, it can be a continuous high ROE plate or a field of ROE turning point. From the industry level, infrastructure investment underpinning economy, high-tech investment to promote transformation will become the norm, leading companies in related industries will continue to benefit from this.

In October 10th, Zhang Ting, a fortune researcher, told reporters that according to the performance of various fund companies, the investment styles of some of the top ranked fund companies in the three quarter were more inclined to growth styles, such as Bank of communications, Cathay Pacific and so on. In addition, companies with heavy consumption plates (food and beverage, leisure services, household appliances and so on) also made good achievements, such as Yi Fang Da, Guang Fa, merchants and so on. Besides, some smaller fund companies achieved very high results, mainly in small scale, holding up positions and growing in the three quarter, and performing well in the three quarter.

"Of course, in addition to the industry's beta income brought about by the position, the top managers also have strong ability to select stocks, such as Yi Fang Da, Huaan, Guang Fa, and" Bank of exchange ". Analysts interviewed said.

Although the performance of the public fund in the three quarter is good, the performance of equity products is seriously differentiated, of which 5 of the public fund management companies have negative equity investment returns.

"The three quarter poor performance fund companies, on the one hand, are due to the heavy warehouse style and the reasons for the industry, such as the heavy storage cycle and the financial sector, which will show weaker performance. On the other hand, some small fund companies have smaller products, and the equity funds are not the key development objects, which will lead to a small number of funds representing the rights and interests of the fund companies. The income is weak, and the ranking is also backward. Of course, part of the reason is that the fund managers' ability to choose shares is weak." The above respondents said.