More Than Half Of The Fund'S Disclosure Of Three Quarterly Earnings Trader Investment Logic Exposure

Wind data show that as of October 24th, more than 4000 public funds have disclosed three quarterly reports, accounting for more than half of the total, and the overall performance is quite good.

Wind data show that in the case of equity funds, the average return in the three quarter was 3.09%, and the average return in the first three quarters was as high as 22.96%.

However, it is noteworthy that fund performance differentiation is obvious. In the case of equity funds, the highest return in the three quarter was 28.62%, with a minimum of -10.09%. Elongated to the first three quarters, the differentiation was also obvious, the highest return was 81.58%, the lowest was -11.41%.

Under the obvious division of performance, the twenty-first Century economic report reporter interviewed and selected many performance champion and blue chip fund managers' views on investment. To sum up briefly, this year's outstanding fund managers and champions have an obvious characteristics of the times. Most of them are "growth oriented" players. They prefer innovation and technology stocks, including electronics, biomedicine and computer industry.

Blue chip fund managers have many growth hunters.

So how do blue chip fund managers invest?

"In investment strategy, we still adhere to the main line of technological innovation." In October 24th, Jin Zicai, the fund's performance champion, whose management value of money and momentum mixed, and the growth of Finance and communications preferred to rank among the top runner up in the past year, said in an interview with reporters.

Jin Zicai pointed out that in the first three quarters of this year, China's capital market changed to a downturn in 2018, showing a certain degree of increase. The overall market volume has markedly recovered, and the market activity has been greatly improved.

However, Jin Zicai believes that this year's market has undergone new changes, "serious differentiation of stocks, all A shares rose by around 18%, and about 150 stocks rose by more than 100%. There are also nearly 1000 or so stocks that have not risen or even fallen. The core of the split is due to the fact that the A share market is more internationalized and more valued investment trends."

Jin Zicai pointed out that at the same time, the differentiation between industries was serious, some industries rose to 70%, and some industries dropped by 5%. The difference was very obvious. The rising sectors were concentrated in the field of consumption and technology. The falling sectors were mostly cyclical industries which were strongly related to the economy, reflecting certain characteristics of the time.

In addition, "the institutional characteristics of the market are becoming more and more obvious. The yield of the public offering fund is obviously better than that of the whole market. The profit margin of the institutional heavy stocks is obviously better than that of the non institutional stocks, and the future institutionalization will be inevitable." Jin Zicai said.

Another fund champion -- fund manager Liu Gesong of the three quarter equity fund champion, Guangdong, Guangdong, Guangdong, Guangdong, China, Guangdong, Guangdong, China and Guangdong Province (three quarter return is 28.62%, and the first three quarters are 65.27%), said fund manager. "This year's performance is good, mainly for two reasons: first, maintain a high stock allocation; two, focus on the development of reverse cyclical growth industry, over the electronics industry, biomedicine and computer industry."

"From the perspective of composite structure," focusing on growth "is our direction. Liu Gesong also said that in addition, the best way to deal with the market's uncertainty about growth uncertainty is to choose assets with high industry boom and achieve sustained and stable growth through the economic cycle. "This is also the focus of our investment in this year. Specifically, we picked up growth stocks such as medicine, biology, electronics and new energy.

In the grasp of investment opportunities, Liu Gesong identified two main directions as the starting point: the first is to choose the industry and stocks that have sustainable high vision and have independent or counter cyclical growth logic. The second starting point is the reverse selection part, which is temporarily in the low business cycle but has a broad market space and a core competitiveness. "Around these two grasps, we have selected the new energy industry chain, including photovoltaic, wind power, new energy vehicles, autonomous control chains related to semiconductors, some medical devices and leading varieties of medical services."

Three quarter partial equity hybrid fund

Champion, Huaan intelligent life (three quarter return 36.47%) fund manager Hu Yibin summed up the results, said: "during the reporting period, the fund benefits from the 5G upstream and downstream industry chain over matching, a substantial win over the benchmark. The three quarter continued to increase some of the profit trends significantly improved and benefited from the replacement of domestic technology leaders and the 5G related upstream resources industry and the middle reaches manufacturing industry configuration, which reduced some of the industries that were too large and less flexible in future earnings.

Huatai Baoxing Ji Ji Feng A (three quarter return 30.33%, partial stock fund ranked second) fund manager Shang Shuohui summed up the good results in the three quarterly report. The reason is: "in the three quarter, more semiconductor and electronics industries were allocated, this part of the configuration has achieved better returns in the three quarter, and the second quarter of the three quarter has been reduced. In addition, considering the support from various industries and financial policies, the leading companies in the field of innovative medicines and services in China were allocated. As the negative impact of African swine fever on industries and listed companies exceeded expectations, the allocation of most agriculture, forestry, animal husbandry and fishery plates was reduced.

In the report, Hou Hao, the fund manager of China Merchants classification of biological medicine (passive index fund, three quarter return of 14.90%, and class B 28.26%) attributed the achievement to the following: the benchmark index of this fund rose 12.34% in the reporting period of the national biological medicine index. In addition, stock positions remained at around 94.5% levels, basically tracking the benchmark.

Fourth quarter operation: technology stocks are popular.

So, how do managers of blue chip fund think of the future market?

Jin Zicai told reporters that looking forward to the four quarter, the overall performance of the A share market is still optimistic. "In the main line, we are still most optimistic about the main line of science and technology. In the main line of technological innovation, 5G will be the biggest hot spot. We will focus on Telecom base station end companies and consumer electronics industry chain companies around the main line of 5G to select industries and stocks.

In addition, Jin Zicai said: "we will also pay attention to other industries which are not related to the economic cycle, such as innovative drugs, pharmaceutical services, high-end liquor and other consumer industries. There are also many good investment opportunities in pharmaceutical stocks, and we will actively grasp them.

Liu Gesong said in an interview that the growth stocks represented by the technology industry have two positive factors in the medium and long term: first, the transfer of the industrial chain to the domestic market by the leading technology companies such as HUAWEI, and the issuance of 5G licences, which brought about the expected performance of the semiconductor and PCB companies in the electronics industry; two, the leading technology companies such as electronics and computers. Although the performance has been better in the past few months, the assets of this style have been adjusted for three years, and the valuation is at a reasonable level. Most of the institutional investors are at low matching level. On the whole, technology assets are expected to achieve better performance.

In the three quarterly report, Hu Yibin believes that 2019 is the key year for growth style. In the whole year, the global technology cycle, driven by 5G, cloud computing and AI three carriages, is expected to rise steadily, showing a trend of rising from quarter to quarter. Under this background, investment opportunities for growth styles will be more and more. "Therefore, we are optimistic about the overall performance of quality growth stocks in the second half of 2019."

Guo Fei, the fund manager of the 30 hybrid (three quarter return of 26.71% and 79.13% of the first three quarters), said that looking ahead to the fourth quarter of 2019, the new round of technology industry's upward cycle led by 5G and the trend of industrial transfer represented by chips are becoming more and more clear. (Editor: Li Xinjiang)