On The Eve Of The Fund'S Ranking Battle, The "Secret Transfer" Of The Secret Head Shrink Front Ranks The Bottom.

The Fund ranked the most intense moment.

In twenty-first Century, according to the public data, the economic report reporters learned that as of November 28, 2019, the 2019 champion fund GF double upgrade fund yield was 97.99% during the year. In addition, there were 50 funds earning more than 70%.

There is still a month to go before anyone will win.

"Recently, there are funds in the warehouse." Insiders revealed. According to its logic, part of it is to win in the rankings, and the other part is the layout next year.

Fierce competition for ranking

According to the twenty-first Century economic report reporter statistics, as of November 28, 2019, the fund's yield in the year ended up to 97.99%, and the return of the 50 funds exceeded 70%. In addition, the number of funds earning more than 50%, 40%, 30%, 20% and 10% were 398, 810, 1638, 2509 and 3584 respectively.

It is worth noting that 314 fund returns are negative this year, accounting for 4%. The most serious loss of funds this year is -22.21%.

On the whole, fund returns are generally good this year, but the distribution is from 100% to -20%.

"This year, the fund's performance division is very strong. The main funds are the heavyweight technology stocks and the consumption fund, and the first half of the year is heavily loaded with securities and pork stocks. In the second half of the year, the gold shares are allocated. But this year, if the position or industry is not properly matched, the fund's performance may be relatively poor. In November 28th, Yang Delong, chief economist of Qianhai open source fund, said.

"Near the end of December, there should be another round of rebound opportunities. This year's fund competition will be more intense. Yang Delong said.

An equity fund manager of a Beijing fund company said: "from the year's perspective, this year's fund performance has won three kinds of products: medical funds, technology funds, and consumer funds based on food and beverage. Their leading edge is quite obvious."

"There is still one month away from the end of the year. The ranking of the fund should not change much in the big pattern." The above equity fund managers said.

A fund company personage said: "this year partial equity fund performance is good, playing the new fund performance is general, but anyway, the check is to see similar ranking."

In twenty-first Century, the economic report reporter learned from several fund companies that the year-end ranking assessment of the fund was very stressful this year. Most of the fund companies cut their ranking performance in December 31st, but some of the fund companies' assessment was advanced to November, mainly for the purpose of layout next year.

Most fund companies require fund managers to enter the first half of the year before they pass the test. However, some fund companies have relaxed to the top 2/3, and 1/3 have failed.

"After the fund's performance reaches 50%, it will be voted to be concerned. After that, 1/3 will be in danger." A fund company source said.

The assessment methods of fund managers by different fund companies are not the same.

For example, the Qianhai open source fund holds the idea of "light ranking and heavy profits" for the assessment of fund managers, and adopts two "532" assessment systems. One year's assessment will give priority consideration to the positive return of fund holders. The 50% proportion is positive return for performance, 30% for exceeding the benchmark return and 20% for performance ranking. Three years' assessment encourages long-term investment concept, moderate downplay of short-term ranking pressure, 50% assessment of current performance, 30% assessment of last year's performance and 20% assessment of previous year's performance.

"These two" 532 "reflect our assessment requirements for talents, that is, the goal is to create absolute profits for customers and value long-term performance rather than short-term rankings. People from the company introduced.

Another large fund company told reporters that from the beginning of the year, the company's assessment of fund managers also turned to "light ranking heavy returns". As long as you get positive returns, you can't win the benchmark return on your own track.

A fund company in Southern China said that after a year's completion, the company's new fund started to assess its one year performance and compared it to the same type. The longer the establishment, the longer the time to assess. In the same year, the ranking was required to rank in the same products of the Morningstar, and passed in the first 50%. In addition, the company has increased the level of reassessment this year.

At the end of the year

It is noteworthy that the end of the year to enter the performance ranking window period, a lot of funds to adjust positions to deal with the ranking or layout next year.

A fund manager has shifted positions from stocks such as food and beverages to stocks such as white goods since the fourth quarter. "I will definitely fall in the last two months, but I will win in three months."

"These days, public offering funds are adjusting positions, and public funds are more concerned about some technology stocks. In addition, because there are some loose shares in the white horse stocks, public offerings are also being adjusted. But I think it is very likely that this position is not very meaningful. Next year, the trend is still defensive. In November 28th, a private equity fund official said.

According to the reporter, at the end of the year, different companies have different assessment periods. Some of them may end their assessment in November, and some of them may have to wait until the end of December.

A fund manager in Shanghai said, "we think that there may be some fluctuations in the A shares in December, but the overall calculation is controllable. The main reason for the fluctuation is more because of the institutional adjustment."

"Last month, fund managers may mainly focus on next year. After all, many companies' assessment has ended in November. If there is not much pressure on ranking in the last month, the fund managers may focus more on the layout next year. They may find some left side or some bottom plate layout, such as new energy vehicle sector in recent years. Besides, some core assets have fallen too much and some people are willing to take it." The fund manager of Shanghai said.

"In addition, the adjustment of the proportion of investment in the early stage of MSCI is completed in stages. The next stage of the larger influx of north capital will have to wait until next year to discuss the adjustment of the ratio, so the impact of the northbound capital or foreign capital on the market this year will weaken in December. There may be some negative effects on the plate which has been supported by foreign capital and has some capital inflow. The fund manager of Shanghai said.

In addition, in order to ensure that the performance ranking wins, "good performance fund managers usually raise the stock concentration by the end of the year." One Shenzhen fund company official said.

A Southern China fund company's investment director said that now generally short-term performance pressure will be adjusted positions, indeed, some funds in the near future to change positions. However, the direction of every fund company is different.

For the end of the year, Yang Delong suggested: "fund managers' performance for the first time this year can be partly wrapped up for security, some stocks can be profitable, and some blue chips with certain rebounding underestimation will be laid out, because all sectors have gone up this year, but the blue chips that underestimate the value haven't been shown yet. Fourth quarter should have the opportunity to pay close attention to it."

"Of course, we can't just focus on the December ranking, and more importantly, look at the 2020 opportunities. Then, in 2020, the market opportunities still revolved around the three major directions of consumption, finance and technology. Yang Delong said.