Which Fund Manager'S Draught? There Are Different Reasons For The Loss Of Money.

Nearly half of 2020's journey is about to enter June.

A shares' structural investment opportunities continue to deduce, medical industry, technological innovation, consumption upgrading and other popular market; from mask concept to helmet concept, from time to time, stir up institutional investors.

"Every time the draught is too radical, there are some hot spots that are not even logical." An investment director of a fund company in Beijing said frankly when interviewed.

In twenty-first Century, the Research Institute of capital research showed that as of May 28th, excluding index funds and equity funds that did not disclose the total returns this year, 410 ordinary stock funds and 994 "partial equity hybrid" funds were selected.

So, which fund companies' products outperform the market in the first half of this year, or even create huge excess returns? Which fund companies' earnings decline and fall into losses?

Fund performance

According to the research data, 410 of the 452 general stock funds disclosed the total return this year, of which more than 40% of the total return was concentrated in the health care industry.

From the total return, the top ten list are: Chuang Jin, A, C (the latest scale of 49 million yuan and 86 million yuan), ICBC Credit Suisse pension industry (the latest scale of 818 million yuan), GF healthcare A (the latest scale of 3 billion 700 million yuan), ICBC Credit Suisse medical health A and C (the latest scale 543 million yuan and 498 million yuan), ICBC Credit Suisse frontiers medical treatment (the latest scale 2 billion 600 million yuan). ), Baoying medical health Shanghai Hong Kong Shenzhen (the latest scale of 256 million yuan), the investment medical and health industry (the latest scale of 1 billion 109 million yuan), China Europe medical innovation A and C (the latest scale 402 million yuan and 236 million yuan), Jiashi medical health A (the latest scale 1 billion 69 million yuan), Jianxin high-end medical treatment (the latest scale 88 million yuan), of which, the total three of the total return rate is more than 46%.

We can see that the ICBC Credit Suisse fund has picked up several seats of "best performance", and the GF fund, Baoying fund, China Merchants Fund, China Europe Fund and Harvest Fund also have a good performance.

"Short-term performance does not represent investment management capabilities, but reflects the layout of the relevant funds in the first half of the year." The director of investment believes that.

From the above data, we can see that the short-term premium fund is concentrated in the medical field, almost exclusively thematic funds.

We observed 1167 "partial equity hybrid" funds, and 994 disclosed the total returns this year. The eye-catching themes were also concentrated in the fields of "medical health" and "new economy".

Among them, the latest scale of 1 billion 100 million yuan of medical and health care industry A wins 43.15% of the majority of the fund with a 43.15% rate of return, followed by the GF new economy (the latest scale of 546 million yuan), the Wanjia new economic kinetic energy A and C (the latest scale 1 billion 387 million yuan and 2 billion 156 million yuan), and China Europe health care A (the latest scale 2 billion 648 million yuan) this year also obtained 40.1%, 38.78%, 38.51%, 38.6% total return. Newspaper.

In addition, the top ten health care industries in the rich countries (the latest scale of 1 billion 949 million yuan), ten thousand industries preferred (the latest scale of 7 billion 835 million yuan), Jin Ying strategic allocation (the latest scale of 156 million yuan), Penghua emerging industries (the latest scale of 4 billion 952 million yuan), Penghua innovation drive (the latest scale of 308 million yuan), the medical and health care industry A (the latest scale 3 billion 459 million yuan), this year The total return rate is over 36%.

Among them, Wanjia fund occupied 3 seats, Penghua Fund occupied 2 seats, and the financing fund, Guangdong Development Fund, China Europe Fund, Wells Fargo fund and Boshi fund all achieved stable performance.

Bottom loss exceeds 15%

So, what are the 10 equity funds that are worst performing this year?

Combing reporters found that Qianhai's open source dividend rate of 50, the total return of -15.72% this year; the League of nations dividend, the total return of -15.4% this year; Hua Tai Bai Rui state-owned enterprises integrated selection, this year, the total return of -13.88%, has become the worst performing three equity funds.

In addition, the the Great Wall dual power (total return -13.79% this year), harvest finance selected A and C (the total return this year is -12.55% and -12.72%), the the Great Wall's quantified Hong Kong Stock Exchange (total return -12.66% this year), Wanjia selection (total return -12.63% this year), ICBC Credit Suisse financial real estate (total return -12.45% this year), Changan macro strategy (this year) The total return -12.27%), the galaxy and the beautiful life (the total return this year -12.04%) is also slightly worse.

In addition, Yi Fang Da resources industry, Chuang Jin Shun Xin financial real estate A and C, ICBC Credit Suisse selected financial real estate C, China EU Hengli three years set up, rich countries and Hong Kong stocks through quantitative selection and other 5 funds, total returns this year are lower than -10%.

In stark contrast to the fund managers of the focused medicine sector, the fund managers of the 10 funds whose total returns are at the bottom of this year include the history of Qianhai open source fund, the League of Nations Fund Xu Jun, the Huatai berry fund Yang Jinghan, the the Great Wall fund, long Yu Fei and others, the Harvest Fund Li Xin, the Shun Shun the Great Wall fund Haiwei, the ICBC Credit Suisse fund Yan Yao, and so on, and Changan fund Gu Xiaofei. The galaxy fund building Huafeng and others also include Mo Haibo, director of investment research division of Wanjia fund, whose performance is poor.

From the two list, ICBC Credit Suisse, Chuang Jinxin and Jiashi and other products are listed on the list, which means that the customers of the same fund company are "ice and fire".

"From the perspective of product style, the bottom line of performance lies in the layout of financial real estate in the industry attributes, or the reference fund for the important stock selection with the dividend index". Industry analysts pointed out.

The air outlet and the wrong wind outlet on the station

This year, the fund managers who have led the general stock fund to get more than 40% of total returns include: Chuang Jin sum trust fund, leather Jinsong, ICBC Credit Suisse fund Zhao Bei, Tan Donghan, China Europe Fund Glen, investment fund Li Jia Cun, Jiashi fund Yan Yuan and so on.

From the overall level of fund companies, Chuang Jin and Shun are the industry's last fund companies, and the scale of the top ranked fund is very small.

In May 25th, PI Jinsong pointed out that the current stage will continue to focus on the three sub fields that conform to the industrial trend: innovative drugs, partial consumption products, medical devices and so on.

He believes that this year, affected by the new crown epidemic, the domestic economy is facing greater pressure. However, the impact of the epidemic in the pharmaceutical industry is small, and the risk aversion is outstanding. In the context of the current high boom, steady growth in performance and the improvement of competition pattern, we will continue to watch the pharmaceutical stocks that are in line with the trend of the industry.

China Europe Fund is one of the most popular fund managers of China Europe Fund.

In 2019, she declared that she was optimistic about the pharmaceutical industry and became a typical beneficiary.

The fund managers who led the "partial mixed funds" to get more than 36% of the total return include the Jiang Xiulei, GF fund Qiu Jingmin, Wanjia fund Huang Xingliang, Fu Guo fund Yu Yang, Peng Hua fund Liang Hao, and Bo Shi Ge Chen, etc.

Jiang Xiulei, master of pharmaceutical chemistry, China Medicine University, 13 years experience in securities investment. In December 2017, he joined the financing fund. He is now the general manager of the equity fund investment department and the manager of the financing health care fund.

Coincidentally, Jiang Xiulei also optimistic about the pharmaceutical sector.

Jiang Xiulei said that in the long and medium term, innovative drugs, innovative drugs, R & D Outsourcing Industries, innovative medical devices, vaccines, high-end biopharmaceuticals, and high-quality pharmaceutical chains are expected to maintain a high level of prosperity, and have little relevance to policy faces, which is a promising medium and long term direction.

Market analysts pointed out that "from the investment layout, a small number of funds involved in the fund contract stipulates that investment strategies or fund managers operating errors, the results of a substantial loss of performance benchmarks."

In the first quarter of this year, 8 of the top ten heavily loaded stocks were brokerage stocks. In addition, there was also a real estate stock and a bank share. The first quarter was a benchmark for the comparison of the results of the first quarter. The fund's 3 - year performance remains negative and its share continues to shrink.

In addition, at present, the 23 fund managers of the League of Nations Security Fund, including Xu Jun, Gao Shi, Xu Zhihua and other 15 fund managers, have accumulated less than three years of employment experience, and are younger.

GF fund Zhang Dongyi has pointed out that part of the valuation of the optional consumption influenced by the economy is at the middle level of history; the financial and real estate industries, which are highly related to the macro-economy, are at a historical low level. Whether the follow-up market has style switching is mainly determined by the bottoming up of the macro economy.

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