Fund Managers "Medicine, Technology And Consumption" Leaders Of The Leading Fund Managers Detailed The Second Half Of The Layout

The first half of 2020 is about to end, and the public offering fund will also deliver the "mid-term exam results" list.

"This year, as of June 29th, 690 of the more than 9800 public funds increased by more than 30%, and 85 increased by more than 50%." In June 29th, Zhang Ting, a fortune researcher, said.

From the industry point of view, Zhang Ting introduced that the theme fund of medical biotechnology was the best, and the top 20 funds were all heavily loaded with medical and biological plates; besides, some of the funds that grew heavily in technology growth and consumption sectors also performed well.

In the first half of the year, the incremental funds were mainly foreign funds and public funds, and entered into the sectors of profit certainty and policy certainty. The fund is heavily loaded with these sectors, enjoying higher industry beta revenues, and superimposing more excellent Alfa capabilities, and the results are easy to make. Zhang Ting said.

Wind data show that as of June 28th, nearly 90% of the fund's earnings in the first half were positive, accounting for 89%. Among them, 4 Funds (A/C share separately calculated, the same below) has gained over 70% this year, up to 74%. It is worth mentioning that the average returns of general equity funds and partial equity funds are 20.64% and 18.98% respectively.

How did the fund managers get such excellent results in the first half of the year under the impact of the epidemic? How will the layout be in the second half?

In twenty-first Century, the economic report reporters interviewed nearly 10 top fund managers, detailing their investment paths in the first half of the year and the layout of the second half of the year.

"Medicine + technology + consumption" leader

The best performing fund this year is A, the health care industry of Chuang Jin Shun Xin, with a profit of 73.77% as of June 28th.

Its fund manager, Jinsong, told reporters 29 days ago: "the first half of the year is better because the underlying stocks are relatively solid, and the performance is less affected by the epidemic. The idea of stock selection is to select industries with high prosperity, including innovative drugs, medical devices and medical consumption.

The performance is closely followed by A, the health care industry of Chuang Jin, and the GD health care A. This year's revenue as of June 28th is 71.49%.

Wu Xingwu, its fund manager, said, "whether the structural bull market in 2019 or the market in the first half of the year, the performance division of the pharmaceutical sector is very large, leading enterprises in the subdivision areas of innovative drugs, medical devices, medical service institutions and brand categories are outstanding, and the medical device industry of the generics and consumables is not performing well."

"Public funds should be selected through professional investment ability to choose a good track and sustainable good company to invest for a long time." Wu Xingwu said.

Under the market conditions of turbulence, many blue chip fund managers have formed an investment style that is not only adapted to market changes but also keeps stable.

ICBC Credit Suisse fund manager Zhao Bei manages ICBC Credit Suisse frontiers, ICBC Credit Suisse pension industry, and the revenue this year is 69.71% and 68.65% respectively. When he introduced his investment, he said, "I will choose the track from the top to bottom perspective in the pharmaceutical industry, so as to ensure that we grasp the big industrial opportunities. Then select stocks in the promising medical track to see which valuations are reasonable. Growth is the top priority, and long-term growth performance is maintained, and higher valuations can also be digested.

"At the time of deployment, I like to look for opportunities brought about by changes in the industrial boom. Because in the early stage of change, there is always a bad expectation in the market, so it is easier to buy stocks with undervalued and low expectations, and get an opportunity of double valuation and performance. " Zhao Bei said, "there are more than 20 stocks in my portfolio, and the proportion of stocks that are good for stocks is higher. If they are right, they will be allocated to the upper limit and maximize the contribution to excess returns. It will also take many years to buy, and the turnover rate is relatively low.

In addition to pharmaceutical stocks, technology stocks are also the top managers in the first half of the year.

Ten thousand industries preferred to achieve 60.51% revenue this year. Their fund manager Huang Xingliang said: "the technology sector is the key direction of allocation in the past year, now and in the future. Our industry perspective will be wider, and more than half of the targets will be technology companies. At the same time, we will also pay attention to traditional industries such as logistics and transportation, and maintain the volatility of the portfolio in a relatively stable range.

It is worth mentioning that in the first half of 2020, the A shares were relatively magical and experienced two major losses. How did the fund managers respond to the withdrawal?

ICBC Credit Suisse medical health has returned 67% this year, and its fund manager Tan Donghan said: "my investment operation is mainly based on changes in fundamentals and market expectations. If there is a substantial withdrawal of stocks, I will organize the researchers to do basic analysis and comb together to assess the reasons for the decline, fundamental changes and market expectations. For those stocks whose investment logic has not changed, I will tolerate a larger withdrawal and will not set a clear stop loss index. If the investment logic changes, it will sell decisively. There is no contradiction between getting earnings and controlling withdrawal, especially when investment is based on prosperity. "

Yang Renmei, a manager of Jinxin fund fund manager, has more than 30% revenue this year. For the sake of stop losses and stop profits, the view is that excellent companies can always hold together with them. If you want to sell the stock, it must be because the quality of the management is out of order, or the quality of the business has changed.

Structural market in the second half of the year

After the first half of the boom, fund managers are generally more optimistic about the second half of the year.

"The second half of the market should be better than the first half of the year, the first half of the epidemic by the impact of the two big setbacks, black swan should not be so much in the second half." Yang Delong, chief economist of Qianhai open source fund.

Zhang Ting pointed out that "in the second half of the year, stock assets are still cost-effective allocation options, the general direction is uplink. But there will be no large scale index market, will continue to show structural differentiation market.

In the second half of the year, how will managers of blue chip fund operate?

PI Jinsong said: "taking into account the increase in the first half of the medical index, short-term stock valuation is not cheap, the mode of operation or holding blue chip stocks to change space for time. The characteristics of the pharmaceutical industry are high performance, medium and long term logic, and the choice of good companies in the high prosperity area is likely to make money for performance. In the second half of the year, promising areas are innovative drugs, medical devices and so on. In addition, at present, the global new crown outbreak is repeated, and it is estimated that the investment opportunities of the new crown diagnostic reagents and protective equipment companies will be more sustainable.

Huang Xingliang said that the management products in the second half of the year will still be distributed in the long-term optimistic and high cost performance companies, mainly distributed in computers, pharmaceuticals, new energy vehicles and semiconductor industries, and will be gradually adjusted according to market conditions.

Tan Donghan pointed out, "I remain strategic and optimistic about the long-term prospects of A shares. In the short and medium term, the duration and impact of the epidemic may be exceeding expectations. In the long term, the development of epidemic situation is still one of the most important factors that affect the market. In the pharmaceutical sector, we should pay close attention to the expected performance of the industry, and also pay attention to the performance recovery opportunities of the damaged industries. We should carefully evaluate the performance and balance of the stocks.

Looking forward to the second half of the year, Yang Renmei admits that he will pay more attention to cash flow rich enterprises. He pointed out that the risk of some industries or enterprises is relatively large. But the price of a good company is more expensive in most cases. He doesn't value valuations very much. He believes that the key is to buy a good company with incremental space.

Wu Xingwu is optimistic about four directions: including innovative pharmaceutical companies, R & D service companies that provide services for innovative drug research and development, medical service providers that can meet the needs of consumer upgrading, and some medical equipment and consumables enterprises with strong moat.

Gf's new industry picked up 53.28% this year, according to its fund manager, Li Wei. "This year's global market volatility has increased and uncertainty has increased, making it difficult to make an accurate assessment and judgement of short-term market trends. We need to think over a longer period of time and firmly identify the value of enterprises in accordance with long-term investment ideas, and properly take measures to deal with risks."

?