Performance Of Public Offering Funds: There Are Still 20 Trading Days Left And 8 "Double Base" Have Been Born

By the end of the year, the annual performance ranking war of mutual funds will come to an end.

Overall, the equity market has performed well this year, and many active equity funds have performed well.

Wind data shows that the average return of ordinary equity funds has been 39.32% as of December 2 this year; the average returns of partial equity hybrid funds and flexible allocation funds have also exceeded 30%, 34.64% and 32.63% respectively.

At present, there are two types of fund: one is the general fund, the other is the mixed fund.

In fact, this year's outstanding fund issuance has caused a large number of outstanding fund managers.

The importance of fund ranking is self-evident.

"This year, many fund companies' hot money products are from the performance support of fund managers, and by the end of the year, people naturally pay more attention to the performance. This means that the next year, whose sudden rise, whose performance is mediocre, may be in this month On December 3, a large public fund source in Beijing told the reporter of the 21st century economic report.

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8 "diploid"

Since the beginning of this year, the return of wind fund is the highest of 128% as of February this year.

The fund is about 15 percentage points higher than the second highest earning Agricultural Bank of China (ABC) Huili industry 4.0 fund.

After the performance ranking of GF's high-end manufacturing a, three funds, namely Agricultural Bank of China (ABC) Huili industry 4.0, new energy theme of Agricultural Bank of China, and research selection of Agricultural Bank of China, among which, the return of Agricultural Bank of China (ABC) industry 4.0 and new energy theme of Agricultural Bank of China as of December 2 this year exceeded 110%, accounting for 113.23% and 110.33%, and that of Agricultural Bank of China research selection was 108.99%.

In addition, there are four funds, namely, ICBC Credit Suisse strategic transformation theme, ICBC Credit Suisse strategic emerging industry a, ICBC Credit Suisse emerging industry C, and GF Xinxiang, whose revenue has doubled to 106.26%, 103.37%, 102.62% and 100.79% respectively as of December 2.

From the perspective of fund companies, Guangfa fund, ABC Huili fund and ICBC Credit Suisse fund have taken over these 8 double bases.

"In the first half of this year, the market focuses on science and technology, consumption, medicine and so on, and the return of related theme funds is outstanding. Since the second half of this year, with the repair of economic data, the cycle style of A-share relative to the growth style and A-share as a whole has run out of obvious excess returns, and the cycle style has accumulated a considerable increase in both absolute and relative returns. In the front of the list of related fund cycle According to an interview with a public fund in South China.

Taking GF high-end manufacturing a as an example, the top three positions held by the fund in the third quarter report are Longji shares, jinlang technology and Tongwei shares, all of which are individual stocks in the photovoltaic industry. Data show that Longji's share price has soared since June this year and has risen 182.12% as of December 3 this year.

The fund is jointly managed by sun Di and Zheng chengran. The fund manager said in the third quarter report that the allocation of chemical and electronic sectors was increased in the third quarter of the fund. Under the background of weak global economic recovery, undervalued manufacturing industry is expected to obtain better excess returns, while technology assets still have high cost performance ratio. In addition, this year is the end of the 13th five year plan, which will be the focus of market attention and is expected to become the main theme of investment in the fourth quarter.

On the second half of the outstanding performance of the pro cyclical market, many fund performance has come to the fore. For example, the fund's industrial cycle selection, Nord cycle strategy and other funds have achieved more than 90% of the revenue as of December 2 this year.

"At present, the Sino US industrial cycle is at the bottom of resonance, supporting the pro cyclical main line, and there are opportunities for repeated performance in the future. At present, until the end of the turbulent market in February and spring of next year, it is the window period of trading Pro cycle." Boshi Fund chief macro strategy analyst Wei Fengchun said.

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Trade off between performance and scale

There are still 20 trading days to be tested on the final direction of the war situation at the end of 2020.

However, at present, the fund companies have begun to take action, "limit purchase performance" this operation staged many times.

For example, Zhang Kun's medium and Small Cap Fund announced that since November 26, the e fund has adjusted its large amount subscription business in the consignment and online direct selling system, and the cumulative subscription amount of a single account should not exceed 5000 yuan instead of 50000 yuan. China Europe Fund also said that in order to better ensure the stable operation of China EU new trend hybrid fund (LOF), it decided to restrict the purchase and conversion of the fund from November 30 The amount of transfer in and fixed investment business.

In fact, this year's blockbuster fund issuance war is still in front of us. The appeal of star fund managers with top performance in 2019 has been confirmed by the market, and fund companies have completed scale counter attack by relying on outstanding performance in an instant.

This also makes the public fund year-end ranking war more attention.

"This year, many companies have appeared popular products, and there is a lot of pressure from the company, but without performance, it is very difficult to make a sale, so all aspects of the company attach great importance to it." A large public fund source told the 21st century economic reporter.

However, the conflict between the performance and scale of public funds has always been a problem. When the fund scale is larger, the performance can not keep up with it, which is also reflected in the ranking war in previous years.

It is worth noting that many of the top performance funds this year are not large. For example, the latest scale of the three funds, such as ABC Huili industry 4.0, ICBC strategic emerging industry and Guangfa Xinxiang, are no more than 1 billion yuan, of which the scale of ICBC strategic emerging industry is only 345 million yuan.

Among them, GF high-end manufacturing a has the largest scale, with a fund scale of 7.122 billion yuan at the end of the third quarter.

Since the middle of this year, the performance of many hot money funds has been relatively flat.

For example, in July this year, huitianfu zhongpan value selection, Penghua ingenuity selection and other funds with a issuance scale of more than 29 billion yuan, since their establishment, their returns up to December 2 are less than 5%. The fund was established on June 12, and its a / C share returns as of December 2 were 6.79% and 6.48% respectively.