Fund Managers Lost In Bull Market
19.89 trillion!
According to the latest data released by the fund industry association on January 25, the management scale of 132 fund management companies by the end of December 2020 has reached 19.89 trillion yuan. Compared with the data of 14.77 trillion yuan at the end of 2019, the management scale of public funds has increased by 5.12 trillion yuan in the past year.
There is no doubt that this is the era of public funds. In the past year, 10 billion or even 100 billion level of hot money funds have appeared in turn, and more than 100 double funds stimulate the nerves of investors at the end of the year.
With the disclosure of the four seasons report of public funds, in addition to the performance, the management scale of fund companies and star fund managers in the past year has been exposed. At the high light moment when the management scale of star fund managers exceeds 100 billion, there are also some fund managers who miss the bull market opportunity.
In 2021, under the current special market situation, the market disputes continue to ferment under the continuous two-year high-yield. What kind of investment strategy should be adopted and how to summarize the past gains and losses? While the fund managers explore, the market is also waiting.
As Jiao Wei, manager of Yinhua Fuyu theme fund, points out, "the past 2020 has been exciting and tortuous. The state, nationality and A-shares have all experienced the transformation from "it's not easy for mice" to "turn cattle into heaven and earth". Under the high rate of return for two consecutive years, investment managers need to be more cautious about whether their performance is more from random contribution, and whether the potential risk is underestimated by the active market. "
178% difference in fund performance
According to the data, 101 active equity funds will double their performance in 2020.
In 2020, the highest return of active equity fund is ABC Huili industry 4.0, which returns 166.57%. At the same time, the fund with the worst return in 2020 is Dongfang cycle optimization, which lost 11.66% in 2020.
178%, investors also chose to vote with their feet.
According to the data, compared with the 150 million fund scale at the beginning of 2020, the scale of Dongfang cycle optimization has been reduced by 90% in 2020, and by the end of 2020, the scale of the fund will be only 15 million yuan.
Xue Zizheng is the preferred fund manager of Oriental cycle. According to the fourth quarter report of 2020, the optimal allocation of the Oriental cycle is concentrated in financial stocks, and some are real estate stocks. Its allocation proportion for the financial industry reaches 82%, and the allocation proportion for the real estate industry is 5.2%. China Merchants Bank, Ping An, Bank of Ningbo, China Pacific Insurance, Ping An Bank, Xinhua insurance, industrial bank, Poly Real estate, CITIC Securities and Guotai Junan are the top 10 heavy positions.
Different from the current popular technology and consumption, Xue Zizheng thinks that the main line of the future market is the comprehensive economic recovery. Therefore, its allocation is concentrated in the financial industry benefiting from the economic recovery, with the focus on the banking and insurance sectors.
Undervalue is also an important reason for its preference for the financial industry. "The valuation of the financial industry is at the lowest level in the whole market. Considering that there may be a race between profit growth and valuation downward pressure in the future market, the financial industry currently has a better cost performance ratio, so it has carried out a key allocation." Xue Zizheng said.
But judging from the current market, Xue Zizheng undoubtedly missed this round of market. According to the data, it has been nearly four years since it began to manage Oriental cycle optimization in March 2017. Xue Zizheng's return on the post of managing the fund is still negative, while in the past year, the fund has lost 11.66%.
According to the data of the fourth quarter report, from October 1, 2020 to December 31, 2020, the preferred net value growth rate of Oriental cycle is - 3.79%, while the benchmark return rate of performance comparison is 8.47%, which is 12.26% lower than the performance comparison benchmark.
From the perspective of the industry allocation optimized by Oriental cycle since 2017, the financial industry and the real estate industry have been on the list of heavy positions of the fund.
In general, in addition to the Oriental cycle optimization, there are 13 loss making active equity funds in 2020. The second largest loss was Huatai berui new financial real estate, which lost 5.06% in 2020.
Among the 14 funds with a loss in 2020, all of them have suffered scale shrinkage except for 0.03% loss of CITIC. The data shows that the scale of the remaining 13 funds has shrunk by 2.436 billion yuan, which is 66% lower than that in the beginning of 2020. Among them, a total of 6 funds, such as Xianfeng Juli and guojinxinxin, have shrunk by more than 90%.
Star managers also have joys and sorrows
Compared with general fund managers, in the past, although many star fund managers did not show any loss in performance, they failed to perform in the same industry, which made the market hardly satisfied.
A typical case is Hua'an media Internet. The fund's income doubled in 2019, and won the fourth place in the performance of active equity fund in 2019, with a return of 101.7%.
However, in 2020, the return of Huaan media Internet is 18.39%, which is 30% less than the average return of all active equity funds in 2020. According to the data of the fourth quarter report, as of December 31, 2020, the net value of the fund shares was 2.388 yuan, and the growth rate of net share value during the reporting period was 4.37%, while the benchmark growth rate of performance comparison in the same period was 5.98%, which only slightly outperformed the benchmark.
The size of the fund will also suffer a sharp decline in 2020. According to the data, the scale of the fund will be 11.539 billion yuan at the beginning of 2020, but by the end of 2020, the scale of the fund will be only 6 billion yuan, and the scale will be reduced by more than 5 billion yuan.
Hu Yibin, an Internet fund manager of Hua'an media, pointed out that in the fourth quarter of 2020, all the major indexes showed a moderate upward trend, but the industry's rise and fall were sharply differentiated. The performance of food and beverage, automobile, household appliances, electric power equipment and new energy was brilliant, while the performance of media, agriculture, forestry, animal husbandry and fishery was the worst, with the growth differentiation of more than 50% in the first quarter and the last quarter.
In terms of operation, it reduced its holdings in the media sector which had previously held too high a position, and the configuration of the electric vehicle industry whose valuation was too high to fully match its fundamentals, and increased the allocation proportion of the pro cyclical sector, including downstream raw materials and semiconductor sectors involving electronics, household appliances and new energy vehicles, the service industry benefiting from the gradual recovery of the epidemic situation in the long term As well as the large financial sector whose fundamentals benefit from both gross recovery and valuation repair.
Its top ten stocks include focus media, China Resources micro, Wanda film, Shunwang technology, Zhejiang Meida, etc.
For the investment strategy in 2021, the cycle and financial sector are also the focus of Hu Yibin's attention. The reason is that there are still a lot of investment opportunities from the cycle and financial sectors from the 2021 earnings fission superposition valuation repair double click.
According to the 21st century economic report, in addition to the Internet of Hua'an media, there are also Xingquan Yiyi, a star product of Xingquan fund, and China Europe Hengli, a China Europe Fund, which has set up two funds in three years, with the scale shrinking by more than 5 billion in 2020.
According to the scale reduction ratio in 2020, the scale of the three funds, namely, Jiutai Hongxiang service upgrade, Qianhai open source new opportunities for Shanghai, Hong Kong and Shenzhen, and China Post's Multi Strategy, had the largest reduction, all exceeding 99.5%.
Among them, the service upgrading scale of Jiutai Hongxiang has been reduced from 231 million yuan at the beginning of 2020 to a fund with only 380000 Yuan at the end of 2020, which is the smallest product among active equity funds in the whole industry.
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