70% Fund Loss After The Spring Festival

On March 11, a shares ushered in a long-awaited rebound.

Prior to this, the Shanghai Composite Index fell continuously from the highest 3731 points to 3328 points and 403 points within 15 trading days. The core assets represented by Guizhou Maotai, Aier ophthalmology and Longji shares dropped by more than 30%.

According to the statistics of the 21st century economic report, more than 70% of the funds lost money after the Spring Festival, of which 385 funds fell by more than 20%, and the upgrading of Yimin quality fell by 26.83%, the biggest drop.

The New Oriental cycle fell 13.8% over the same period, creating a new low of 0.7459 in net worth since its establishment in 2017.

"In the early stage, a large number of investors sought after the white dragon horse stock, so the increase before the festival was too large, a month up a year's increase, so there was a part of the capital profit taking." Yang Delong, chief economist of Qianhai Kaiyuan, said, "in the long run, core assets are still worth holding for a long time."

However, some people in a fund company in Shenzhen believe that the future trend of loss funds will be differentiated, "the probability of core assets continuing to record high is not large, because the group funds are gradually disintegrated.".

Benefit the people and make the East miserable

Chengye liquor, Baiye baijiu.

As of March 11, the Yimin quality upgrading and Yimin innovation advantages managed by LV Wei, the star fund manager of Yimin fund, have fallen by 26.85%, 25% and 83% respectively in the year of the ox, making them the top two in the loss list of 7478 open-end funds.

According to the fund's four seasons report, Yimin's liquor stocks have been heavily upgraded. The top ten positions are Shanxi Fenjiu, Guizhou Maotai, Wuliangye, Luzhou Laojiao, Longji, Tongwei, Kouzijiao, Lixun precision, Gujing gongjiu and Jinshiyuan.

The top ten positions accounted for 89.57%, with seven liquor stocks in the top ten positions. Obviously, they are also one of the fund managers who love to drink, and Dingge configures baijiu.

In addition to the slightly different proportion of positions, Yimin's innovation advantages and Yimin's quality upgrading have the same top ten positions, namely Shanxi Fenjiu, Luzhou Laojiao, Guizhou Maotai, Wuliangye, Longji, Kouzijiao, Lixun precision, Tongwei, Gujing gongjiu and Jinshiyuan.

According to the public information, LV Wei joined Yimin Fund Management Co., Ltd. in 2007. From July 2007 to May 2010, he served as a trader in the centralized trading department, a researcher in the research department from May 2010 to February 2012, and served as the deputy general manager and general manager of the centralized trading department since February 2012.

LV Wei has been a fund manager since June 2015, a fund manager of Yimin quality upgrading flexible configuration hybrid securities investment fund since February 2016, and a fund manager of Yimin innovative advantage hybrid securities investment fund since July 2016.

At present, LV Wei is in charge of 3 funds, with a total scale of 1.582 billion yuan.

For the fund to maintain a high position in the fourth quarter, the allocation of large consumer industries and manufacturing industry leading companies.

According to LV Wei's analysis in the fourth quarter report of Yimin's quality upgrading in 2020, "the leading consumer and manufacturing companies have strong competitiveness and sustainable development ability, and the valuation is still not significantly overvalued under the current market background."

Another more noteworthy issue is the selection of the Oriental cycle, which has recently created a new low net worth.

After two years, the Oriental cycle preferred to decline by 13.8%, with the latest net value of 0.7459.

In addition, Oriental cycle is the last one among similar funds in recent three months, nearly one year and nearly three years. In the early years, Dongfang fund was good at equity investment, which had sunk into the "long river of history".

Looking through the four seasons report of the fund selected by Oriental cycle, we find that its positions are mainly concentrated in the financial industry. The top ten positions are 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.

"At present, the financial industry has a better performance price ratio, so it focuses on configuration." "With the sustained recovery of the domestic macro-economy, the concerns about the non-performing assets of banks will be eased to a certain extent, and it is expected to enjoy a round of Pb repair market," fund manager Xue Zizheng said in the fourth quarter. At the same time, based on the future of the insurance sector is optimistic, focusing on the allocation of high-quality life insurance enterprises

This also means that since this year, Oriental cycle optimization has experienced a large-scale adjustment of positions, and once again stepped into the wrong pace of the market.

What is comparable is that golden trust smart China 2025, which has the same heavy position in banks, and Ruifeng, Beixin, which has a heavy position in financial stocks, have made good achievements in the same period of time. According to the data, all the top 10 heavy positions in China in 2025 are bank stocks, with industrial bank as the largest, accounting for 9.56%.

After two years, the net value of credit smart China in 2025 was only 1%.

Beixin Ruifeng's extension growth is the same, retreating to 5%. In the fourth quarter report, the top ten heavy positions of Beixin Ruifeng's growth accounted for more than 62% of the fund's net value, including 7 banks, as well as China Ping An insurance and China Taibao insurance.

The tuyere that can't catch up with

Eastern cycle preferred frequent wrong market, or its "jump" investment style.

According to the 21st century economic reporter's understanding, in 2020, the Oriental cycle will be optimized and the warehouse will be transferred frequently.

At the end of the first quarter of 2020, there are two real estate enterprises and six banks in the top ten stocks of the Oriental cycle. By the second quarter, all the banks and real estate stocks with heavy positions will be reduced, while those with heavy positions will be software stocks and technology stocks. In the third quarter, fund managers changed positions again, mainly in financial stocks.

In the current market, how to judge the future trend is still unclear.

"There is not much room for further decline." The chief economist of Great Wall Fund told Weida that in the coming months or most of the second quarter, the market is likely to continue to fluctuate at the current level.

This view is relatively mainstream in the public fund industry, but whether it will be the "wishful thinking" of institutions remains to be seen.

It is worth noting that the short-term market goes up, the net value of the fund will also usher in a rebound.

The China EU Fund believes that in the future, with the improvement of the epidemic situation, the promotion of vaccination and policy stimulus, the major global economies will enter a synchronous recovery for some time in the future, and there is a possibility that the growth will exceed the market expectation, or promote the further upward trend of inflation expectation.

Considering the structure of early market adjustment, domestic economic transformation and future industrial upgrading direction, some growth areas have good medium and long-term investment value. It is suggested that the balanced allocation between finance and cycle and between science and technology and growth can avoid the fluctuation caused by expected extremes.

Through the research of Guoxin Securities, it is found that the public offering funds, which have maintained a high position for a long time and firmly hold core assets, have reduced their positions to a certain extent before, with a reduction rate of about 5.71%. Affected by the continuous correction of core assets, some funds holding core assets reduced their positions on February 22, with a reduction rate of about 3.09%. As of February 24, compared with the fourth quarter report of 2020, the position allocation of these funds in core assets decreased slightly, with the reduction rate of about 1.03%.

"Undervalued sectors have valuation repair opportunities." A person from a fund company in Shenzhen believes that in the operation of fund self rescue and reducing positions, the fund has begun to disintegrate, and the trend of the fund will also be divided. At this stage, there is a great pressure on the valuation adjustment of large cap stocks, and the safety margin of the mid market indexes such as CSI 500 and CSI 1000 is highlighted.

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