Bull Market Gains, Some Funds Have Turned Over, And There Are Still More Than 1000 Funds Losing Money

The Shanghai Stock Exchange Index has reached 3600 points; The GEM index rose by more than 4% in recent months, making it the best performance in the same period since 2015.

Yan Xiang, the chief strategic analyst of Guosen Securities, pointed out that the conditions for A-shares to go out of the long bull and slow bull market in the future have begun to be met. The fundamental importance of 2021 is far greater than liquidity. After the second quarter, A-shares will usher in a second wave of major gains.

Despite the market recovery, as of June 3, there were still more than 1000 funds with negative returns this year, including many active equity products of leading fund companies, such as Huaxia Global Stocks, Huaxia Industry Appreciation Hybrid Fund and Huaxia Military Industry Safety Hybrid Fund, which have fallen by more than 12% this year; The hybrid of advanced manufacturing stock and technological innovation of HFT under HFT has also fallen by more than 14% since this year.

After the issuance scale of new funds hit a new low in the year, the issuance share of newly established funds in May was 131.907 billion, which also recovered.

However, in January this year, the market for fund issuance was very hot, with 490.140 billion fund issuance in January, followed by a rapid decline in market issuance. In February, March and April, the fund issuance scale was 296.68 billion, 281.995 billion and 140.686 billion respectively.

The net value of some funds has also soared with the market, and some have approached the peak before the sharp fall.

Some funds have turned over

Mengyuan, who was once ridiculed by the market as "the most miserable medical beauty fund manager", managed the ABC Healthcare Stock and ABC Huili Innovative Medical Mix, whose yields rose by 15.39% and 14.57% respectively in the last three months, and the latest net values of 3.3494 and 1.8230 have also approached the net value performance at the peak in February this year.

On the whole, as of June 3, most star funds have achieved positive returns this year. Among them, the pension industry A of ICBC Credit Suisse managed by Zhao Bei has performed well, with a yield of 27.80% since this year. The other fund under his management, ICBC Credit Suisse Frontier Medical A, has risen 27.04%.

According to public data, Zhao Bei joined ICBC Credit Suisse in 2010 and is now the deputy director of the research department and head of the medical care research team. At present, there are nine products under management, namely, ICBC Healthcare Industry, ICBC Credit Suisse Pension Industry A/C, ICBC Credit Suisse Frontier Medical A/C, ICBC Credit Suisse Science and Technology Innovation 6-month Fixed Open Hybrid A/C and ICBC Credit Suisse Growth Selection Hybrid A/C, with a total management scale of 15.584 billion yuan.

Zhao Bei said in the fund quarterly report that this year, whether international or domestic, liquidity will shrink significantly compared with last year's substantial easing, so it is expected that valuation will be difficult to expand significantly this year; However, in view of the background of economic recovery and the global long-term low interest rate environment, the valuation is not expected to shrink significantly. Therefore, this year, we will pay more attention to the matching between valuation and performance, select individual stocks from a bottom-up perspective, and obtain excess returns. The pharmaceutical industry is structurally optimistic about innovative drugs and CXO industry chain, vaccines, medical services, medical devices, etc.

Since this year, two top 100 billion fund managers have also achieved positive returns. Among them, the blue chip selection of E Fund managed by Zhang Kun, one of the public offering brothers, rose 9.69%, the three-year holding of E Fund's high-quality enterprises rose 8.49%, and E Fund's small and medium-sized stocks also achieved positive returns; The Jingshun Great Wall Dingyi Mixture, Jingshun Great Wall Emerging Growth Mixture and Jingshun Great Wall Domestic Demand Growth No.2 Mixture managed by Liu Yanchun, another star fund manager, all achieved positive returns of more than 7%.

On June 3, third-party data showed that among nearly 8000 open-end funds, the number of negative return funds exceeded 1000.

The products with more losses are mostly military industry or funds with large positions in military industry.

This includes Huaxia Industrial Appreciation Hybrid Fund and Huaxia Military Industry Safety Hybrid Fund, which have fallen by more than 12% since this year.

According to public data, the manager of Huaxia Industry Appreciation Hybrid Fund is Dai Ruiliang. The fund's heavy position is mainly concentrated in the military industry, and its stock position was more than 90% at the end of the first quarter of this year. The top ten heavy positions include AVIC Shenfei, Hongdu Aviation, Avionics, AVIC High tech, AVIC Xifei, Western Superconductor, Aerospace Development, Ruichuangwina and Torch Electronics.

In the first quarterly report of the Fund disclosed earlier, the reasons for sticking to the heavy position in the military industry were explained from five perspectives: industry comparison, competition pattern, business model, industrial economies of scale, and consideration of state-owned assets.

The manager of Huaxia Military Safety Hybrid Fund is Wang Xiaoli. At present, it manages one Huaxia Military Safety Hybrid Fund, with a management scale of 3.762 billion yuan. At the end of the first quarter, the fund also heavily invested in military industrial stocks.

All line losses of four managers of HFT

It is worth mentioning that the performance of some non military funds is also poor. For example, the advanced manufacturing stocks of HFT and the technological innovation mix of HFT, both of which have declined by more than 14% since this year.

Lv Yuechao is the fund manager of HFT Advanced Manufacturing Stock and HFT Technological Innovation. On June 3, Lv Yuechao managed four products with negative returns.

At the end of the first quarter, the top ten advanced manufacturing stocks of HFT were Hongyuan Electronics, Zhongfu Information, Zhenhua Technology, Torch Electronics, Dongfang Tong, Fushun Special Steel, Hongda Electronics, Kangdelai, Greenmei and AVIC Shenfei.

In fact, the returns of many products managed by Lv Yuechao during their tenure were poor compared with those of their peers, and they ranked lower.

In this regard, Lv Yuechao explained in the first quarter report that the main reason why the net value of the Class A fund of HFT Advanced Manufacturing Stock underperformed the benchmark performance by 10.65 percentage points was that in the first quarter, the decline of the defense and military industry sector was large, which caused a periodic drag on the net value of the portfolio.

Liu Yanchun, Deputy General Manager of Kingsoft Great Wall Fund, expressed his market view that the market is expected to remain volatile in the future. This year, we need to lower our return expectations and patiently look for investment opportunities.

Liu Yanchun believes that in the long run, the stock price will return to the basic value of the enterprise, and the income experience of long-term holding of equity funds may be better. On the issue of "whether to sell the fund after its net value rebounds", Liu Yanchun also said that the appeal of buying low and selling high is not true in itself, but ordinary investors are difficult to make accurate timing. If the fund manager's investment idea is recognized and the subsequent performance of the stock market is optimistic, long-term holding is more suitable for ordinary investors. It is suggested to focus on the medium and long-term performance of the fund and the stability of the fund manager's investment style.

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