Extremely Differentiated Performance Of Public Funds: Three Double Funds Have Been Born, With A Difference Of More Than 120% Between The First And The Last Returns

? ? ? Since the beginning of this year, the structural market has caused a large number of star fund managers to encounter performance embarrassment, but "new people" have emerged in endlessly.

On the last trading day of August, the third doubling fund of this year, Xincheng emerging industry a, was born in the public offering market. On the previous trading day, Golden Eagle national emerging industry and Great Wall Industry rotation a had just upgraded to "double base".

? ? ? However, since September, the market has adjusted again, hot plate rotation, "double base" has appeared a correction.

According to the data, as of September 3, two funds that have returned more than 90% this year include Great Wall Industry rotation a and Qianhai Kaiyuan public utility, and 10 funds have returned more than 85%.

At the same time, the fund's return is also "hot and cold", the gap between the beginning and the end is more than 120%. As of September 3, Soochow double triangle C was the largest loss active equity fund this year, with a loss of 24.45%.

"Since the beginning of this year, the market has undergone dramatic changes, some sectors have experienced significant fluctuations, and the structural differentiation characteristics are obvious. External factors such as liquidity expectations changes, policy guidance and other factors interference, market shocks continue. In this context, there are also new changes in investment, and there is no style that can last forever. " A large mutual fund manager in Beijing told the 21st century economic report.

"Double base" investment code

Compared with some famous star fund managers in the market, this year's double fund seems to be unknown.

To seize the opportunity of several popular tracks is the common ground of double fund.

According to the semi annual report of the 21st century economic report, the reporter found that the number of heavy positions in the emerging Golden Eagle nationality and the great wall industry has a high degree of overlap. Among the top ten heavy positions of the two funds, Ningde times, Longji shares, sunshine power, Trina Solar, Jingao technology and Tianci materials, involving new energy, photovoltaic, energy storage equipment, etc, The positions of Great Wall Industry rotation and Xincheng emerging industry mainly overlap in Huayou cobalt industry. In addition, Ningde era is a common heavy position stock of the three funds.

In addition to the overlapping part, the three funds also have non-ferrous metals, semiconductors and so on.

As a matter of fact, there are many companies that have increased by more than 100% this year.

Among them, Rongjie shares increased by more than 300% in the first eight months, and six companies, including sunshine power, Trina Solar energy, Tianci materials, Maiwei, Keda manufacturing and Ganfeng lithium, have increased by more than 100% in the first eight months.

Liu Jiang, the fund manager of Great Wall Industry rotation, said that in the second quarter, its judgment on the direction of new energy vehicles, photovoltaic and other industries ushered in rapid development, and the prosperity is expected to continue to be in the upward stage. At the same time, domestic high-quality companies have already been in the leading position in many aspects and have outstanding investment value, so they have carried out the key layout.

Golden Eagle national emerging fund manager Han Guangzhe also raised concerns about new energy vehicles and photovoltaic in the second quarter.

Han Guangzhe said that in the second quarter, the fund further allocated new energy vehicles and power battery raw materials, photovoltaic, biological vaccine, CXO and other industries with better prospects, and the target was mainly the industry-leading companies.

It is worth mentioning that Han Guangzhe took over Jinying national emerging on March 16 this year, and the return of the fund reached 87.23% in 174 days after he took office.

However, with the change of market conditions in recent days, the income of double fund also fell.

In fact, in recent years, the market has shown the phenomenon of consumption and cycle rotation leading the rise. In the early stage, some popular tracks, such as electrical equipment, have seen a slight correction since September, while electronics has been back by 6% since mid August.

"On the one hand, after the end of the trading window, the technology track with overvalued and crowded trading needs to be adjusted in the short term. Combined with the obvious rise of consumer sectors such as medicine, food and beverage, leisure services and so on, it is possible that some institutional funds may buy the oversold consumer sectors in the early stage after cashing in the profits of the science and technology sector for balanced allocation. Longji shares and other new energy leaders reported higher than expected, but the next day there was an obvious correction in the stock price, indicating that some funds were reported in the centralized trading; In addition, after the mid-term report period, some semiconductor companies have reduced their holdings due to industrial capital such as large funds and shareholders of listed companies, and events such as TSMC's voltage price suppliers have, to a certain extent, stimulated the pessimism of the technology sector. " On September 6, Yang Gang, chief economist of Golden Eagle Fund and general manager of equity research department, pointed out in an interview.

Performance differentiation intensifies

Compared with the excellent performance of the double fund, many funds are still losing money.

According to the data, as of September 3 this year, the two active equity funds with the largest losses were Soochow double triangle and TEDA Manulife, with losses of more than 24%.

In addition, Dacheng Zhihui quantified multiple strategies, Dongfang Xinxing growth, Jingshun Great Wall Jiying growth and other funds all lost more than 20%.

According to the latest data on September 3, the revenue of Great Wall Industry rotation a, which ranks first, has exceeded 120% compared with that of Soochow double triangle C, which is the last.

According to the China Daily News, nine of the top ten heavy positions in the Soochow double triangle are all in the health care industry and one in the daily consumption industry. Compared with the first quarter, the top ten heavy positions in the Soochow double triangle were changed to 9.

In fact, in the first quarter, the Soochow double triangle fund mainly allocated TMT based Hong Kong stocks and A-share technology companies. However, due to the weak trend of Internet companies, the performance was not good.

Fund managers in the China Daily News pointed out that in June, the Soochow double triangle fund adjusted its thinking and increased the allocation of cro and cdmo companies, medical services and medical beauty companies in Hong Kong and a shares. But in the end, the increase was 0.20% in the first half of the year, underperforming the Shanghai Composite Index and the gem index.

With four months to go until 2021, the new champion fund is still in suspense.

For the follow-up market trend, adjustment is still the key word put forward by fund managers.

"After the disclosure of the China Daily News, the revenue of a shares continued to grow at a high level in the second quarter of this year, while the peak of roe will reach the first half of 2022, and the structure is still more important than the position. In terms of the matching degree between the fundamental periodic quantile and the valuation quantile, the current consumer goods valuation is obviously overvalued relative to the fundamentals, and the valuation still needs to be digested, and the matching of cycle and growth is acceptable. According to this, the high growth direction of new energy vehicles, photovoltaic and semiconductors continued to digest the transaction cost performance in September, and the next trading time window for the high growth direction will be in October, and the adjustment is waiting for the layout. " Wei Fengchun, chief macro strategy analyst of Boshi fund, was interviewed.

In view of the track and direction, AXA Pudong Bank believes that the current A-share overall macro fundamentals, liquidity, boom track industry trends have not fundamentally changed. The investment logic of "focusing on growth and focusing on industry prosperity" continued in A-share market has not changed, so we will continue to look for sectors with high growth and upward prosperity. The high economic growth track represented by new energy vehicles, photovoltaic, medicine and so on may still be the main layout direction.

"Investment itself is the process of dealing with risk or uncertainty, and the process of fund management is to constantly test your mind." Han Guangzhe said, "there is no winning general in investment, and the fund yield is just the result. For fund managers, it is more important to do their homework well in the process of investment and research. They need to constantly expand their ability circle and do a good job in responding to market changes. "

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