Some Funds Have Recovered From The Bull Market And More Than 1000 Funds Are Still Losing Money

The Shanghai stock index has reached 3600; Gem index rose more than 4% in recent month, becoming the best performance in the same period since 2015.

Yan Xiang, chief strategic analyst of Guoxin Securities, pointed out that the conditions for A-share to go out of the long bull market in the future have begun to be met. The fundamental importance in 2021 is far greater than the liquidity. After the second quarter, A-share will usher in the second wave of main rise.

Although the market has recovered, as of June 3, there are still more than 1000 funds with negative returns this year. Among them, there are many active equity products of head fund companies, such as Huaxia global stocks, Huaxia Industrial appreciation hybrid and Huaxia military security hybrid fund, which have fallen by more than 12% this year; Haifutong's Haifutong advanced manufacturing stock and Haifutong's technology innovation mix have fallen by more than 14% since this year.

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

In January this year, the market rose sharply, and the fund issuance market was booming. In January, the fund issuance scale was 490.140 billion, and then the market issuance dropped rapidly. In February, March and April, the fund issuance scale was 296.680 billion, 281.995 billion and 140.686 billion respectively.

Part of the net value of funds also rose with the market, some have been close to the high point before the crash.

Some funds have turned over

Mengyuan, once ridiculed by the market as "the worst medical beauty fund manager", managed by ABC medical and health stock, and Agricultural Bank of China Huili Innovative Medical Co., Ltd., the yield rose by 15.39% and 14.57% respectively in recent three months. The latest net value of 3.3494 and 1.8230 has also approached the net value performance at the peak in February this year.

Overall, as of June 3, most star funds have achieved positive returns this year. Among them, ICBC Credit Suisse pension industry a managed by Zhao Bei has a yield of 27.80% since this year, and another fund managed by it, ICBC Credit Suisse Frontier Medical a, rose by 27.04%.

According to public information, Zhao Bei joined Credit Suisse of ICBC in 2010, and is now the deputy director of research department and head of medical and health research team. At present, it manages 9 products, namely, ICBC healthcare industry, ICBC Credit Suisse pension industry a / C, ICBC Credit Suisse Frontier Medical A / C, ICBC Credit Suisse technology innovation six months fixed hybrid A / C and ICBC growth selection hybrid A / C, with a total management scale of 15.584 billion yuan.

Zhao Bei said in the quarterly report of the fund, whether domestic or international, liquidity will be significantly reduced compared with last year's substantial easing, so it is expected that this year's valuation will be difficult to significantly expand; However, given the background of economic recovery and the fact that the world will continue to maintain a low interest rate environment in the long run, the valuation is not expected to shrink significantly. Therefore, this year, we will pay more attention to the matching degree of valuation and performance, and select individual stocks from the bottom-up perspective to obtain excess returns. The structure of the pharmaceutical industry is 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, e fund's blue chip selection managed by Zhang Kun, the first brother of public offering, increased by 9.69%, and the holding of high-quality enterprises increased by 8.49% in three years, and e fund's medium and small cap also achieved positive returns; Another star fund manager, Liu Yanchun, managed Jingshun Great Wall Dingyi hybrid, Jingshun Great Wall emerging growth hybrid and Jingshun Great Wall domestic demand growth No.2 hybrid, all achieved positive returns of over 7%.

On June 3, third-party data showed that among the nearly 8000 open-end funds, more than 1000 had negative returns.

Most of the products with more losses are military funds or funds with heavy positions in military industry.

Among them, Huaxia Industrial appreciation hybrid fund and Huaxia military industry security mixed fund have fallen by more than 12% this year.

According to the public information, Dai Ruiliang is the manager of Huaxia Industry appreciation hybrid fund. The fund's heavy stocks are mainly concentrated in the military industry, and its stock position is more than 90% at the end of the first quarter of this year. The top ten heavy positions include AVIC Shenfei, Hongdu Aviation, Hangfa power, AVIC Electromechanical, AVIC high tech, AVIC Xifei, Western superconductor, aerospace development, RuiChuang micro nano and torch electronics.

In the first quarterly report of the fund disclosed before, the reasons for persisting in heavy warehouse in the military industry were expounded from five aspects: industry comparison, competition pattern, business model, industrial scale economy and consideration of state-owned assets.

Wang Xiaoli is the manager of Huaxia military industry security hybrid fund. At present, he manages one China military industry security hybrid fund with a management scale of 3.762 billion yuan. At the end of the first quarter, the fund also had a major position in military stocks.

Haifutong's four managers are in total loss

It is worth mentioning that the performance of some non military industry funds is also poor, such as the hybrid of Haifutong advanced manufacturing stock and Haifutong scientific and technological innovation, which has dropped by more than 14% since this year.

LV yuechao is the fund manager of Haifutong advanced manufacturing stock and Haifutong technology innovation. On June 3, LV yuechao managed four products with negative returns.

At the end of the first quarter, the top ten heavy positions of Haifutong advanced manufacturing were Hongyuan electronics, Zhongfu information, Zhenhua Technology, torch electronics, Dongfang Tong, Fushun Special Steel, Hongda Electronics, kondlai, greenway and AVIC Shenfei.

As a matter of fact, the returns of several products managed by LV yuechao during their tenure of office were not good, ranking low.

In this regard, LV yuechao explained in the first quarter report that the net value of class a fund of Haifutong advanced manufacturing stock underperformed the performance benchmark by 10.65 percentage points, which was mainly due to the large drop in the defense and military industry sector in the first quarter, which caused a periodic drag on the net value of the portfolio.

Liu Yanchun, deputy general manager of Jingshun Great Wall Fund, pointed out that it is expected that there will still be large fluctuations in the market in the future. This year, we need to reduce the expectation of return and look for investment opportunities patiently.

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