Affected by multiple adverse factors, the market has continued to fluctuate and adjust since 2022.
Such a market not only makes many investors suffer great losses, but also for the foundation. According to choice data, as of January 28, the average rate of return of active equity funds (including common stock, balanced hybrid, partial stock hybrid, flexible allocation and other funds) since this year was about – 8.59%. In the same period, the overall decline of the Shanghai and Shenzhen 300 index also reached 7.62%.
In fact, with the deepening of market adjustment, prudent fund managers are increasingly sought after by investors.
there are still funds that “can rise and resist decline”
According to choice data, as of January 28, the average rate of return of active equity funds (including common stock, balanced hybrid, partial stock hybrid, flexible allocation and other funds) since this year was about – 8.59%.
Differentiation is still the key word of fund performance this year. Specifically, Huatai Bairui new financial real estate, Zhonghai advantage selection and Anxin people’s stable growth have achieved a yield of more than 4% this year, temporarily in a relatively leading position. From the above fund positions, it is mainly concentrated in the banking and real estate sector.
However, the data also show that the net value of about 60 funds has decreased by more than 18% this year, of which more than 10 funds have decreased by more than 20% this year. Specifically, three types of funds decreased significantly: one is the fund in the military industry sector, the other is the fund related to pharmaceutical themes, and the third is the fund in the new energy sector with leading income last year.
Unlike the sharp rise at the beginning of 2021, A-Shares fell all the way and investor sentiment was low at the beginning of 2022. However, to lengthen the investment period, from the medium and long-term perspective, there are still some public funds that have experienced many rounds of sharp decline, which can cross the bull and bear and bring long-term better returns to investors.
According to the data, as of January 28, although the yield of Jiutai Jiuyi a managed by He Xin and Huang Hao has also temporarily fallen this year, its yield in recent six months has reached 34.53%, ranking first in its kind, with a yield of 40.05% in recent two years and 85.31% in recent three years. Both short-term and long-term outperform the CSI 300 and the industry average.
From the previous four seasons report, the top ten heavy positions of the fund are: Jiangsu Shentong Valve Co.Ltd(002438) , Hangzhou Oxygen Plant Group Co.Ltd(002430) , Shenzhen Jinjia Group Co.Ltd(002191) , Chow Tai Seng Jewellery Company Limited(002867) , China Jushi Co.Ltd(600176) , Titan Wind Energy (Suzhou) Co.Ltd(002531) , Zhejiang Windey Co.Ltd(300772) , Sinoma Science & Technology Co.Ltd(002080) , Shanghai Pharmaceuticals Holding Co.Ltd(601607) , Changjiang & Jinggong Steel Building(Group)Co.Ltd(600496) .
In fact, Jiutai Jiuyi’s portfolio position changes dynamically and may appear non mainstream in public offering, which is related to the fluctuation attribute of A-Shares and the concept of absolute return. Controlling positions is a high-risk operation for portfolio returns, and the accuracy is not necessarily very high. We can’t hope to increase the excess return of the portfolio through position control, but to control the potential downside risk of the portfolio in the process of anticipating the increase of uncertainty.
Public information shows that before joining Jiutai fund, Huang has many years of experience in equity asset management. The grasp of the industry trend and the importance of risk control have made Huang Ying stand out from the volatile market this year after going through the most important cycles in the history of a shares. It is understood that Huang Ying insists on investing with the thinking of absolute return, buys stocks, tries to avoid the risk of killing valuation, and it is best to find a way of valuation and profitability. This practice also allows him to control the withdrawal of the portfolio for a long time and achieve a better compound rate of return.
He Xin joined Jiutai fund in September 2016 and once served as a researcher in the research and development department. He is now the fund manager of zhongzhenghe equity investment department and the fund manager of Jiutai Jiuyi flexible allocation hybrid securities investment fund (since August 21, 2018). He Xin’s investment philosophy takes jingkuang as the core. He believes that the biggest margin of safety is the continuous growth under high jingkuang. He pays attention to dynamic equilibrium and does not easily choose the time.
With its excellent performance, the fund has also been enthusiastically subscribed by investors. Data show that as of December 31 this year, since last year, the scale of Jiutai joy a has increased to 36 million yuan from 06 million yuan in the first quarter, and the scale of Jiutai joy C has increased to 49 million yuan from 22 million yuan in the first quarter.
flexible advantages of small-scale funds
In fact, under the continuous deduction of structural differentiation, many fundamentalists can’t help lamenting that investment is not easy. Under such a volatile market, fund managers who successfully cross cattle and bears and “can rise and resist decline” and stabilize income are particularly valuable.
However, it is worth mentioning that the scale of equity funds with good performance has been relatively small since this year. According to the data, as of January 28, none of the top 100 equity funds with outstanding performance this year has a scale of more than 10 billion, and most of them have a scale of less than 1 billion yuan. Small scale funds are like fish in water in the market by virtue of capital flexibility, which is also a significant feature in recent years.
Insiders pointed out that the contradiction between fund size and performance has always been the focus of the investment field. In recent years, the structured market of A-Shares has been obvious, and the rise of emerging growth stocks with small and medium market capitalization has greatly improved the performance of small-scale funds that can flexibly adjust their positions. In addition, the fund managers of most small-scale funds are relatively young and dare to bet on emerging markets, Sensitive to A-share style conversion.
Overall, compared with large-scale funds or even 10 billion funds, small-scale funds mainly have the following advantages:
First, small and medium-sized funds can better take into account small and medium-sized stocks;
Second, small and medium-sized funds can better reflect the selected stock style of value investment.
However, large-scale funds have investment philosophy and firm performance verified by cycles and fluctuations, as well as an organizational team that has withstood the tempering of scale and time, and their performance is more robust. Relatively speaking, small-scale funds have stronger performance flexibility and explosive power. Managers can tap those bull stocks with stronger growth momentum from small and medium-sized market capitalization stocks, and it is easier to take heavy positions and reflect the unique style of fund managers.
