Since this year, the A-share market has been affected by multiple factors, the trend has fluctuated sharply, and the net value of equity funds has generally retreated significantly. However, some funds "resisted" this wave of adjustment, and the net value rose instead of falling. According to statistics, as of February 28, a total of 8 funds have increased by more than 10% this year. From the perspective of positions, undervalued real estate, finance, energy and aviation industries are the main direction of their allocation.
the list of "anti falling" funds released in the first two months
According to the data of China stock market news choice, as of February 28, a total of 8 active partial equity funds have increased by more than 10% this year. Among them, 10000 macro timing Multi Strategy hybrid, 10000 Xinli flexible allocation hybrid and 10000 selection hybrid managed by Yellow Sea ranked first, second and fifth with an increase of 14.57%, 13.5% and 11.87% respectively. In addition, the core resource mix of Qianhai Kaiyuan Shanghai, Hong Kong and Shenzhen managed by Wu Guoqing, Qianhai Kaiyuan gold, silver and jewelry mix, wanjiayi and flexible allocation mix managed by Zhang Heng have also increased by more than 10% this year.
Among the top 20 funds, there are also funds such as Chinese business new trend optimization and flexible allocation mix, ChuangJin Hexin resource stock, China Securities Co.Ltd(601066) low-carbon growth mix, Chinese business selection and return mix, e fund resource industry mix, Zhonggeng value quality one-year holding period mix, etc. these funds have increased by more than 7% this year.
From the positions disclosed in the fund's fourth quarter report last year, the allocation direction and investment strategy of fund managers played an important role in the rise of these funds against the trend. Taking the macro timing and multi strategy mix of Wanjia as an example, as of the end of the fourth quarter of last year, its top ten heavy positions were almost "swept" by real estate stocks and energy stocks, which have performed more prominently this year. The flexible configuration of Wanjia Xinli and the mixed selection of Wanjia managed by the Yellow Sea are also similar.
Qianhai Kaiyuan, the third largest net increase this year, has benefited from the strength of the non-ferrous metal sector. By the end of the fourth quarter of last year, the top ten heavy positions of the fund included Western Region Gold Co.Ltd(601069) , Zhongjin Gold Corp.Ltd(600489) , Chifeng Jilong Gold Mining Co.Ltd(600988) , Yintai Gold Co.Ltd(000975) , China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) , Zijin Mining Group Company Limited(601899) , etc. In addition to the heavy positions in energy, nonferrous metals and other sectors, some aviation stocks and banking stocks are also configured.
undervalued sector becomes the main "hero"
From the position of the above "anti falling" funds, the sectors with low valuation such as energy, finance, real estate and dilemma reversal industries (such as aviation) are the main direction of their allocation.
Huang Hai said in the fund's fourth quarter report last year that the economic growth fell in the fourth quarter of last year, and the overall market shock weakened. At present, the market remains cautious about the overvalued value of future market hubs and growth stocks.
"In the stage of economic growth decline and risk-free interest rate decline, value stocks with high dividend yield and sustainable and stable dividend will become scarce assets, and the market needs to revalue their value." Huang Hai said.
So, can the undervalued sector market continue in the future? In this regard, Qiu Dongrong, deputy general manager and chief investment officer of Zhonggeng fund, said that from the perspective of top-down asset allocation, although the structure of equity assets is significantly differentiated, the risk compensation for the underestimated part is high enough. From the perspective of the cycle of the next two to three years, we can take a more positive attitude towards such assets with high investment cost performance. Qiu Dongrong believes that at present, we can actively pay attention to the undervalued areas that benefit from the sustained force of the steady growth policy, such as the opportunities in the pro cyclical and value style fields such as banking, real estate, energy resources and non-ferrous metal processing, power utilities and so on.
\u3000\u3000 "We still believe that upstream resources have short-term certainty. Due to the backward progress of capital expenditure in relevant industries for many years, it is difficult to increase production capacity as soon as possible after the demand increases. Therefore, the gap between supply and demand will always exist, and the price is expected to remain at a high position to improve corporate profits. On the other hand, most of these sectors are still low in valuation, which is more difficult under the current macro background To benefit. " Honeycomb Fund said.
