Just like the gold merchants in the golden year, the “Baijiu” superimposed on the “banking industry” superposition “military brother” failed to get the “one day sale” of the star fund.
After the continuous adjustment of the A-share market and the freezing point of fund issuance, the phenomenon that products are easy to make but not easy to do and products are easy to make but not easy to make appears again on star fund products. The Chinese reporter of the securities firm exclusively learned from the channel that after two weeks of issuance, Feng fuzhang, the “first brother of military industry”, the first public fund product – China Merchants high-end equipment hybrid securities investment fund, has not reached the raising standard of 200 million.
China Securities reporter noted that this time the star military fund was difficult to sell, which was similar to the first cold offering of the Baijiu Merchants Fund. China’s Baijiu Baijiu Baijiu liquor fund was officially issued in May 2015 when liquor stocks were in a state of low downturn. But due to the low level of liquor stocks, Shenwan Hongyuan Group Co.Ltd(000166) and other securities firms pointed out that the fundamentals of Baijiu stocks were clear at the bottom, and the relative valuations and absolute valuations were at the bottom of history, but the fund finally raised 396 million. It can be called a mini fund product. However, when the fund has been in operation for six years, its cumulative yield has been close to four times, and its asset scale has reached 80 billion by the end of last year.
Industry insiders believe that the raising of the above star fund products may mean that the military stocks have basically bottomed out. The issuance time of the military industry fund is in line with the significant adjustment of the current A-share military industry sector, which provides a stock selection opportunity for Feng fuzhang, the “first brother of military industry”, to invest in the future.
star military theme fund sales are a little difficult
the rule that low-level funds are difficult to sell has been confirmed again
The Chinese reporter of the securities firm exclusively learned from relevant channels that after two weeks of issuance, as of February 28, the investment promotion high-end equipment hybrid securities investment fund has not reached the raising standard of 200 million. The fund is headed by Feng fuzhang, the “first brother of military industry”, and is the first public fund product of the star boss.
Although the difficulty of making money in the equity market and raising new funds has become a common phenomenon in the public offering industry this year, after the in-depth adjustment of military stocks, the first public offering product under the command of Feng fuzhang, the “first brother of military industry”, has not completed the raising standard of 200 million in two weeks, which still exceeds the market expectation. Previously, market participants believed that, As the first public offering product of the star boss, and the potential investment object of the fund will match the long-term improvement of the prosperity of the military industry, some market participants expect that it may be “sold out in one day”.
According to the information disclosed by the fund, China Merchants high-end equipment hybrid securities investment fund was launched on February 17. China Merchants high-end equipment hybrid securities investment fund will focus on the high boom of high-end equipment industry and strive to grasp the investment opportunities of boom track. The investment proportion of stocks and depositary receipts in the fund’s portfolio is 60% – 95% of the fund’s assets, Among them, the proportion of stock investment in the general standard of Hong Kong stocks shall not exceed 50% of the fund’s stock assets.
military industry bottomed out
It is worth mentioning that the first public offering product of “the first brother of military industry” belongs to a banking fund company and is a large brand bank with strong market appeal in China’s fund sales market, which further highlights that the equity fund issuance market has entered a freezing point. In fact, as of February 28, five funds have failed to be raised this year.
“On the one hand, the difficulty of raising new funds is the significant adjustment of various tracks since the beginning of this year. On the other hand, many popular funds last year have failed to bring positive returns to investors so far.” People from a fund company in South China believe that many retail investors may have lingering fears about the losses of last year’s burst funds, which has affected investors’ desire to buy this year to a considerable extent.
The Chinese reporter of the securities firm noted that an explosion fund established in February last year was led by the investment leaders of super large fund companies, with a capital scale of more than 12 billion. However, after one year of operation, the fund has not made a penny so far, and the loss has exceeded 22%.
However, many people from fund companies pointed out that investors compare the burst funds issued with high sentiment with the new funds issued with low market sentiment, which may ignore the profitability of the new fund. In addition to the personal ability of the fund manager, it is also related to the admission time of the new fund to a considerable extent.
Statistics also show that in 2018, the most difficult year to issue funds in the fund market, most of the new funds established here have achieved substantial profits, and a considerable number of fund products have doubled several times. Correspondingly, at the freezing point of issuance in 2018, most funds are difficult to issue and the scale of funds raised is small, However, the entry opportunity brought by low sentiment to the investment of new fund products also obviously provides investment advantages for these products.
GF dual engine upgrading fund, headed by Liu Gesong, a star fund leader, was officially issued on September 25, 2018. After nearly two months of raising period, the fund was established on November 2, 2018, with a first raised capital of only 248 million.
However, in contrast, after more than three years of operation, the cumulative rate of return of the above-mentioned funds is as high as 2.4 times, and the scale of the fund has soared from the initial 248 million to the current 13.9 billion, which greatly illustrates the market law that the fund is easy to do and the fund is easy to do.
brokerage Chinese reporter noted that another more dramatic case comes from the investment promotion fund where the “first brother of military industry” is located
China’s Baijiu Baijiu Baijiu liquor fund was officially issued in May 2015 when liquor stocks were in a state of low downturn. But due to the low level of liquor stocks, Shenwan Hongyuan Group Co.Ltd(000166) and other securities firms pointed out that the fundamentals of Baijiu stocks were clear at the bottom, and the relative valuations and absolute valuations were at the bottom of history, but the fund finally raised only 396 million of the total. It can be called a mini fund product. However, when the fund has been in operation for six years, its cumulative yield has been close to four times, and its asset scale has reached 80 billion by the end of last year.
why do fund managers like military industry
Can military industry become the next Baijiu? In a recent interview, a Chinese reporter from a securities firm also found that the attractiveness of military equity in valuation and performance also has a great attraction to fund managers, which is also a trigger factor for some super large public funds to promote military products in product development.
According to data statistics, the investment allocation of public funds in military stocks is quietly improving. The position scale of public funds in the fourth quarter of 2021 in the national defense and military industry increased by 1.92 percentage points compared with the end of the previous quarter. The proportion of positions was 5.58%, an increase of 1.04 percentage points month on month. It ranked fifth among 31 industries, up one place from the end of the third quarter.
Fund managers increased their holdings of military stocks, mainly from the low level of mining in the industry, which is different from the fund’s investment in new energy and baijiu.
According to the data in the Research Report of securities companies, as of the beginning of February this year, the PE (TTM) of the national defense and military industry (Shenwan) index was 59.32 times, which was at the 14.58% quantile of the past eight years and at the historically low quantile level. Considering the high prospect of the military industry in the 14th five year plan and the industry valuation is about to switch to 2022, the overall valuation of the national defense and military industry is not expensive, that is to say, There is no bubble in the sector.
China Securities Co.Ltd(601066) recently released research report pointed out that since the beginning of 2022, the CSI military industry index has fallen by nearly 20%, the sector valuation has been fully digested, and the high cost performance has become more prominent. At present, the overall PE of the military industry sector is 56 times, at a historical low. At present, the military industry sector is at the key node of the diffusion from local prosperity to overall prosperity. The performance acceleration inflection point of middle and downstream companies is expected to come. At present, the valuation level of the sector is equivalent to the lowest valuation in 21 years, with higher investment cost performance.
It is the above logic that military stocks have gradually changed from a “non-profit industry” in the eyes of public fund managers to a potential gold mining field, which is also reflected in the positions of some star fund leaders, showing that military stocks are increasingly appearing in the core stock pool of star fund managers.
In September last year, the military industry leader Guizhou Space Appliance Co.Ltd(002025) issued an additional issuance announcement, with the participation of fund leaders such as Wells Fargo fund Zhu Shaoxing and Gaoyi asset Deng Xiaofeng. A total of 11 institutions were placed this time, including Fuguo Tianhui managed by Zhu Shaoxing, the top flow fund manager of Fuguo fund. In addition, Gaoyi Xiaofeng No. 2 letter fund managed by Deng Xiaofeng, a well-known private equity fund manager, was allocated 3.308 million shares, with a subscription amount of 200 million yuan. Gaoyi Xiaofeng No. 1 Ruiyuan securities investment fund was allocated 1.654 million shares, with a subscription amount of 100 million yuan; A total of $300 million was allocated.
The four seasons report of ABC Huili industry 4.0 fund managed by star fund manager Zhao Yi also shows that among the top ten stocks heavily held by Zhao Yi, three are military stocks, and only three military stocks account for 17% of the net value of the fund.
“Now many fund managers have also noticed that there may be many opportunities in military stocks, and our positions have also captured some military bull stocks.” A fund manager with leading performance in South China believes that the current situation of the military industry may be different from that in the past. It is more internally driven by growth stocks. In particular, many military stocks also have the characteristics of military civilian integration. Under the performance-oriented stock selection logic, the fundamentals of many military stocks have exceeded market expectations, This is in contrast to the traditional impression of military stocks, so this contrast also brings the advantage of early layout to the pioneers.
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