during year, the performance of bulk commodities was brilliant, and the price of crude oil rose sharply. With the rise of international oil prices, the income of oil and gas QDII fund has soared, ranking the first, with the highest income of 23.31% in the year
Geopolitical tensions, rising global risk aversion, and volatile prices of commodities such as gold and oil. With the rise of international oil prices, the income of oil and gas QDII fund has soared, ranking the first, with the highest income of 23.31% in the year.
The high yield of oil and gas qdii-lof also makes the trading price of some funds in the secondary market at a premium of nearly 20%.
GF issued a premium risk warning announcement for two consecutive trading days on February 25 and February 28, reminding investors to pay close attention to the net value of fund units and the trading price in the secondary market and pay attention to investment risks.
Or due to the impact of risk warning, on February 28, GF Dow Jones petroleum index (qdii-lof) fell by the limit in the secondary market, with a closing price of 1.691 yuan. However, compared with the net value of the fund, the fund still has premium space.
premium range of nearly 20%
Recently, the trading price of GF Dow Jones petroleum index (qdii-lof) in the secondary market has a large premium. GF issued a premium risk warning announcement for two consecutive trading days to remind investors to pay close attention to the net value of fund units and the trading price in the secondary market and pay attention to investment risks.
At present, the latest net value date of GF Dow Jones oil index (qdii-lof) is February 24, with a unit net value of 1.5018 yuan. Based on the closing price of 1.795 yuan in the secondary market on February 24, the premium range of the fund reached 19.52% on February 24.
On February 28, GF Fund announced that on February 23, 2022, the closing price of GF Dow Jones oil index (qdii-lof) in the secondary market was 1.632 yuan, with a premium of 8.94% relative to the net value of 1.4981 yuan of fund shares on that day. As of February 25, 2022, the closing price of GF Dow Jones petroleum index (qdii-lof) in the secondary market was 1.879 yuan, significantly higher than the net value of fund units. If investors blindly invest in fund shares with high premium rate, they may suffer great losses.
This is the second time since February that GF has released the premium risk warning announcement of this fund. On February 25, GF Fund announced that on February 22, 2022, the closing price of GF Dow Jones oil index (qdii-lof) in the secondary market was 1.599 yuan, with a premium of 7.43% compared with the net value of 1.4884 yuan of fund shares on that day. As of February 24, 2022, the closing price of GF Dow Jones petroleum index (qdii-lof) in the secondary market was 1.795 yuan, significantly higher than the net value of fund units.
Or due to the impact of risk warning, on February 28, GF Dow Jones petroleum index (qdii-lof) fell by the limit in the secondary market, with a closing price of 1.691 yuan. However, compared with the net value of the fund, the fund still has premium space.
GF Dow Jones oil index (qdii-lof) mainly uses the complete replication method to track the Dow Jones US oil development and production index, and constructs the stock portfolio according to the benchmark weight of individual stocks in the underlying index, showing the characteristics of stock index fund. The Dow Jones U.S. oil development and production index is composed of companies engaged in oil exploration and production in the U.S. market. It aims to reflect the overall performance of the U.S. oil development and production industry.
oil and gas QDII rose the most
During the year, commodities performed well and crude oil prices rose sharply. With the rise of international oil prices, the income of oil and gas QDII fund has soared, ranking the first, with the highest income of 23.31% in the year.
As of February 28, during the year, a total of 33 funds (according to the statistics of the fund’s main code) had earned more than 10%, including 15 oil and gas QDII, ranking at the top of the performance list.
Harvest crude oil (qdii-lof) rose by 23.31% during the year, ranking first in QDII fund. The fund’s latest income reached 53.81 billion yuan in 2021.
The fund income of e fund (qdii-lof) and southern crude oil (qdii-lof) exceeded 20% during the year. In 2021, the two funds also had good performance, with earnings of more than 50%.
In addition, QDII funds such as Cathay Pacific bulk commodities, GF Dow Jones petroleum index (qdii-lof) and noan oil and gas energy (qdii-fof-lof) all gained more than 15% during the year, and Huabao S & P oil and gas upstream stock qdii-lof rose more than 14% during the year.
Ye Shuai, fund manager of GF Dow Jones petroleum index RMB (QDII), said that the current situation of short supply in the international crude oil market still exists. Under the background of relatively certain demand increment, the supply increment continues to be limited, resulting in that the oil price is expected to remain high, and there is no trend of easing the shortage of fundamentals in the short term. On the other hand, geopolitical conflicts are expected to continue to play out and are expected to increase the risk premium of crude oil and further promote the rise of oil prices.
At present, the scale of QDII is relatively small. According to the data of the fund industry association, by the end of December 2021, there were 199 QDII products on the market, with a total share of 179027 billion, and the total net value of the fund reached 238413 billion yuan.
supply and demand pattern may still be tight
Geopolitical tensions triggered concerns about short-term crude oil supply. The conflict between Russia and Ukraine escalated, the oil price rose all the way, and the oil distribution price stood at $100 / barrel again after eight years. The United States said it would not impose sanctions on Russia’s energy exports, making international oil prices rise and fall.
Everbright Securities Company Limited(601788) research report pointed out that on February 25, the United States said it would not sanction Russian crude oil, which alleviated the market’s concern about crude oil supply to a certain extent, and the high international oil price fell. Looking ahead, in the context of tight crude oil supply and demand, the short-term geopolitical situation has a great impact on oil prices. In the follow-up, we will focus on the conflict situation between Russia and Ukraine, the sanctions policies of Europe and the United States against Russia, the progress of the negotiation of the Iranian nuclear agreement, the implementation of OPEC + production increase, the spread situation of Omicron virus strain, the progress of vaccination and the development of covid-19 specific drugs. It is expected that the global crude oil supply and demand pattern will remain tight in 2022, so we will continue to be firmly optimistic about the prosperity of the petrochemical sector in terms of investment.
CITIC futures believes that in the short term, the upward space of oil price depends on the escalation of the conflict between Russia and Ukraine. If the conflict subsides quickly and returns to diplomatic channels for peaceful settlement, it will help alleviate the upward pressure on oil prices. In the medium term, geographically, in addition to the conflict between Russia and Ukraine, we also need to pay attention to the progress of the US Iraq negotiations. If the United States lifted the sanctions, it would help Iran return to production. In terms of supply, the global surplus capacity is sufficient, and the actual pace of production increase is still affected by the geographical situation. In terms of finance, inflation pressure in the United States and Europe continued to rise, and economic growth continued to fall. European and American central banks accelerated tightening and increased their pressure on oil prices. Overall, the recent geopolitical risks have pushed up the oil price, but the net majority of funds is still in the downward trend. We need to pay attention to the risk of differentiation of position price trend. The oil price may remain relatively high until the short-term geopolitical risk is mitigated; After the medium-term financial and supply and demand pressures are fulfilled, the oil price pressure will gradually increase.
