With the halo of “sunshine base” and “10 billion base”, many funds have attracted much market attention at the beginning of this year. Behind the emergence of the explosion fund, there is not only the support of the “star fund manager”, but also the brand effect of the fund company or the “support” of the channel.
Near the end of the year, what is the performance of these funds? Combined with the latest net value and disclosed quarterly reports, the performance of each product still has traces to follow.
With the fluctuation of net value, the scale of popular products varies. Overall, with the decline of net worth, the decline of fund shares in the above products is not uncommon. However, the decline in the net value of some funds is still popular in the market, and although the funds have achieved positive returns, the scale will inevitably shrink due to the large withdrawal of the net value.
how many “solar bases” were there in the year?
Although the overall issuance scale has exceeded the threshold of 2.7 trillion yuan, there is no lack of “sunshine base” in the public fund market.
As of December 24, there were 56 active equity funds “sunshine” (A / C shares are combined), with a total issuance scale of more than 300 billion yuan.
Among them, the issuance scale of 8 funds, including Nanfang xingrun value holding for one year, GF balanced and optimized mixing, e fund competitive advantage enterprise mixing and Yinhua Xinjia, exceeds 10 billion yuan.
As early as the first quarter, e fund’s competitive advantage enterprises set a record of 239.8 billion initial offering, and the final issuance scale reached 14.849 billion yuan. The value of Nanfang xingrun is held one year and sold more than 15 billion yuan on the day of the initial offering.
In addition, 26 products such as e fund strategic emerging industry stocks, Fuguo value creation hybrid, e fund intelligent manufacturing advantage hybrid and Huaxia emerging growth stocks have issued shares of more than 5 billion yuan. The issuance share of 8 products such as Cinda Australia Silver Star game hybrid, southern consumption upgrading hybrid and Boshi Huirong return one-year holding period hybrid exceeded 2.5 billion yuan.
On the whole, there are 14 “solar bases” with a combined issuance share of less than 2.5 billion. However, behind the lower issuance share, it is still popular with market funds.
For example, the first batch of eight approved theme funds of the Beijing stock exchange were well subscribed on the market on the day of sale, and all eight funds reached the initial offering limit of 500 million yuan at noon. From the perspective of the placement proportion disclosed subsequently, the total initial offering scale of these products exceeds 25 billion yuan.
8 how does the 10 billion “solar base” perform?
Behind the “sunshine base” is the comprehensive results of many factors, such as large platform, strong channels, blue chip fund managers and so on. With the interpretation of the market, how do these funds perform?
Taking the “sunshine base” with an issuance scale of more than 10 billion yuan as an example, as of December 24, the latest net value of most products was still below “1”, but some products have returned to more than “1”.
Among them, the net value of GF balanced preferred mix managed by Wang Mingxu on December 24 was 1.05, and the return since its establishment was 4.51%.
According to public information, GF balanced preferred mix was established in early January this year. As a balanced value player, Wang Mingxu adopted a relatively cautious position building strategy during the closed period of the product. But as the stock market stabilized after the closure period, he began to accelerate the speed of building positions.
Overall, the stock position of the product has been maintained at about 64%. As early as the first quarter, Wang Mingxu invested in white horse leaders in home appliances, food and beverage, medicine, banking, duty-free, aviation, new energy vehicles, upstream energy metals and other industries, and configured aviation and upstream resource products at the same time. The net share growth rate of the fund in the first quarter was – 5.70%.
In the market rebound in the second quarter, the growth style was obviously dominant in the market. However, Wang Mingxu did not choose too much time, but adjusted the industry configuration to increase his holdings in coal, aviation and other industries in a high proportion. He admitted that due to the low allocation proportion in the high growth and high valuation sector, the net value of the fund performed poorly in the second quarter, and the growth rate of the net value of the fund units was – 1.01%.
In the third quarter, Wang Mingxu had no significant change in the industry configuration, mainly including two aspects: one is lithium, cobalt and coal, which are highly prosperous in the industry but whose valuation is still reasonable or low; the other is aviation and banks whose valuation is still at the absolute bottom of history.
However, as the market style continued to switch, coal stocks and aviation stocks stood at the tuyere in the third quarter, and GF balanced and preferred mixing ushered in positive returns. The net value of fund units increased by 9.03% in the current period.
Although the net value rebounded, the fund shares were declining one after another. As of the end of the third quarter, the total fund shares of GF balanced and preferred mixed funds were 7.668 billion, nearly 50% lower than the total issued shares.
In addition, two units with net worth insurance of more than “1” also experienced a decline in fund shares.
As a “good start” product of GF fund, GF Xingcheng was issued at the beginning of this year, and the proposed fund managers are sun Di and Zheng chengran. In the position building period, the preferred varieties of the fund are pro cyclical and some undervalued and high score red stocks. In the third quarter, a large proportion of photovoltaic plates were added, and the fund also achieved a positive return of 3.79% in that quarter. However, by the end of the third quarter, the total fund shares had shrunk to 7.529 billion.
Yang Dong’s Wells Fargo equilibrium preferred position is relatively cautious. As of the end of the first quarter, the fund’s stock position was about 40%. Yang Dong said that he insisted on selecting individual stocks from bottom to top, looking for investment opportunities in new energy, science and technology, medicine, military industry and other fields, and buying growing companies under a certain margin of safety. Allocate a certain proportion of undervalued cyclical stocks and over allocation semiconductor industry.
In the second quarter, Wells Fargo equilibrium preferred to achieve a net worth growth of 7.70%; However, in the third quarter, the net value was corrected. The net value growth rate in a single quarter was – 0.73%, and there were many redemptions of products. By the end of the third quarter, the total share of the fund was 6.697 billion.
10 billion “sunshine base” or sweet pastry?
On the other hand, as the largest “hot money” in the first quarter, the latest net value of e fund’s competitive advantage enterprises is 0.9151, and the net value growth rate has remained negative since its establishment.
As early as the first quarter of this year, Feng Bo built his position at a more cautious pace. By the end of the quarter, his stock position was about 30%. However, due to the poor performance of heavy positions such as Tencent, meituan and Midea Group Co.Ltd(000333) , the net value of the fund was corrected.
In the second quarter, Feng Bo’s stock position increased to about 60%, mainly configured with Internet, consumption, new energy, home appliances, TMT, automobiles, etc. the largest heavy position stock is Tencent holdings. Although the overall return of the fund is positive, it is also dragged down by the market of the Internet industry.
Aware of this situation, Feng Bo reduced the configuration of the Internet industry with increased uncertainty in the third quarter, increased the configuration of automobile, photovoltaic, food and beverage, electronics, innovative drugs, home appliances and other industries, and further increased the stock position to more than 70%.
As for the top ten heavyweight stocks, by the end of the third quarter, Tencent holdings had withdrawn from the top ten heavyweight positions and Longi Green Energy Technology Co.Ltd(601012) became the largest heavyweight stock. The net value growth rate in the third quarter was – 8.16%, and the total fund units at the end of the period was 21.996 billion, an increase of 48.13% over the issued shares at the time of establishment. At the end of the third quarter, the scale of the fund was 20.08 billion yuan.
In this regard, Feng Bo frankly said that the industrial plate market has become the main feature of the market this year. “This poses a great challenge to our investment method of selecting individual stocks from bottom to top in the medium and long-term dimension. Obviously, it also proves once again that our investment method can not adapt to all market environments and can not perform well at all times.”
He said that despite the adverse market environment, the investment style of products remained stable. In the next stage, efforts will be made to improve the response speed to changes in the industry environment and further improve the investment efficiency. Since the fourth quarter, the overall withdrawal of e fund’s competitive advantage enterprises has narrowed.
Similarly, the latest unit net worth of four 10 billion level Nikko bases, such as the one-year holding of southern xingrun value managed by Shi Bo, the two-year holding of Yinhua Xinjia managed by Li Xiaoxing, the Guangfa growth selection managed by Qiu Jingmin, and the six-month holding of Qianhai open source high-quality enterprise managed by Qu Yang, is still below “1”.
Whether these “sunshine base” can get out of the decline needs a longer investigation. From the three quarterly reports, in addition to the one-year holding of Nanfang xingrun value and two-year holding of Yinhua Xinjia, which are still in the closed period, the latest scale of the remaining two products has significantly shrunk compared with that at the time of establishment.
(Financial Associated Press)
