With only the last two days left in the annual fund performance ranking in 2021, there are more and more “Sanda players” in the top ten funds.
Although the fund products of the heavy position new energy track will definitely win the annual champion, the phenomenon that new energy theme products dominate most of the top ten fund performance has changed.
internal upheaval of the top ten funds
According to the data, up to now, Qianhai open source public utility fund, which has a heavy position in the new energy track, has a revenue of up to 120% during the year, and has firmly locked in the champion of the fund in 2021.
At the same time, in addition to the champion and runner up fund products managed by Cui Chenlong, the performance ranking of the other eight funds in the top ten funds changed dramatically in the last week. The reporter of the Securities Times noted that a few weeks ago, almost all of the top ten annual fund performance came from the funds with heavy positions in the new energy track. However, in the recent week when the annual fund performance ranking is crucial, significant changes have taken place within the top ten fund performance, because of the changes in non new energy heavy positions.
The disturbance caused by the change of heavy position stocks mainly comes from the funds that can avoid the non new energy track of “prosperity and loss”. Because the positions of heavy position stocks of these funds are different from those of new energy theme funds, the change of heavy position stocks often strengthens the performance ranking of the funds.
According to the disclosed position information, Baoying advantageous industry fund managed by Xiao Xiao and Chen Jinwei, GF multi factor mixed fund managed by Tang Xiaobin and Yang Dong, Dacheng state-owned enterprise reform managed by Han Chuang, Dacheng cutting-edge industry and Dacheng Ruijing flexible funds are quite different from new energy Saidao fund. The above-mentioned funds had obvious changes in heavy stocks in the last month. When the performance of new energy stocks was relatively poor, the heavy stocks of the above-mentioned funds were offensive.
why is the “Sanda” fund superior?
“We think the rebalancing at the end of the year and the beginning of next year means that some funds in new energy flow to good companies in other tracks.” In an interview with reporters, the research director of a large public fund in South China believes that the current valuation of new energy stocks is expensive and the cost performance is relatively weak, which provides opportunities for other stock varieties.
Obviously, the rebalancing mentioned by the above fund managers has been specifically reflected in the drastic changes in the top ten fund performance. Except that the two funds managed by Cui Chenlong have firmly occupied the top and second places, many positions in the top ten have been obtained by those non track funds, including BAOYING advantage industry fund, which ranks third, The fund has few positions in new energy track stocks. In addition, the more significant changes also come from the three funds managed by Han Chuang, the star fund manager of Dacheng Fund.
In the last week, all the three funds of Hanchuang entered the top ten fund performance. As of December 28, Dacheng state-owned enterprise reform ranked fourth, Dacheng cutting-edge industry ranked sixth, and Dacheng Ruijing flexible ranked eighth. According to the information disclosed by the above three funds, the core heavy positions of the three products are not new energy, but mostly point to the cyclical fields such as chemical industry, coal and oil.
A fund newly entered the top ten this week, especially showing the change in the ranking of fund performance after the outflow of funds from the new energy track. Bocom trend hybrid fund entered the top ten annual fund performance this week, ranking ninth in the whole market. According to the information disclosed by the fund, this is a fund with highly dispersed positions and the product with the lowest shareholding concentration among the top ten funds. The total proportion of the top ten stocks of the fund is only 26%.
The reporter noted that the industry attributes of the top ten heavy positions of the fund also cover a wide range, which also means that the fund’s positions on the new energy track are not concentrated, and its core stocks are in industries including military industry, mechanical equipment, business services, etc. In addition, GF multi factor fund, ranking fifth, is not a new energy track product. The position direction of the fund can hardly see the position of new energy, and its core stocks mainly point to brokerage stocks.
new energy track
short term differences increase
It is worth mentioning that while several “Sanda players” entered the top ten fund performance, two funds that once entered the top four and top six of the whole market fell out of the top ten list, and the core positions of the two funds that fell out of the top ten list were mainly concentrated in the new energy track. The above information means that, on the one hand, the throne of the champion fund is still occupied by the heavy position new energy fund, while on the other hand, many ranking positions previously occupied by the new energy fund in the top ten have been handed over to other funds in the fierce ranking competition.
Obviously, this shows that there are significant strategic differences in the fund’s investment in new energy tracks, but the only difference may lie in time.
In an interview with reporters, a star fund manager of Ping An Fund believes that the new energy track is a general direction that can be concerned for a long time, but the increase of the new energy track is too large, and many stocks actually have a certain degree of overdraft. Therefore, the plate may not be the best investment target at present and for some time in the future.
“The long-term attraction of the new energy industry is much greater than the current attraction. Now the transactions are crowded. In the excitement of chasing high prosperity, investors may ignore the factors that should be paid attention to.” Han Chuang, manager of Dacheng Fund, said that the reason for the continuous rise of new energy this year is that the market pursues high scenery, but the premise of pursuing scenery is that the prosperity needs to be accelerated. For example, the industry will grow by 10% this year, 20% next year and 30% the next year, but there are few industries with non-linear growth. In addition, the share prices of some companies have not been adjusted and have been rising. If they do not match the good competition pattern, this will not be sustainable.
Fund managers who are optimistic about new energy stressed that there are still significant opportunities in subdivided areas. Some public funders stressed that there is still a lot of demand in many links of new energy, and the dynamic valuation of some companies is historically reasonable or even low. Once the industry trend is reconfirmed by the market, it will contain great growth opportunities, and long-term investment opportunities have just begun.
(Securities Times)
