In 2022, the market experienced drastic adjustment, and the net fund value of many heavy warehouse track stocks suffered a sharp retreat. However, from the situation of funds with good performance this year, in addition to the excellent performance of heavy warehouse stocks, it is also inseparable from invisible heavy warehouse stocks. The newly disclosed annual report of public funds in 2021 shows that the eye-catching performance of many invisible heavy positions has pushed up the net value of the fund. Some funds with poor performance during the year are also inseparable from the sharp decline of invisible heavy positions.
invisible heavyweight stocks show great performance
For public funds, the quarterly report will disclose the top ten heavy positions, and the semi annual report and annual report will disclose the complete positions. By analyzing the position data disclosed in the 2021 annual report of public funds, we can see the reasons for the sharp rise of many funds in the relatively weak market.
Taking Wanjia macro timing Multi Strategy Fund as an example, as of March 30, the fund’s income this year was as high as 29.83%, leading all active equity funds. Through the annual report of the fund, it can be found that its invisible heavy position stocks, like its heavy position stocks, are almost real estate stocks and coal stocks, which have increased greatly this year. Taking Shanxi Coking Coal Energy Group Co.Ltd(000983) as an example, its 11th largest position stock has increased by 50% since this year; The 13th largest position stock is Shaanxi Coal Industry Company Limited(601225) , and the 14th largest position stock is China Coal Energy Company Limited(601898) , both of which have increased by about 30% this year; The 15th largest holding stock is Shanxi Lu’An Environmental Energydev.Co.Ltd(601699) , with an increase of nearly 50% this year. These invisible heavy positions have soared the net value of the fund.
The outstanding performance of jinyuanshun anyuanqi flexible fund this year also benefited from the contribution of hidden heavy positions, including Xi’An Typical Industries Co.Ltd(600302) , Guangzhou Tech-Long Packaging Machinery Co.Ltd(002209) , Zhang Jia Jie Tourism Group Co.Ltd(000430) and other strong stock price performance this year, and Shanghai Dragon Corporation(600630) , Shanghai Yaohua Pilkingyon Glass Group Co.Ltd(600819) and other short-term strong performance. This has contributed a lot to the rise in the net value of the fund.
Compared with the above-mentioned funds with eye-catching performance, some funds with poor performance this year are dragged down by invisible heavy positions. Taking the growth value of Ruiyuan as an example, when it earned less than 3% last year, the biggest decline since this year is still close to 29%. In addition to the weak performance of its heavy positions, it is also related to the sharp decline of its heavy positions. Taking Topsec Technologies Group Inc(002212) and Sinocare Inc(300298) which have been held for a long time as an example, the above two companies have fallen by more than 40% this year. The fund’s 12th largest position, SIMORE international, has fallen by more than 50% this year. Damo technology leading fund, which has fallen by more than 25% this year, among its invisible heavy positions, Luxshare Precision Industry Co.Ltd(002475) , Shenzhen Topband Co.Ltd(002139) and others have fallen by about 40% this year.
betting industry intensifies net worth fluctuation
As for fund investment, it stands out or comes to the bottom among thousands of funds, mostly due to the over allocation of a few sectors by fund managers. In the view of insiders, by betting on one or two sectors, although the net value can soar in a short period of time, there is also a risk of sharp withdrawal of performance, and investors should be psychologically prepared for this.
A private equity fund manager in Shanghai said that he obtained short-term rapid rise income by betting on the industry. When the market wind direction changes, the net value retreat range is also large. “Few fund managers can make money in multiple industries through industry rotation. When they can make money in multiple industries, it is more luck.”
Taking 10000 macro timing and Multi Strategy funds with leading performance this year as an example, although the fund has heavily invested in the coal and real estate industry, it can be seen from the fund’s previous periodic reports that the fund has always heavily invested in real estate in the past two years. It has bought coal stocks sharply since the second half of last year, rising against the current in the overall downward market this year, and its performance is very eye-catching. However, in the track stock market in 2020, the net value of the fund increased by only 5.87%.
In the fund’s annual report, fund manager Huang Hai said that in terms of market style, the rebalancing of funds from growth stocks to value stocks will bring structural opportunities. High quality blue chips in the financial and cyclical industries with low institutional allocation in the past few years may have better relative returns. “In the context of economic instability and low risk-free interest rates, companies that underestimate value and stabilize dividends will be scarce assets in the period of economic downturn. They will actively explore and grasp the undervalued blue chips in the past, and continue to be firmly optimistic about coal, real estate benefiting from steady growth policies, etc.”
Jinzicai of the financing fund has achieved obvious excess returns by relying on the over allocation of the agriculture, forestry, animal husbandry and fishery industry. The return rate of many funds he manages has exceeded 10% this year. In his opinion, we should adhere to industrial research and choose good companies on the track in line with industrial trends. From the net value line of the fund under its management, although the long-term performance is good, the net value fluctuation is also not small.
