Since 2022, active partial equity funds with high returns have entered 2022, and the performance of many well-known funds has retreated. The data show that as of January 10, the average yield of active partial equity funds in the whole market was – 3.83%. The blue chip fund with unlimited scenery in 2021 has been greatly differentiated in controlling withdrawal in recent days. There are not only varieties that have been “put down” by heavy positions and nearly 10% of the net value has been withdrawn, but also varieties that have been “red against the market” by virtue of heavy positions of value stocks. It is worth mentioning that the latter mostly choose blue chip sectors such as heavy positions in real estate and finance.
Statistical range: January 4, 2022 – January 10, 2022
in the new year, more than 500 funds received positive returns
In 2022, the overall performance of A-Shares is weak. The data show that as of January 10, 541 of the more than 5000 active partial equity funds in the whole market (common stock type, partial stock mixed type and flexible allocation type, calculated separately for different shares) have achieved positive returns.
The performance of such a fund has highlighted the tight encirclement in the recent market. The reporter of China Securities Journal found that the funds with high returns in the beginning of the year had heavy positions in blue chip sectors such as real estate and finance.
Among the funds with a scale of more than 5 billion yuan, the Zhonggeng value pilot, Zhonggeng value quality held for one year and Zhonggeng small cap value managed by Qiu Dongrong ranked first, second and fourth in the recent fund performance ranking, with yields of 4.66%, 4.43% and 2.85% respectively; GF value leader a and harvest value evergreen a ranked third and fifth with a yield of 2.85% and 2.61% respectively. The scale of these five funds does not exceed 7 billion yuan.
Taking the one-year holding of Zhonggeng value quality as an example, the scale of the fund at the end of the third quarter of 2021 was RMB 6.62 billion, and its top ten heavy positions were Shaanxi Coal Industry Company Limited(601225) , Shanxi Lanhua Sci-Tech Venture Co.Ltd(600123) , Poly Developments And Holdings Group Co.Ltd(600048) , Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Mls Co.Ltd(002745) , Guangxi Liuzhou Pharmaceutical Co.Ltd(603368) , Yango Group Co.Ltd(000671) , {601601601}, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Ue Furniture Co.Ltd(603600) . There is little difference between the estimated net value and the actual net value of the fund on January 10. It is speculated that Qiu Dongrong may not have made a large position adjustment. The top ten heavyweight stocks of the fund disclosed in the third quarterly report of 2021 still have a certain reference value.
As of January 10, the above heavy positions have risen since the beginning of 2022. Among them, Yango Group Co.Ltd(000671) increased by 10.93%, Guangxi Liuzhou Pharmaceutical Co.Ltd(603368) increased by 7.93%, Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) increased by 7.19%, Poly Developments And Holdings Group Co.Ltd(600048) increased by 5.37%, Shaanxi Coal Industry Company Limited(601225) increased by 2.3%. Shaanxi Coal Industry Company Limited(601225) is also a heavy position stock disclosed in the third quarterly report of Zhonggeng value pilot and Zhonggeng small cap value funds in 2021.
Qiu Dongrong expressed his opinion in the company’s New Year speech in 2022 that in 2022, investment should be more solidly based on performance and profitability, be cautious about high valuation assets facing fundamental risk release and crowded transactions, and find industries and fields with low risk, good growth and very cheap valuation to build low-risk High yield portfolio.
last year’s blue chip funds differentiated
In 2022, the market style has changed rapidly, and the recent performance of blue chip funds in the previous year has changed.
The data show that among the funds with a scale of more than 5 billion yuan, BOCOM trend priority a, GF multi factor, Qianhai open source utility, Qianhai open source new economy a and China’s industry boom rank high in the performance list of public funds in recent year, creating good returns for the holders.
Interestingly, at the beginning of the new year, the performance of the above-mentioned blue chip funds was “hammered”, and the degree of withdrawal appeared differentiation. For example, the Bank of communications trend managed by Yang Jinjin is priority A. as of January 10, the fund has withdrawn 1.78% this year. According to the third quarterly report of 2021, the top ten heavy positions of the fund account for 26.26% of the positions, and the investment is relatively scattered. For another example, GF multi factor managed by Tang Xiaobin and Yang Dong has a maximum pullback of 2.82% in recent one week, and the pullback control performance is good.
On the other hand, products managed by Cui Chenlong have retreated greatly. Qianhai Kaiyuan public utility has retreated by 9.8% since the beginning of the year. China Securities Journal reporter noted that the heavy positions of Qianhai open source utilities are mostly focused on the new energy sector, and the positions are relatively concentrated. The third quarterly report of 2021 shows that the top ten heavy positions of the fund account for more than 56%.
