May Day holiday begins! This also means that one-third of the work has been completed in 2022.
In the first April of 2022, the A-share market ended with the fall of various risk concentrations outside China, and the fund performance was freshly released.
It can be seen from this picture that from the performance of the major mainstream indexes in the first April, they basically performed poorly, which led to most losses of active equity funds during the year. Only a small number of funds carried the fluctuations and achieved good returns, but accounted for less than 2%.
active Equity Fund
previous April loss 17.79%
2020 and 2021 are structural bull markets, with the Shanghai index reaching 3600 points at the beginning of 2022. However, under the joint action of various adverse factors outside China, 2022 presents a bleak market with continuous decline.
Especially after March this year, the major mainstream indexes accelerated their decline. For example, the Shanghai index fell below 3300, 3200 and 3100 points in March. On April 26, the Shanghai index reached 286365 points, and returned to “above 3000 points” on the last trading day of April.
The data also showed that the mainstream indexes basically showed a downward trend in the first April. The decline of Shanghai stock index, Shenzhen Component Index and gem index reached 16.28%, 25.81% and 30.2% respectively. The Shanghai and Shenzhen 300 also fell 18.71%, and only a few such as the dividend index rose positively.
In the context of the sharp decline of the mainstream index, the major gold tracks also performed poorly. In terms of Shenwan industry, the once sought after indexes of electronics, national defense and military industry, automobile, medicine and so on all fell by more than 20%. A small number of industries, such as coal, real estate, banking and so on, have performed well.
Although many market participants generally lowered their expectations in early 2022 after the historic “super year” of public funds, the market decline is estimated to exceed most people’s expectations. In such a shock, there are also a few funds to seize the structural market of the A-share market.
According to the statistics of fund Jun, as of April 29, 2022, if the new fund established in 2022 is not calculated, the overall loss of Equity Fund since 2022 is 18.39% (only the net value data products on April 29, 2022 are released, including index type, hybrid type and stock type, and each fund is only the main code of the fund). The performance is inferior to that of Shanghai stock index, but the decline is smaller than that of Shanghai and Shenzhen 300, Shenzhen Composite Index and gem index. The overall decline of active equity funds was 17.79%.
However, relatively speaking, the common equity funds and partial equity hybrid funds with the lowest positions of 80% and 60% respectively can better reflect the equity investment ability of the overall public fund. According to the data, the yields of common stock funds and partial stock hybrid funds in the first April were – 22.5%%, – 21.98% respectively, which was inferior to the performance of Shanghai and Shenzhen 300, but better than the gem index and Shenzhen composite index.
From the overall performance of equity funds, excluding the new funds established in 2022, among the 5623 funds included in the statistics (only the fund main code), only 108 funds have positive returns, accounting for only 1.92%, that is, the vast majority of equity funds have negative returns since 2022.
69 active equity funds received a bonus
It is precisely because of the sharp shock in the market that has dragged down the performance of equity funds. However, some active equity funds have positive returns, which is very rare in the adverse market.
Data show that the average net value of active equity funds fell by 17.79% in the first four months. Only 69 active equity funds gained positive returns. If partial debt mixed products are not calculated, this data will become 43.
Specifically, the yields of the three funds managed by Wanjia fund manager Huang Hai exceeded 26%, becoming the three funds with the best performance in 2022. The data show that as of April 29, the earnings of Wanjia macro timing Multi Strategy, Wanjia Xinli and Wanjia selection a2022 have reached 33.42%, 29.12% and 26.78% respectively, which is not easy in a weak market.
The quarterly report just disclosed also shows the investment of the Yellow Sea in 2022. According to the macro timing and Multi Strategy of Wanjia, the fund focused on the mining industry, real estate industry, wholesale and retail industry in the first quarter, accounting for 48.62%, 32.84% and 10.03% respectively, basically grasping the best performance directions this year.
Among them, the top ten heavyweight stocks are basically resource stocks and real estate stocks, including Shaanxi Coal Industry Company Limited(601225) , Poly Developments And Holdings Group Co.Ltd(600048) , Huaibei Mining Holdings Co.Ltd(600985) , Shanxi Coal International Energy Group Co.Ltd(600546) , Shanxi Lu’An Environmental Energydev.Co.Ltd(601699) , etc.
The position structure of the three funds managed by Huanghai is not different from that of the top ten heavy positions, so they all take the lead. He also wrote in the first quarterly report of 2022 that in the first quarter, he still stuck to the value stocks and moderately adjusted the structure; With the decline of share prices of many advantageous enterprises, structural opportunities in the market will become more prominent. We will grasp the medium and long-term buying points of such enterprises in a prudent manner to realize the steady appreciation of product net value.
At the same time, Huang Hai said that the sharp adjustment of the A-share market since this year largely reflects the situation that the macro economy is facing the weakness of demand and expectation. The outbreak of the Russian Ukrainian war and the Chinese epidemic has deepened the market’s anxiety about the risk of stagflation. The state set an economic growth target of 5.5% during the two sessions, and then the statements of the financial commission on maintaining stability boosted the confidence of the market.
Huang Hai especially pointed out that all kinds of difficulties will eventually pass, and the more severe situation in history is also difficult to change the reality of the long-term improvement of China’s stock market. Even though the market is still looking for the bottom repeatedly in the current difficulties, we still firmly believe that the vicinity of the stock index 3000 will be a long-term solid bottom area of the capital market.
In addition, wanjiayihe, managed by Zhang Heng, another fund manager of Wanjia fund, also reaped more than 10% of the income in the first April, reaching 12.44%. According to the first quarterly report of the fund in 2022, wanjiayihe’s stock position accounted for 91.03%. Among the top ten heavy positions, there are also many traditional energy stocks such as coal and oil.
Zhang Heng wrote in the quarterly report that since the second half of 2021, the fund has noticed the demand for rising global energy prices and the possibility of policy improvement in the real estate industry. Therefore, it has gradually increased the allocation of relevant sectors and finally achieved some revenue targets in the first quarter of 2022. Over time, they began to worry that the epidemic would affect the recovery effect of the real estate industry, so they successively cashed in the income of the real estate sector.
At the same time, Zhang Heng wrote that he believed that monetary easing in the economic downturn cycle would eventually work, and that the liquidity brought by monetary easing would boost investors’ confidence in the long-term development of China’s economy. Therefore, among many industries, this product has selected two industries that are less affected by the epidemic and have experienced significant market adjustment in the first quarter, namely military industry and new energy operators, as the new investment direction after reducing their holdings in the real estate sector.
At the same time, he is also optimistic about the investment value of new energy such as wind power and photovoltaic, and believes that with the gradual release of the production capacity of the wind and photovoltaic industry, the on grid price of wind power and photovoltaic is expected to be further reduced, widening the price difference between wind power and thermal power, so as to further promote the development space of the industry.
In addition, Huatai bairuixin financial real estate, steady balance of investment promotion a, steady growth of Anxin people a, one-year holding of Zhonggeng value quality and balanced profit increase of Anxin a also achieved a yield of more than 6%.
It is noteworthy that the Zhonggeng value varieties managed by Qiu Dongrong have been held for one year and have also gained 6.19% since this year. Qiu Dongrong wrote in the quarterly report that he mainly focuses on four investment opportunities: first, value stocks represented by resources and energy in Hong Kong stocks, some Internet stocks and pharmaceutical science and technology growth stocks; Second, finance and real estate in the market value stocks; Third, energy and resource companies; Fourth, small and medium cap value stocks and growth stocks.
There are many other products with better performance. On the whole, these “contrarian” red and relatively anti falling active equity funds mostly focus on medicine, resources, agriculture and high dividend sectors.
some funds perform poorly
While the performance of a small number of active equity funds resisted the decline, most products performed poorly in the first April, and many products fell by more than 20%.
Specifically, there were 1802 active equity funds with a loss of “20 ~ 30%” in the first April, accounting for 41.17% of all active equity funds. The proportion of active equity fund products with a loss range of “10 ~ 20%” and a loss range of “0 ~ 10%” reached 23.83% and 24.86%.
According to the data, two other funds have lost more than 40% this year, of which the loss of the worst performing products has reached 45.61%, and the difference between the best performing and the worst active stock funds is nearly 80 percentage points.
Among them, an active management fund was at the bottom. At the end of the first quarter, the proportion of information transmission, software and information technology service industry of the fund reached 60.81%, with heavy positions of Westone Information Industry Inc(002268) , Qitian Technology Group Co.Ltd(300061) , Beijing Certificate Authority Co.Ltd(300579) , BOE, etc.
In addition, some funds with poor performance are theme funds, which lead to performance losses due to the poor performance of these themes.
top flow fund manager’s performance in 2022
Top flow fund managers such as Zhang Kun, Xie Zhiyu, Liu Yanchun, Liu Gesong and Fu Pengbo still attract market attention, and the overall performance of these fund managers can also be exposed in 2022.
Zhang Kun, known as “Kun Kun”, is the fund manager most concerned by the foundation. He is the first 100 billion level active equity fund manager in China. Although Zhang Kun’s management scale has shrunk due to the market shock in the first quarter of 2022, the overall management scale is also nearly 85 billion.
According to the selection of e fund blue chip, the largest fund managed by Zhang Kun, the fund has suffered a loss of 15% this year, while the income in recent three years has reached 77.59%.
From all the funds he managed, the data showed that the total return managed by Zhang Kun reached 257.27%, and the annualized return also reached 14.2%, exceeding the annualized return of 5.75% of the CSI 300 index in the same period.
According to the quarterly report, the positions of the four funds managed by Zhang Kun basically maintained the operation of “high positions” in the first quarter of this year, and the positions were more than 93% at the end of the first quarter. He also wrote in the quarterly report that the stock position in the first quarter was basically stable, the structure was adjusted, the allocation of pharmaceutical, science and technology and other industries was increased, and the allocation of financial and other industries was reduced. In terms of individual stocks, it still holds high-quality companies with excellent business model, clear industry pattern and strong competitiveness.
Zhang Kun also wrote in the quarterly report that although the short-term market faces many difficulties, it also provides quite attractive prices for long-term investors. We believe that the daily accumulated free cash flow of an enterprise will be reflected in its value accumulation, and the growing enterprise value will eventually be projected into its market value growth.
Fu Pengbo is also a fund manager concerned by the market. The value of Ruiyuan under his management has fallen by 30.74% this year, while it has gained 46.57% since its establishment.
Fu Pengbo said in the quarterly report that in the first quarter, we maintained a high position operation, and there was a large retreat in the net value. In this regard, we are also constantly reflecting and summarizing. We adjusted the key companies in the configuration of the previous quarter, increased Walvax Biotechnology Co.Ltd(300142) , which is related to the vaccine sector, and increased the configuration of China Mobile, which has a relatively stable dividend and provides a better safety margin for holding. From the perspective of industry distribution, the combination focuses on TMT, chemical industry, new energy equipment and building materials.
Looking forward to the second quarter, Fu Pengbo said that in combination with the annual report of Listed Companies in 2021 and the first quarter report of 2022, we will continue to explore new investment opportunities, eliminate companies whose operating conditions and expectations do not meet, and increase allocation when alternative targets are “killed” by the market.
Liu Yanchun of Jingshun Great Wall is the top fund manager in the industry and the “spring” in Jimin’s mouth. The income of Jingshun Great Wall Dingyi managed by him has been – 16.52% this year, which is better than the average performance of active equity funds.
Liu Yanchun said in the quarterly report that for the stock market, the overall valuation level of the market has dropped significantly. Although there are still many short, medium and long-term factors, the current valuation level is likely to reflect these potential risks to a large extent. As long as the capability of the enterprise has not changed, the change of the external environment is only a periodic disturbance, which has little impact on the reasonable pricing of the company. Compared with the growth, profitability and valuation level of global excellent companies, many high-quality listed companies in China have been very attractive at this stage. As the external environment returns to normal, stock pricing will eventually rise to a reasonable level.
Xie Zhiyu, the global deputy general manager of Xingzheng, known as “Dabai” by the market, is also concerned by the market. At the end of the first quarter, he managed the fund to maintain a high position of more than 90%, which also demonstrates his attitude towards the market.
According to the data, the income of Xingquan Herun has been – 26.72% since 2022 and – 27.09% in the past year, but it has still achieved 117.5% in the last five years.
The data also shows that since Xie Zhiyu managed the fund, the total return has reached 454.51%, and the annualized return has reached 20.34%. In the same period, the annualized return of Shanghai and Shenzhen 300 is only 4.22%.
Xie Zhiyu wrote in the first quarterly report of Xingquan Herun that the stock position of the fund was relatively stable in the first quarter. He will adhere to the responsibility of Jimin trust, continue to select individual stocks, tap the long-term growth value of the company, strive to balance the long-term development space and short-term valuation of the company, and constantly look for excellent companies with good investment performance price ratio.
Liu Gesong, a Guangfa fund who once took charge of the top three annual performance of the industry, has attracted much attention in his investment.
From the perspective of Guangfa small market managed by Liu Gesong, the income of the fund has been – 26.57% this year and – 24.26% in the past year, but the income of the fund has reached 91.47% in the last three years.
Liu Gesong said in the quarterly report that the allocation direction of the managed funds is mainly in manufacturing industries such as photovoltaic, power battery, new chemical materials and chips. He also firmly expressed that the view of optimistic about high-end manufacturing remains unchanged, and China’s manufacturing industry with “global comparative advantage” will continue to broaden its moat.
In addition, Liu Gesong stressed that with the convening of the first quarter financial committee meeting, the market had obvious bottom characteristics. From a medium and long-term perspective, we are not pessimistic about the future capital market.
Insiders said that equity funds are mainly distributed in the stock market and often “rely on heaven”. Under the background of the shock and decline of the stock market, equity funds also perform poorly. Investors should correctly understand the income source of equity fund performance and have a reasonable expectation for the return level of the fund. At the same time, each fund manager has different investment styles and such styles will fit a certain kind of market environment. It is best to study the style and characteristics of fund managers before layout, and don’t blindly follow the trend.
