“Baijiu is broken heart!” 20, the “China first base” called the CSI Baijiu Index Fund issued the fourth quarter announcement last year. According to the announcement, in the fourth quarter of 2021, the growth rate of fund net worth underperformed the performance benchmark. Specifically, the growth rate of a share’s net worth was 5.20%, the growth rate of C share’s net worth was 5.17%, and the performance benchmark growth rate in the same period was 5.56%.
In 2021, the annual return rate of the Baijiu liquor index fund was -2.34%, which means that most of the new people who bought in 2021 did not earn money.
Baijiu Baijiu index, the only fund to track the liquor quality index of the CSI, has successfully been put into circulation in the end of 2020. “Whether or not to buy Baijiu fund” has become the topic of many young people on the social platform. The scale of the fund also soared from RMB 48.526 billion at the end of 2020 to RMB 92.895 billion at the end of the third quarter of last year, becoming the first passive index fund approaching the 100 billion mark. The 2021 interim report shows that the individual holding proportion of the fund is as high as 99.99%, which can be described as the “national first base” worthy of the name.
Many of the people’s belief in Baijiu has collapsed. The report shows that in the fourth quarter of last year, the total net redemption of a / C shares of the fund was 10.182 billion, and the scale of the fund decreased by 15.7 billion yuan. As of the end of last year, the scale was only 77.625 billion yuan.
However, as a passive index fund, besides the close tracking index, the Baijiu index of the business card has been actively invested. By the end of the fourth quarter, the top five stocks ranked according to the proportion of fair value were Semiconductor Manufacturing International Corporation(688981) (688981. SH), Postal Savings Bank Of China Co.Ltd(601658) (6016658. SH), China Mobile (600941. SH), Shede Spirits Co.Ltd(600702) (600702. SH) and Baiji Shenzhou (688235. SH).
Among them, the number of shares held by Semiconductor Manufacturing International Corporation(688981) (688981. SH), Postal Savings Bank Of China Co.Ltd(601658) (6016658. SH) remains unchanged, and China Mobile (600941. SH), Shede Spirits Co.Ltd(600702) (600702. SH) and Baiji Shenzhou (688235. SH) have replaced China Telecom Corporation Limited(601728) (601728. SH), Opt Machine Vision Tech Co.Ltd(688686) (688686. SH), Yihai Kerry Arawana Holdings Co.Ltd(300999) (300999. SZ) into the top five.
Table: details of active investment in the top five stocks by fair value in the four seasons report source: Quarterly Report of the fund
Perhaps the share of redemption is excessive. Last December 21st, the CSI Baijiu index issued a notice to adjust the business of large purchase and so on. It increased the A share’s single day purchase quota from 100 thousand yuan to 200 thousand yuan, and the C share’s single day purchase quota increased from 5000 yuan to 100 thousand yuan. The adjustment of the purchase limit has been welcomed by some “Baijiu” holders who have held the fund for a long time.
In 2021, Baijiu merchants made three dividends. In this regard, China Merchants Fund told the interface news reporter that due to the dividend action of index constituent stocks, in order to better track the index, the fund also carried out normal dividend, which is a normal investment operation and gives investors more choices. If investors want to be safe, they can choose cash dividends; If you want to continue holding, you can also choose to reinvest the dividend and convert the dividend part into fund units to continue holding.
In the quarterly report, fund manager Hou Hao said that the annual social zero data had been repaired, in which the consumption of food and beverage, especially tobacco and alcohol, had increased. During the reporting period, Baijiu has increased, and some of the high-end products have been performing well. Structural differentiation has taken place. The market has different responses to the price system and some disturbing factors, which has led to some time fluctuations. For the operation of the fund, it maintained a certain position proportion, paid dividends, and basically completed the tracking of the benchmark.
Previously, in today’s headline authentication account, Hou Hao said, “Baijiu” is still a short term peak season and a vacuum of performance. Dealers’ assembly and the preparation of the Spring Festival, as well as the end of the year valuation switch, are still expected to drive the overall market. We will continue to pay close attention to the price volume and price movements around the peak season, and the situation of the capital rotation between the sectors.
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Guotai Junan Securities Co.Ltd(601211) : Baijiu value after digestion, highlight the value of configuration, adhere to Moutai, Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568)
