There are only 35 active funds with a return of more than 15% in the first half of the
year. Can funds invest in the second half of the year?
How to vote?
Wind information data shows that in the first half of this year, in the ups and downs of the market, active equity funds (also known as active funds, generally refer to fund managers actively investing in order to obtain returns that exceed the index, seek to achieve performance that exceeds the market. A fund with a target.) underperformed, with less than 14% of products achieving positive returns and only 35 funds returning more than 15%.
Among the more than 3,000 active equity funds, only 170 funds have achieved positive returns on their net worth.
However, there are also outstanding funds with a return of more than 50% in the first half of the year.
How do fund managers view the performance of the first half of the year?
What kind of mental journey have the majority of fund investors experienced?
Can I still invest in the fund in the second half of the year, and how should I invest?
Champion Fund
Betting on Dilemma Reversal in the First Half of the Year
Heavy warehouse real estate coal stocks
Among active equity funds, the three products managed by Wanjia Fund Huanghai have the best performance.
Among them, the net value of Wanjia macro timing and multiple strategies increased by 52.64%, and it was the only fund with a net value growth rate of more than 50%; the second was Wanjia Xinli, with a net value increase of 46.8%; Wanjia Selected Mixed A and Wanjia Yihe's flexible allocation mix ranked third and fourth, with a net increase of 40.77% and 30.6% respectively; the fifth was Jinyuan Shun'an Yuanqi's flexible allocation mix, with a net increase of 21.11%.
Among them, Wanjia Fund swept the first, second and third runner-up, forming a situation of monopolizing the top three active rights and interests.
These three funds are all managed by Huanghai, and one person holds the top three active rights.
Judging from the top ten holding stocks of the three funds in the first quarter, they are mainly concentrated in real estate stocks and coal stocks.
Taking Wanjia’s macro timing strategy as an example, the top ten heavyweight stocks are Shaanxi Coal Industry, Poly Development, Huaibei Mining, Shanxi Coal International, Lu’an Environmental Energy, Gemdale Group, Vanke A, Xincheng Holdings, Pingmei Co., Ltd., Shanxi coking coal.
In fact, among the top five active equity funds in terms of yield since the beginning of this year, all have focused on the allocation of individual stocks in the coal industry.
Among the ETFs tracking coal, Cathay China Securities Coal ETF, Fuguo China Securities Coal, Zhongrong China Securities Coal, and China Merchants China Securities Coal all rose around 30%.
In terms of individual stocks, wind data shows that Shanxi Coal International has risen by more than 150% since the beginning of the year, and Pingmei Co., Ltd., Shanxi Coking Coal, and Lanhua Kechuang have all nearly doubled.
The strongest index funds in the past year have also appeared in the coal sector, with the top 4 index funds all tracking the China Securities Coal Index.
Among them, Zhongrong Zhongzheng Coal's income reached 58.23%, significantly outperforming many active equity funds.
Huang Hai stated in the fourth quarter report last year that he continued to be optimistic about leading companies in the financial real estate and energy industries, and preferred leading companies with steady growth and continuous dividends, and seized the opportunity to rebalance market funds from growth stocks to value stocks.
In the first half of this year, continuing the thinking at the end of last year, after analyzing and judging the macro-economy from the top down, the allocation of large-scale assets should be carried out. Prosperity, carry out refined warehouse operations.
Half year results
Star fund managers generally lost money in the first half of the year
Zhang Kun's fund returns -7%
The interim performance of star fund managers is also a focus of market attention.
Wind data shows that the fund of Qianhai Kaiyuan Fund Cui Chenlong, the annual performance champion of public funds in 2021, suffered a loss in the half-year performance, representing a half-year return of the fund Qianhai Kaiyuan Utilities of about -10.5%; the representative fund of China Europe Fund Ge Lan, China Europe Medical The semi-annual rate of return of Healthy C is about -10%; the semi-annual rate of return of E Fund's high-quality enterprises under Zhang Kun of E Fund Fund and E Fund's blue-chip selection are about -7%; Xingquan Herun, helmed by Xie Zhiyu of Xingquan Fund The half-year loss is about 16%.
Why did some star fund managers perform poorly in the first half of the year?
According to the analysis of Tianxiang Investment Advisor Fund Evaluation Center, on the one hand, fund managers with relatively low industry concentration and decentralized layout can diversify risks when the market is down, and have strong ability to resist risks, while fund managers with high industry concentration When the overall performance of the industry sector in which the product is heavily held is not good, the performance of the product often fluctuates greatly; on the other hand, star fund managers usually have larger product scale and higher overall investment management difficulty, which may also affect one of the factors of performance.
fund manager
In the first half of the year, it was hovering in the "liquidation line of life and death"
Nearly 100 funds were liquidated
"After the ups and downs of the market in the first half of the year, the net value of the fund was on the edge of the liquidation red line several times. This first half of the year was too difficult, and it was on the verge of collapse several times under the pressure. I now rely on running every morning to decompress. "Liu Cheng (pseudonym), a fund manager of a fund company registered in Shenzhen, told a reporter from Beijing Youth Daily about his mental journey in the first half of this year.
Although there was some recovery in the June market, the three fund products managed by Liu Cheng still lost nearly 20%.
Liu Cheng believes that there are few funds in the market that make money in this year's market, and many fund companies expanded their scale and placed positions when the market was at a high point last year.
As a result, in the first half of this year, pharmaceutical and other track stocks suffered a severe setback.
"The first half of this year has been a torment for me, but fortunately I have survived on the edge of liquidation several times. My experience is common in the fund manager circle this year. Whether it is a public fund or a private fund, the first half of this year was difficult. "
According to wind statistics, 20 funds have been liquidated in June, which is also a new monthly high during the year.
In the first half of this year, 94 funds were liquidated, the second highest since 2019.
In fact, in recent years, fund liquidation has become a norm, and most liquidation funds are related to the scale of less than 50 million yuan.
Among them, in the first half of the year, 56 funds were liquidated because of triggering the contract termination clause.
According to wind data, as of June 30, as many as 1,011 funds had a scale of less than 50 million yuan (combined A/C scale), and these funds have liquidation risks.
A fund manager at Citic Securities said that fund liquidations are often due to poor performance and large-scale redemptions by investors.
Externally, it is reflected in the fact that the fund holders' meeting agrees to terminate and the net asset value of the fund is lower than the contract limit.
Suggest
It is not advisable to blindly chase highs in batches on dips
Jimin Wang Qi (pseudonym) of “Zhongou Medical Innovation A”, which is owned by Shigekura star fund manager Ge Lan, said that in the first half of the year, his investment career took a roller coaster – in the context of the substantial adjustment of the A-share pharmaceutical sector, “Zhongou Medical The highest retracement of "Innovation A" once reached 42.61%.
In the past month, "China-Europe Medical Innovation A" has rebounded by 15% from the bottom of its net worth.
Wang Qi said: "Although I am very optimistic about the market outlook, I have not dared to add more positions. After experiencing risks, I will become cautious." More than equities, experienced risk lessons.”
It is worth noting that Wind data shows that the A-share market has rebounded since the end of April, and some funds, especially new energy funds, are quickly regaining lost ground.
From April 27th to June 30th, 27 funds (A/C shares are calculated separately) have an interval increase of more than 60%.
This is also the case. Is it a good time to increase positions? How to invest in the fund in the second half of the year has also become a matter of concern for many Christian Democrats.
In this regard, Chen Xianshun, chief equity strategist of Bosera Fund, said that in terms of investment style, the optimistic direction is the cyclical style and the growth style.
The industry configuration is optimistic about new energy, including traditional scenery, new energy vehicles and traditional automobiles, complete vehicles including parts, and such resource products as petrochemicals and coal in periodic products.
The equity team of Chuangjin Hexin Fund believes that economic recovery is the main line in the third quarter. External shocks are slowing down, the epidemic situation is stable, and the direction of economic recovery is determined. It is necessary to closely observe the magnitude and elasticity of economic recovery, especially how infrastructure and real estate are working.
Therefore, in the third quarter, the industry allocation idea will maintain a balanced allocation. In addition to the high-prosperity growth sector, along the economic restoration + cost improvement idea, medium and long-term allocation of new infrastructure, consumption, medicine, and phased participation in the recovery of old infrastructure.
In this regard, many fund managers have expressed a cautious attitude towards sectors with large short-term gains. They believe that now the market has experienced a round of general rises, and sectors such as coal and new energy have risen considerably. Investors are advised to It is still a batch layout on dips, and it is not advisable to blindly chase highs.
This group of articles / reporter Zhu Kaiyun