With the stock market volatility in the past six months, the performance rankings of public funds are also quietly changing.
The performance of a batch of mini funds and small funds has gradually surpassed the "star funds" in the public's inherent impression.
Many fund managers and analysts told China Business News that compared with star funds, small funds have the characteristics of flexible adjustments to make them more adaptable to volatile markets.
Li Yang, head of the product research department of Hengtian Fund, told CBN: “The main positions of many celebrity funds are concentrated in core assets of some popular tracks. After the rapid rise of core assets in the past two years, the valuation of some stocks has already At a relatively high historical level, there is pressure to digest valuations, so there has been a larger correction after the Spring Festival. Star funds are difficult to adjust positions quickly due to their large scale, so the performance of this year has generally been average. And this year, the market style switch, When the Baotuan stocks are adjusted, the mini-funds can switch their positions more flexibly and obtain a better return."
However, in the view of fund managers and analysts, there are still certain risks for investors to invest in small funds.
Small fund style is easier to switch
Since the beginning of this year, as of the close of June 8, among the top 20 common stock funds in active equity funds in monthly returns, Baoying brand consumer stock C, Baoying brand consumer stock A, Shanghai Investment Morgan Core Selection, Cathay Pacific The four funds of Pharmaceutical and Health Stock C are less than 100 million yuan in size, which are "mini funds" in an absolute sense.
And Golden Eagle Healthcare Industry A, Golden Eagle Healthcare Industry C, ICBC Frontier Medical Stocks C, Xinhua Industry Leading Theme Stocks, TEDA Transformation Opportunities, Qianhai Open Source Public Utilities Stocks, the six fund sizes that have ranked among the top 20 in terms of performance, are all less than 5 100 million yuan.
Among the top 20 in the performance rankings of partial stock hybrid funds, there are 5 Nanhua Fengchun Hybrid A, Nanhua Fengchun Hybrid C, Hengyue Advantage Selection Hybrid, Rich Country Consumption Upgrade Hybrid C, and Golden Eagle New Energy Hybrid A. The fund size is less than 100 million yuan.
GF Innovative Medical's two-year holding period Hybrid C, Golden Eagle New Energy Hybrid C, Huatai Bai Rui Quality Growth Hybrid C and Dacheng Health Industry Hybrid are all four funds of less than 500 million yuan in scale.
Statistics show that mini funds and small funds have already accounted for "half of the country" in the fund rankings in the first half of this year.
A brokerage analyst said that this phenomenon is related to market style rotation.
The above-mentioned analysts said that this year's market style will be more biased towards small and medium-sized market capitalization companies that have not had that much growth in the previous period. The market has not paid much attention to them in the early stage. Instead, it is easy to get more funds due to the improvement of fundamentals or industry rotation. Favor.
This can be seen from the exponential style.
Leading the market last year was the Shanghai Stock Exchange 50, Shanghai and Shenzhen 300, and ChiNext 50, representing large companies with a market value of 50 billion to 100 billion.
Under the background of loose liquidity, they have been rising from last year to the first quarter of this year. It is difficult for the market to value these large market capitalization leading companies that are already relatively high. Therefore, starting from March this year, the market style It began to change, and the leading market index became the CSI 500 and CSI 1000 representing small and medium-sized enterprises.
"Unless it is a company with strong downstream demand such as CATL, it is difficult for fund companies to obtain excess returns by allocating these large market capitalization companies under current market conditions," said the analyst.
Zheng Yao, the founding partner of Wenbo Investment, told CBN that many star fund products are large in size, and the time period required to exchange positions is long, and it is more difficult to grasp the rhythm of the market.
Especially in the process of market volatility, the market direction is adjusted frequently, and large-scale funds cannot quickly follow the market's adjustment direction in the short term, and it is difficult for the performance to have outstanding performance.
The above analyst said: "Some small and mini funds do not need to consider too much in terms of allocation on the one hand. They must buy varieties with large market capitalizations, because these small funds do not need to consider the size of the stocks, so they are flexible in trading. It will be bigger. This year's market configuration options will be wider and more free, which is an important reason why the above-mentioned small funds occupy the C position."
The influence of plate style rotation
According to the aforementioned brokerage analysts, in addition to the flexibility of swapping positions and making it easier for the aforementioned small and medium-sized funds to adapt to the current market conditions, the rotation of the sector is also one of the reasons why some small and medium-sized funds stand out.
The above-mentioned analyst further explained: "The most typical ones are cyclical stocks and resource stocks, which have risen a lot this year, but the stocks of these two sectors have actually been silent for a long time. If the theme investment is a fund that favors this style, it may be earlier. The poor performance in the year led to a gradual reduction in the size of the fund, but this year's market style is the turn of this type of stock rise, so the funds that hold heavily on this type of stock will perform very well in this year's market environment."
This is more obvious in the field of some passive index funds.
Taking the Zhongrong Steel Index Fund as an example, the Go-Goal financial terminal shows that the index fund's return rate in the past three years is -2.31%, but the return rate has reached 25.26% this year.
The sector style rotation also has an impact on active funds.
Take the Jinxin Minchang Mixed Fund as an example. From the perspective of heavy storage style, the fund has a long-term heavy storage in the manufacturing industry.
The quarterly report of the fund shows that Jinxinminchang mixed the market value of manufacturing positions in the third quarter of 2020, the fourth quarter of 2020, and the first quarter of 2021, accounting for 46.39%, 71.74%, and 49.82% of the fund's net value, respectively.
In addition, in the first quarter of 2021, the fund also increased its positions in the construction sector.
The Jinxin Minchang Mixed Fund, which was issued in May 2020, only raised 116 million yuan at that time, and it has been repeatedly redeemed afterwards. As of the first quarter of this year, the size of the fund has shrunk by 90%, leaving only 17 million yuan.
Flexible position adjustment is an advantage and a disadvantage
For investors, are these high-performance small funds and mini funds better investment targets?
Li Yang said that for actively managed funds, short-term returns are not the key reason for choosing them. More importantly, whether the fund manager’s investment system is complete and self-consistent, whether the fund manager’s ability circle is sustainable, and the fund Whether the manager’s philosophy and behavior are consistent.
People often only see that there are many mini-funds in the top-ranked funds, but they ignore that there are still a large number of mini-funds that rank low in performance, and even face the situation of being forced to liquidate due to a decline in size.
The reason why a star fund manager can become a star is because his investment style, investment ability and historical performance have been recognized by the majority of investors.
Therefore, in the long run, the anti-risk ability of star funds may be better than many mini funds.
In addition, there is a risk of liquidation of mini funds.
Since the beginning of this year, a large number of mini-fund products are facing liquidation.
According to Flush data, as of June 6, there were 2,046 non-monetary funds (consolidated statistics of different shares) with a combined size of less than 200 million yuan, an increase of nearly 12% from the end of last year.
Among them, there were 751 mini funds that touched the red line of liquidation of 50 million yuan, an increase of nearly 20% from the end of last year.
Zheng Yao said that there are more investment opportunities for small-scale funds, but for ordinary investors, due to the asymmetry of information, it is very difficult to select excellent small-scale funds. It is recommended to give preference to medium-sized funds with overall investment research behind them. A strong team fund.
Some mini funds and small funds have been established for too short a time, making investors unable to judge the merits of fund managers based on the past performance of fund managers.
The above-mentioned analyst said: "The investment style of some small funds is unstable. Last year, some fund managers I have contacted have small management scales and can quickly increase their net worth by relying on particularly flexible and flexible configuration. However, the style of the fund is too drifting. What is the market? It’s not a good thing for investors to invest in what is hot. Because most fund investors are not short-term speculative, but long-term holding from the perspective of allocation. If the style drifts too much, it’s not a good thing for fund holders. It is an unstable factor."
China Business News found that some small funds that have ranked high in performance this year, such as GF Innovative Medical two-year holding period mixed, Hengyue Advantage Selected Mixed, Golden Eagle New Energy Mixed A and other funds, have not even disclosed their heavy holdings. data.
Author: Xu Yu