Guangjing Observation
The most powerful active equity fund has already exceeded 163% in the year!
As 2021 is getting closer and closer, the Guangzhou Daily all-media reporters reviewed the fund market this year and found that the fund industry that broke out at the end of last year will continue to stage a double harvest of scale and performance this year.
Up to now, the scale of newly issued funds raised this year has exceeded 3 trillion yuan, a record high, and the number of funds that have doubled their performance has increased significantly.
Industry analysts predict that the hot fund sales market is expected to continue next year.
However, compared with the fund’s general rise this year, next year’s performance may show a trend of differentiation of "a few companies are happy and some are worried".
Wen Biao/Lin Xiaoli, All Media Reporter of Guangzhou Daily
Performance: 55 funds doubled their performance
"This year's fund market is really good. The fund I bought in the middle of the year has doubled, and a few friends around me have made money from buying funds." Investor Miss Xu said happily. She was fortunate that she decisively put the funds in the middle of the year. Invest in fund companies instead of stocks.
Since the beginning of this year, the capital market has shown a structural bull market, and the mainstream indexes are now on the rise. The ChiNext index is the best performer, which has risen 58.1%, and the Shanghai Composite Index has risen 11.38%.
The performance of public funds is better than mainstream indexes.
Wind data shows that as of December 25, equity funds have received 32.85% of income as a whole, active equity funds have a yield of 34.38%, and the yields of common stock and partial-share hybrid funds are 45.76% and 39.45% respectively; 55 Only fund performance doubled.
Among them, on the fund performance list, three funds managed by Zhao Yi from ABC-CA Fund accounted for the top three.
According to Wind information data, as of December 25, the yields of ABC-CA's Industry 4.0, ABC-CA's new energy theme, and ABC-CA's research selected yields reached 163.33%, 161.96%, and 152.42% respectively.
At the top of the list is ABC-Agriculture Industry 4.0, with a return rate of 163.33%, which is the highest level since 2016 and a record high in performance in the past five years.
The 2015 performance champion was E Fund's emerging growth mix managed by Song Kun, with a yield of 171.782%.
Last year, the product with the highest yield in the entire market, with a yield of 121.69%, was an upgrade for GF Shuangqing.
Zeng Linghua, director of the Goodbuy Fund Research Center, pointed out that this year's fund performance has shown a general rise. A group of funds that have seized recent market opportunities such as photovoltaics and new energy vehicles have performed well, and the number of doubling funds has increased significantly.
The data shows that from the overall performance of equity funds, among the 6,187 funds included in the statistics (each type is calculated separately), about 225 funds have suffered losses, accounting for only 3.6%, and most of the equity funds that have suffered losses have suffered losses. Within 10%.
Scale: The scale of new funds exceeds 3 trillion yuan
The decent level of yield has inspired investors to enter the market and boosted the size of the fund to continuously hit new highs.
According to the latest data from the Fund Industry Association, as of the end of November, there were 132 fund management companies in my country, with a total net asset value of 18.75 trillion yuan in management of public funds; the total scale of private equity management reached 15.91 trillion yuan, an increase of 21,700 from the end of last year 100 million yuan.
The scale of the new fund newly established this year also hit a new high.
According to Wind Information data, as of December 26, 1,398 new funds were established during the year, with a total raised scale of 3.12 trillion yuan.
Among them, equity funds are the absolute protagonist, with an issuance scale of 2.001 trillion yuan, accounting for 64.15%. This is the first time that a new equity fund has established an annual scale of more than 2 trillion yuan.
Under the booming fund, the tens of billions of hot funds have emerged one after another.
Wind data shows that during the year, there were 40 funds issued with a scale of more than 10 billion yuan, which greatly refreshed the record of 26 10 billion yuan funds set last year.
In July, Penghua Fund Wang Zonghe's new fund Penghua Ingenious Selection attracted 137.1 billion yuan of subscription funds one day, setting a new single-day subscription record for new funds.
It is worth noting that the fund size continues to hit new highs, and the fund manager "ten billion club" has expanded significantly.
As of December 24, there are currently 216 equity fund managers (including index products) with a management scale of more than 10 billion yuan.
From the perspective of active equity funds, there are 18 fund managers with a management scale of more than 40 billion yuan.
However, the Matthew effect becomes more obvious.
While the tens of billions of billions of funds are frequently issued, the latest data from wind data shows that 24 funds have failed to raise during the year, and bond funds accounted for more than half, which have become the "hardest hit area" for issuance failures.
According to another analysis, the failed products were mainly concentrated in small and medium-sized public fund companies. Among them, Dongxing Securities, Kai Shi Fund, and PICC Asset Management failed to issue two products.
Foresight: Capital market investment tends to be institutionalized
Zeng Linghua pointed out that the super-year of the fund started at the end of 2019 and continues to this day.
Regarding the driving factors behind, Zeng Linghua analyzed that, on the one hand, since last year, a structural bull market has appeared in the capital market, and the money-making effect has triggered capital to enter the market.
On the other hand, from the perspective of asset allocation, in recent years, fixed-income yields such as monetary funds and bank wealth management products have been declining, and high-yield products such as P2P have exploded. The general direction of "housing, living and not speculating" is difficult to see. The signs of relaxation have also caused market funds to flood into equity assets.
In addition, there are policy factors. From the end of last year to the present, regulators have repeatedly proposed to continue to increase the proportion of equity funds and expand the sources of medium and long-term funds.
Yang Delong, chief economist of Qianhai Kaiyuan Fund, also said that with the gradual strengthening of the housing policy, household savings will choose to buy funds or directly open an account to enter the market, and the A-share market will usher in more incremental funds.
"Explosive funds have appeared frequently this year. Since the beginning of this year, the sales of public funds have been close to 2 trillion yuan, exceeding the annual sales of the 2015 bull market. This shows that household savings are entering the capital market through funds." Yang Delong pointed out.
"In this structural bull market, funds have outperformed the Shanghai Composite Index in a large area, stimulating investors' enthusiasm for entering the market." Zeng Linghua predicts that, as the market becomes more mature, the proportion of institutional investors in the capital market will continue to rise. , The development trend of the fund industry remains unchanged.
Statistics from China Galaxy Securities Fund Research Center show that as of the end of the third quarter of 2020, the total value of the A stock market held by public funds is 3.87 trillion yuan, accounting for 6.75% of the total market value of the two cities, and the share of the market value of A shares held by public funds It has returned to above 6% after a lapse of 7 years.
"The large transfer of household savings to the capital market is a long-term trend, not a short-term trend. Therefore, the transfer of household savings to the capital market in 2021 will continue to bring about the boom in fund sales." Yang Delong emphasized.
Recommendation: Selected fund managers try not to invest in theme funds
Regarding the fund's performance next year, Zeng Linghua believes that compared with the fund's general market rise this year, next year's performance may show a trend of differentiation of "several companies happy and some worry".
On the one hand, China’s liquidity environment is expected to tighten marginally next year; on the other hand, the net value of some funds has risen too much this year, and there is no room for continued growth next year.
Yang Delong also believes that the current bull market pattern has been established, but the differentiation characteristics will continue, and good stocks and poor stocks will continue to show a world of difference.
To this end, Zeng Linghua suggested that investors, on the one hand, non-professional investors try to invest in the capital market through professional institutions such as fund companies; on the other hand, try not to find thematic funds, but select funds and fund managers, and be sure to invest in funds. Understand the style of fund managers, investment performance, etc.; if investing in equity assets, it is recommended to establish a long-term investment philosophy, if there is no long-term idle funds, it is recommended to try not to invest in equity assets.
Yang Delong also suggested that, for most investors, it is recommended that you allocate most of your positions in high-quality funds and a small number of positions to invest in stocks yourself, so as to increase your chances of winning.
For fund companies, Yang Delong suggested that in the era of tens of billions of funds, the investment thinking of fund managers will shift from individual stock selection to asset allocation, and position control and sector layout will exceed individual stock selection as the most important factor in determining fund performance.
Fund managers will pay more attention to the fundamental research of listed companies. Only by insisting on value investment and choosing high-quality stocks and growth stocks for medium and long-term holdings can they control the tens of billions of funds, solve the problem of scale and performance, and rely on chasing ups and downs and frequent transactions. It doesn't work.