January stock base red and black list: Hong Kong stock theme turned over, many pharmaceutical and health categories fell by nearly 20%

In the first month of 2022, A shares did not show a good start, the new energy sector with more profits in the early stage took the lead in turning around and falling, as the pharmaceutical collection process accelerated, the stock prices of many pharmaceutical stocks fell sharply in January. Affected by the overall market situation, equity funds with higher overall positions were "seriously injured" in January.

Interface News evaluated all equity funds in terms of comprehensive yield, volatility, timing and stock selection, and further screened the funds on the list, excluding funds with a total asset size of less than 50 million and a establishment time of less than one month, and excluding the increase in net value caused by non-investment income, and forming a red and black list in January.

Wind data shows that there are a total of 565 equity funds included in the statistics (A/C are calculated separately), and the average yield in January was -10.36%.

Judging from the net value growth rate in January alone, SDIC UBS Hong Kong Stock Connect gained 3.56% in 6 months, ranking first. However, according to the data provided by Wind, the fund's timing ability in January was -37.5%, far lower than the -6.7% of E Fonda's financial industry, so it ranked fourth in the list. The ability to pick the time represents the fund manager's ability to choose the time, and the larger the value, the stronger the ability to choose the time.

SDIC UBS Hong Kong Stock Connect was established on August 27, 2020, the fund manager is Liu Yang, and the return rate since its establishment is -12.73%. As of the end of 2021, the size of the fund is 851 million yuan. Why can it stand out in the general decline market? This is related to the Fund's allocation of Hong Kong stock positions, last year's four quarterly reports showed that the fund's top ten heavy stocks are all Hong Kong stocks, accounting for 60.66%.

Founded on May 7, 2020, E Fangda Financial Industry, whose fund manager is Lingao, has a net worth growth rate of -0.64% in January and a return of 29.21% since its inception. As a thematic fund that mainly invests in the financial industry, the fund increased the allocation of securities companies and property insurance stocks in the fourth quarter, and reduced the position of banks.

In second place, Jianxin Da Security is an old fund established on July 29, 2015, with a fund manager named Wang Dongjie, and the return rate since the establishment of the fund is 217.2%. In January, the fund's net worth grew by -2.07%. As of the end of 2021, the size of the fund is 272 million yuan. However, as an industry fund that invests in the theme of great security, in the fourth quarter of last year, the fund's holdings included Poly Development (600048. SH), Industrial and Commercial Bank of China (601398. SH), Ningde Era (300750. SZ), Guizhou Moutai (600519. SH) and so on. In this regard, the fund manager explained in the quarterly report that "the field of great security includes food safety, information security, economic security, homeland security and energy security and other aspects."

Jianxin's leading enterprise ranked third, and this fund, which was established in January 2018, was only 120 million yuan by the end of 2021. In January, the fund's net worth grew by -4.13%. Purely from the perspective of yield, Jianxin leading enterprises rank relatively low. However, its timing ability in January was as high as 23.62%, so the overall ranking was relatively high. From the perspective of holdings, the fund made a large-scale stock swap in the fourth quarter of last year, adding a new guizhou Moutai (600519. SH), Wuliangye (000858. SZ), China Merchants Shekou (001979. SZ), Luzhou Laojiao (000568.SZ) and other stocks.

Overall, among the 10 funds in the black list, the medical and health theme funds occupy 8, followed by E Fangda Pharmaceutical biology, Minsheng Jiayin Pharmaceutical and Health, Golden Eagle Medical and Health Industry, Southern Pharmaceutical Innovation, CICC New Medicine, Penghua Pharmaceutical and Health Care, Qianhai Open Source Public Health Theme Selection, and China Overseas Health Care.

In the second-to-last overall ranking is the Southern Industry Smart Selection managed by Xiao Jiaqian, which is registered from the original Southern Modern Education Change. On 12 October 2021, the CSRC approved the transformation of the fund, and on 28 December 2021, the fund was renamed Southern Industrial Smart Selection, and the investment scope was expanded to all A-shares and Hong Kong stocks.

As of the end of 2021, the size of the fund is 540 million yuan. Compared with the third quarter of last year, the transformed Southern Industry Smart Selection carried out a large-scale stock swap in the fourth quarter of last year, and the top ten heavy stocks were replaced by 9, Montage Technology (688008. SH), Ewell Lithium Energy (300014. SZ), Goertek (002241. SZ), Chervon Automobile (603982. SH) and so on. In this regard, the fund manager said that it will change the investment thinking, carry out bottom-up company mining, and focus on selecting companies with reasonable valuations and improved profits from the industry.

The pharmaceutical sector has fallen one after another, what do fund managers think? In this regard, Jiang Xiulei, manager of Rongtong Healthcare Fund, said that in 2022, the focus of investment direction is still around the structural industrial trend of the pharmaceutical industry: one is the vaccine industry chain and the new crown drug industry chain that play a core role in the follow-up epidemic prevention and control; the second is the long-term optimism about the direction of import substitution, including medical equipment and scientific services; the third is the high-prosperity continuous innovative drug and innovative outsourcing service industry chain.

Zou Xi, deputy general manager of Rongtong Fund, said that looking forward to 2022, he still believes in the power of long-term structural industrial trends, believes that China's economy will return to the trajectory of stable operation after experiencing the test of the epidemic and regulatory policies, and the urbanization of people will become a new driving force for economic growth. After experiencing the stress test of the sharp downturn in the real estate market, the core assets of the cycle will re-demonstrate the stability of profit growth, and thus gain the opportunity to revaluate.

(Source: Financial Associated Press)