None of the four star fund managers have achieved positive returns this year
Text | Huang Huiling Intern Lin Qingqing
Edit | Guo Nan
This week's basic attention: after the disclosure of the public fund report, how do the "top-notch" fund managers look at the market in the second half of the year? Everbright Prudential Wei Xiaoxue has hired additional fund managers for a number of funds; Wang Man of China Post Fund left office; Huitian Fuller Dome and Ma Xiang New Fund; Zhonggeng Fund Cao Qing stepped down as the only fund under his name; One year after its establishment, the first index compilation plan of the Beijing Stock Exchange was released.
A quick glance of the week
This week, A-shares have fluctuated downward, and the three major indexes have fallen to varying degrees. As of Friday's close, the Shanghai Composite Index fell 1.54% to 3186.48 points a week; the Shenzhen Component Index fell 2.96% to 11702.39 points a week; and the ChiNext Index fell 4.06% a week at 2533.02 points.
In terms of sectors, this week is still falling more and rising less. Among them, household appliances, real estate, light industry manufacturing (CITIC first-level industry classification) rose in the front, up 2.85%, 1.66% and 1.43% respectively in one week; Power equipment and new energy, non-ferrous metals, and automobiles fell the most, with a decline of more than 5%.
In terms of funds, Sino Analytica's optimized allocation managed by Cai Songsong and Liu Huiying once again counterattacked, returning to the top of the weekly increase list of funds, up 5.78% in one week; It was followed by Gui Yueqiang's Taikang blue-chip advantage held for one year, up 4.90% a week; In addition, The new stocks of China Merchants Sports, Culture and Leisure managed by Wen Zhongyang and Chuangjin Hexin Specialized New Stocks managed by Wang Xianwei both rose by more than 3% per week.
In terms of declines, the flexible allocation of Huitianfu Preferred Returns, jointly managed by Lai Zhongzhong and Li Wei, fell by 10.44% in one week, and Changan Macro Strategy, Penghua Shanghai-Hong Kong-Shenzhen Emerging Growth, Tongtai Huixuan Hybrid, Penghua New Energy Vehicles, and Laterite Innovation and Technology stocks all fell by more than 8.5% in a week.
How will the market be in the second half of the year?
See what the "top" fund managers have to say
The disclosure of the interim report of the public fund has been completed recently. Compared with the second quarterly report, the main views of fund managers will not change much, but the report has more of the fund managers' market outlook and investment layout for the second half of the year.
The views and ideas of the "top" fund managers have touched the hearts of countless basic people, what did they say in the report? What opportunities are they bullish on? What is the market trending in the second half of the year? The Readings are summarized as follows:
Among the many star fund managers, Gülen sat firmly in the first place of scale with 101.751 billion yuan.
Overall, Gülen is still optimistic about medium- and long-term investment opportunities in the pharmaceutical and biological sector, but short-term market fluctuations are difficult to avoid. In the semi-annual report of CEIBS Medical and Health, Gülen believes that factors such as turbulence in the peripheral macro environment are difficult to completely eliminate in the short term, but the industry is more prepared to face related uncertainties and disturbances, and she expects that the second half of the year will still be a trend of shock recovery.
"In the long run, we believe that the long-term growth logic of the pharmaceutical industry has not changed fundamentally. The innovation-related market is far from touching the ceiling of the domestic market, and the overseas market is gradually accumulating strength. Gülen said.
Gülen predicted: "With the rapid increase in the per capita income and cognitive level of mainland residents, the demand for medical services and consumer medicine is still growing rapidly and has not been fully met, and the future space is still huge." ”
Let's look at another top stream, Zhang Kun.
In the first half of the year, Zhang Kun increased the layout of Hong Kong stocks, adjusted the allocation structure, increased pharmaceutical and consumption, and reduced industries such as science and technology and finance.
In the semi-annual report, Zhang Kun shared his thoughts on the industry. Zhang Kun said that in recent times, the industry boom brought about by the change of phased demand has become the main focus of the market, whether it is the lack of consumer demand scenarios caused by the spread and control of the domestic epidemic, or the continuous pull of subsidies on the demand of some industries, as well as the drastic changes in the prices of some commodities.
"However, if we look at the world's leading companies, it is not easy for a company to continue to grow and stand on the long-term dimension." Zhang Kun thinks.
Why? Zhang Kun analyzed two factors: First, there is a need for structural demand growth, and the peak of long-term demand often leads to enterprises seeking business diversification, thereby reducing the visibility of enterprises; Secondly, the business has a strong barriers, if you look at the global market value ranking, some industries that are not so large have produced companies with large market capitalization, while some larger industries have not, the industry has always maintained an orderly competitive pattern, and leading enterprises have always maintained high competitive barriers to deter new entrants.
In the long run, Zhang Kun believes that structural demand growth and competitive barriers are more important factors that determine the direction of enterprises, which are usually difficult to be calmed by the entry and exit of industrial capital, and will play a role for a long time without being drastic but lasting, thus affecting the long-term value of enterprises.
Liu Gesong also shared his latest thinking on the industry in the interim report.
Liu Gesong believes that the global comparative advantage industrial chain that China has established is entering a channel of rapid development, and it is foreseeable that the industrial chain that is establishing comparative advantages will become more and more abundant.
Looking at the successful experience of economies led by innovation in economic development from a micro perspective, he believes that the following points are crucial: (1) the completeness of the industrial system is an important support for innovative development; (2) The industrial cluster effect determines the efficiency of innovation and development; (3) Market depth and intellectual property protection determine the return on innovation; These three points are important conditions for whether an economy can successfully enter the stage of endogenous innovation-led development.
In the long run, Liu Gesong believes that "scientific and technological innovation, high-end manufacturing assets have become more and more possible in the context of the new era - with the establishment of a global comparative advantage industrial chain, innovation returns strengthened, the cyclical performance fluctuations of such assets may continue to decrease compared with history." ”
Li Xiaoxing, who loves to write long articles, also lived up to the expectations of the public in this report and wrote a 6,000-word long article again, and talking about investment has also become the characteristic of this fund manager.
"I apologize for the drawdown of the net value of the fund that has caused the holders to bear a stage of losses." Li Xiaoxing first apologized to investors, and in addition to apologies and reflections, he also shared the prejudgment of the second half of the year.
Looking ahead to the second half of the year, Li Xiaoxing's position has become more balanced. He is optimistic about the domestic economic recovery, especially the financing-driven infrastructure and policy-driven real estate, and appropriately increases the allocation ratio of investment-related value stocks; In the medium and long term, he is optimistic about the recovery of consumption and continues to increase the allocation ratio of consumer stocks.
In addition, he believes that China's economy will gradually rise to the next level, in the second half of the year or even next year, liquidity or can not be more relaxed than the first half of the year, marginal for high-valued stocks, therefore, he appropriately reduced the valuation of some stocks that will grow in the future.
Wei Xiaoxue has hired fund managers for a number of funds under his name
On August 27, Everbright Prudential Fund issued an announcement on the change of fund manager, saying that 5 products, including Everbright Prudential Research Selection, Everbright Prudential New Growth, Everbright Prudential New Opportunities, Everbright Prudential Ruiying, and Everbright Prudential Intelligent Automobile Theme, have all hired additional fund managers.
According to the announcement, Everbright Prudential Research Selection, Everbright Prudential New Opportunities, Everbright Prudential Ruiying, and Everbright Prudential Intelligent Automobile Theme respectively hired fund managers Tang Yuwei, Fang Lei, Ma Pengfei, and Wang Mingxu; At the same time, Cui Shutian was hired as the fund manager of Everbright Prudential New Growth, in addition to the fund, Everbright Made in China 2025 is also jointly managed by him and Wei Xiaoxue.
At present, Wei Xiaoxue has no separately managed products.
According to the daily fund network, Wei Xiaoxue joined Everbright Prudential Fund in October 2009, and is currently the assistant general manager and the head of the stock research team, serving as a fund manager for nearly 10 years and having experience in the securities industry for 18 years.
As of September 4, Wei Xiaoxue managed a total of 6 funds with a total management scale of 6.74 billion yuan. The best performing fund during his tenure was the representative everbright new growth mix, which received a tenure return of 256.41%. Since the beginning of this year, none of Wei Xiaoxue's funds have achieved positive returns, and the relatively best-performing Everbright Research Select Hybrid has also fallen by 15.49%, ranking 1594th among 2675 funds of the same kind.
Generally speaking, multiple funds under their name may recruit additional fund managers or are signals to leave. "Reading a Banner" learned from the industry that Wei Xiaoxue's next stop or will be a foreign public offering of The Road Berman Fund.
China Post Fund Wang Man left office
On August 30, China Post Fund issued a number of product fund manager change announcements, saying that since August 26, Wang Man no longer serves as the fund manager of China Post Core Growth Mix, China Post Pharmaceutical Health Flexible Allocation Mix, and China Post Future Growth Mix, and the reason for leaving office is personal reasons.
The daily fund network shows that there is no fund under management under Wang Man's name.
Wang Man, Master of Economics, was a researcher, assistant fund manager and fund manager of China Post Venture Fund.
As of September 4, Wang Man had a total management scale of 4.613 billion yuan, and the best fund return during his tenure was 96.87%.
Among the above 3 funds, the best performing fund since its inception is China Post Pharmaceutical Health Hybrid, which was established on December 13, 2016, and as of September 4, 2022, the fund has yielded -14.16% this year and 94.55% since its inception.
China Post Future Growth Hybrid was established on April 8, 2021, and as of September 4, the fund has yielded -18.69% this year and -15.05% since its inception.
Both of the above funds are managed by another fund manager, Jin Zhenzhen, who was previously co-managed.
China Post Core Growth Hybrid was established on August 17, 2007, and as of September 4, the fund has yielded -18.65% this year and -20.38% since its inception. The fund is continued to be managed by Bai Peng and Chen Liang, who were previously co-managed.
Huitian Fuller Dome and Ma Xiang added funds
On September 1, Hui Tianfu Fund announced that since August 31, Le Wuqiong has been the manager of Hui Tianfu Hengsheng Technology ETF (QDII), which has a fund size of 243 million yuan.
This is already the third fund newly managed by Lewuqiong this year, the first two being the mini Gaw Tianfu CSI Yangtze River Delta ETF Connection A, which took over in June this year, and the Hui Tianfu CSI 1000 ETF, which was established at the end of July this year.
As of September 4, LeWuQiong managed a total of 17 funds with a total management size of 18.927 billion yuan, and the best fund return during his tenure was only 11.52%.
In addition, another fund manager of HuiTianfu also added a new fund.
On September 3, Hui Tianfu Fund announced that from September 2, Ma Xiang and Bian Zheng will jointly manage Hui Tianfu Global Automotive Industry Upgrade (QDII).
As of September 4, ma Xiang changed the number of funds under management to 10, with a total management scale of 15.626 billion yuan and the best return during his tenure was 104.58%.
Cao Qing stepped down as the only fund under his name
On September 2, Zhonggeng Fund issued an announcement that Cao Qing left Zhonggeng Value Pioneer Stock due to internal work arrangements, and the fund was the only fund under Cao Qing's name.
Next, Zhonggeng Value Pioneer shares will be independently managed by Chen Tao, who was previously co-managed.
According to the daily fund network, Zhonggeng Value Pioneer Stock was established on August 20, 2021, and as of September 1, 2022, the fund has yielded -21.16% this year and -7.30% since its inception.
Cao Qing has served as project manager of the financial advisory department of Zhongguancun Securities, researcher of BNP Paribas Securities Shanghai Representative Office, deputy general manager, chief investment officer and investment director of HSBC Jinxin Fund. He joined Zhonggeng Fund in July 2018 and will continue to serve as deputy general manager and investment director of the company.
The first index compilation plan of the Beijing Stock Exchange was released
On September 2, the Beijing Stock Exchange officially celebrated its first anniversary. On the same day, the Beijing Stock Exchange and China Securities Index Co., Ltd. (hereinafter referred to as "China Securities Index") formulated and issued the "Plan for the Compilation of the 50 Constituent Index of the Beijing Securities Stock Exchange".
The announcement shows that the Beijing Securities 50 Component Index is the first wide-based index of the Beijing Stock Exchange, and the top 50 securities are selected according to the market value scale and liquidity, and the index compilation calculation is basically consistent with the mainstream index at home and abroad.
The plan shows that in terms of sample selection, the 50 component index of the Beijing Securities Securities Index ranks the securities in the sample space according to the average daily transaction amount in the past six months from high to low, and excludes the securities in the bottom 20% of the ranking.
In terms of weight, the Beizhen 50 Component Index adopts the weighting of free circulation market value, and the grading is given a weight factor by the file. In order to prevent the index from being too greatly affected by individual securities and improve the anti-manipulation of the index, with reference to the beneficial experience at home and abroad, a weight ceiling of 10% is set for a single stock, and the sum of the top five sample equity weights does not exceed 40%.
In terms of sample stock adjustment, at the beginning of the release of the index, it will be adjusted regularly on a quarterly basis, and the upper limit of the sample adjustment ratio and the buffer zone system will be set. The upper limit of the adjustment ratio is set to 10%, and the buffer ratio is set to 20%, that is, the buffer zone of 50 sample stocks is between 40-60, and the new samples in the top 40 are preferentially entered, and the old samples within 60 are preferentially retained. In terms of the inclusion of new shares, securities are included in the sample space after 6 months of listing, except for those whose average daily total market value has ranked in the top 5 of the Beijing Stock Exchange market since listing and whose total market value of issuance is more than 10 billion yuan.
The Beijing Stock Exchange said that in the next step, it will pay close attention to the relevant needs of all parties in the market for the index, according to the development and changes of the market, around the overall requirements of building the main position of serving innovative small and medium-sized enterprises, gradually build and improve the index system of the Beijing Stock Exchange, continue to improve the market characterization function, and meet the diversified investment and financing needs of the market.