#财经新势力新春季 #
Since the beginning of 2023, although it has only experienced more than a dozen trading days, many people feel that the pace of sector rotation is too fast. Sometimes the value style (consumption, brokerage, building materials) is strong, and sometimes the growth style (medicine, semiconductor, new energy) is strong, but the industry track that it is betting on is not on the wheel. The little partner who is thinking about getting on the car after the holiday is also struggling with how to layout the Year of the Rabbit?
Is it difficult to bet on a few industry themes in the hope of obtaining significant excess returns? Two words: hard!
Taking Shenwan's secondary industry as an example, the only sector that rose in 2018 was seasoned fermented products (up 4.70%), the champion sector semiconductor (up 119.84%) in 2019, the champion sector photovoltaic equipment (up 190.96%) in 2020, the non-metallic materials in the champion sector in 2021 (up 138.11%), and the champion sector hotel catering (up 28.81%) in 2022. Not only is it difficult to predict, even if it happens to be bought, the estimated position proportion will not be too high, and the contribution to the overall account income is also limited.
Under the background of economic bottoming out this year, many institutions predict that they will walk out of the "value platform, growth singing" market, and the sector rotation in the process is still relatively fast. In his January 16 article, the commander introduced that there are two main "factors" for obtaining excess returns, namely "market capitalization factor" and "value/growth factor".
Since industry rotation is difficult to grasp, with the help of a broad-based combination similar to "CSI 300 Quality Growth Low Volatility Index + CSI 500 Quality Growth Index", it is also possible to better realize the allocation method of "left-handed value and right-handed growth". The backtesting of data in the past five years and the past three years shows that this combination can also obtain better excess returns than the "CSI 300+ CSI 500" index portfolio.
Some partners left a message after seeing it: What are the active fund portfolio recommendations? It is too difficult to choose tens of thousands of funds, and the commander thought of an idea for everyone's reference.
Step 1: Screening out funds that can outperform the Wind Biased Hybrid Index every year during the five-year period from 2018 to 2022;
Step 2: Select GARP (value growth) fund managers according to the market value style of equity positions;
Step 3: Select the products that the current fund manager has managed for five years.
Therefore, the form of staying up late desk work is as follows:
Value Growth Style Fund
During the five-year period from 2018 to 2022, there were a total of 21 GARP style funds that defeated the Wind Biased Hybrid Index every year (multi-class shares, all selected Class A, the same below). According to the cumulative return rate of the range, the order is: Dacheng New Industry, Huaan Anxin Consumer A, BOCOM Trend A, Qianhai United Hongxin A, BOCOM Economic New Power A, Wanjia Selection, Huaan State-owned Enterprise Reform A, E Fund New Income A, SDIC UBS Beautiful China, Yinhua Xinsheng A, BOCOM Science and Technology Innovation A, Southern Transformation and Growth A, Wanjia Quality Life A, ICBC Credit Suisse Cultural and Sports Industry A, ICBC Beautiful Town A, Haifutong Revenue Growth, Fuguo New Vitality A, Guofu Research Selection, Guofu Potential Portfolio A, Anxin advantage growth A, Everbright silver business opportunity theme.
Among them, only 7 fund managers have served for five years and have a scale of more than 100 million yuan in 2022Q3. The following data source: Choice, as of January 17, 2022 (same below).
Wanjia Reserve Hybrid (005094), the current fund manager Mo Haibo, has been managed since December 20, 2017, with a return of 150.69% in the past five years. The top ten heavy stocks in 2022Q3 are: Poly Development, Hangfa Control, AVIC Optoelectronics, Denghai Seed Industry, China Merchants Shekou, Dabeinong, Gemdale Group, Longping Hi-Tech, Vanke A, and Hangfa Power, distributed in real estate, national defense industry, agriculture, forestry, animal husbandry and fishery industries. Wanjia Quality Life Hybrid A (519195) is also managed by the fund manager, and the industry allocation is highly overlapping with the selection of individual stocks.
BOCOM Technology Innovation Flexible Allocation Hybrid A (519767), the current fund manager Rui Chen, has been managed since May 5, 2016, with a return of 164.27% in the past five years. The top ten heavy stocks in 2022Q3: Juneyao Airlines, Xinhecheng, Air China, Yanghe Co., Ltd., China Shipbuilding, Aimeike, Hengrui Pharmaceutical, Weining Health, Anjing Food, and Luxshare Precision, distributed in transportation, medicine and biology, food and beverage, computer, electronics, and national defense industry.
Southern Transformation Growth Hybrid A (001667), the current fund manager Lin Lefeng, has been managed since December 15, 2017, with a five-year return of 130.09%. The top ten heavy stocks in 2022Q3: Kweichow Moutai, Industrial Bank, Chint Electric Appliances, Hengli Petrochemical, Haier Zhijia, Tianshun Wind Energy, Chenguang Shares, Yili Shares, Hengtong Optoelectronics, Taoli Bread, distributed in food and beverage, power equipment, communications, home appliances, petroleum and petrochemical, banking and other industries.
EFORTIS Income Growth Hybrid (519003), the current fund manager Zhou Xuejun, has been managing since June 9, 2015, with a five-year yield of 122.79%. The top ten heavy stocks in 2022Q3: CATL, Poly Development, Honglu Steel, Gemdale Group, Tongwei Co., Ltd., C&D Co., Ltd., Xinlai Applied Materials, Kweichow Moutai, Changshu Auto Parts, Huafa Co., Ltd., distributed in power equipment, real estate, machinery and equipment, transportation, and automotive industry.
Guofu Research Select Hybrid (450011), the current fund manager Xu Lirong, has been under management since May 22, 2012, with a five-year return of 124.07%. The top ten heavy stocks in 2022Q3: China Merchants Bank, Xinhecheng, Sanhua Intelligent Control, Satellite Chemical, Feike Electric Appliances, Zhuosheng Micro, Bank of Ningbo, Maiwei Shares, Chenguang Shares, Angel Yeast, distributed in banks, pharmaceuticals and biology, basic chemicals, home appliances, electronics, power equipment, food and beverage industries.
Anxin Advantage Growth Hybrid A (001287), the current fund manager Nie Shilin, has been managed since February 18, 2016, with a five-year return of 94.27%. The top ten heavy stocks in 2022Q3: Kweichow Moutai, Zijin Mining, Salt Lake Shares, Tongwei Shares, BYD, Tianqi Lithium, Luzhou Laojiao, Shanghai Airport, Amazing Food, Focus Media, distributed in food and beverage, non-ferrous metals, basic chemicals, power equipment, automobiles, transportation, media industries.
Value Style Fund
By the way, the value and growth style are also introduced for everyone to do the "value + growth" combination and matching. During the five-year period from 2018 to 2022, there were only 2 value style funds that defeated the Wind Partial Equity Hybrid Index every year, ranked according to the cumulative return of the range, in order: ICBC Strategic Transformation A, Caitong Multi-Strategy Fuxin.
Among them, ICBC Strategic Transformation Stock A (000991), the current fund manager Du Yang has managed for five years, from February 16, 2015 to the present, the return in the past five years is 215.06%. The top 10 heavy stocks in 2022Q3: China State Construction, Poly Development, Industrial Bank, China Merchants Shekou, Bank of Nanjing, Gemdale Group, Everbright Bank, Bank of Chengdu, Bank of Hangzhou, Bank of Jiangsu, with industries distributed in real estate and banks.
Growth Style Fund
During the five-year period from 2018 to 2022, there were 33 growth style funds that beat the Wind Biased Hybrid Index each year. According to the cumulative rate of return of the range, the ranking is: E Environmental Protection Theme, Huaan Cultural and Sports Health Theme A, GF Multi-factor, Chinese Business New Trend Preferred, Ping An Transformation and Innovation A, ICBC Information Industry A, Rong Tong Health Industry A, Huaan Shanghai-Hong Kong-Shenzhen Extension Growth A, Hongde Honghua, Galaxy Intelligent Link Theme, BOCOM Advanced Manufacturing A, CEIBS Value Smart Return A, Galaxy Wisdom, Great Wall Optimization and Upgrade A, Chinese Business Advantageous Industry, Zhongrong New Economy A, Huaxia Innovation Frontier, Hua'an Security A, Invesco Great Wall Growth Star, BOC Preferred Flexible A, Southern National Policy Power, E Fund New Silk Road, CCB Innovation China, Dacheng Industrial Upgrading, Galaxy Blue Chip Select A, Honde Honghui, ICBC Healthcare, Southern Drive, Ping An Ruixiang Entertainment A, Soochow Multi-Strategy A, Honde Hongye, Galaxy Research Select, Taixin Internet+.
Among them, there are 13 fund managers who have served for five years and have a scale of more than 100 million yuan in 2022Q3.
E Fund Environmental Protection Theme Hybrid (001856), the current fund manager Qi He, has been managed since December 27, 2017, with a yield of 256.12% in the past five years. The top ten heavy stocks in 2022Q3 are: TCL Central, CATL, Defang Nano, LONGi Green Energy, Jingsheng Electromechanical, Quartz Shares, Otway, Yongxing Materials, Sieyuan Electric, Jiejia Weichuang, distributed in power equipment, basic chemicals, non-ferrous metal industries.
166301 The current fund manager Zhou Haidong has been managed since May 14, 2015, with a five-year return of 280.82%. The top ten heavy stocks in 2022Q3: Zijin Mining, Shenhuo Shares, Juneyao Airlines, Zhongke Shuguang, Jinxinxin, China Software, Yintai Gold, Mingzhi Electric, Xindian Software, Shaanxi Coal Industry, distributed in non-ferrous metals, transportation, building decoration, computers, power equipment, coal industry. China Commercial Advantage Industry Hybrid (000390), also managed by the fund manager, the industry allocation and individual stock selection are highly overlapping.
ICBC Information Industry Hybrid A (000263), the current fund manager Shan Wen, has been managed since July 25, 2017, with a yield of 170.69% in the past five years. The top ten heavy stocks in 2022Q3 are: Hangzhou Oxygen Co., Ltd., 712, China Automotive Research Institute, Kweichow Moutai, AVIC Optoelectronics, Guanglianda, Aerospace Appliances, CATL, Sieyuan Electric, and Lixun Precision, distributed in machinery and equipment, automobiles, national defense industry, food and beverage, power equipment, and electronics industries.
Financing the health industry flexible allocation hybrid A/B (000727), the current fund manager Wan Minyuan, from August 26, 2016 to the present, the return in the past five years is 243.72%. The top ten heavy stocks in 2022Q3 are: Yixintang, Changchun High-tech, Laomin, Propharmaceutical, Ruizhi Pharmaceutical, Jianzhijia, Sunshine Novo, KDL, Baicheng Pharmaceutical, and Dongfulong, and the products are pharmaceutical theme funds.
Galaxy Smart Hybrid (005211), the current fund manager Yuan Xi, has been under management since December 1, 2017, with a return of 151.14% in the past five years. The top ten heavy stocks in 2022Q3 are: Maiwei Shares, Quartz Shares, CATL, JA Technology, Oriental Wealth, Enjie Shares, Sungrow Power, China Mining Resources, Chifeng Gold, and Yuneng Technology, which are distributed in power equipment, basic chemicals, non-bank finance, and non-ferrous metal industries. Galaxy Blue Chip Hybrid A (519672), also managed by the fund manager, has a high degree of overlap in industry allocations with individual stock selection.
BOC Preferred Flexible Allocation Hybrid A (163807), the current fund manager Wang Wei, has been managed since May 28, 2015, with a five-year return of 133.27%. The top ten heavy stocks in 2022Q3: CATL, Kweichow Moutai, Deye Shares, Jinlang Technology, YTO Express, Zhongtian Technology, Tianqi Lithium, China Merchants Shekou, Wenshi Shares, Jianlang Hardware, distributed in power equipment, food and beverage, home appliances, transportation, communications, non-ferrous metals and other industries.
CCB Innovation China Hybrid (000308), the current fund manager Shao Zhuo, has been under management since May 22, 2015, with a return of 127.39% in the past five years. The top ten heavy stocks in 2022Q3: Yankuang Energy, Jinkong Coal Industry, Hua Railway Emergency, China Mining Resources, Maiwei Shares, North Huachuang, Yuntianhua, Hengtong Optoelectronics, Hebang Biotechnology, Shaanxi Coal Industry, distributed in coal, non-bank finance, non-ferrous metals, electronics, basic chemicals, and communication industries.
ICBC Healthcare Stocks (000831), the current fund manager Zhao Bei, has been under management since November 18, 2014, with a five-year return of 110.24%. The top 10 heavy stocks in 2022Q3: Jiuzhou Pharmaceutical, China Resources Sanjiu, WuXi AppTec, Aier Ophthalmology, Tongrentang, Mindray Medical, Huadong Pharmaceutical, Kailaiying, Medixi, and Yirui Technology, the product is a pharmaceutical theme fund.
Southern Drive Hybrid (002160), the current fund manager Ying Shuai, has been managed since March 23, 2016, with a five-year yield of 97.95%. The top ten heavy stocks in 2022Q3: Kweichow Moutai, Tianqi Lithium, Shengjian Environment, Jiayou International, Huitian New Materials, Jingjin Equipment, Huakang Medical, Kaikang Medical, Deye Shares, and Milkwell, distributed in food and beverage, non-ferrous metals, environmental protection, transportation, basic chemicals, pharmaceuticals and biotechnology, and home appliance industries.
Ping An Ruixiang Entertainment Hybrid A (002450), the current fund manager Huang Wei, has been managed since August 24, 2016, with a five-year return of 111.47%. The top ten heavy stocks in 2022Q3: Zhongtian Technology, Hengtong Optoelectronics, Jifeng Shares, Nasda, Platinum New Materials, Yak Technology, Yongxin Optics, Vertex Software, Kun Heng Shunwei, Yihua Shares, distributed in communications, automotive, electronics, computer industries.
Honde Hongye Hybrid (001695), the current fund manager Qin Yi, has been managed since June 2, 2017, with a return of 118.45% in the past five years. The top 10 heavy stocks in 2022Q3: LONGi Green Energy, WuXi AppTec, Dongpeng Beverage, Anjing Food, Zhifei Biotechnology, Kweichow Moutai, Nanwei Medical, Mindray Medical, Jinyu Medical, Lepu Medical, distributed in the food and beverage, pharmaceutical biology, and power equipment industries.
Looking forward to 2023 after the holiday, a few industry sectors are expected to "return to the post-snow". Then, whether to struggle to grasp the "long slope" or to easily pursue excess returns, it is worth thinking about together. Well, the commander wishes everyone in advance an auspicious and healthy Year of the Rabbit!
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