After the fund is established, the opening period is usually between 1 and 3 months. In the second half of the year, when the Shanghai Index repeatedly fell below 3,000 points, many fund managers "sat firmly in the Diaoyutai" after the establishment of the fund, and successfully "survived" the falling market with light or even short positions.
Some industry insiders pointed out that in the continuous decline of the market, the fund manager of the new fund can also build positions in batches, resulting in a lower cost of buying and a higher margin of safety for the bargain layout. The old funds have position restrictions, such as stock assets shall not be lower than the established proportion, so the cost of individual stocks held by the old funds may not be low, and some are even forced to buy at a higher stock price, so it is easier for new funds to run out of net worth advantages in a volatile market.
The performance of the new funds established in the second half of the year was mixed
Since the second half of the year, the Shanghai Composite Index has fallen by more than 8%, and the Shenzhen Composite Index has fallen even more, falling by about 15%. According to statistics, since the second half of the year, the scale of new public funds has been 468.7 billion, a decrease of nearly 80 billion from the first half of the year, and only about 60% of last year. Among them, a total of 288 actively managed equity products have been established in the market, raising less than 100 billion yuan, which is at a low level for many years.
The second half of the year was quite volatile, with the Shanghai Composite Index falling below 3,000 points several times in October and December, so almost all of the top decliners during this period were funds established in the "early" period. For example, Penghua Ruijian, which was established on July 11, has fallen nearly 18% in less than half a year, and the Wanjia Vision Pioneer established on the same day has also fallen by about 13% in one year, and since the second half of the year, the funds with a net value loss of more than 10% have been established in July.
Recently, after several years of adjustment, the pharmaceutical sector has been relatively resistant to decline, and even the innovative drug sector has outperformed excess returns. Therefore, among the funds established in the second half of the year, although the current No. 1 increase in the first year, Rongtong Foresight Value was established earlier, but on the whole, the trend is relatively stable, and the net value curve can always rebound in time although there is a drawdown. As of the end of the third quarter, the fund's heavy stocks include Jianzhijia, Kangyuan Pharmaceutical, Jiudian Pharmaceutical and other pharmaceutical stocks, as well as Tianwei Food, Kouzijiao and other food stocks, fund manager Wan Minyuan said in the third quarterly report that the fund's strategy is to select the track and growth and relatively low valuation of the sector and individual stocks for key allocation, the mentality of holding shares in the medium line calmly, with time for space, and timely adjustment of the portfolio structure.
"After experiencing the ups and downs of the A-share boom track assets in the past, it is expected that the style of the A-share market is expected to move from the extreme in the past to balance, and high-quality growth stocks with stable growth, post-epidemic recovery and valuation matching are expected to usher in value investment opportunities. ”
The timing of the fund's position opening is key
In late October, the Shanghai Composite Index fell below 3,000 points for the first time this year, and before that, it was in a continuous lower market. The opening period is usually between 1 and 3 months, and the longest will not exceed 6 months, so many fund managers have resisted the impulse to operate during this period and avoided the downward trend with light or even short positions.
Harvest Growth Drive is a typical case, the fund was established on September 22, but it was not until the end of October that the net value of the fund rose slightly after the Shanghai Index stabilized, and the current net value rose by more than 2% after the successful bottoming.
Han Guangzhe of the Golden Eagle Fund is "sitting firmly in the Diaoyutai" in the falling market, pushing the time forward to the beginning of June, the Golden Eagle Rui Selection Growth Six Months Holding was established, and in the following nearly half a year, the fund's performance was very stable, and the maximum decline did not exceed 1%, the quarterly report shows that the product was only 1.43% at the end of the third quarter, and the vast majority of the fund assets were placed in bank deposits.
Han Guangzhe expressed a cautiously optimistic view in the third quarter report: on the domestic side, under the care of a series of policies, the economy and the market are likely to be in the bottom area, and economic data, residents' income and consumption behavior are expected to gradually improve in the future. A-share investors are expected to rebuild their confidence, the market has no sustainable direction for the time being, and hot sectors rotate quickly.
"The fund is still in the position building period, maintaining a very low stock position, and only a few companies such as memory semiconductors and electric new companies have been deployed. In the future, it will track the marginal changes in the suppressive factors of the A-share market, including the resolution of real estate and urban investment bonds, technological breakthroughs, and phased changes in Sino-US relations, focusing on the direction of computing power (optical modules and servers, etc.), memory semiconductors, AI office applications and other scientific and technological directions. At the same time, if there is a significant improvement in economic and consumption data, appropriate allocation to consumption and pro-cyclical sectors will be considered. In addition, a number of products managed by Han Guangzhe have also reduced their positions in the third quarter.
In addition, there are also Xinao New Materials Selection, Beijing Management Pacific Advantage Enterprise and Tibet Dongcai Huixin Preferred Products established last month, with little fluctuation in net value.
However, there are also some funds that have been rapidly deployed after their establishment, such as Huabao Yuanheng, which was established on December 7, has risen by 0.42%, and Guotai Junan CSI 1000 Selection, which adopts quantitative strategy, was established on December 12 and is currently down about 0.3%.
New funds have more advantages in a volatile market
In the second half of the year, the average decline of newly established funds was "only" 1.74%, which was slightly better than the net value of existing funds issued previously. A public offering person in North China explained that for new funds, if the market continues to be sluggish, fund managers can choose the opportunity to enter the market and control the drawdown through positions. If it continues to fall, fund managers can also open positions in batches, resulting in lower costs for buying and a higher margin of safety for dip hunting. The old funds have position restrictions, such as stock assets shall not be lower than the established proportion, so the cost of individual stocks held by the old funds may not be low, and some are even forced to buy at a higher stock price, so it is easier for new funds to run out of net worth advantages in a volatile market.
A large public offering investment researcher in South China believes that for fund managers, active management in the volatile market is not only reflected in active stock selection, but also in timing; it is indeed difficult to choose the right time, but in the A-share investment, if you want to get a good income experience, the timing is a must, even if you can't do it accurately, at least you can feel the temperature of the market, so as to be "vaguely correct".
Editor-in-charge: Yang Yucheng
Proofreading: Zhu Tianting