来源 | 21世纪经济报道作者 | 唐曜华编辑 | 方海平新媒体编辑 | 实习生赵熙楠
There are many large asset management institutions, and the products are even more complex. The market has also been volatile in the past year, how can investors understand the performance and characteristics of different institutions and different types of products, so as to choose the most suitable institutions and products for themselves?
The 21st Century Asset Management Research Institute continues to launch the "Financial Assessment" series, which focuses on evaluating the return level and drawdown of major types of products managed by asset management institutions since 2023.
Main conclusions:
1. The average return of pure fixed-income wealth management products of some wealth management companies in 2023 and the first month of 2024 is high, such as China Post Wealth Management, IB Wealth Management, and Suyin Wealth Management. The top 20 fund managers with the average rate of return of pure bond funds in 2023 and the top two average returns in 2024 include Orient Fund, Chang'an Fund, Bosera Fund, etc.
2. The top 10 wealth management institutions with the average income of "fixed income +" wealth management products in 2023 and the first two months of 2024 include Huaxia Wealth Management and Bank of China Wealth Management. In 2023 and the first two months of 2024, the top fund managers with the average return of "fixed income +" funds include Red Earth Innovation Fund, Yingda Fund, Hive Fund, etc.
3. Mixed wealth management products with outstanding performance include CMB Wealth Management, Huaxia Wealth Management, Everbright Wealth Management, etc. The top 20 fund managers with average returns of hybrid funds in 2023 and the first two months of 2024 include Essence Fund, CICC, E Fund, etc. The top fund managers with the average return rate of equity funds in 2023 and the first two months of 2024 include Guolian Fund, Shanghai Guotai Junan Securities Asset Management Co., Ltd., Galaxy Fund, Baoying Fund, etc.
This report will be issued in multiple parts, this article focuses on the "fixed income +" products of bank wealth management and mutual funds, as well as hybrid wealth management products.
2. "Fixed Income +": Preferred stocks are favored for bank wealth management equity investments, and some fixed income + funds have short stock positions at the end of the year
3. The top three average yields of existing "fixed income +" products are Chongqing Rural Commercial Wealth Management, Huaxia Wealth Management and Hangzhou Bank Wealth Management
In 2023, the top wealth management companies with the average rate of return of "fixed income +" wealth management products include Chongqing Rural Commercial Wealth Management, Huaxia Wealth Management, Hangzhou Bank Wealth Management, etc. Judging from the "fixed income +" wealth management products with high yields in 2023, most of the positions held at the end of the third quarter of last year were mainly debt assets, and a very small proportion was invested in mixed assets. At the end of the third quarter of last year, the proportion of equity investment was small, mainly preferred stocks, and some long-term products were allocated non-standard assets with higher yields. Hangzhou Bank Wealth Management, which ranks third in average yield, from the top ten holdings of "fixed income +" wealth management products with high yield at the end of the third quarter of 2023, equity investment favors preferred stocks, bond investment also favors urban investment bonds, and some products allocate non-standard assets in a high proportion.
Based on the average rate of return of "fixed income +" wealth management products in 2023 and the average rate of return in the first two months of 2024, the top ten wealth management institutions include Huaxia Wealth Management, Bank of China Wealth Management, Hengfeng Wealth Management, etc.
Note: The number of "fixed income +" wealth management products with net value growth rate data in 2023, such as Boyin Wealth Management and Schroder Bank of Communications Wealth Management, is less than 5, so their average rate of return is not counted.
4. The top three average returns of "fixed income +" funds are Huaan Securities, Hang Seng Qianhai Fund, and Dongxing Fund
In 2023, the fund manager with the highest average rate of return of "fixed income +" funds is Huaan Securities, and there are not many "fixed income +" funds in Huaan Securities, only 9 (different shares are not combined at the time of statistics), judging from the asset allocation and position data of the product at the end of 2023, most of the "fixed income +" fund stock positions of Huaan Securities are not high, mostly below 10%, from the analysis of Wind's market capitalization style, some funds at the end of last year favored small-cap value style, Large-cap value style, but some funds reduced the proportion of small-cap value style at the beginning of this year and increased the proportion of large-cap value style. There are also some funds that hold some convertible bonds.
The fund manager with the second average return rate of the "fixed income +" fund in 2023 is the Hang Seng Qianhai Fund, the Hang Seng Qianhai Fund is small, and the number of existing "fixed income +" funds is not large, most of the stock holdings are very low or even 0 stock holdings, and the style is conservative at the end of last year.
The surviving "fixed income +" fund of Dongxing Fund, which ranks third in average yield, mainly relies on bond investment to pull up returns, and its stock holdings are almost 0 at the end of 2023. The "fixed income +" fund "Dongxing Xingfu one-year fixed opening A", which has the highest yield in 2023 (11.68%), has a stock position of 0 at the end of 2023 and invests in bonds at a ratio of 97.63%. It is the same person as the fund manager of Dongxing Fund's pure bond fund with the highest yield in 2023, "Dongxing Xingrui One-Year Fixed Opening A".
Note: Fund managers with less than 5 "fixed income+" funds with 2023 return data have been excluded from this table.
Combined with the performance of the "fixed income +" fund in 2023 and the first two months of 2024, the fund managers with the highest average returns include Red Earth Innovation Fund, Yingda Fund, Hive Fund, etc. The Red Earth Innovation Fund's equity holdings are biased towards the large-cap value style.
3. Hybrid: CMB Wealth Management and other funds have performed well, and some hybrid funds rely on small-cap stocks to achieve higher returns
In order to reduce the volatility of net worth, the equity investment of some hybrid bank wealth management products reduces volatility by allocating assets with fixed income attributes, such as preferred stocks. There are also hybrid bank wealth management strategies that minimize the fluctuation of net worth through quantitative strategies or high-dividend and low-volatility strategies.
5. The top three surviving hybrid products are CMB Wealth Management, Huaxia Wealth Management and Everbright Wealth Management
From the perspective of the positions and strategies of the mixed wealth management products with the highest yield at the end of the third quarter of 2023, the equity investment is mainly based on high-dividend strategies, favoring high-quality central state-owned enterprises with higher dividends, some products hedge market systemic risks through quantitative hedging strategies, and some products adopt multi-asset strategies to allocate gold, U.S. bonds and other thickened returns. Dividend and low-volatility stocks performed better last year, which may help the performance of CMB Wealth Management Hybrid Wealth Management Products.
The average yield of Huaxia Wealth Management Hybrid Wealth Management products in 2023 ranks second, from the perspective of the top products in terms of income, mainly partial debt hybrid products, and the proportion of equity investment at the end of the third quarter of 2023 is not high. In terms of debt investment, some products have increased their income through high-yield non-standard investment.
Everbright Wealth Management's hybrid products ranked third in terms of average yield, and from the perspective of holdings and strategies at the end of the third quarter of 2023, some of the products invested in equity investments and some invested in assets with quasi-fixed income attributes. Some products maintained neutral equity positions and switched their volatile growth exposure to more value-oriented stocks in the third quarter of last year. The top 10 holdings of some products are allocated with dividend and low volatility ETFs.
Note: The number of hybrid wealth management products with net value growth rate data in 2023 is less than 5, so the average rate of return is not counted. The net value of some private equity products of ICBC Wealth Management has decreased significantly due to dividends and other reasons.
The top wealth management companies in the income level of hybrid wealth management products in 2023 also performed well after entering the first two months of 2024, with 7 wealth management companies continuing to maintain an average yield in the top 10. Among them, ABC Wealth Management and Bank of China Wealth Management continued to remain in the top five. Judging from the mixed wealth management products with the highest yield in 2023 and the top yield in the first two months of 2024, at the end of the third quarter of 2023, they generally prefer bank preferred stocks and increase income by allocating non-standard assets. Most of the hybrid wealth management products with the highest income of Bank of China Wealth Management have a low proportion of equity investment at the end of the third quarter of 2023, below 10%, while bond investment is more favored by bank Tier 2 capital bonds and urban investment bonds.
Description of this review:
Evaluation object: The average return and maximum drawdown of the main types of wealth management products of banks and the main types of public fund products of public fund managers in 2023 and the first two months of 2024, which roughly reflect the management level of managers in the corresponding types of products.
Statistical description: wealth management products/funds established before 2023 and not expired in 2023, and wealth management products/funds established before 2024 and not mature in the first two months of 2024. Among them, the bank wealth management data comes from Nancai Wealth Management, and the public fund data comes from Wind, and the different shares are not combined. In order to avoid the fact that the average rate of return of a certain type of product/fund is not counted in this report, the number of such products with net value growth rate data of less than 5 is not counted in this report.
Risk Warning: 1. In 2023, the pure bond products of some banks and funds will obtain high returns through heavy positions in urban investment bonds and appropriate sinking. 2. Some hybrid funds have made good gains by holding heavy positions in small-cap stocks, but at the same time, they have also experienced significant net value drawdowns in the first two months of 2024 due to the decline in small-cap stocks.
Note: The evaluation of the public fund does not consider the scale factor, usually the small scale is easier to operate and better performance, the larger the scale, the greater the difficulty of operation, investors can consider the scale factor when choosing.
To be continued
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