So far this year, more than 260 active equity funds have achieved returns of more than 10%.
With the completion of the disclosure of the first quarter report of the public fund in 2024, the magic weapon of the high-performance fund has also surfaced.
"Aggressive" equity positions of high-performing funds
Since the beginning of this year, the A-share market has stepped out of the deep V market. As of April 22, the Shanghai Composite Index has risen 2.34% this year, the Shenzhen Component Index has fallen 3.00%, and the ChiNext Index has fallen 7.45%, which is significantly differentiated. In such a market, many high-performing active equity funds have "killed" out of the encirclement and achieved very bright results.
Wind data shows that as of April 22, a total of nearly 3,200 active equity funds (only initial funds, the same below) have achieved positive returns this year, of which 260 active equity funds have yielded more than 10% and 11 have yielded more than 20%.
On the whole, most of the high-performing funds this year are small and medium-sized funds, and many of them do not exceed 1 billion yuan. For example, Invesco Great Wall Cycle Preferred A, which ranks first in performance, has returned 25.47% since the beginning of this year, but the scale of the fund at the end of the first quarter was only 188 million yuan (different shares are calculated together, the same below). Among the funds with a yield of more than 20%, Bosera Growth Select A had a scale of 624 million yuan at the end of the first quarter, Southern Development Opportunities held A for a year with a scale of 258 million yuan at the end of the first quarter, and Invesco Great Wall Pillar Industry, Wanjia Cycle Drive A, and Oriental Alpha Xingke held A with a scale of less than 200 million yuan a year.
From the perspective of positions, most of the stock positions of high-performing funds at the end of the first quarter were relatively positive. Wanjia Twin Engine A, Bosera Growth Select A, Southern Development Opportunities One-Year Holding A, GF Resources Preferred A, Zhongou Ruifeng A, Wanjia Cycle Drive A and Oriental Alpha Xingke Holding A One-year Holding A all maintained a position of more than 9% at the end of the first quarter.
Source: Wind
Resource cycle stocks are a magic weapon for success
From the perspective of holdings, heavy energy and cyclical direction have become the main reasons for the outstanding performance of high-performing funds this year.
For example, Wanjia Twin Engine A has achieved a return of 25.32% this year, ranking among the best active equity funds. Its quarterly report shows that although it is a flexible allocation fund, the fund's stock position at the end of the first quarter was as high as 92.87%, and the top ten heavy stocks are resource cycle stocks, including Zijin Mining, COSCO Marine Energy, China Molybdenum, PetroChina, CICC Gold, Shandong Gold, China Merchants Shipping, Tongling Nonferrous Metals, Shanxi Coking Coal, and Western Mining. Since the beginning of this year, CMOC has risen by 76.73%, PetroChina has risen by 50.57%, Zijin Mining, China Merchants Shipping and Western Mining have all risen by more than 40%, and many other stocks have also risen by more than 20%, contributing higher returns to the fund.
Image source: Fund Quarterly Report
CEIBS Ruifeng A has also achieved a yield of 21.96% this year, a quarterly report shows that its stock position reached 92.43% at the end of the first quarter, and the top ten heavy stocks are CNOOC, China Shipbuilding, China Shenhua, PetroChina, CRRC, Yangtze River Power, Jin Chengxin, Shaanxi Coal, Hisense Video, Wanhua Chemical, and most of them are resource cycles and central state-owned enterprises. As of April 22, its top ten heavy stocks have all risen by more than 10% this year, and Jin Chengxin and CRRC have risen by more than 40%.
Stay tuned for cycle and dividend direction
Looking forward to the market outlook, Ye Yong, manager of Wanjia Double Engine A Fund, said that from the perspective of market trends, after the overseas inventory cycle bottoms out, the second quarter of 2024 is expected to usher in a resonant upward situation of domestic and overseas macro cycles, thereby providing a good macro environment for the overall improvement of the stock market and the combination of long returns.
Lu Chunqing, manager of CEIBS Ruifeng A Fund, said that in the first quarter of 2024, based on the judgment of the macro, the positions will be concentrated in companies with high performance certainty, including companies with rising prosperity and long-term cycles in the low range, state-owned enterprises with global competitiveness in various manufacturing fields, companies with higher dividends, companies with a high proportion of exports, and upstream resource products. In the past quarter, the market has been more volatile, more and more investors are willing to buy and hold the leading of these central state-owned enterprises, and high-quality companies have also used their performance to show their competitiveness, Lu Chunqing said that in the future, he will continue to dig deep into these investment opportunities.
Reviewer: Hou Zhihong Editor: Yu Hongbo Proofreader: Zhang Diange Producer: Zhang Nan Signed: Sun Hong