With the completion of the disclosure of the first quarterly report of the fund, the report card of the first quarter of the brokerage asset management has also surfaced.
Wind data shows that as of the end of the first quarter of 2024, the asset management scale of the public offering business of 53 securities companies has exceeded 1 trillion yuan, of which 4 securities companies have a public offering management scale of more than 100 billion yuan, with obvious head effect and first-mover advantage.
In the first quarter, the market fluctuated greatly, and from the performance point of view, nearly seventy percent of the public fund products managed by securities companies achieved positive returns, but only three percent of active equity funds achieved positive returns, and high-performance funds concentrated in dividend funds with heavy positions in high dividend assets.
The head effect is highlighted
Wind data shows that as of the end of the first quarter of 2024, the assets under management of 53 securities firms' asset management public offering business exceeded 1 trillion yuan, or 1.05 trillion yuan.
Among them, the non-monetary type was about 682.3 billion yuan and the monetary type was 371.9 billion yuan, accounting for 65% and 35% of the total scale respectively.
Specifically, among the public offering products of securities companies' asset management, the largest is bond products, with 487.251 billion yuan, followed by hybrid products with 166.219 billion yuan, and index products with 21.282 billion yuan. In addition, it also includes REITs products of 10.868 billion yuan, equity products of 9.228 billion yuan, FOF funds of 8.175 billion yuan, as well as a small number of QDII and alternative investment products.
Among the 53 brokerage asset management institutions, 4 of them have a public offering scale of more than 100 billion yuan, far ahead of other brokerage asset management institutions.
Among them, Orient Securities Asset Management continued to rank first with a management scale of more than 169.872 billion yuan, Bank of China Securities ranked second with 127.872 billion yuan, Caitong Asset Management ranked third with 117.580 billion yuan, and Huatai Asset Management ranked fourth with 101.069 billion yuan.
The total public offering scale of the above four leading brokerage asset management companies exceeds 500 billion yuan, accounting for half of all brokerage asset management.
In addition, 19 securities companies, including Guotai Junan Asset Management, Zheshang Asset Management, China Merchants Asset Management, Shanxi Securities, Orient Securities Ronghui Asset Management, and CITIC Securities, have a public offering management scale of more than 10 billion yuan.
The bonus strategy performed well
According to Wind data statistics, as of April 23, 621 public funds under 53 brokerage asset management companies (only counting the initial funds established before 2024, the same below) have all disclosed their first quarter reports for 2024.
Among them, 422 funds achieved positive returns, accounting for 68%, and 199 funds had negative returns, accounting for 32%.
It is worth mentioning that under the market turmoil in the first quarter, the overall performance of active equity funds was poor.
In the first quarter, only 53 of the 186 active equity funds under the asset management of securities companies (including ordinary equity funds, partial stock hybrid funds, and flexible allocation funds, with the market value of stocks accounting for more than 50% of the fund's net asset value, the same below) achieved positive returns, accounting for less than 30%, accounting for 28%, and another 133 active equity funds had negative returns, accounting for 72%.
From the perspective of investment style, the dividend strategy is the only correct answer in the first quarter.
From the perspective of fund income in the first quarter, the best performers are two small funds: CICC Advantage Pilot managed by Yang Zhao is held for one year, with a scale of 100 million yuan and a class A share income of 14.45%, and Zheshang Huijin managed by Zhou Wenchao is transformed and upgraded, with a scale of 12 million yuan and a class A share income of 13.42%.
Both focus on high-dividend assets. The top 10 heavy positions of the former mainly invest in non-ferrous metals and petrochemical industries, while the latter focuses on state-owned banks, petroleum and petrochemical, transportation, construction machinery and other fields.
In addition, a number of well-known fund managers of brokerage asset management have also chosen the dividend strategy.
Jiang Cheng, a 10 billion star fund manager, managed 12.6 billion yuan at the end of the first quarter, and his 7 funds performed well overall, and his two best performing funds in the first quarter were also dividend funds.
In the first quarter, the two dividend funds managed by Jiang Cheng and Wang Tao, Zhongtai Dividend Preferred, held a return of 10.14% for one year, and Zhongtai Dividend Value held for a year with a return of 9.90%.
The products of many well-known fund managers of Dongfanghong Asset Management have also performed well due to their heavy positions in high-dividend (bonus) assets.
Among them, Dongfanghong Qiheng, jointly managed by Wang Zhuo and Zhang Feng, held Mixed A for three years, with a return of 10.08% in the first quarter, and the total scale of the fund at the end of the first quarter was 10.597 billion yuan.
The two funds managed by Cai Zhipeng also achieved excellent returns: Dongfanghong Qihua held A for three years, with a return of 9.99% in the first quarter, and Dongfanghong Innovation Trend returned 8.93% in the first quarter.
The six funds managed by Li Jing, a 10 billion star fund manager, all earned more than 2% in the first quarter. Among them, Dongfanghong Qidong's three-year income reached 6.34%, and the total scale of the fund was 7.619 billion yuan at the end of the first quarter.
The reporter found that the above-mentioned funds with excellent performance basically allocated a large number of high-dividend (bonus) stocks in the first quarter.
Jiang Cheng said in the first quarter report of Zhongtai Dividend Preferred One Year Holding and Zhongtai Dividend Value One Year Holding that as a dividend style fund, the investment objective is not the certainty of short-term dividend income. A high dividend yield at the spot is a necessary but not sufficient condition for the selection of the target of the position, because high dividends in the short term do not mean high returns in the long term. It needs to find targets that have long-term high profitability (i.e., the ability to maintain long-term high dividends) and strive to buy at a price that is worth the money.
He said, "The underlying position of this product is a portfolio of stocks that we believe can meet both immediate high dividend and long-term high dividend under this premise." ”
Jiang Cheng believes that there is no need to regard the short-term dividend yield as too important, and the long-term dividend ability is more important.
Zhou Wenchao also said in the first quarter report that he was concerned that there is a class of assets that are becoming the consensus bottom position of market allocation, that is, high dividend (bonus) assets, and it also reallocated such assets in the first quarter.
It is worth mentioning that CES Asset Management, Bank of China Securities and other public offerings had the lowest returns in the first quarter.
For example, Everbright Sunshine A's first-quarter earnings were 19.62%, and its top 10 heavy stocks at the end of the first quarter were mainly concentrated in TMT, pharmaceutical, and resource stocks.
All 12 funds under BOC Securities had negative returns. Among them, 9 funds, including Bank of China Securities Balanced Growth and Bank of China Securities Specialized, Special and New, fell by more than 10% in the first quarter.
Overall, funds with a large allocation to growth stocks underperformed in the first quarter.
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