Many tens of billions of funds are quietly "returning to blood".
As of May 10, E Fund's blue-chip selection, managed by Zhang Kun, the "first brother of public offering", has a net value growth rate of 8.7% this year, and the fund has failed to achieve positive returns for three consecutive years.
In addition to Zhang Kun, Zhou Weiwen, Liu Yanchun, Xie Zhiyu, Xiao Nan, Hu Xinwei, Zhou Haidong and many other fund managers with a management scale of more than 30 billion yuan have achieved positive returns this year. The products managed by fund managers such as Bao Wuke and Lan Xiaokang have even recently hit a new high in net worth since their establishment.
"Top stream" and "blood return"
With the stabilization and rebound of A-shares, the net value of funds managed by a wave of "top-stream" fund managers continued to "recover". As of May 10, the performance of a number of tens of billions of fund managers has returned to positive this year.
Among the funds managed by tens of billions of fund managers, as of May 10, Dacheng New Industry A managed by Han Chuang, a well-known fund manager of Dacheng Fund, Invesco Great Wall Shanghai-Hong Kong-Shenzhen Select A managed by Bao Wuke, fund manager of Invesco Great Wall Fund, and Dacheng High-tech Industry A managed by Liu Xu have all yielded more than 20% since the beginning of this year.
Looking at the quarterly reports of these funds, among their top ten heavy stocks, there are resource stocks, technology stocks that have risen well this year, and Hong Kong stocks that have continued to rebound recently. For example, among the top ten heavy stocks of Dacheng New Industry A managed by Han Chuang, there are resource stocks such as Zijin Mining, Aluminum Corporation of China, China Molybdenum, and CICC Gold; Among the top 10 heavy stocks of Invesco Great Wall Shanghai-Hong Kong-Shenzhen Select A managed by Bao Wuke, Hong Kong stocks such as CNOOC, China Molybdenum, China Mobile, and Tencent Holdings have appeared.
The Harvest Value Selection managed by Tan Li, a well-known fund manager of Harvest Fund, and the Yinhua Wealthy Theme managed by Jiao Wei, a well-known fund manager of Yinhua Fund, have both yielded more than 15% since the beginning of this year. Seven of the top 10 heavyweights selected by Harvest Value are up more than or close to 30% year-to-date. Yinhua Wealthy Theme has turned its position to dividends, and 4 of the top 10 heavy stocks have risen by more than 30% since the beginning of this year.
In addition, E Fund Consumer Select, managed by Xiao Nan, a well-known fund manager of E Fund, and E Fund Consumer Industry, jointly managed by Xiao Nan and Wang Yuanchun, have yielded more than 12% since the beginning of this year; Ruiyuan Balanced Value Three-Year A managed by Zhao Feng, fund manager of Ruiyuan Fund, China Europe Times Pioneer managed by Zhou Weiwen, fund manager of China Europe Fund, and Bank of Communications Trend Priority managed by Yang Jinjin, fund manager of Bank of Communications Schroder Fund, have all yielded more than 10% since the beginning of this year.
Some funds managed by "top stream" fund managers Zhang Kun, Zhu Shaoxing, Qiu Dongrong, Liu Yanchun, and Xie Zhiyu have also achieved positive returns this year.
The net value of many funds reached new highs
Not only did the net value rebound, but some funds seized this round of A-share or Hong Kong stock market, and the net value hit a new high since its establishment.
As of May 10, the net value of Invesco Great Wall Shanghai-Hong Kong-Shenzhen Select A managed by Invesco Great Wall Fund Bao Wuwu reached 2.3016 yuan, a new high since its establishment. The fund's net value growth rate is 21.13% this year, and the net value growth rate in the past three years and the past five years are 49.61% and 106.97%, respectively. According to the fund's quarterly report, its top ten heavy stocks are: Zijin Mining, CNOOC, Sichuan Investment Energy, Huaneng Hydropower, China Molybdenum, Shenhuo Shares, Tongling Nonferrous Metals, Kuangshun Shares, China Mobile, Tencent Holdings, among which China Molybdenum and CNOOC have risen by more than 50% since the beginning of this year.
As of May 10, the net value of CEIBS Dividend Preferential A managed by CEIBS Fund Lan Xiaokang reached 1.5910 yuan, which also hit a new high since its establishment. As of the end of the first quarter, the top 10 heavy stocks of the fund were: Zijin Mining, China National Offshore Oil, China Merchants Shipping, Sany Heavy Industry, Huatai Securities, Sinoma International, China National Heavy Duty Truck, China Shipbuilding, Zhaojin Mining, Jiuli Special Materials, among which China Merchants Shipping and other companies have risen by more than 50% since the beginning of this year.
There are many Hong Kong stock targets in the heavy stocks of the above two funds, and many funds that only hold A-share listed companies have also hit new highs in net worth, and Galaxy Junshang A is one of them. As of May 10, the net value of Galaxy Junshang A was 1.5939 yuan, and the top ten heavy stocks of the fund as of the end of the first quarter were: China Shenhua, Industrial and Commercial Bank of China, Kweichow Moutai, Sinopec, Daqin Railway, CATL, Nanjing Iron and Steel Co., Ltd., Bank of Beijing, Huaxia Bank, and Shaanxi Coal.
In addition, funds such as Dacheng High-tech Industry, Huatai Berry Multi Strategy, Changsheng Growth Value, and Qianhai Open Source Gold, Silver and Jewelry, which are heavily invested in gold stocks such as Shandong Gold, CICC Gold, and Lao Fengxiang, have all recently hit new highs in net worth.
A-shares and Hong Kong stocks with low valuations are attractive
Wang Yuanchun, fund manager of E Fund, believes that as other markets around the world have continued to rise in the past few years, low-valued A-shares and Hong Kong stocks are very attractive. As shareholder returns increase, investment-cash flow-shareholder returns may form a positive cycle. The current market has good allocation value.
Invesco Great Wall Equity Investment Department said that in terms of the A-share market, looking ahead, the market is still in the resistance range after a rapid rebound from a low level. In the context of the new "National Nine Measures" and other medium- and long-term institutional benefits, superimposed short-term capital care and the smooth operation of the economy, the downside risk at the index level may be controllable. In terms of the Hong Kong stock market, Hong Kong stocks have performed well recently, showing a rapid rebound under low valuations and rebalancing internal and external returns, but whether the subsequent gains can continue still depends on whether there are further "catalysts" appearing.
In terms of industry allocation, China Merchants Fund said that investment opportunities are in technology manufacturing and growth materials and consumption. The market comes from a decline in uncertainty, rather than an upward revision of earnings expectations, so the focus of investment in the middle of the year may be on stocks with growth potential: first, technology manufacturing. The adjustment time is long, the pessimistic expectations are cleared, and the industry uncertainty is expected to decline in the future, focusing on the electronic semiconductor, automobile, military, machinery, communications, and innovative drug sectors; The second is the brokerage and the growth cycle and consumption sector. Based on the decline in stock market uncertainty and the expectation of mergers and acquisitions, brokerages may have a chance to rebound, and at the same time pay attention to the pharmaceutical, cosmetics, beer and beverages, and nonferrous metals, steel and new materials sectors.
Bosera Fund believes that in the context of the upward slope of the numerator end is still moderating and overseas high interest rates are continuing, the market will still maintain a volatile market and pay attention to the structural market. Due to the lack of a high-prosperity direction with continuous verification of fundamentals, it is expected that the market style will still be a dumbbell market with alternating advantages of dividends and technological growth. At present, the congestion in the direction of high dividends has declined, and the cost performance of allocation has risen. In the industry, non-ferrous metals, coal, banks, machinery, power equipment, medicine, and communications are recommended.
Reviewer: Hou Zhihong Editor: Yu Hongbo Proofreader: Jiao Yuanyuan Producer: Zhang Nan
Issued by: Fei Yangsheng
