There is no shortage of lucky people in the upward market, and the shock city can stand out from the encirclement, which is even more precious. In the past year, the A-share market has experienced a volatile market and a return to volatility...... Under the ups and downs of the structural market and the frequent rotation of the market style, fund managers are facing greater challenges in ensuring performance and controlling risks. Such an environment is precisely the "touchstone" for testing investment and research capabilities.
On July 18, Caitong Prosperity Selection, which is managed by Jin Zicai, the head of Caitong Fund's equity and deputy general manager, celebrated its first anniversary with a one-year holding period. It is worth noting that this fund, which was born in the "cold winter" period of market issuance, has achieved good performance at the end of the year.
In July 2023, at a time when the market confidence is weak, the fund issuance is "low", and Caitong Prosperity selects a one-year holding period and chooses to issue "against the trend" at this freezing point. As of the end of June 2024, the net value of Class A units of the product was 1.1027 yuan, and the net value of Class C units was 1.0944 yuan. Since the beginning of this year, it has achieved a net value growth rate of more than 18% in half a year, demonstrating its outstanding performance strength.
Source: See the end of this article for details. Funds are risky and should be invested with caution. The operation time of the mainland fund is relatively short, and it cannot reflect all stages of the development of the stock and bond markets.
How to ride through market turbulence and reap good investment returns? From the disclosed quarterly report, the operation path of Caitong Prosperity Selection with a one-year holding period has been revealed.
At the beginning of the establishment of the product, the domestic macro economy was still in the process of weak recovery, the core CPI year-on-year growth rate was low, the PPI growth rate was in the negative range, and the cyclical manufacturing industry rebounded less elastically. The scientific and technological revolution started by overseas AI around AI large models is about to start. The two industrial chains of software-side large models and IP applications have become the core positions of the future, and it is gradually becoming clear. At this stage, the products are mainly held in the application industry, including media and computer direction.
In the fourth quarter of 2023, as overseas applications gradually become a climate, overseas cloud vendors continue to increase the layout of AI products, which further drives the volume of optical modules. According to the quarterly report, at this stage, the product still has a high proportion of the AI industry chain, but some dynamic optimization has been made in the subdivision direction, mainly focusing on the optical modules that benefit from the investment of AI and large models and the penetration of AI into various consumer electronics terminals. At the same time, a certain proportion of configuration is also maintained in the mini-game and short drama tracks to improve the overall defensiveness of the group.
Since the beginning of this year, the product position has been further dynamically optimized, and in January, when the market sentiment was relatively sluggish, it continued to increase its holdings in the overseas computing power sector. During this period, on the one hand, with the consolidation of the bottom of the new "National Nine Articles", the market sentiment gradually picked up, on the other hand, the demand for overseas computing power exceeded expectations, the logic was continuously verified and strengthened, and the products reaped gratifying excess returns.
Source: See the end of this article for details. Funds are risky and should be invested with caution. The operation time of the mainland fund is relatively short, and it cannot reflect all stages of the development of the stock and bond markets.
Throughout the investment ideas of the past year, the products have always followed the meso-allocation ideas of high-prosperity industries, based on industrial research, and strive to find high-quality companies with high growth certainty and large stock price space in the right track in line with industrial trends, so as to obtain long-term investment returns.
Good performance is inseparable from the careful cultivation of fund managers, and the one-year holding period of Caitong Prosperity is mixed with all-weather long-distance runner Jin Zicai. As a leader in the equity of Caitong Fund, Jin Zicai has 14 years of experience in the securities industry and 10 years of investment management experience, and has been deeply involved in insurance funds and public funds for many years, and has gradually accumulated a deep understanding of cycle judgment, industry rotation and individual stock mining.
In 2014, Jin Zicai, a senior researcher in the TMT industry, started from investing in technology stocks, and gradually covered multiple fields such as cycle and consumption. The ultra-wide vision makes it good at finding opportunities from the whole market and fully exploring the potential investment opportunities in the market.
Judging from the historical performance of Jin Zicai's longest-managed products, his investment management capabilities can also be confirmed. According to the data of the "Fund Performance Ranking" released by Haitong Securities on June 29, 2024, the absolute return of Caitong Value Momentum Blend managed by Jin Zicai in the past 10 years ranks first among similar products, and the short and medium time dimensions also perform well, with absolute returns in the past 5 years and 1 year ranking 7/118 and 31/172 respectively in similar products, and the performance of multiple time dimensions is outstanding and long-lasting[2].
Mining high-quality assets across the market is not an easy task, in addition to the investment ability of the fund manager, it also needs the team's long-term accumulated investment and research strength as a backing support. Caitong Fund's professional investment research team, continuously optimized organizational framework system, and perfect and sound talent training mechanism provide a solid foundation for product performance.
In the process of continuous evolution, the medium and long-term performance of Caitong Fund's equity team is also constantly consolidating and making breakthroughs: in the latest performance ranking released by Haitong Securities, Caitong Fund has once again won the ten-year long-distance running championship. This is the ninth time since April 2022 that Caitong Fund has topped the 10-year performance list of its kind[3].
With the increasing normalization of market volatility and differentiation, many investors are deeply anxious, can equity investment get on the bus now? In Jin Zicai's view, at the current point in time, the equity market still has a high cost performance, and the return of risk appetite is worth looking forward to. Looking forward to the second half of 2024, the new "National Nine Measures" in China will gradually consolidate the bottom of the market, promote the flow of market funds to high-quality companies with long-term cash flow return ability, and market volatility is expected to be further reduced. The overseas Fed may enter a cycle of interest rate cuts, and with the stabilization of the RMB exchange rate and the re-inflow of overseas funds, the liquidity of the A-share market is expected to improve marginally. Under the resonance of multiple factors, it is expected to promote the recovery of the A-share market.
In terms of specific direction, under the macro background of "weak domestic demand and strong overseas demand", the structural layout is at the right time. Jin Zicai is optimistic about the two directions of going overseas and dividends in the near future, the former is the core position of growth stocks, and the latter may be the core position of value stocks. If the two can be combined, the elasticity of the overall portfolio can be improved by tapping high-boom growth stocks, and the dividend strategy can be used to screen high-quality targets with less volatility and improve the margin of safety of the portfolio, which may be more suitable for the current volatile market.
With the original intention of investors' returns, we continue to evolve and weigh the income elasticity and risk drawdown control of the portfolio, and improve the holding experience and expectations of investors, which is the original intention that we have always adhered to. Thanks to the investors all the way, I hope to continue to maintain confidence in us, based on the long-term, the next journey, look forward to walking with you again!
数据来源：[1] 配置方向来源于财通景气甄选一年持有期混合定期报告，净值增长率与业绩比较基准来源于财通基金，经托管人复核，超越业绩基准=净值增长率-业绩比较基准收益率，财通景气甄选一年持有期混合成立于2023年07月19日，金梓才自2023年7月19日开始任职基金经理；截至2024.06.30，A类基金净值增长率(同期业绩比较基准)成立以来（2023.07.19-2024.06.30）10.27%(-10.17%)，近半年（2023.12.31-2024.06.30）18.72%(-3.29%)；截至2024.06.30，C类基金净值增长率(同期业绩比较基准)成立以来（2023.07.19-2024.06.30）9.44%(-10.17%) ，近半年（2023.12.31-2024.06.30）18.25%(-3.29%)；净值数据来源于财通基金官网，同期上证指数、中证500指数、偏股混合型基金指数(885001.WI)数据来自Wind；[2] 基金业绩排名数据来源于海通证券2024年06月29日发布的《基金业绩排行榜》，截至2024.06.28，财通价值动量混合A近十年(2014.07.01-2024.06.28)业绩排名位列同类(灵活混合型)1/90，近七年(2017.07.03-2024.06.28)业绩排名位列同类(灵活混合型)3/103，近五年(2019.07.01-2024.06.28)业绩排名位列同类(灵活混合型)7/118，近三年(2021.07.01-2024.06.28)业绩排名位列同类(灵活混合型)16/138，近两年(2022.07.01-2024.06.28)业绩排名位列同类(灵活混合型)73/160，近一年(2023.07.03-2024.06.28)业绩排名位列同类(灵活混合型)31/172，并获海通证券十年五星、五年五星评级；[3] 海通证券2022年4月2日、2022年7月2日、2022年10月2日、2022年12月31日、2023年4月2日、2023年7月2日、2023年9月30日、2023年12月31日、2024年3月31日、2024年6月30日发布的《基金公司权益及固定收益类资产业绩排行榜》，财通基金近10年权益基金绝对收益位列同类1/66 (2012.04.05-2022.03.31)、1/67 (2012.07.02-2022.06.30)、1/68 (2012.10.08-2022.09.30)、1/68 (2013.01.04-2022.12.30)、1/68 (2013.04.01-2023.03.31)、1/68 (2013.07.01-2023.06.30)、6/68 (2013.10.08-2023.09.28)、1/68 (2014.01.02-2023.12.29)、1/69 (2014.04.01-2024.03.29)、1/72 (2014.07.01-2024.06.28)；基金经理金梓才其他在管产品业绩：净值增长率来自财通基金产品定期报告，财通价值动量混合成立于2011年12月1日，金梓才自2014年11月19日开始任职基金经理；2024年5月28日起增设C类基金份额，原份额变更为A类份额；A类从2011.12.1至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为7.71%(6.36%)、4.24%(-3.08%)、33.24%(31.20%)、69.89%(7.74%)、-19.31%(-5.13%)、16.61%(12.98%)、-20.96%(-13.74%)、70.96%(22.93%)、51.29%(17.94%)、28.52%(-1.14%)、-10.38%(-11.94%)、-23.09%(-5.40%)；截至2024.06.30，A类基金净值增长率(同期业绩比较基准)成立以来401.97%(57.79%)，近五年111.54%(4.50%)，近三年-4.91%(-16.70%)，近一年-2.39%(-3.78%)；财通成长优选混合成立于2015年6月29日，金梓才自2015年6月29日开始任职基金经理；2024年5月28日起增设C类基金份额，原份额变更为A类份额；A类从2015.6.29至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为-25.46%(-4.38%)、15.18%(11.92%)、-23.06%(-12.22%)、72.93%(21.32%)、48.96%(16.76%)、24.77%(-0.66%)、-10.23%(-10.69%)、-30.49%(-4.64%)；截至2024.06.30，A类基金净值增长率(同期业绩比较基准)成立以来72.60%(8.97%)，近五年89.25%(6.21%)，近三年-13.70%(-14.36%)，近一年-4.96%(-3.00%)；财通福鑫定开混合发起成立于2017年10月23日，金梓才自2018年5月21日开始任职基金经理；从2017.10.23至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为-15.93%(-12.22%)、71.94%(21.32%)、57.08%(16.76%)、16.05%(-0.66%)、-9.37%(-10.69%)、-28.09%(-4.64%)；截至2024.06.30，基金净值增长率(同期业绩比较基准)成立以来104.41%(9.30%)，近五年90.43%(6.21%)，近三年-18.02%(-14.36%)，近一年-3.91%(-3.00%)；财通集成电路产业股票成立于2018年11月29日，金梓才自2018年11月29日开始任职基金经理；A类从2018.11.29至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为34.67%(22.15%)、43.07%(17.84%)、11.41%(13.43%)、-25.64%(-15.70%)、-7.24%(-5.15%)；C类从2018.11.29至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为33.61%(22.15%)、41.92%(17.84%)、10.53%(13.43%)、-26.24%(-15.70%)、-7.97%(-5.15%)；截至2024.06.30，A类基金净值增长率(同期业绩比较基准)成立以来61.44%(16.47%)，近五年63.24%(5.85%)，近三年-27.18%(-19.79%)，近一年-7.10%(-13.13%)；截至2024.06.30，C类基金净值增长率(同期业绩比较基准)成立以来54.39%(16.47%)，近五年56.85%(5.85%)，近三年-28.90%(-19.79%)，近一年-7.84%(-13.13%)；财通智慧成长混合成立于2020年4月3日，金梓才自2020年4月3日开始任职基金经理；A类从2020.4.3至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为21.20%(10.56%)、-12.39%(-14.42%)、-27.53%(-5.19%)；C类从2020.4.3至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为20.24%(10.56%)、-13.09%(-14.42%)、-28.10%(-5.19%)；截至2024.06.30，A类基金净值增长率(同期业绩比较基准)成立以来10.00%(-1.13%)，近三年-16.62%(-19.33%)，近一年-2.92%(-11.89%)；截至2024.06.30，C类基金净值增长率(同期业绩比较基准)成立以来6.33%(-1.13%)，近三年-18.60%(-19.33%)，近一年-3.70%(-11.89%)；财通匠心优选一年持有期混合成立于2022年4月7日，金梓才自2022年4月7日开始任职基金经理；A类从2022.4.7至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为-27.41%(-5.84%)；C类从2022.4.7至2023.12.31期间，完整会计年度收益率（同期业绩比较基准）分别为-28.00%(-5.84%)；截至2024.06.30，A类基金净值增长率(同期业绩比较基准)成立以来-28.38%(-12.41%)，近一年-3.02%(-10.14%)；截至2024.06.30，C类基金净值增长率(同期业绩比较基准)成立以来-29.65%(-12.41%)，财通碳中和一年持有期混合成立于2023年3月1日，金梓才自2023年3月1日开始任职基金经理，唐家伟自2023年7月3日开始任职基金经理；截至2024.06.30，A类基金净值增长率(同期业绩比较基准)成立以来-13.95%(-21.77%)，近一年-5.68%(-17.29%)；截至2024.06.30，C类基金净值增长率(同期业绩比较基准)成立以来-14.87%(-21.77%)，近一年-6.44%(-17.29%)；历史业绩仅供参考，指数业绩不构成对基金业绩表现的任何承诺和保证，基金的过往业绩并不预示其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证。
风险提示：文中提及板块及行业不构成投资建议或承诺，不代表基金当前持仓情况，市场判断不对未来市场表现构成任何保证。市场观点将随各因素变化而动态调整，不构成投资者改变投资决策或选择具体产品的法律依据。具体投资策略运作，以产品定期报告为准。财通价值动量混合为混合型基金，风险等级为R3等级，预期收益和风险水平高于债券型基金产品和货币市场基金、低于股票型基金产品。财通景气甄选一年持有期混合为混合型基金，风险等级为R3等级，其预期收益及预期风险水平高于债券型基金和货币市场基金，低于股票型基金。本基金所面临的特定风险包括但不限于本基金对于每份基金份额设定一年最短持有期限，投资者认购或申购、转换转入基金份额后，自基金合同生效日或申购、转换转入确认日起一年内不得赎回或转换转出。因此，对于基金份额持有人而言，存在投资本基金后一年内无法赎回的风险。基金管理人承诺以诚实信用、勤勉尽责原则管理和运用基金资产，但不保证基金一定盈利，也不保证最低收益。基金管理人提醒投资者基金投资的“买者自负”原则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。投资者在进行投资决策前，应仔细阅读基金的《基金合同》、《招募说明书》、《基金产品资料概要》及相关公告，做好风险测评，并根据风险承受能力选择相匹配的风险等级的基金产品。基金有风险，投资需谨慎。大陆基金运作时间较短，不能反映股市发展的所有阶段。基金的过往业绩不预示其未来表现，基金管理人管理的其他基金的业绩不构成基金业绩表现的保证。