Main points of investment
Gem Index (399006.SZ) is one of the core indexes in the multi-level capital market of Shenzhen Stock Exchange. it is composed of 100 representative stocks of companies listed on gem and aggregates the core assets of gem. The growth style of the index is obvious and the performance is flexible. PE is near the median of recent 5 years, which is much lower than that of gem as a whole.
Gather the core leading assets in the gem Composite Index: 100 stocks with large market capitalization and good liquidity in gem are selected as constituent stocks with outstanding characteristics of core assets.
Representatives of growth style, pay attention to R & D investment: the top four industries of the index are medicine, computer, power equipment and new energy, electronics, with strong attributes of scientific and technological growth; pay attention to R & D investment, the current 100 constituent stocks all have R & D expenses, weighted R & D expenses account for relatively high.
Performance flexibility: in the case of a sharp rise in the market and monetary easing, it usually outperforms the market.
The clearance of goodwill in 2018 contributed to the performance improvement: in 2018, the goodwill of the gem index decreased significantly, the media and computer industries suffered more impairment, and the low base contributed to the performance improvement in 2019; the performance of more than 60% companies increased in 2019.
PE is near the median in the past five years, which is much lower than the gem as a whole.
Gem is more recommended in the current market environment: according to the CSI 300 and gem rotation strategy of Societe Generale Metals, gem is currently recommended; the "refinancing rules" are good for gem, it is estimated that about 348 new gem companies may meet the conditions for public offerings under the new rules, of which 49 are component stocks, which are mainly distributed in the pharmaceutical and computer industries.
Yi Fangda gem ETF (fund code: 159915.OF) was established in September 2011 and has a size of 16.731 billion in the fourth quarter of 2019. It is the largest passive index fund tracking the gem index in the market.
Closely follow the index and rank at the top of the performance: the annual tracking error of the fund in the past year is 0.35%, ranking 2x19 among all passive index funds tracking the gem index, with strong investment management ability; in the past year, the performance ranked 4x19, and in the past two years, the performance ranked 3ppm 16, ranking at the top.
Good liquidity: the current scale, the average daily turnover rate in the past one year, and the turnover are all the first of the same kind of funds.
Has a convenient over-the-counter cash redemption mechanism: the over-the-counter purchase and redemption business began on July 21, 2014 to facilitate the participation of over-the-counter investors.
Yi Fangda fund deep ploughing index products, rights and interests and commodity index products business scale reached 111.493 billion yuan.
Risk hint: the performance of the sector does not meet the expected risk; the fund is a stock fund with a high level of expected risk and return; the index and the historical performance of the fund do not represent the future.
