Although the money-making effect of active equity funds is good this year, the performance in just three quarters is not satisfactory, and it is difficult to say that some of the products are reflected by the true investment ability of fund managers, or because of good or bad luck. Based on this, on the occasion of the National Day holiday, the fund gentleman launched a longer-term list of fund earning power, that is, three-year and five-year dimensions for your reference. This time, we will divide the active equity funds and fixed income funds into two categories: active equity funds and fixed income funds, using the interval unit net growth rate index. The calculation deadline is September 30 this year, and the three-year calculation period is from October 1, 2016 to September 30, 2019. The five-year list is calculated from October 1, 2014 to September 30, 2019.

All right, let's get to the point. Let us review which is the best "base" to make money for a long time.

Rights and interests section

I. list of earning power of active stock funds

The highest income has doubled in the past three years.

Data show that a total of 192 active equity funds with complete annual performance have been established since September 30, 2016 (separate shares of the same fund), and 145 funds have achieved positive returns in the past three years, accounting for 76.04%. If you look carefully, 82 of them have a performance return of more than 20%, 18 of them have more than 50% of their returns, 8 of them are above 60%.

The Yi Fangda consumer industry managed by Xiao Nan is firmly at the top of the three-year performance list of active equity funds with a yield of 111.43%. Cinda Australia Bank New Energy Industry over the same period performance return of nearly 90%, 88.80%, ranking second. In addition, Castrol emerging industries, China Europe era Pioneer A, and Penghua pension industry ranked third to fifth, and the above products all earned more than 75% in the same period.

From the perspective of the funds with higher performance, there are more health care and consumption theme funds. Although the market has been fluctuating over the past few years, high-quality stocks in the consumer and pharmaceutical industries have hit record highs. In particular, according to Shenwan's third-level industry, liquor ranked first in all industries with an increase of 222.22% in the past three years, far surpassing airports and air conditioners, which ranked second and third in the same period, which rose 143.43% and 119.96% respectively in the same period.

It is worth noting that although some of these products have achieved good results, but from the position situation, there is a certain style drift. For example, the investment goal of a fund is to "select high-quality listed companies in the pension industry under the premise of effective risk control, and strive for excess returns and long-term capital appreciation". It is found that alcohol stocks such as Guizhou Moutai (600519), Wuliangye (000858) and Shanxi Fenjiu (600809) account for a relatively high proportion in the top ten stocks.

Five-year HSBC Jinxin market A rose 213.04% to win the championship. If you lengthen the time to five years, the number of eligible funds during this period has greatly decreased, only 44. During this period, A shares from more than 2000 points to a peak of more than 5000 points, and then experienced several rounds of concussion pullback, and finally the market hovered around 3000 points. It is worth mentioning that during this period, except for the unfortunate negative return of one fund, all the other products reaped positive returns.

Among them, HSBC Jinxin market A, which is the best performer, has quadrupled its return in the past five years, reaching 213.04%; the second-ranking Yi Fangda consumer industry also earned nearly 200% in the same period, with 193.59%; Castrol's emerging industry ranked third and achieved a 174.28% return in the past five years.

In addition, southern Tianyuan, Anxin value, China Health Care, Guofu small and medium-sized stocks and other performance in the same period are also more eye-catching, the rate of return is more than 100%.

From the company's point of view, among the top 20 in the performance list, Castrol Fund has three funds, ranking first; Southern Fund, Shanghai Investment Morgan Fund, Jianxin Fund and other companies have two funds on the list, and their performance is also excellent.

Second, mixed funds earning power list three-year earnings champion earned 104.47%

Compared with active stock funds, there are more mixed funds. If it is also calculated according to the date of establishment after September 30, 2016, there are a total of 1690 funds with three-year full performance (separate calculation of different shares of the same fund), and 1317 have gained positive returns, accounting for 77.93%.

Overall, there are 79 products with a yield of more than 50% and 17 with a yield of more than 70%. The products managed by Liu Yanchun of Jingshun Great Wall ranked first and second. Among them, the performance return of Jingshun Great Wall Xinxing growth (260108) has doubled to 104.47% in the past three years, while the return of another Jingshun Great Wall has almost doubled to 97.07% in the same period. Yi Fangda small and medium-sized stocks (110011) ranked third, earning a good return of 96.81% in the past three years.

In addition, funds such as Huitianfu consumer industry, Yinhua affluence theme, Dongfanghong Ruiyuan regular for three years, and Fortune New Power (310328) A have also performed well, with returns of more than 80 per cent in the same period.

Among the higher ranked funds, East Securities Asset Management and Jingshun Great Wall, which are famous for their active equity management, account for more seats. In addition, Yi Fangda, Qianhai open source and other fund companies also account for more than 2.

Six performance returns of more than 200% over the past five years have been extended to a five-year point of view, there are a total of 698 qualified hybrid funds. Look carefully, although there are six funds during the performance return more than twice, but the deeper decline in the same period of funds, the loss is also nearly 40%, the first big difference.

Among the six funds with a yield of more than 200%, BoCom Schroeder Fund accounted for three seats, of which BoCom theme ranked first with 243.58%; BoCom advantage industry and BoCom Alpha ranked third and fourth respectively, with returns of 226.94% and 211.08% respectively over the same period; the second was Yi Fangda small and medium-sized companies, which also achieved a 238.14% return over the same period. The fifth to sixth places are Yinhua Wealth (180012) theme and Huitianfu consumer industry, respectively, with yields more than twice as high. It can be seen that many of the above funds are also on the three-year list, which also highlights the excellent medium-and long-term long-distance running ability of these products.

Under the new normal, overcapacity and high financing costs have made the "asset shortage" a common dilemma for financial institutions. In this context, all kinds of financial funds are looking for a way out, among which the bond market is the top priority, and the fund companies that are good at doing bonds are relatively favored by institutions.

Over the past five years, the bond market has experienced ups and downs. From 2014 to 2016, China's bond market emerged from a rare three-year bull market, subverting investors' perception of a three-year cycle of "one year bull, one year average, one year bear". Since mid-October 2016, the bond market has experienced a sharp and rapid adjustment due to the short-term stabilization of the domestic economy, a rebound in inflation and the liquidity crisis. The trend of continuous decline has basically been continued in 2017. Since 2018, under the alternating action of many factors, the bond market has gradually stepped out of a wave of bull market.

In such a volatile market, some fund managers still rely on their excellent investment ability to earn positive performance returns for their holders. Let's take an inventory of those powerful funds for you.

For the sake of fairness, the fund gentleman divides the bond fund into three categories: pure debt fund, first-class debt base and second-class debt base. Statistics adopt the growth rate index of unit net value in the interval, and the calculation interval is the same as the equity fund, which is also until September 30 this year.

I. list of earning power of pure debt funds

The three-year earnings champion earned a net profit of 30.85%.

Judging from the performance of the pure debt fund, the best performer in the past three years was Penghua Fengrong, managed by Liu Tao, with a yield of 30.85%, far exceeding the second place, Yi Fangda Yujing Tianli, by more than 10 percentage points in six months. The fund was also the champion of the pure debt fund in 2018, earning 16.79% that year. The fund manager of Penghua Fengrong is Liu Tao, who joined Penghua Fund in April 2013 to engage in bond investment research. Since May 2016, he has been the fund manager of Penghua state-owned enterprise bonds, Penghua Fenghua Fengrong and other bond funds.

The second to ninth products all had returns of more than 17% and performed relatively well. Among them, there are Yi Fang Da Yujing Tianli for 6 months, financing gain AB, Morgan Stanley pure debt stability and other funds.

Five-year Peng Huafeng won the championship by 52.44%. If we extend the time to five years, we can see that some funds are still at the forefront of the performance list, which shows that these fund managers have excellent management ability. For example, Penghua Fenghong, which ranked first in three years, still won the top spot in the five-year list, with a return of 52.44% during the period. In addition, Morgan Stanley, which ranks fourth in the three-year list, has steadily increased interest rates on its pure debt. From the point of view of its five-year performance, it has achieved a return of 47.09%, making it among the top three in the performance list. In addition, a number of funds, such as Penghua Industrial debt and Fuguoqiang returns, were also on the list in the two issues.

In the five-year list, Huaan double debt Tianli A ranks second with an income of 48.26% over the same period. He Tao, one of his fund managers, is a bond investment veteran who has been engaged in bond investment for more than 20 years. He is good at digging into the core value of bonds, especially for convertible bonds and credit bonds.

From the company's point of view, among the large fund companies, Penghua Fund, Boshi Fund and Southern Fund all have two or more funds shortlisted, which is also the first echelon of fund companies with the strongest bond investment strength at present. Among the small and medium-sized fund companies, Morgan Stanley Huaxin, CITIC Prudential plc, Nuoan Fund and so on also have funds on the list.

Second, the list of earning power of first-tier debt base only has a yield of more than 15% in the past three years.

Compared with the pure debt fund, the primary debt base can participate in the innovation of the primary market, but its overall yield has no great advantage in the past three years.

In the past three years, the highest return was the investment promotion industry A, with a rate of return of 16.98%. The second place Yi Fangda enhanced return An also exceeded 16% in the same period, which was 16.89%. The third to fifth places were Huafu enhanced return, CIC UBS double debt interest increase A, and Huatai Berry Jihong, respectively, with returns of more than 15% during the above-mentioned fund period.

As the overall number of first-tier debt base is small, there are only 128 and 106 funds with data for three-year and five-year periods, so only the top 20 are selected in this paper.

Yi Fangda made a profit of 83.36%, ranking first in the five-year period.

In terms of the longer cycle, IPO reopened in 2014, and the good performance of new stock listings also made the launch of new shares particularly hot, with some funds seizing opportunities and earning positive performance returns.

For example, Yi Fangda Fengtianli, which ranks first in the five-year list, returned 83.35% over the past five years, while it made a huge profit of 51.84% in the year from October 1, 2014 to September 30, 2015. The fund still remembers that at that time, there were many new funds with annualized returns of 20% or even 30% or more.

The second to fourth-ranked funds also had returns of more than 60% during the period, with Haifu Tong regularly developing An in the second place with 79.25%. Boshi stable value A, Yi Fangda enhanced return An and other performance is also relatively good.

Third, the list of earning power of secondary debt base, the three-year champion yield is 27.20%.

In recent years, the stock market has rebounded, so that the allocation of some equity positions of the secondary debt base has also made good gains. From a three-year point of view, Yi Fangda's two funds are the champion and runner-up. Among them, the return of Yifangda Yuxiang ranks first with an absolute advantage of nearly 7 percentage points over the second place, with a return of 27.20% in the past three years.

The third place is Boshi Tianyi A, with a yield of more than 20%, with a yield of 20.30%. In addition, the performance of funds such as Hongde Yutai A, Huidianfu Convertible Bond A, Xinhua profit return and so on are also impressive.

The income of the most profitable person in five years has doubled. From a five-year point of view, there are less than 200 eligible secondary debt bases, so the fund has only selected the best top 1 prime 10. The first place is Yi Fangda's peace of mind return A, whose range return is as high as 109.96%, which is comparable to that of active equity funds.

The yield of Changxin convertible bonds, which ranks second, has also doubled in the past five years to 104.04%. In addition, Jianxin Convertible Bond Enhancement A, Guangfa Juxin A, and Wiguo Convertible Bond ranked third to fifth respectively, earning 89.63%, 72.71% and 69.40% respectively.

From the overall data, during this period, most of the secondary debt base reaped good positive returns, but due to the differentiation of the underlying trend of the convertible bond market and the frequent occurrence of credit defaults in the bond market, a number of secondary debt base returns were negative. the fund with the largest losses fell by nearly 20%, and the difference in performance was more than 120%.