The top ten active equity fund results for the first 10 months of this year

Since this year, structural market conditions have been prominent, and public funds have performed well. According to the data, in the first 10 months, the average yield of active stock and partial stock hybrid funds reached 36.73% and 35.94%, respectively (excluding tiered funds and new funds established this year); the yield of the most powerful fund reached 94.34%.

Equity funds outperform the market

Since this year, the market index has fluctuated upward. As of the end of October, the Shanghai Composite Index, Shanghai and Shenzhen 300, and GEM indices rose 17.45%, 29.1%, and 33.63% respectively during the year.

According to the data, benefiting from the good performance of the underlying market, the average yield of ordinary equity funds was 36.73%, and the yield of partial share hybrid funds reached 35.94%; pharmaceutical and healthcare industry-themed funds, consumer-themed funds, and funds heavily invested in technology stocks performed the best.

Specifically, the 349 common stock types included in the statistics all reaped positive returns in the previous October. The yield of 78 products exceeded 50%, and the performance of 12 funds exceeded 70%. The top three performance funds were all healthcare industry-themed funds. Guangfa Healthcare took first place with a yield of 83.12%, followed by Agricultural Bank Huili Healthcare Theme and Chuangjin Hexin Healthcare Industry A with yields of 80.29% and 77.21% respectively.

A fund manager in Shanghai said that since this year, the pharmaceutical industry's policy gaps have gradually been exhausted, and after a sharp decline in the second half of the past year, pharmaceutical stock valuations are already relatively reasonable. In this context, the performance of leading stocks in the pharmaceutical industry is growing at an obvious rate, and future growth is more certain, and they are favored by safe-haven funds in a volatile market. “The stock position requirement for ordinary equity funds remains above 80%, and most pharmaceutical-themed funds have performed well.”

In comparison, the yield of hybrid funds with more flexible positions is slightly lower. According to the data, the average yield of partial share hybrid funds reached 35.94%. The best-performing Yinhua Domestic Demand Selection had a yield of 94.34%. In addition, funds such as Guangfa Shuangqing Upgrade, Boshi Healthcare Industry A, Guangfa Innovation and Upgrade, BOC Growth 30, and Huian Fengze also performed well, all with returns of over 80% during the same period.

Judging from the performance attribution, most of the high-performing funds mentioned above took positions in stocks in the pharmaceutical, technology, consumer and other industries that performed well during the year. Yinhua's domestic demand was selected for investment allocation under the “Year of Agriculture, First Year of Science and Technology”; Guangfa Shuangqing's upgrade focused on countercyclical growth industries, mainly biomedicine, technology, autonomous and controllable, and new energy industries. The third quarter position portfolio structure was more skewed towards the scientific and technological innovation industry.

Multiple convertible debt funds

The yield is over 20%

The bond market has had its ups and downs this year. According to data, in the first 10 months of this year, bond funds achieved an average performance of 3.3%; the performance of the second-tier debt base was even more outstanding, with an average yield of 6.97%, and nearly 20 funds had a yield of 20% during the same period.

According to the data, if the large redemption factor is excluded, Nuoan's optimized earnings ranked first with a yield of 14.88%, and Wanjia Tianli ranked second with a performance return of 13.06% over the same period. Both of these funds are mixed Tier 1 bonds. In addition to investing in bonds, they can also participate in the primary market to generate additional investment income.

Among the second-tier bonds that have received a lot of attention from the market, Southern Greek yuan convertible bonds performed well. The performance return for the first 10 months of this year was as high as 27.43%, and the yield was comparable to that of active equity funds. Huitianfu Convertible Bonds and Changsheng Convertible Bonds ranked second and third respectively, with yields of 26.03% and 24.65% during the same period. In addition, funds such as China-Europe Convertible Bonds, BOC Convertible Bonds, and Guangfa Juxin also performed well, with returns of more than 20%.

It is worth noting that the bond market has recently experienced major adjustments. Treasury bond futures declined after rising to a high level for more than two years, and have already fallen back to the level of late June and early July.

A fixed income fund manager in Shanghai said that since this year, the stock market has performed relatively well, and the high investment cost ratio has attracted some capital to flow out of the bond market. Furthermore, inflationary pressure caused by rising pork prices, improvements in fundamentals, and prudent monetary policy have all had a certain impact on the bond market. Another fund manager said that at the end of the year, institutions will have demand to settle their pockets. Under the influence of various factors, it is expected that the overall bond market will maintain a weak and volatile pattern for some time to come, and allocation opportunities may appear in the first quarter of next year.