With the disclosure of the four Seasons report of public offering funds in 2019, many core data of public offering funds in 2019 have been revealed.
Benefiting from the structural bull market in 2019, public offering funds as a whole achieved good positive returns and profits hit an all-time high. According to Tianxiang Tougu's statistics, the profit of the entire public offering fund reached 1.177731 trillion yuan in 2019, which has exceeded the 2007 level (1.101187 trillion yuan) and set a record.
The industry and individual stock allocation ideas of public offering funds were also exposed in the fourth quarter of last year. In terms of heavy stocks, Guizhou Moutai, Ping An Insurance, Wuliangye, Vanke An and Gree Electric Appliances are the top five heavy stocks of the fund. The largest holdings of funds are still in the manufacturing sector, which was also the industry with the biggest increase in positions in the fourth quarter. In addition, the real estate industry and cyclical industries have also been increased.
The annual profit reached 1.178 trillion.
According to the statistics of the fund's four Seasons report in 2019, all kinds of funds made a total profit of 315.609 billion yuan in the fourth quarter. Among them, mixed funds and stock funds have become the backbone of making money, with profits reaching 142.997 billion yuan and 79.862 billion yuan respectively. In addition, bond and monetary funds also made a profit of more than 40 billion yuan.
For the whole year of 2019, the profits in the first, second and third quarters were 616.884 billion yuan, 39.556 billion yuan and 205.682 billion yuan respectively, with a cumulative annual profit of 1.177731 trillion yuan. This profit level is at an all-time high, the last peak was in the great bull market in 2007, when the industry's total profit for the whole year reached 1.1 trillion yuan. Industry insiders believe that it is obvious that "it is better to buy funds than to speculate in stocks" in 2019, highlighting the advantages of public funds in equity investment.
From the perspective of fund types for the whole year of 2019, benefiting from the improvement of the A-share market, mixed and stock types are the main sources of profits, with total annual profits reaching 521.826 billion yuan and 299.308 billion yuan respectively. Currency type and bond type also performed well, with total annual profits of 196.781 billion yuan and 139.871 billion yuan respectively.
Tianxiang investment statistics show that among the 138public fund managers, a total of 29 funds have made profits of more than 10 billion yuan, of which 13 have made profits of more than 30 billion yuan. The fund profit of Yi Fangda Fund for the whole year reached 90.655 billion yuan, ranking first; Huaxia Fund, Castrol Fund, Huitianfu Fund, Southern Fund, Wells Fargo Fund, Guangfa Fund, Hua an Fund, Boshi Fund, Xingquan Fund and other funds also made higher profits.
According to the analysis of the industry, the profit scale of fund companies is directly related to the average increase in fund size and unit net worth. The larger the scale, the higher the increase in unit net value, the corresponding fund profit scale will be considerable; if the scale is large but the unit net value increase is not high or even backward, then the overall profit scale will not be too high. With its huge management scale and stable investment performance, large fund companies are still the main profitability.
Guizhou Moutai is still the number one heavy stock.
The industry and individual stock allocation ideas of public offering funds were also exposed in the fourth quarter of last year.
Tianxiang investment data show that Guizhou Moutai, Ping An Insurance, Wuliangye, Vanke An and Gree Electric Appliances are the top five heavy stocks of the fund. Data show that the total market value of Guizhou Moutai held by the fund reached 43.441 billion yuan. However, the number of funds holding the stock fell to 1037 from 1156 in the third quarter of last year.
Most of the 50 stocks increased by the fund were concentrated in the consumer goods and services, information technology and real estate sectors. The five stocks with the greatest increase in holdings are Vanke A, Ningde era, Zijin Mining Group, China Merchants Bank and Yiwei LiNeng.
The 50 stocks with the largest reduction in the fund belong to the consumer goods and service industry and the information technology industry. This may be related to the high growth rates in these two major industries last year and institutional profit-taking. Among them, Ping An Insurance and Guizhou Moutai have been reduced the most. In addition, Heng Rui Pharmaceutical, Tonghua Dongbao and other pharmaceutical stocks have also suffered more reduction.
In terms of market performance, Tianxiang data show that the average increase of the top 50 stocks held by the fund since January is 11.05%, while the average increase of the 50 stocks that the fund has reduced its holdings is 5.59% over the same period.
According to Tianxiang Investment's statistics for the fund's four Seasons report in 2019, the largest number of shares held by the fund is still in the manufacturing industry, and its position is still increasing. The proportion of manufacturing stocks held by the fund in net worth rose to 44.76% from 42.37% in the third quarter of last year. Ningde era, Zijin Mining Group, Yiwei LiNeng, Yili shares and other manufacturing stocks account for a large proportion.
The real estate industry is also an industry with more fund holdings. Of the 2731 equity, hybrid and closed-end comparable funds, positions in the real estate sector accounted for 3.66 per cent of the fund's net worth, up from 2.69 per cent in the previous quarter.
Some funds have also increased their holdings in cyclical industries. The proportion of the fund's position in the mining industry increased to 1.06% from 0.71% in the third quarter. The financial industry, information transmission, software and information technology services have also increased their holdings to varying degrees.
The major reductions are in wholesale and retail, health and social work, transportation, warehousing and postal services.
In addition, according to the Fund Quarterly report in 2019, most of the funds (FOF) are actively positioned, with over-allotment of equity and low-allotment bonds, while some funds also dabble in Hong Kong stocks and diversify their investment risks through gold and overseas assets.
Be optimistic about medium-and long-term value varieties
The views of star fund managers in each quarterly report always attract the attention of the market. Securities Times reporter found that the star fund managers to maintain a positive allocation of ideas in the future, more optimistic about medium-and long-term value varieties.
"the overall valuation of the market has rebounded above the average level in recent years, blue chip stocks are at the head of historical valuation, market sentiment has become hot again, and all kinds of themes emerge in endlessly. Investment in 2020 will not be plain sailing. Low returns and high fluctuations are high probability events, and positive returns for the whole year are not easy. " Liu Yanchun, assistant general manager of Jingshun Great Wall Fund, director of research and fund manager of the equity investment department, wrote in the Jingshun Great Wall Dingyi four Seasons report that it is still optimistic to look farther away, and the capital market is facing historic development opportunities. Compared with judging the macro economic fluctuation, we are more willing to observe the adjustment of the internal structure of the industry, pay attention to the changes in the competitiveness of enterprises, and will still strive to find and invest in outstanding enterprises to accompany them to grow together.
Lin Peng, fund manager of Dongfanghong Ruifeng, expects the market to spread to second-tier growth stocks in 2020, and companies with low valuations and high quality will usher in a revaluation. "the short-term market risk is small, and the investment strategy will focus on optimizing stocks and industries and diluting the position strategy."
Yang Hao, a BoCom Schroeder fund manager, said that growth stocks have risen rapidly since the second half of 2019, and many of them are no longer undervalued or even overvalued. So-called traditional industries have the opportunity to "refresh" and reshape with the power of new science and technology and modern management, while a new batch of global scarce assets also have room for revaluation. "We should not just talk about technology in terms of science and technology, and we should have a new definition of core assets in terms of core assets." Yang Hao said.
Zhou Yingbo, a pioneer equity fund manager in the China Europe era, wrote that after more than four years of fund management, he has become more and more aware that creating investment returns for stock investors in the long run is mainly the growth of corporate profits. it is reliable and excellent corporate management that can create long-term profit growth. In the future investment research, we will put the long-term and reliable growth ability in a more important position, and also try to jump out of the financial model more and more. To observe the enterprise from the perspectives of corporate values, the medium-and long-term reliability of business models, and the impact of management culture on employee behavior patterns.
