Oil and gas funds listed on the exchange fell sharply across the board yesterday, dragged down by the sharp fall in international oil prices. At the same time, the high premium rate attracted investors to arbitrage, and oil and gas QDII funds doubled in size in the first quarter.
A number of fund managers said that oil prices will still fluctuate sharply in the short term, but they are not pessimistic about the long-term investment value of crude oil and can be used as a better investment time for risk and return.
On-site oil and gas fund
A sharp drop
April 22, the oil and gas fund led the decline in the market fund, Citic Cheng commodity fell by the limit. According to the fund's first quarterly report, its top heavy position fund is the US oil and gas traded index fund (ETF), the largest oil and gas traded index fund (ETF) in the US, which tracks WTI, with a holding ratio of 15.12 per cent, while the fourth largest heavy fund is the US Brent crude oil fund (BNO), accounting for 6.32 per cent. On Tuesday, both underlying funds fell more than 20 per cent.
Yinhua's anti-inflation fell 9.45 per cent yesterday, and among its top 10 funds are BNO and Deutsche Bank Oil Fund (DBO), which tracks the larger ETF of WTI crude oil futures.
In addition, Guangfa Oil, Castrol, Nuoan Oil and Gas, Yifangda crude Oil Fund and Cathay Pacific Commodities all fell more than 5.5 per cent yesterday, while Southern crude Oil and Warburg Oil and Gas fell 3 per cent and Huaan Oil fell 2.88 per cent.
Overall, oil and gas commodity funds did not perform well during the year, Cathay Pacific commodities fell more than 50%, Nuoan Oil and Gas, Prudential Commodities, Warburg Oil and Gas, Castrol crude Oil all fell by more than 40%, and the other five funds fell by more than 30%.
According to a person from a medium-sized public offering products department in South China, the oil and gas funds on the market are roughly divided into two categories: one is the FOF (fund in fund) products that mainly invest in foreign oil and gas ETF and oil and gas funds, and the other is equity oil and gas index funds that invest in overseas-related oil index stocks. The underlying assets of the latter are mainly stocks of oil and gas companies, and the rise and fall of prices are not completely consistent with the rise and fall of oil prices. Crude oil futures contracts are directly linked to the trend of oil prices, and the oil and gas QDII performance invested in the relevant ETF is more relevant. " The above-mentioned person said.
Oil and gas QDII in the first quarter
Scale has increased by 109%
Oil prices plummeted, some investors took the opportunity to enter the market "bottom", the size of oil and gas funds soared. Quarterly data show that the size of 10 oil and gas funds increased by 13.016 billion yuan, or 108.67%, in that quarter.
Among them, the size of five funds increased more than tenfold in the first quarter. Castrol crude oil increased 32-fold to 2.224 billion yuan from 66 million at the end of last year. The scale of Hua'an Oil has also increased by 12 times, from 199 million yuan to 2.612 billion yuan, while the scale of Nuoan Oil and Gas, Yifangda crude Oil and Southern crude Oil have all increased by more than 10 times over last year.
In addition, the size of Guangfa Oil increased from 45 million yuan to 431 million yuan, an increase of more than eight times. Huabao Oil and Gas, the largest oil and gas fund, had a small increase of 17.43%, compared with 12.329 billion yuan at the end of March.
A large public offender in Shenzhen said that in the first quarter, the spread of the epidemic caused a sharp shock in the global market, and the prices of assets such as crude oil plummeted. The market adjustment has led to a large number of bottom hunters, the share of crude oil QDII funds has surged, a number of crude oil funds have run out of foreign exchange quotas and imposed purchase restrictions, and some banks with accounts for crude oil trading have also suspended long trading.
A few days ago, the spot crude oil contract of WTI fell to negative value, but the public offering is not pessimistic about the long-term crude oil price and investment value.
Ma Jun, manager of the Yinhua anti-inflation fund, said that looking forward to the second quarter, due to the impact of the continued spread of the COVID-19 epidemic, global economic growth slowed and demand decreased significantly. However, due to the early increase in crude oil production and the collapse in prices, global inventories are close to expanding stocks. Long-term low oil prices are not in the interests of Saudi Arabia, Russia and other countries.
Song Qing, manager of the Nuoan Oil and Gas Energy Fund, believes that oil prices are close to the bottom of history. "of course, bottoming out does not necessarily mean an immediate rebound, low oil prices or a period of time can really affect production. In the long run, the current is the investment time with better risk and return. Operationally, we actively increase our positions in the enthusiastic purchase of investors. "
In the view of Huang Liang, a southern crude oil fund manager, the continued decline in oil prices has released market risks to a certain extent, and oil prices are expected to show high volatility in the short term.
The Noan Fund believes that OPEC+ has reached an agreement to reduce production. Under the condition that there will not be another outbreak of the epidemic, the supply and demand of the crude oil market is improving marginally. However, prices will eventually return to the upside until crude oil stocks are digested. Crude oil futures prices may still fluctuate greatly before inventories fall, and we are optimistic about the oil price level in the second half of the year.
