A larger fund size is an obstacle to improving performance, and the returns of tens of billions of funds are more likely to be mediocre. However, this year, 10 billion funds focused on holding excellent leading stocks in sectors such as medicine and consumption. under the management of fund companies, the average return of active equity funds with a size of more than 10 billion in the first 10 months reached 43%. The rate of return of the fund is nearly 10 percentage points higher than that of the fund in the same period, making huge excess returns.

Ten billion old fund

Net profit of 43% in the first 10 months

The new fund issuance market is hot, and 10 billion-class popular funds occur frequently. The performance of these large-scale funds has been highly concerned.

Data show that as of October 31, excluding the newly established 10 billion funds with short-term performance this year, the average return of 43 old funds with a volume of 10 billion was 43.01%, 9 percentage points higher than the overall rate of return of the old funds in the same period. Excluding the six strategic placement funds dominated by fixed-income asset allocation, the average rate of return of 37 active equity funds reached 49.44%, 15 percentage points higher than the products of the same period, and made huge excess returns.

From the three-year perspective, the average rate of return of the 31 10 billion funds with statistical data is 103.45%, far exceeding the 17.1% increase of the CSI 300 index over the same period.

Among them, Guangfa Healthcare managed by Wu Xingwu has a return of 84.78% this year, ranking first among the 10 billion fund performance; 22 10 billion fund products, such as Wanjia Industry selection, China Europe Healthcare, Huitianfu innovative Pharmaceuticals, and so on, all have a return of more than 50% over the same period.

The performance of 10 billion old funds is excellent, according to an analysis by a large public offering fund manager in Beijing. First, because 10 billion funds are mostly managed by star fund managers, fund companies arrange excellent investment and research teams to manage these "flagship" products; second, this year, 10 billion funds mainly choose races such as medicine, consumption, technology and so on, and the good performance of these sectors has brought excess returns. Third, 10 billion funds generally hold stocks with good liquidity and large market capitalization, and the excellent performance of the leading stocks in the market this year has also brought better returns to the products. "the scale of the 10 billion fund is large, and the costs of building positions and changing hands are relatively high, and it is more difficult for the fund to correct investment mistakes, and it is generally difficult to surpass the performance of medium-sized funds. However, as the key products of various companies, 10 billion funds usually arrange 'strong soldiers' management to give full play to the management advantages of teamwork, which can make up for the disadvantages of large-scale funds at the investment level. "

A medium-sized public investment director in Beijing believes that the performance of the 10 billion old fund is better this year, mainly because the fund's position style is consistent with the market style, and the large-scale fund's adherence to the concept of value investment has also won excess returns for the fund.

Zhong Cang holds dragon shares in all sectors.

Focus on long-term investment

From the point of view of the position of the excellent fund, it is mainly concentrated in the leading stocks such as medicine, liquor, consumption and so on, which has become an important source of excess income for the 10 billion fund.

Take Guangfa Healthcare as an example, the stock prices of Zhifei Biology, Ayre Ophthalmology, Mindray Medical and other stocks held by the fund doubled during the year; BYD, Great Wall Motor, Shun Feng Holdings and other stocks, which are the preferred holdings in the industry, also doubled their performance. Yi Fangda blue chip selection is also because of the gratifying gains in shares such as Meituan, Eye Ophthalmology and Luzhou laojiao, and the fund's performance is also very eye-catching.

In the just disclosed three-quarter report, Zhang Kun, manager of Yifangda Blue Chip Select Fund, said that the stock position of the fund increased in the third quarter, and the structure was adjusted, reducing the allocation of industries such as medicine, and increasing the proportion of industries such as food and beverage. In addition, in order to judge the expected rate of return on investment, there is also a higher proportion of Hong Kong Stock Connect's high-quality companies.

Zhang Kun believes that looking back over the past eight months, the epidemic has accelerated the development trend of many industries themselves, shortening the development process that might have taken 2-3 years to a few months. Enterprises in most industries are faced with a stress test, which examines the past accumulation and internal skills of enterprises in an all-round way. Most industries have achieved survival of the fittest, and the degree of concentration has been further enhanced. In the era of mobile Internet, the transmission speed of information is getting faster and faster, and the head enterprises gain competitive advantage faster and more strongly than in the past.

Jiao Wei, manager of the Yinhua Rich theme Fund, said that in the third quarter of this year, on the one hand, most technology companies were reduced, leaving only the leading companies in the chip industry to keep an observation; on the other hand, some pharmaceutical stocks were increased in the decline, while the layout of the express delivery leading industry and other food and beverage industries except liquor was increased.

At present, active equity funds with a scale of 10 billion yuan are mainly divided into two categories. One is the fund with excellent long-term performance, which has been in a large scale for many years, such as Xingquan fit, Yi Fangda consumer industry, Xingquan trend investment, Huaxia return and other star products. The scale has always been more than 10 billion. Another category is the recent outstanding performance, a large number of net applications for the purchase of products that have led to rapid growth, such as Noan growth, and a number of funds have surged by tens of billions of dollars this year.

"tens of billions of funds with excellent long-term performance have achieved a virtuous circle of performance and scale, while the other category of products mainly rely on short-term performance outbursts and are heavily bought by incremental funds, and the sustainability of future product performance remains to be seen. If the performance can continue to improve, the size of the fund should also be maintained in a better state. " A marketing director of a new fund company in Beijing said.

The manager of the large public offering fund in Beijing also said that the size and performance of the fund complement each other. Funds with good long-term performance, such as some funds owned by Xingzheng Global and Yi Fonda funds, have won the trust of investors and remain at a large level; the funds attracted by the outbreak of short-term performance will also shrink rapidly when performance is weak. "therefore, fund companies still have to focus on building long-term returns in order to continue to do large-scale."