The popularity of partial equity funds has continued for several months. New funds established during this period have been relatively active in opening positions, and some of the explosions have already made good returns.
A number of fund managers who have recently launched new products said that the market conditions in the first quarter were generally good, and the speed of opening new fund positions to seize opportunities will also accelerate moderately. According to the current market environment, the investment direction is biased towards the procyclical sector. After the Spring Festival, the market was in turmoil, and high-quality “group stocks” plummeted. Fund managers are also paying close attention to the layout opportunities brought to high-quality individual stocks by the market shocks.
Explosive funds are the focus of attention of all parties in the market. The new funds established since this year have actively opened positions to seize investment opportunities in the new year.
Yifangda's competitive advantage enterprise, which set a record of 237.4 billion single-day subscriptions for a single fund, was established on January 20. The current net value is 1.005 yuan, and the highest has reached 1.0089 yuan.
Southern Alpha Fund, which has been sought after by more than 70 billion dollars in capital, had a net worth increase of 4.15% as of February 19, indicating that it already has a certain position.
Happy Life in China and Europe managed by Guo Rui has also been sought after by nearly 10 billion dollars. Since its establishment on January 7, the yield has reached 6.36%. Two popular funds subscribed with over 20 billion dollars — Qianhai Open Source Quality Enterprise managed by Quyang for 6 months, and Xingquan Hexing, managed by Chen Yu, has been in closed operation for two years. The yield since their establishment has been 5.98% and 3.35%, respectively.
Li Xiaoxing's two-year holdings of Yinhua Xinjia have raised more than 13.5 billion dollars. Since the establishment of the fund, its net worth has increased by 5.4%. Yu Guang's core vision for the Jingshun Great Wall, Yuan Fang's three-year holding of ICBC Credit Suisse Yuanfeng, and Du Meng's SIPG Morgan Vision holding period of two years, and Du Meng's SIPG Morgan Vision holding period of two years have yielded 5.11%, 4.43%, and 4.42% since inception. In addition, Guangfa Xingcheng, managed by Zheng Chengran and Sun Di, and Harvest Hong Kong, managed by Zhang Jintao and Hu Yu, also all increased by more than 3% in net worth.
Active equity funds established in December 2020. The average yield of 95 products (calculated by merging various types) since establishment is 6.5%, for the same periodShanghai Composite IndexThe increase was 8.97%. Net worth of Harvest Premium Select A managed by Hu Tao has increased by more than 20% since its establishment, and the yield of Yongying Growth Leadership, Tianhong Pharmaceutical Innovation, and Southern Industrial Upgrading is over 18%. The yield of funds such as Harvest Value Changqing, Investment Industry Select, and Hongde Zhuoyuan, which were distributed on a proportional basis in December last year, all exceeded 10%, and the margin of position opening was not small.
In terms of ETFs, many of the ETFs listed in February opened positions quickly.
Tianhong China Securities PV Industry ETFEstablished on February 4. According to the February 10 announcement, the stock position reached 45.4%, including heavy stock holdingsTongwei Co., Ltd,Sunshine power supply,Longji Co., Ltd,Pioneering intelligence,TBEAetc.
China Life Insurance China Securities Shanghai, Hong Kong, and Shenzhen 300 ETF has already opened 40% of its positions.Kweichow Moutai,Tencent Holdings,Peace in China,WuliangyeWait for them to invest heavily in stocks.
Established on February 1Huitianfu China Securities Shanghai-Hong Kong-Shenzhen 500 ETFAs of February 8, domestic stock holdings reached 33.81%, and Hong Kong Stock Connect's share investment ratio reached 40.5%. Heavy stock holdings are controlled by Tencent,Meituan-W,AIA, Kweichow Moutai, etc.Huitianfu Guosheng Biomedical ETFAccording to the listing announcement, “Half position has been opened” from February 1 to February 8.
There are also 9 ETFs listed in February, including intelligent manufacturing ETFs, securities ETFs, software ETFs, Internet 50 ETFs, Internet ETFs, Internet ETFs, leading technology ETFs, new energy ETFs, and Internet 50. The average listing position is around 52%. The fastest food and beverage ETF currently has a position of 97.98%.
An industry insider said that the position opening cycle for new funds is generally 3 months, and fund managers will choose the speed of opening positions according to market conditions. Obviously, the new funds established at the end of last year and the beginning of this year opened positions relatively quickly.
A fund manager who is about to issue a new fund told the reporter that historical data shows that there will be a wave of market conditions every year during the two sessions. Fund companies hope to speed up the pace of issuing new funds and seize opportunities to open positions. However, he also said that the specific position opening will be arranged according to market conditions. Some recent market adjustments are a good thing for new funds, and some high-quality individual stocks have better investment opportunities after adjustments.
“Currently, some individual stocks are overvalued. If they are not adjusted, they will not go to a higher position to take over.” Another fund manager said that this year's investment still depends on the degree of matching between performance and valuation. In the direction of opening positions, it mainly lays out tracks in technology, consumption, medicine, etc., to find leaders in segmented fields and avoid chasing after popular stocks.
According to data, equity funds have been established on a scale of more than 600 billion yuan since this year. Based on 70% of positions, they will bring more than 400 billion dollars of incremental capital to the market.
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(Editor: Yu Siyang)