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北京快乐8为什么会输

北京快乐8为什么会输:In the first quarter of the mixed base of China's postal products, the outbreak of outstanding performance, Beixin Ruifeng, etc.

时间:2018/4/10 17:56:37  作者:  来源:  浏览:0  评论:0
内容摘要: In the first quarter of this year, small and medium-sized companies can be said to be the leaders, which has benefited Shigekura's funds fr...

In the first quarter of this year, small and medium-sized companies can be said to be the leaders, which has benefited Shigekura's funds from such listed companies. According to statistics, in the first quarter hybrid fund gains list, the top 40 all increased by more than 10%, of which the heavy stocks growth China Post Fund the most dazzling, in five rose more than 20 % of the mixed base occupied three seats, in addition to Huitianfu Medical Services (001417) performance is also very good.

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Although growth stocks are the main driving force for leading the rise in the first quarter, from the perspective of the fund stocks with the most falling stocks, there are still a lot of fund names in the stocks that have a significant position in stocks. The reason is because the quality of growth stock companies is uneven. It is also an important reason for the differentiation of growth stocks. In this context, the weak growth stocks naturally dragged down the performance of the relevant funds, and the Beixin Ruifeng Fund suffered a significant drop in performance.

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At the same time, there are some fund managers operating style has failed to keep pace with changes in the market this year, still heavily loaded Bank Insurance plate, so that a larger retracement of fund performance, for instance, the Xinhua technological innovation theme (002,272) It is because of the rigid style that has caused the scale to shrink.

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Technology, Medical Leading China Post Great Timing Outbreak

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The first quarter of this year has already passed. Although the A-share market has been oscillating compared to last year, it still represents the structural price of , . Encouraged by the policies of "Unicorn", the emergence of small and medium-sized innovations, and the rising strength of individual stocks in emerging industries such as biotechnology, cloud computing, artificial intelligence, and high-end manufacturing; and out of the demand for safe havens, the pharmaceutical industry with significantly improved fundamentals It became an ideal safe haven for funds, which made the fund of the layout technology and the medical industry become the big winner in the first quarter of this year.

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Overall, hybrid fund's first-quarter results fell an average of 0.85%, but a large number of Shigekura's fund performance in these two sectors is really dazzling. According to the statistics of the China Economic Net, the rise of the top 40 in the first quarter rose by more than 10%, and more than five funds rose by more than 20%, of which the top 14 of the proceeds were occupied by growth-type funds. .

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It is worth mentioning that China Post has represented 7-889456_39_65473_9 as the representative of Zhongcang growth stock Ren Zesong. This time, there are three products with a cumulative unit net value growth rate of over 20% in the first quarter, and the winners and runners are all included in their pockets. It is the peak of the joint venture to take the hybrid fund. In addition, Huitianfu Fund's medical theme 's medical ranking fund ranking is also very high.

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Take China Post's information industry (001227) as an example. According to statistics, the fund was established on May 14, 2015. As of December 31, 2017, the fund size was 2.444 billion yuan. From the perspective of scale alone, the scale of management is a great convenience for Ren Zesong's operation.

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Ren Zesong has served as auditor of KPMG Huazhen Certified Public Accountants, industry researcher of Beijing Yuanlesheng Asset Management Co., Ltd., industry research fellow of China Post Capital Fund Management Co., Ltd., fund manager assistant of China Post Core Growth Mixed Securities Investment Fund, China Post Assistant manager of fund of strategic emerging industry hybrid securities investment fund, assistant to general manager of investment department, deputy general manager of investment department and general manager of investment department. Now he is the head of Renzesong Investment Studio of China Post Venture Capital Management Co., Ltd.

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the past ten Awkwardness of view, last year's fourth quarter, mainly in the information industry Post spin very heavily loaded with information , Kang Pharmaceutical , Kunlun World Wide Web , Arima software , as the source of the shares , Zhao Yi Innovation , Tiger Medical , etc., and mainly covers the communications, technology and pharmaceutical industries. With the strengthening of the GEM market, China Post's information industry has shown a strong upward trend since the beginning of the year, with a unit growth rate of 23.91% in the first quarter.

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Compared with China Post Fund, the same top-ranking Huitianfu medical service has been performing very well in recent years. Daily fund network data shows that the fund has been in nearly 2 years, nearly 1 year, nearly 6 months, and this year's stage The gains were 26.50%, 28.70%, 19.77% and 11.40%, respectively. Compared with the average of and CSI 300 and similar averages, the ranking of the same category is also very high, and the quartile ranking is excellent, which is mainly due to the astonishing gains of its overvalued stocks.

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from recent disclosures of Awkwardness of view, China Universal health care services in the fourth quarter of 2017, heavily loaded with medical Dunlop , Tonghua Dongbao , Ireland Eye , , Pien Tze Huang Yifeng pharmacy , Millenia health , Nakasone Pharmaceutical , the biological , Yunnan Baiyao , Changchun High 7_89456_124_65473_ 9 and so on. The industry focused on observing the Shigekura industry was mainly concentrated in the biomedical sector, and the medical stocks in the first quarter showed a strong momentum. This also made strong growth in fund's net worth of in medical, health, pension, and other related topics.

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The current fund manager of Huitianfu Medical Services is Liu Jiang, who joined Huitianfu Fund Management Co., Ltd. in May 2011 as the pharmaceutical industry. Analyst , June 18th, 2015 has served as the Huitianfu Medical Service. The industry is flexible in configuring fund managers for hybrid securities investment funds. Judging from the data, Liu Jiang is very familiar with the medical industry, and presumably also benefited from this, in order to quickly grasp the timing of the improvement in the fundamentals of the pharmaceutical industry, making the Huitianfu medical services to achieve rapid growth in the first quarter.

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It is also in the earning effect of these funds that this year's Xinji gold is also showing a positive trend. The data shows that as of the end of the first quarter, 82 fund companies totaled 369 new fund products (A/B/C shares were calculated separately), and the total initial share was 299.151 billion copies.

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From the fund type, in the new funds , the number of hybrid funds is up to 202, accounting for 54.74%; followed by bond funds , 107; equity funds also have 50. And if classified by investment style, growth funds reached 228, accounting for 61.79%, which is in line with current market conditions.

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Growth stock differentiation Beixin Ruifeng Debiao Bao cannot be underestimated

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Although the overall growth trend of the first quarter was encouraging, it also showed a clear differentiation. For example, the decline in front of the mixed base, there are some heavily loaded with growth stocks of the fund, it is clear that these funds do not choose specific stocks, similar GCI Science \u0026 Technology , Hang new technology , Chutian Technology , De Run Electronics , etc., although it is also a well-known sub-industry leader, but in the first quarter of this year's decline is also quite a lot, which seriously hampered the performance of the relevant funds.

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Beixin Ruifeng Fund is an example of this. In the first quarter, two funds of the Beixin Ruifeng Fund led the decline, among which, Beixin Ruifeng Ping An China (001154) fell by as much as 15.37%, while the decline of Beijing Beixin Ruifeng China Zhisheng (001829). Also reached 11.58%.

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According to statistics, Beijing Beixin Ruifeng Pingan China was established on May 5, 2015. At that time, the fund size was 340 million yuan, and then fell in a straight line. As of December 31, 2017, only 64 million yuan was left in its fund size. 20%; Beixin Ruifeng China Zhizhi caused the establishment on January 27, 2016, the fund size at the beginning of the establishment was only 128 million yuan, it fell all the way after reaching the peak of 231 million yuan at the end of 2016, as of December 31, 2017 The size of its fund has shrunk to 152 million yuan, almost to its original shape.

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Take Beixin Ruifeng China Zhizhi as an example. Although the fund tried to keep up with the wave of growth stocks, it took a lot of technology stocks and the actual results did not rise. The fund last year's fourth quarter, mainly heavily loaded with Ding Long shares , Southern Power , Chutian Technology, Yizumi , north CRE , Jing Sheng Electrical , Deren, fresh environment , China Shipbuilding Defense , China Ships . Although most of its Awkward positions were concentrated on the GEM, they did not seize the opportunity to rise due to the pressure of the wrong treasure. As for the stocks of the remaining several environmental and military sectors, it did not bring vitality.

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From the stage of gains, Beijing Beisin Ruifeng China Zhizao achieved nearly -2, nearly one, nearly six, and this year's stage gains of -13.7%, -20.33%, -20.18%, -11.98%, respectively. It can be said that it is quite poor, not only is the ranking of the same category at the bottom of the rankings, but also the quartile ranking is not good.

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Current fund manager of Beixin Ruifeng China Zhizao is Chen Lehua, who has served securities of CITIC Securities Researcher in the retail trade industry, Senior Research Fellow of Huabao Industrial Fund, Assistant of Fund Manager of Huabao Xingye New Industry Fund, and Huabao Xingye Innovation optimization fund fund manager assistant, fund manager, etc., joined Beixin Ruifeng Fund Management Co., Ltd. in November 2016. Since Chen Lehua alone managed Beijing Zhishui Ruixin China Zhisheng, his job return is -13.19%, and his stock selection level remains to be considered.

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For a growth fund with a relatively low performance in the first quarter of this year, some insiders pointed out that “Investment growth stocks must first choose industries and companies that they can truly understand; secondly, they must focus on the sustainability of growth, that is, the Buffett Institute. The said moat, after all, is very rare for companies that can grow at high speed for a long time; finally it depends on whether prices have bubbles and whether they have a sufficient margin of safety. Companies that have low growth certainty and high P/E ratios should be cautious.”

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Relevant person in charge of a large public fund company also said that the signs of growth stocks emerging from last year's downturn have only just begun. Overall, the performance of growth stocks and growth funds also requires investors to be cautious. From the perspective of buying funds, March bulk transaction In the trading record, although 70% of institutions bought small and medium-sized stocks, the total turnover was not small compared to January this year, and the differentiation of growth stocks may also be Continue to deepen.

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Big blue-chip adjustments Xinhua has repeatedly shrunk in size

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Growth stocks differentiation has caught many fund managers off guard, not to mention the rigid style of fund products. The long-term performance of such funds lags behind and their fund managers can be really uncomfortable. According to the statistics of the China Economic Net, the majority of these funds’ holdings continue their style of last year’s blue-chips, represented by insurance, liquor, household appliances, and finance. However, most of these industries’ stocks have been more than 10% after entering 2018. Adjustment.

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From the drop list, Xinhua Science \u0026 Technology Innovation has almost become the bottom product with a decrease of -12.56%. According to statistics, the fund was established on March 22, 2016. At the time of its establishment, the fund size was 435 million yuan. However, in less than two years, the scale of the fund has shrunk dramatically. As of the end of 2017, it was only 0.52 billion yuan. It was about 10% when it was established.

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Looking at the data of the Daily Funds Network, Xinhua Technology Innovation has been in an accelerated decline since its establishment. From the stage of gains, the fund's gains in the past two years, nearly one year, nearly six months, and recent years have been -6.50%, -5.84%, -14.38%, -14.92%, respectively, and the quartiles are in poor rankings.

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The reason for this is that it is not related to the heavy blue chip stocks. As of December 31, 2017, the fund's top ten Awkwardness are Merchants Bank , Wanhua Chemical , Commercial Bank of China Ping An , , Industrial Bank , Ginza shares , Baiyun Mountain , Fresh Environment, China Pacific Insurance , Agricultural Bank of China . Although the disclosure time has been longer than the current, but from the performance point of view, it holds a large probability of the above-mentioned stocks, but in the first quarter of this year, these industries are falling more varieties.

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Xinhua Science and Technology Innovation is currently managed by two fund managers, Li Huizhong and Zhang Yongchao. In September 2007, Li Huizhong joined Xinhua Fund Management Co., Ltd., and has served as industry researcher, strategist, and fund manager of Xinhua Diamond Quality Enterprise Hybrid Securities Investment Fund.

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Zhang Yongchao served CITIC Securities Quantified Investment Manager, Senior Investment Manager of Beijing Lezheng Capital Management Co., Ltd., Investment Manager of Zhongrong International Trust Co., Ltd., joined Xinhua Fund Management Co., Ltd. in March 2016. It can be seen that the experience of managing funds is relatively limited.

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Market participants pointed out that this year's style conversion has always been the focus of investor controversy. The bull market at the beginning of the market has brought value to value investors, but the plunge before the Spring Festival has broken this slow-moving pattern. In addition to the impact of external negative factors, internal factors are the more important factors. These representative value investment targets have risen too far since last year and have resulted in many profitable gains. Institutions need to be able to pocket their positions and reduce their positions. The uncertainty of the external disk also makes the organization not dare to hold positions, after all, systemic risk will be muddy, blue-chip white horses will also fall, once the liquidity problems, it will be very passive.

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For the afternoon market, Wells Fargo Funds Cao Wenjun pointed out that the balance of this year's market has shifted from white horse blue-chip to white-horse blue-chip and the gradual growth of new growth in the past year. It will be more favorable for emerging growth in the future. From the perspective of valuation value-for-money, early this year, the valuation of the Baima blue chip leader and the emerging growth leader had little difference in cost performance, and there was still a large deviation in the institutional configuration. The current market is in a process of rebalancing. Before the significant downward movement of the risk-free interest rate , the rebalancing process will not be completed overnight, and the middle will experience twists and turns, but the trend of the market's balance gradually tilted toward emerging growth will not change.

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According to Ren Zesong's point of view, more cycles that can cross the cycle are strategic emerging industries that represent the direction of future economic development, and it may be the tendency of more institutions and investors to maintain a focus on IT, biomedical, and other industries.



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