The Hot Departure of Lugang Tong Fund from the Different Ratio of Stocks in Hong Kong to the Polarization of Income

category:Finance
 The Hot Departure of Lugang Tong Fund from the Different Ratio of Stocks in Hong Kong to the Polarization of Income


During the year, the product income differentiation was obvious.

Re-allocation of Hong Kong Stocks or Performance Differentiation between Shanghai, Hong Kong and Shenzhen Funds

From 2017 to now, Shanghai, Hong Kong and Shenzhen funds have experienced a decline from infinite scenery to mediocrity: in 2017, Dongfang Hongruihua, Shanghai, Hong Kong and Shenzhen won the top spot with a net growth rate of 67.90% in the whole year; but in 2018, the average net value of Shanghai, Hong Kong and Shenzhen thematic funds fell by about 17%, only the former Haikaiyuan, Shanghai, Hong Kong, Shenhui and Taikang Xingtai returned two funds. Gain positive returns.

From the beginning of 2019 to the present, if we focus on the products with the words Shanghai, Hong Kong and Shenzhen in the name of the Lugang Tong Fund, there are actually about 99 such products. The best performers are the selection of Shanghai, Hong Kong and Shenzhen advantages of Qianhai Open Source and Baoying Medical Healthy Shanghai, Hong Kong and Shenzhen. However, there are also several Shanghai, Hong Kong and Shenzhen funds ranked behind the palace. The high dividend loss of Xinda, Bank of Macau, Shanghai and Hong Kong is close to 10%, and that of ICBC, Credit Suisse, Shanghai and Shenzhen is about 6.60%. From the performance point of view, in the rebound market, the Shanghai, Hong Kong and Shenzhen funds did not show a significant win over the market as a whole, but in the two-year observation window (the market has risen and fallen), the Shanghai, Hong Kong and Shenzhen funds showed lower volatility. Secondly, from the difference between the average and the median, the difference between the average and the median of Shanghai, Hong Kong and Shenzhen funds is significantly higher than the overall level of the market, which means that the internal performance of Shanghai, Hong Kong and Shenzhen funds is significantly differentiated. Zhuangzheng emphasized.

Roughly calculated by Red Week, the difference between the first and last yields of Shanghai, Hong Kong and Shenzhen funds has reached about 50% in the current year, while the Shanghai, Hong Kong and Shenzhen funds which are still losing money in the current year have typical problems.

Take Xinda Bank of Macau, Shanghai, Hong Kong and Shenzhen as an example. Founded in November 2018 as a passive product, the fund is still a sub-new type of fund product, with an initial share of 412 million last year; but now, only two quarters later, the share of the product is only 404 million, and the scale of the product has shrunk by more than 95%.

By contrast, Qianhai Open Source Shanghai, Hong Kong and Shenzhen New Opportunities is an active and flexible allocation fund. Unlike the comparatively strong performance of similar products under the companys flag, new opportunities have become the shortest board of such products. Wind shows that the net growth rate of new opportunities has been only - 3.41% since the beginning of the year. The product ranks 1798 out of 1820 funds of the same kind, and the loss of the product in 2018 is close to 10%. At the same time, according to the change of product scale, the scale was nearly 2 billion when it was established in August 2016, but by the end of this year, the scale was only 196 million, shrinking by nearly 90%. After investigating the reasons for the disadvantage of both scale and performance, the reporter of Red Week found that fund managers may have made some mistakes in choosing investment areas. Judging from the funds four recent quarterly reports of heavy positions, all 40 stocks are from the Hong Kong market, and more emphasis is placed on state-owned bank stocks in the Hong Kong stock market.

Wang Hua, a long-term fund analyst, told Hong Kong Weekly, After introducing investment restrictions, the performance advantage of Shanghai, Hong Kong and Shenzhen funds has gradually lost. At the same time, Hong Kong shares have no advantage over A shares since this year. Under the uncertainties overseas, most of the gains have been reversed, far away from the performance of A shares in the same period. The average growth rate of Shanghai, Hong Kong and Shenzhen funds is only 9.51%, which is weaker than the performance of the mixed funds with partial shares in the same period. In fact, many Shanghai, Hong Kong and Shenzhen funds have adjusted their stock positions after the first quarter. For example, many Shanghai, Hong Kong and Shenzhen funds under Qianhai Kaiyuan have reduced their stock positions by more than 20% compared with the end of the first quarter.

Some performance benchmarks lack Hong Kong Stock Index

Few new Shanghai, Hong Kong and Shenzhen funds were launched during the year.

Although some of the poor performance funds in Shanghai, Hong Kong and Shenzhen are suspected to be affected by Hong Kong stocks, the products with the words Shanghai, Hong Kong and Shenzhen in the statistical name of Red Week find that, on the basis of performance comparison, many Shanghai, Hong Kong and Shenzhen funds actually do not have Hong Kong Stock Index.

Wind incomplete statistics, in the existing Shanghai, Hong Kong and Shenzhen funds, roughly includes the core resources A of Shanghai, Hong Kong and Shenzhen of Qianhai Open Source, the preferred choice of rich country research is Shanghai, Hong Kong and Shenzhen, the extension growth of Huaan, Shanghai and Hong Kong, Tianyuan, Shanghai and Shenzhen of rich country, Taikang and Xingtai return 15 such topics as Shanghai, Hong Kong and Shenzhen of South.

Some of the 15 products have relatively low or even zero ratios of heavy warehouse for Hong Kong stocks, so it is justifiable that the performance comparison benchmark lacks the Hong Kong Stock Index, while some Shanghai, Hong Kong and Shenzhen funds that focus entirely on Hong Kong stocks lack the Hong Kong Stock Index in the benchmark.

For example, the comparison benchmark of a Shanghai-Hong Kong-Shenzhen value theme is the yield of Shanghai-Shenzhen 300 index x 60% and the yield of Shanghai Treasury bond index x 40%. However, in the past four quarters, the heavy positions of fund stocks are all Hong Kong stocks.

This seems to run counter to the new rules for Shanghai, Hong Kong and Shenzhen funds that have been implemented. At that time, the new statute stipulated that more than 80% of non-cash assets should be invested in Hong Kong stocks for funds with similar words such as Hong Kong Stock in their names; funds without similar words such as Hong Kong Stock in their names should not invest more than 50% in the Hong Kong Stock Market.

In the past, Haikaiyuans core resources in Shanghai, Shenzhen and Hong Kong were taken as an example. The funds stock investment positions in the prospectus were 0-95%, of which the A shares were 0-95%. The proportion of shares invested in Hong Kongs stock currency accounted for 0-95% of the funds assets, and the restrictions on positions and regions were relatively broad. In the actual investment level, if the performance comparison benchmark of a fund represents the proportion of the scope of its investment target, the funds heavy position is mainly A shares, and in the short term, it is more appropriate to use Shanghai and Shenzhen 300 as the performance benchmark. However, if a large number of Hong Kong shares are added to the follow-up investment, it is suggested that the performance benchmark of the fund be revised according to the actual situation. Wang Hua analysis.

In addition, the issuance and collection of Shanghai, Hong Kong and Shenzhen funds this year are also unsatisfactory. According to the statistics of Red Week magazine, only less than 10 products such as Qianhai Kaiyuan Shanghai, Hong Kong and Shenzhen non-cyclical stocks, HSBC Jinxin Hong Kong stocks and other well-chosen stocks have been issued and established this year. From the report card, the new products in 2019 are also rather shabby: the latest scale of dual-core mixing of HSBC Jinxin Port Stock Exchange is 281 million, the latest scale of Zhejiang Business, Shanghai, Hong Kong and Shenzhen mixing is 259 million, and the latest scale of Qianhai Kaiyuan Shanghai, Hong Kong and Shenjurui is only 213 million, basically set up on the scale of 200 million.

Shanghai, Hong Kong and Shenzhen Fund Reallocating A-share is in the lead for the time being

Excellent performance has different effects on boosting scale

In fact, thanks to the strong performance of A shares in the first quarter of this year, some of the Shanghai, Hong Kong and Shenzhen funds that re-allocated A shares started very smoothly; at that time, due to the relative downturn of the Hong Kong stock market, some Shanghai, Hong Kong and Shenzhen funds even redistributed A shares one-sidedly.

Even so, the scale of Baoying Medical Health in Shanghai, Hong Kong and Shenzhen does not seem to benefit from it. Public data show that at the end of 2015, when products were launched, the fund was about 571 million; by the end of the second quarter of this year, only about 166 million products remained. In about three and a half years, the share of the fund has shrunk by about 71%.

Contrary to its size, Huaan, Shanghai, Hong Kong and Shenzhen have grown in denotation, with the net growth rate of the fund reaching 36.18% this year. Judging from the two quarterly reports this year, only one Hong Kong stock was short-listed in Jinshan Software in the first quarter and the second quarter. As Huaans 14th highest ranked product, the net value growth rate of Huaans Shanghai, Hong Kong and Shenzhen Extension has reached 46.73% in the past three years; furthermore, in terms of scale, it has increased from 345 million to 492 million, an increase of about 40%.

In contrast to the above products, Qianhai Kaiyuans several strong Shanghai, Hong Kong and Shenzhen companies almost overwhelmingly reallocated A shares in the first quarter of the year, but increased the elements of Hong Kong shares in the second quarter. Today, Qianhai Open Source, Shanghai, Hong Kong and Shenzhen, is the top choice of advantages. In the first quarter, it only repositioned Hong Kong shares in Jinshan Software and Aobo Holdings. In the second quarter, the fund added Tencent and Jinsha China Limited on this basis.

According to the interview with Red Week, the relative performance of A-share market is better, and the trend of going north has become the focus of many investors. The performance and enthusiasm of Shanghai, Hong Kong and Shenzhen funds also reflect the markets pursuit of going north. At the beginning of 2019, the net outflow of funds from Hong Kong stock exchanges to the South was in the trend of net outflow. During this period, Shanghai, Hong Kong and Shenzhen funds gradually cooled down, and gradually warmed up in mid-March. Then, a continuous net inflow mode was opened. With the continuous inflow of funds from the south, the risk compensation for investing in Hong Kong stocks is expected to be systematically reduced, which makes the valuation of Hong Kong stocks expected to obtain a system in the future. Sex improvement, if the Hong Kong stock market appears to repair the market, the heat of such funds may rebound. Jia Zhi, an analyst at Tianxiangtuo Gu Fund, told Red Week that one of the major characteristics of Shanghai, Hong Kong and Shenzhen funds is that most of the Hong Kong stocks invested in are Zhonggu stocks and A-share markets with high correlation. For example, Qianhai Kaiyuan, Shanghai, Hong Kong, Shenzhen and New Opportunities are mixed, almost all of which are medium-sized shares. The stock price is influenced by the operation of enterprises and the operating environment of China, which fails to reflect the role of market risk diversification. Source: Yang Qian_NF4425, Responsible Editor of Stock Market Weekly

According to the interview with Red Week, the relative performance of A-share market is better, and the trend of going north has become the focus of many investors. The performance and enthusiasm of Shanghai, Hong Kong and Shenzhen funds also reflect the markets pursuit of going north. At the beginning of 2019, the net outflow of funds from Hong Kong stock exchanges to the South was in the trend of net outflow. During this period, Shanghai, Hong Kong and Shenzhen funds gradually cooled down, and gradually warmed up in mid-March. Then, a continuous net inflow mode was opened. With the continuous inflow of funds from the south, the risk compensation for investing in Hong Kong stocks is expected to be systematically reduced, which makes the valuation of Hong Kong stocks expected to obtain a system in the future. Sex improvement, if the Hong Kong stock market appears to repair the market, the heat of such funds may rebound.

Jia Zhi, an analyst at Tianxiangtuo Gu Fund, told Red Week that one of the major characteristics of Shanghai, Hong Kong and Shenzhen funds is that most of the Hong Kong stocks invested in are Zhonggu stocks and A-share markets with high correlation. For example, Qianhai Kaiyuan, Shanghai, Hong Kong, Shenzhen and New Opportunities are mixed, almost all of which are medium-sized shares. The stock price is influenced by the operation of enterprises and the operating environment of China, which fails to reflect the role of market risk diversification.