This A-share fund loses 18percent: operation is like leek chasing up, killing down and stepping on thunder

category:Finance
 This A-share fund loses 18percent: operation is like leek chasing up, killing down and stepping on thunder


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The worst performance of oil and gas funds in the year

According to wind data, in this years performance ranking of public funds in the whole market, Huabao S & P oil and gas dollar fund has lost 19.70% since this year, becoming the worst performing product in all fund types. Greenberg sharp C is the second worst performing fund product with a loss of 18.85% in the year. Considering that the standard & Poors oil & gas dollar fund is an oil & gas QDII fund with a relatively small investment scope, Greenberg sharp C, the second worst performing fund in the whole market, can be regarded as the worst A-share fund in the year.

Data shows that the loss range of S & P oil and gas dollar fund of Huabao has been close to 20% this year, and the loss of S & P oil and gas RMB fund of Huabao has also reached 17%. The net performance of S & P oil and gas dollar fund of Huabao since its establishment has obviously been cut in half, and the loss range since its establishment has been as high as 55%. Although this years performance has been halved, as of September 30 this year, the oil and gas fund established in 2015 has reached 4 billion assets.

In fact, while the performance is in a mess, Huabao oil and gas fund seems to be favored by funds. Wind data shows that from the beginning of this year to now, the asset scale of Huabao oil and gas fund has been growing rapidly. For example, as of June 30, the scale of Huabao S & P oil and gas RMB fund has increased by 57.99% month on month compared with that of the previous period, reaching 3.427 billion yuan, while the scale of Huabao oil and gas USD fund has also reached 499 million yuan, nearly increasing from 320 million yuan in the first quarter of this year 180 million yuan.

Market participants believe that many speculative funds use Huabao oil and gas as a tool to copy the bottom price of oil. Such funds are generally arranged when the net value of Huabao oil and gas fund plummets, showing the phenomenon of more and more buying. But in fact, because Huabao S & P oil and gas tracks oil stocks, the relationship with the rise and fall of oil prices is not very close, and this band operation itself has a high risk, at least Up to now, oil and gas funds have become one of the weakest performers in the year.

Fangzheng medium term futures also pointed out recently that at present, the major oil producing countries have not made a clear statement and it is difficult for countries to deepen production reduction. With the peak level of CDU maintenance volume of refineries in the world and the United States, the demand of refineries will gradually pick up, and the operating rate of refineries in the United States will pick up from the low point, forming a certain support for oil prices. In the short term, there is no major risk event in the market, and at the same time, there is a lack of trend leading factors. The volatility of oil market is declining, and the trend of oil price in the near future is mainly oscillating.

Transfer of stock positions leads to bottom performance

If we exclude the QDII attribute of Huabao oil and gas fund invested in the sea, greenberry C fund under green fund company will lose 18.85% in the year, becoming the worst A-share fund so far.

Greenberry C fund was founded on November 16, 2018, which is almost the bottom of the A-share market. However, the fund apparently failed to seize this market opportunity. Since its establishment in mid November last year, it has accumulated a loss of 19%, and this years loss has reached 18.85%. It is worth mentioning that the Green Fund Management Co., Ltd. of the fund, founded on November 1, 2016, is the first public fund management Co., Ltd. with futures and real estate background in China.

Why is the Greenberg fund still in a mess after its establishment at the bottom? A big factor lies in the fund managers A-share market judgment and overall failure in individual stock selection. In other words, the operation of fund managers has seriously deviated from the mainstream market.

Specifically, according to the first quarter report of greenberry fund, at the end of the first quarter of this year, the proportion of stock portfolio to the net asset value of greenberry fund was as high as 52.37%, and the proportion of the first largest heavy position stock, ofergon, to the net asset value of the fund was as high as 8.59%. During the first quarter, the first heavy position stock, ofergon, rose significantly. By the end of March this year, the net value of greenberry fund once reached 1.07 yuan.

However, the following market performance of the first largest heavy position, ofegguang, makes fund managers worry about the risk of the stock market. Because of the large proportion of ofI light in the fund portfolio, the subsequent spooky trend may cause fund managers to misjudge A shares.

Some of the bad news in the A-share market may cause the fund managers of greenberry fund to despair a little.

As for the change of stock position, by the end of the second quarter, the fund manager of greenberry fund had cut all the stock positions, and the proportion of equity investment had been 0. Greenberrys fund manager explained in the second quarter report that in the second quarter of 2019, due to risk considerations, the fund sold a large amount of equity assets and allocated the fund assets to fixed income assets.

When the stock position becomes zero, take the C share of greenberry fund as an example, the net value of the fund plummeted from 1.07 yuan on April 1 to 0.92 yuan on June 30 this year.

By the end of June this year, wind data showed that the average return of equity funds was 23.18%. However, the income of some funds is even as high as 50%, far surpassing the average increase of the index, especially the passive index fund investment promotion Zhongzheng Baijiu at that time, with 73.73% of the income, it has been the champion of the market for half a year, showing the profit-making effect of the A-share market. The best performance of the partial stock active management fund is the rich country consumption theme fund, with a yield of 58.1%.

For the three completely different stock investment strategies in the three quarters, greenberry fund manager also explained in his third quarter report that in the third quarter, on the premise of studying and judging the opportunities of the technology growth plate, the active and cautious low position layout of the target of the technology innovation plate, which means that investors can obtain long-term investment income. Affected by the decline of investor enthusiasm and the gradual return of science and technology innovation board stocks to value, although the fund position is relatively low, there is still a certain degree of withdrawal.

The funds net profit said in the report that in the fourth quarter of this year, the external environment is still complex and changeable, and the domestic economic growth has entered the verification period. It is expected that the domestic economic growth may stabilize, but the downward pressure is still on, and the overall operation will be in a stable range. The counter cyclical adjustment policy is expected to increase in order to hedge the uncertainty brought by trade friction and domestic economic downward pressure. It is expected that a shares will still maintain a top and bottom volatility trend, and structural opportunities still exist, especially in sectors with stable performance expectations or strong growth certainty. At present, the overall adjustment range of science and technology innovation board is large, there is limited space for further reduction, and the valuation tends to be reasonable. The fund will continue to focus on the allocation of science and technology innovation board targets.

According to the third quarter report disclosed by greenberry fund, the top three heavy positions of the fund during the reporting period are huaxingyuan Chuang, Hanchuan intelligence and Hangke technology. Although huaxingyuanchuang, the largest heavyweight stock, only accounts for 1.22% of the funds net worth, its share price has plummeted by about 30% from July 1 to November 1, so Greenberg fund still suffers a large loss when its stock position is low. Some market participants pointed out that the contribution of individual stocks to fund performance is significantly greater than that of positions. In the current structural market of A-share market, individual stock selection is still an important source of fund performance. Whether it is value investment, trend investment or technical analysis, it is rare that the fund can avoid system risk through timely position reduction in the long term. For the vast majority of people, it is doing idle work in the long term effect, that is to say, if there is no right stock selection, there is no The allocation of market mainstream varieties, whether high or low positions, the fund will lose money in the end. By November 1 this year, the net value of greenberry C fund had dropped to around 0.81 yuan. Source: responsible editor of securities companies in China: Yang bin_nf4368

According to the third quarter report disclosed by greenberry fund, the top three heavy positions of the fund during the reporting period are huaxingyuan Chuang, Hanchuan intelligence and Hangke technology. Although huaxingyuanchuang, the largest heavyweight stock, only accounts for 1.22% of the funds net worth, its share price has plummeted by about 30% from July 1 to November 1, so Greenberg fund still suffers a large loss when its stock position is low.

Some market participants pointed out that the contribution of individual stocks to fund performance is significantly greater than that of positions. In the current structural market of A-share market, individual stock selection is still an important source of fund performance. Whether it is value investment, trend investment or technical analysis, it is rare that the fund can avoid system risk through timely position reduction in the long term. For the vast majority of people, it is doing idle work in the long term effect, that is to say, if there is no right stock selection, there is no The allocation of market mainstream varieties, whether high or low positions, the fund will lose money in the end.

By November 1 this year, the net value of greenberry C fund had dropped to around 0.81 yuan.