A variety of signs show that star fund managers failed to avoid the black swan of the epidemic, and their net worth generally fell. However, many star fund managers are likely not to reduce their positions when A-share plummeted, but to increase their positions by copying the bottom. Some new funds that are building positions also seize the opportunity to bargain hunting.
Star funds achievements in epidemic time
On February 3, the A-share crash, even last years fund performance champion Liu Gesong also failed to escape the fate of performance follow-up.
In 2019, Guangfa double engine, Guangfa innovation and upgrading, and Guangfa diversified emerging rate of return under Liu Gesongs management were 121.7%, 110.4% and 106.6% respectively, ranking the top three in terms of performance of public equity partial funds.
The net value of the three funds fell 6.16%, 6.57% and 6.32% respectively on February 3. According to the fourth quarter report last year, Liu Gesongs three fund heavyweight stocks are concentrated in growth stocks in the science and technology industry. On February 3, the decline of the three funds was basically the same as the performance of the growth enterprise market index of - 6.86%, and the positions should not be low.
In addition, Liu Gesongs two newly issued partial share funds are also worthy of attention. Guangfa science and technology innovation established on December 25, 2019 and Guangfa science and technology pioneer established on January 22, 2020 are explosive funds.
Among them, less than 3.3% of Guangfas science and technology innovation effective subscription applications are confirmed, and the upper limit of the initial raising scale is 1 billion yuan.
Guangfas net value adjustment on February 3 was - 6.32%. The decline is basically the same as the three third place champions. It is speculated that Liu Gesong will probably complete his warehouse building in less than a month before the Spring Festival.
Guangfa technology pioneer Co., Ltd. was founded on January 22, the day before the A-share market was closed before the holiday. At present, the net value has not been publicized. However, from the perspective of time, it should be too late to complete the position building, and there is an opportunity to copy the bottom at this time.
Although hit hard by black swan, with the retaliatory rebound of a shares, on February 4, the net value of Guangfa Shuangqing, Guangfa innovation upgrading, Guangfa diversified emerging and Guangfa technology innovation managed by Liu Gesong rose 4.32%, 4.45%, 4.89% and 3.26% respectively. This increase is not much different from the 4.84% of growth enterprise market index on that day, and there is no obvious reduction in positions.
In addition, Huaan media Internet (101.70%), Yinhua domestic demand selection (100.36%), BOCOM growth 30 (99.88%), BOCOM economic new power (99.78%), Galaxy innovation growth (97.12%), noan growth (95.44%), Boshi return flexible allocation (95.21%) ranked in the top 10 in fund performance last year. Their adjustment ranges on February 3 were: - 6.24%, - 8.19%, - 5.80% u3001-8.35%u3001-7.15%u3001-6.48%u3001-4.72%u3002
In short, even the best performing funds in the last year, when the whole market fell sharply, all of them fell sharply, with the adjustment range between - 4.72% and - 8.35%.
However, on February 4, last years top 10 funds rebounded with the rebound of A-share net worth growth rate, ranging from 1.59% to 5.64%, generally outperforming the market.
Adverse market opening
In the market hit by the epidemic, the operation of star fund managers is obviously concerned.
A fund manager who had just launched a fund to burst funds at the beginning of the year told reporters that affected by the epidemic, the opening of a shares fell sharply after the festival, and the probability of public offering to reduce positions was relatively low, because the public offering institutions were more rational, relatively calm in the face of panic, and the public offering paid more attention to long-term earnings. When a shares are opened at a low price, many public funds, especially the new development foundation, copy the bottom. When retail investors sell in panic, institutions take over.
The head of equity Department of another large fund company said that some of the newly issued funds had very low positions before and would indeed take the opportunity of A-share substantial adjustment to improve some positions.
These two days, there must be an organization adding warehouse. For the whole year, technology stocks are not pessimistic. According to a fund manager with outstanding performance who took a heavy position in technology stocks last year.
In fact, when A-share fell sharply on February 3, retail investors and institutions went in the opposite direction.
On the first trading day of the year of the rat, the retail investors sold off wildly, but the three main forces of the largest A-share institutions actively entered the market to copy the bottom: the net inflow of capital from the North was 22.8 billion yuan in three days; insurance funds were bought at a low price in the form of subscription funds or stocks to increase the allocation; at the same time, a large number of public funds actively increased their positions.
In this regard, a fund industry person told reporters that the public offering and self purchase mainly increased the positions of its own outstanding funds, including the new funds managed by star fund managers and the old funds with good performance and good prospects.
According to the public information, Nanfang information innovation was founded on June 19, 2019, less than one year after its establishment. The fund managers are Mao Wei and Zheng Xiaoxi. Mao Wei is the star fund manager of China Southern Fund and executive director of research department. Currently, he manages 9 funds, with a total fund under management of 25.2 billion yuan. Zheng Xiaoxi is the senior vice president of China Southern Fund Equity Research Department.
Southern information innovation mainly invests in science and technology stocks, with a half year return of 55.91% and an annual return of 102%, while the performance of similar funds is only 31%, far higher than that of similar funds.
Another example of adding positions for outstanding funds is the self purchase of huitianfu fund.
According to the data reviewed by the reporter, in the whole year of 2019, huitianfus revenue from value selection is 40.20%, huitianfus return to the consumer industry is 72.84%, huitianfus return to innovative medicine is 70.52%, huitianfus return to mobile Internet is 52.46%, huitianfus return to private vitality is 53.67%, and huitianfus return to consumption upgrading is 41.02%.
Source: editor in charge of economic report in the 21st century: Ren Hui, nbj9607