According to the data, Fengshui turns around in turn. This year, its the turn of medicine. The top 35 funds in this years performance are almost covered by medical themes. More than 80% of the funds are industry theme funds with medicine, medical, biology and healthy pension.
Trade frictions escalated and ETF funds for science and technology continued to flow out
Wind statistics shows that compared with the fund shares on April 13 and May 15, it is found that 5getf shares decreased by 6.5 billion, with the largest drop. The fund once exceeded 30 billion shares in the middle of April, becoming the largest ETF fund in science and technology. Due to the continuous outflow of funds, the ETF shares shrank by more than 20%. Chip ETF funds are also bearish by funds, ranking second in the decline of share of all technology ETF funds, with a share reduction of 4.6 billion within one month, a 20% decrease compared with the high level.
In addition, another 5getf (159994) reduced its share by 1.563 billion over the same period, with the share shrinking by more than 25%. The chip fund decreased its share by about 1.241 billion over the same period, with the share shrinking by more than 25%. Technology ETFs also lost more than 1 billion shares over the same period, down more than 10% from April 13.
According to the average price of the above range, more than 15 billion funds have been withdrawn. According to market participants, a large number of funds have been withdrawn from science and technology ETF funds. The main factor lies in the sharp decline of science and technology ETF funds in March this year, which has trapped many short-term speculators. Since mid April this year, science and technology ETF funds have rebounded slightly, which has triggered some funds Gold cuts to stop loss.
In fact, speculative funds will also notice that from the perspective of the market price of major technology ETF funds, the market price on May 15, 2020 is basically the same as that at the end of January 2020.
On May 15 local time, the website of the U.S. Department of Commerce announced that Huawei is restricted from using U.S. technology and software to design and manufacture semiconductors abroad. Hisilicon semiconductor is also directly named as a direct product of some US business control list (CCL) software and technology. This means that the U.S. restrictions on Huawei have been upgraded. More and more evidence shows that the United States is trying to prevent Chinas success and layout on 5g.
Despite expectations, A-share listed companies in the technology semiconductor sector continued to plummet after opening on May 18. 5getf fell nearly 5% on May 18, while semiconductor 50ETF also fell more than 4%. In the stock market, Lansi technology was close to the limit on that day, and Zhuo Shengwei, a bull stock, closed on the limit. Hong Kong stocks, Qiu Ti technology, sunny optics, Raytheon technology, BYD electronics, SMIC and other general decline, of which sunny optics fell more than 10%.
Fengshui turns around in turn, and fund managers will not stick to one wind outlet
So, how do managers of public funds think of technology stocks? As the technology stock market started in the first quarter of 2019 continued to the beginning of March 2020, especially the fund companys heavy position in the beginning of last year, Wentai technology stimulated the outbreak of technology stock market until the first quarter of 2020.
The 12-month market has reached a stage climax in the technology stock market. Therefore, taking advantage of the hot iron to develop products has become the main strategy for fund companies to expand customer scale - after all, retail investors are almost willing to buy funds at the highest level of stocks.
This also means that its hard for public fund managers to reject technology stocks completely, and its more difficult for them to make a public outcry, even if they have doubts about the real investment. However, according to the fund position data as of the end of March 2020, the major domestic star fund managers have reduced the proportion of investment in technology stocks in the first quarter, and more funds are directed to medical care and consumption.
For example, in the first quarter of this year, Yinhuas domestic demand selection fund reduced its investment in technology stocks and allocated a large number of pharmaceutical, consumer and agricultural stocks. In fact, in the third quarter of 2018, Yinhua domestic demand select fund has established that 2019 is the first year of science and technology, and in 2019, it will re position 5g industrial chain stocks. As market participants reached a phased consensus on the investment in technology stocks in the first quarter, the price of technology stocks rose rapidly, and there were too many positions in technology stocks, which led to the decline of technology stocks.
Data shows that in 45 days, Kangtai biology, the current largest heavy position of Guangfa Shuangqing upgrade fund, has gained more than 30% since the beginning of April, and Jianfan biology, the seventh largest heavy position, has also gained nearly 28%. Meanwhile, in the first quarter of this year, Zhaoyi innovation dropped the list of top ten heavyweight stocks of Guangfa Shuangqing upgrading fund. Since April, the stock price has dropped by more than 8%, losing nearly 40 points to Kangtai biology, Liu Gesongs new favorite.
The balanced allocation of funds in medicine, science and technology, consumption and other industries still feel the charm of medicine stocks. Those medical theme funds that focus on investment in medicine stocks have actually taken King banner away from science and technology funds.
It is worth mentioning that there are still more than 1000 funds with a loss of return since this year, of which more than 400 funds have a loss of return of more than 5% since this year. According to the position analysis, a large proportion of these loss making funds are due to the failure to grasp the medical theme plate, especially the fact that some funds are still heavily placed in science and technology stocks during the first quarter, which leads to As a result, the net value of the fund was lower than that of the same industry. It is obvious that the theme investment is still in A-share and fund position. If there is no heavy position in science and technology in 2019, the fund manager and his performance will be difficult to stand out. If there is no heavy position in science and technology in 2020, the fund manager may face the embarrassment of harvesting. At least from the data in the first half of this year, medical medicine has become the system for fund managers to compete for performance High point, which also explains the sharp sell-off of technology ETFs by speculative funds after the change of tuyere. Source: China responsible editor of securities company: Yang Bin_ NF4368
It is worth mentioning that there are still more than 1000 funds with a loss of return since this year, of which more than 400 funds have a loss of return of more than 5% since this year. According to the position analysis, a large proportion of these loss making funds are due to the failure to grasp the medical theme plate, especially the fact that some funds are still heavily placed in science and technology stocks during the first quarter, which leads to As a result, the net value of the fund was lower than that of the same industry.