According to the calculation of an excellent fund manager in Beijing, by the end of the second quarter, the proportion of public funds allocated to pharmaceutical and biological sectors in shenwanwan industry had exceeded 20%, reaching the highest level in history.
From the perspective of historical data, in most years since 2013, the market value of public investment in pharmaceutical and biological sector accounted for 9% - 16% of the stock investment market value.
In view of the overall over allocation of pharmaceutical stocks by public funds, many insiders believe that under the epidemic situation, the defense attribute, industry prosperity and performance certainty of the pharmaceutical sector have improved, attracting public funds to hold pharmaceutical stocks in groups.
PI Jinsong, fund manager of Chuang Jin Hexin medical and health care industry, said that the public offering and over allotment of pharmaceutical stocks was mainly due to the impact of the epidemic on all industries. The pharmaceutical industry, especially the vaccine, pharmaceutical outsourcing, medical equipment and other sub sectors, had outstanding performance comparative advantages.
Han Guangzhe, fund manager of Equity Investment Department of golden eagle fund, believes that the active allocation of pharmaceutical sector by public funds is mainly based on two dimensions: one is the promotion of the prosperity of some subdivided industries catalyzed by the epidemic situation; the other is that the medium and long-term performance growth of high-performance companies is certain.
Institutional funds holding pharmaceutical stocks in groups has brought obvious profit-making effect, and the valuation of pharmaceutical stocks has also risen to a historical high.
Xie Wei, the fund manager of CITIC, believes that the high landscape of the pharmaceutical sector is determined by the demographic structure. With Chinas aging society, the demand for medical drugs will be rigid and long-term, which means that the pharmaceutical sector will maintain a relatively stable growth in a long period of time, and some leading companies in subdivided industries may usher in a period of rapid growth, and the high valuation reflects this high growth expectation from another perspective.
Hao Miao, manager of Baoying medical health Shanghai, Hong Kong and Shenzhen fund, believes that the current overall valuation of the pharmaceutical sector and institutional positions are at a high level, but in the context of the global epidemic is still spreading, pharmaceutical stocks with stable profits are still scarce resources, and they continue to be optimistic at the current stage.
The scale of merit funds has increased sharply
The scale of the most powerful has increased by about 30 times
Driven by the pharmaceutical market, pharmaceutical funds lead the performance ranking. Wind data shows that as of the second quarter of this year, the size of 1248 active equity funds (share consolidation) with an increase of more than 20% in the first half of this year has increased by 44.41%; the size of 100 funds with a yield of more than 50% has soared by 1.5 times; the average scale growth of funds with returns over 60% and 70% in the first half of this year has reached 2.32 times and 3.97 times respectively. Market value growth superimposed on investors subscription, and the funds that made more money also showed a stronger gold absorption effect. Among them, the scale of Chuang Jin Hexin medical and health industry fund, which won the half way champion with 83.17% performance in the first half of this year, increased nearly 30 times from 63 million yuan to 1.927 billion yuan; the scale of funds with performance growth of more than 70% such as RONGTONG health industry and BAOYING medical health Shanghai, Hong Kong and Shenzhen increased more than 10 times.
Many industry insiders said that the short-term causal relationship between performance and scale is not significant, but in the medium and long term, fund manager managed products with excellent performance and verifiable investment logic will be sought after by the market, and the fund scale will continue to grow.
PI Jinsong said that the net purchase of medical funds this year was more, mainly due to the large increase of medical funds and obvious profit-making effect. From the forecast of some pharmaceutical companies, the business in the second quarter is recovering, and the industry has a strong overall pressure resistance. In the medium and long term, under the guidance of policy, there are still many opportunities for pharmaceutical investment, and we are optimistic about the development prospects of pharmaceutical funds.