This kind of painting style is slightly rigorous, and seems to be rare in financial circles. However, in recent years, the growth of noan has focused too much on the investment style of a single industry, the scale of funds that have skyrocketed one after another, and the roller coaster investment experience have also triggered several heated discussions among investors and the industry.
Industry insiders believe that investors should not blindly follow the ranking when choosing fund products. They should make a deeper understanding of the operation characteristics, investment orientation, income risk characteristics, ability circle and preference of fund managers, and then make investment decisions based on their own risk bearing ability.
80% position bet Electronics
So, what is the investment direction and shareholding concentration of noans growth?
According to the 2020 interim report data, in the first half of the year, the fund increased its holdings in the electronic industry (Shenyi class industry classification) by nearly 20 percentage points, accounting for 84.06% of the net value of the fund. According to Shenwans secondary industry classification, the semiconductor industry is in an absolute advantage.
It is worth mentioning that since the third quarter of 2019, the position concentration of noans growth is constantly improving. According to the regular report and wind data, investor.com found that the top ten heavy positions of the fund at the end of 2019 accounted for 60.62% of the net value of the fund, while the average value of similar products was only 46.25%; by the end of June 2020, this data had increased to 81.44%, while the average value of the same period only slightly increased to 46.87%.
In addition, due to the continuous increase of semiconductor stocks, the proportion of the market value of individual stocks held by the fund to the net asset value of the fund also increased after the stock price rose. During the same period, the position of the largest heavy position shares of Shengbang shares even exceeded the double ten limit in principle, and the net value ratio of the fund reached 12.64%. Therefore, the fund has become the fifth largest circulating shareholder of Saint bond shares.
As for the market, the fund is classified as semiconductor theme fund. Industry insiders close to noan fund told investors. Com that there is a certain difference between the growth of noan and the semiconductor theme fund. At present, the funds heavy position in semiconductors is due to the fund managers optimistic about the prosperity of this industry, and then found a higher boom, the industry may change.
However, this fund, which has attracted much attention this year, is not a new product. Wind data shows that from the establishment of noan on March 10, 2009 to March 10, 2019, the growth rate of net value in the interval was only 39.9%, which was significantly lower than the performance benchmark of nearly 51 points, and the CSI 300 index increased by 66.06% in the same period.
In 2020, Cai Songsong will add semiconductor again. Benefited from the strong performance of the plate, this gamble brought a very considerable income for the growth of noan. Wind data shows that as of July 14, the semiconductor (Shenwan) index rose 88.82% in the year, and noans yield was as high as 80.45% in the same period, ranking ninth among 990 partial stock hybrid funds.
However, since mid July, due to multiple factors such as domestic and foreign environmental changes, the semiconductor industry as a whole has been cold adjusted, and individual stocks have generally shown a downward trend. From July 15 to October 15, the semiconductor (Shenwan) index fell 21.03%, according to wind data. Affected by this, the net value of the fund with the concentration of positions also went down all the way. As of October 15, noans annual growth rate of return was only 32.18%, falling to 742 in the same category. Among them, the net yield of the same month fell by 26.0% in August.
Judging from the feedback from microblogs and stock bars, the alternative leader posture of noans growth, which can lead the rise and lead the decline, has made many investors call out like a roller coaster and found the feeling of stock speculation from the fund.
According to wind data, as of October 15, according to the net value growth rate of single day recovery units, the largest one-day increase of noan growth this year is 8.95% and the largest one-day decline is 8.48%, with a difference of 17.4%. From this point of view, it is not difficult to understand the evaluation of investors.
High net worth volatility leads to different views
As we all know, for active equity funds, the style of the fund is largely determined by the fund managers philosophy and investment framework, while noans pursuit of the ultimate style of the semiconductor industry is directly related to the growth experience of CAI Songsong, the helmsman.
According to his resume, Cai Songsong majored in computer science with a masters degree and a doctors degree in chip design. He has successively worked in the Institute of computing technology, Chinese Academy of Sciences, Tianjin Feiteng Information Technology Co., Ltd. and Huatai Securities Co., Ltd.; he joined noan fund as a researcher in November 2017; and took over the growth of noan in February 2019.
In other words, up to now, Cai Songsong has less than 3 years of working experience in the fund industry, but he has managed the fund for 1.65 years. Cai Songsong once said that the whole school and work experience helped him lay a solid foundation for understanding the industry. In the investment, he preferred the idea of industrial investment, and followed the top-down investment framework, that is, first to find the track with high sustained and high landscape, and then select individual stocks.
Perhaps out of professional confidence, Cai Songsong has always focused on the semiconductor track. In his view, in the next five years, the semiconductor and chip industry will benefit from domestic substitution and achieve sustained growth. The demand brought about by domestic substitution is far greater than the cyclical nature of the industry itself. In the next five years, it is likely to be a unilateral growth industry.
Cai Songsong also has his own views on the high volatility of fund net value. He believes that high volatility is part of my investment style. I hope investors can achieve balance in asset allocation. Through asset allocation, we can allocate part of the money on spear and the other part on shield.
However, Cai Songsongs radical investment style has also been make complaints about many people. Mr. Chen (anonymous), who has several years of investment experience, said that the reason why fund investors choose funds rather than buy stocks themselves is that they believe that the professionalism of fund managers can help them better avoid risks. This also reflects from the side that most fund investors are not particularly aggressive investors. Too single investment style in the plate rotation market, will lead to the rise and fall of fund net value, and then hurt the investment experience of investors.
Ms. Wang, a senior financial media person, also told investor.com that the fund assets are excessively concentrated in a single industry or even a single stock. Although it does not violate the fund contract and regulatory requirements, it virtually increases the fund investment risk. If the market wind direction changes, the fund may not be able to timely adjust positions for shares and passively accept the decline of stock price. From the perspective of risk control, such investment operation is extremely rare in the fund industry.
How can investors optimize their experience
As a professional asset management institution, public funds have the original intention and responsibility of entrusted and managed by customers, and should be aware of the risk of net fund net value fluctuation brought by the single allocation of individual stocks. How to achieve the income and risk control in parallel to earn stable returns for the holders is a problem that the public fund managers should think about.
For the investors who cant keep pace with their own strength, facing the changeable capital market and the current structured market, how to ensure their own steady income, obtain long-term and sustainable investment return and optimize their investment experience by choosing professional fund managers to indirectly grasp the market dividend is the most concerned topic for individual investors.
In this regard, a citizen with many years of investment experience told investor.com that the ups and downs of the stock market can not be sustained only by temporary luck. Therefore, it is a reliable choice to find fund managers who can stand the test of time and understand their investment logic according to their performance in the medium and long term.
Yu chenyao, a fund analyst at Shanghai Securities Fund Evaluation and Research Center, suggests that investors should not blindly follow the rankings when choosing fund products. They should make investment decisions after making a deeper understanding of fund products and matching their own risk-taking ability.
She said that some immature investors may buy because of the top short-term performance on the sales platform. They do not have a clear understanding of the operation characteristics, investment orientation, return risk characteristics, ability circle and preference of fund managers. They regard short-term performance as long-term performance expectation. Therefore, when the product falls beyond expectation and the fluctuation of the product exceeds the expectation When ones own risk-taking ability, poor evaluation will appear.
She further said, although the fund is already a collection of a basket of stocks and has done risk dispersion relative to a single stock, due to the choice of its investment orientation and concentration, a single fund product may still fluctuate greatly. Therefore, for investors, asset allocation is a necessary weapon for rational long-term investors, and diversified allocation is not outdated at any time At the same time, we should also control the distribution of investment proportion to avoid the high proportion of products invested in a single direction. (produced by thinking Finance)
Source of this article: Ren Hui, editor in charge of investor website_ NBJ9607