Wind data shows that as of November 26, Guangfas high-end manufacturing managed by sun Di and others is still in a state of the art, with the net share growth rate of 127.67% since the beginning of this year; closely followed by the Agricultural Bank of China Huili industry 4.0, the new energy theme of Agricultural Bank of China and the research selection of Agricultural Bank of China. The three funds are managed by the same fund manager Zhao Yi, with the net share growth rates of 114.0% since this year 38%, 112.00% and 108.74%.
It is worth noting that, as of November 1, the performance gap between Guangfa high-end manufacturing and ABC Huili industry 4.0 was less than 5 percentage points. After only one month, the performance gap between the two sides had exceeded 13 percentage points. From the perspective of poor first and last performance, the growth rate of net share of the last products since this year is - 11.53%, which is 139.2% lower than that of the first ranked high-end manufacturing of Guangfa.
From the perspective of industry, the pharmaceutical theme fund, which has been dominating the screen in the first half of the year, is no longer at the top of the list. In the first seven months, a pharmaceutical theme fund with a net share growth rate of more than 100% has fallen out of the top 100, while some manufacturing, cycle and other theme funds have risen rapidly and become the top of the list.
Pharmaceutical funds lose their luster
Take the financing healthcare industry a, whose net share growth rate exceeded 100% in the first seven months of this year, as an example. As of November 25, the funds performance ranked above 100 active partial equity funds, but benefited from the market in the first half of this year, its net share growth rate has reached 70%. At the same time, Qianhai Kaiyuan medical health Co., Ltd., the best performing pharmaceutical theme fund, ranked 49th, with a net share growth rate of 79.93% since this year.
At the same time, some manufacturing and cycle theme funds are quietly rising. Guangfa high-end manufacturing, Chuang jinhexin industrial cycle selection and ICBC Credit Suisse high-end manufacturing industries all performed well. For example, as of November 25, the growth rate of its net share value has reached 94.21%, ranking the top.
The cyclical industry has not performed very well since the beginning of 2018, and has been worse than the overall market until the first half of this year. For a long time in the past, the structural market of the market was very obvious. The growth of consumption, science and technology, and pharmaceutical sectors was very large, while the performance of other assets was not so good. In fact, since July this year, there have been obvious changes in the procyclical plate. Since this period of time, the procyclical plate has obvious excess returns relative to the market, and this trend is expected to continue. Tian Hong cycle strategy, Tian Hong quality growth fund manager Gu Qibin said.
Procyclical plate attracts attention
Although the battle situation of ranking is stuck, but with the end of the year approaching, some fund managers said that it is difficult to win short-term ranking. Different fund managers have different operations. I think its a bit longer. We started to lay out the plan for next year recently, and we wont change our strategy because of the end of the year. A fund manager said: but the problem is that, in recent times, the operation of adjusting positions and exchanging shares has tested people.
Looking forward to the future, pro cyclical assets have become the focus of many fund managers. Gu Qibin said that the future economic recovery will be stronger than expected, not only in China, but also in the global economy. Therefore, this round of economic recovery will last for a long time, and the excellent performance of procyclical assets is just at the beginning.
Gu Qibin believes that in the context of the global economic recovery, pro cyclical assets are expected to be revalued. At present, the valuation levels of Pro cyclical assets are at the bottom of history, and the valuation gap between them and weak cyclical assets has widened to the historical extreme value. For pro cyclical assets, once the economy returns to normal and the economic growth rate goes up next year, this part of assets is very likely to usher in Davis double click.
The market view released by China Merchants Fund points out that the current market is fluctuating upward, and the main line of the market is switching to low value Pro cyclical varieties. Under the background of overseas risk mitigation, foreign capital return and sustained domestic economic recovery, the overall index is expected to start a cross-year market. It is suggested to pay attention to low value procyclical varieties with deep macroeconomic recovery and improved prosperity, such as the supplementary rise opportunities of financial real estate and resource stocks, and the valuation repair market of science and technology industry chain.
Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607