And in another fund managers view, the outstanding performance of its heavy positions also made him feel different pressure. Financial stocks have their own characteristics. The recent rapid deduction is easy to overdraft the future space. Although there are a lot of bank stocks in the heavy positions, the pressure of stopping profit of some stocks rises abruptly. The fund manager said.
Heavy positions have mixed performances
With less than a month left in 2020, the year-end ranking war of funds starts again. In recent years, the ranking of public funds and other factors, such as the size of public funds and the long-term ranking of the industry, have been paid more and more attention in recent years. In the final sprint stage, the funds heavy positions may become the key to determine the funds final ranking, and it is also expected to become one of the highlights of the year-end market.
Wind data shows that in the middle of October, ABC Huili industry 4.0 once became the active equity fund with the highest annual income. As of October 15, the return rate of the fund has reached 110.56% this year, and that of GF high-end manufacturing a has been 106.74% since this year. However, due to the strong performance in the near future of Midea Group (89.600, - 0.31, - 0.34%) and Rongsheng Petrochemical (25.240, - 0.78, - 3.00%) and other home appliances and chemical industry stocks, GF high-end manufacturing a occupies the first annual income of active equity fund. As of December 2, Guangfas high-end manufacturing a has achieved a return of 128.35% since this year. The three funds managed by Zhao Yi, namely Agricultural Bank of China Huili industry 4.0, Agricultural Bank of China new energy theme, and Agricultural Bank of China research and selection fund, have achieved 113.23%, 110.33% and 108.99% respectively this year, ranking second to fourth. In addition, since the strategic transformation of ICBC Credit Suisse, the yield is 106.26%, followed closely.
According to the funds third quarter report, by the end of the third quarter, Guizhou Maotai (1749.000,10.99,0.63%), Wuliangye (261.630,1.08,0.41%), Lixun precision (51.270, - 0.33, - 0.64%), Longji shares (69.430, - 0.29, - 0.42%), China central immune (194.930, - 0.59, - 0.30%), Midea Group, Mindray medical (344.990,6.99,2.07%), Ningde times (245.990,2.30), 94%), Luzhou Laojiao (186.380,2.47,1.34%), SF Holdings (80.890,0.91,1.14%). Among the active equity funds with high performance ranking, they also hold a number of fund group heavy positions. For example, Midea Group, Longji shares, Lixun precision and other companies all appear in the list of heavy positions of GF high-end manufacturing a and ABC Huili industry 4.0.
Since the beginning of this year, the stock price of the funds heavy positions has performed well, which has contributed a lot to the growth of the net value of the fund. However, with the improvement of valuation and the switching of hot spots in the market, the recent performance of fund heavy positions is different. Among them, Midea Group had a better performance, with a cumulative increase of 15.06% since November; liquor stocks also generally rose to varying degrees, with Guizhou Maotai, Wuliangye and Luzhou Laojiao increasing by 4.73%, 7.07% and 8.05% respectively over the same period.
More flowers are expected in the future
As for the rapid rotation of market hot spots, fund institutions believe that such a situation is expected to continue, whether it is pro cyclical or technology, consumer sectors, there is hope that opportunities will emerge at the turn of the year.
Golden Eagle Fund said that for some time to come, the stock market will still be in a relatively optimistic environment, that is, the economy will stabilize, corporate profits will gradually improve, and at the same time, policies will be stable to maintain a positive view on the stock market in the past six months. Golden Eagle Fund believes that in the next one to two quarters profit improvement is more obvious in the pro cyclical area is still the main area to obtain excess returns. However, considering the limited downward space of risk-free interest rate, we should try our best to avoid the relatively obvious overvalued stocks.
Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607