Outstanding Performance Of Public Offering In The First Three Quarters

On September 30, the third quarter of public offering performance will close soon. On the whole, the performance of public funds in the first three quarters is brilliant.

Since then, Huili has been ranked as the champion of China Agricultural Bank of China (93.88%) in the third quarter, followed by China Agricultural Bank of China (93.88%) in the third quarter, with the return of 9.99% in the third quarter of this year.

Take active partial equity open-end funds as an example. As of September 29, the average return of ordinary equity funds, flexible matching funds and partial mixed funds has been 31.86%, 25.54% and 28.87%, respectively.

"The performance of the funds in the first three quarters is generally good, generally outperforming the market performance, and the returns of funds with good performance nearly doubled. Most of the stocks with good performance this year are white horse stocks with good fundamentals. The funds are better at doing basic investment research and allocation and insisting on value investment. Therefore, most of the funds have performed well this year On September 30, Yang Delong, chief economist of Qianhai open source fund, told reporters of the 21st century economic report.

Most of the funds in the top two categories of funds have higher returns in the market: the first is the performance of equity funds in the industry, and the second is the performance of equity funds in the industry

According to the reporter's research, the top performance funds are mainly allocated in medicine, technology and consumption.

It is worth mentioning that as of September 29, about 90% of the funds' returns in the first three quarters were positive, and 539 funds with a yield of 50% or more.

Ranking of merit funds

Wind data shows that as of September 29, the top ten fund performance since this year are: GF high-end manufacturing a (94.13%), ABC Huili research selection (93.99%), ABC Huili industry 4.0 (93.88%), Great Wall environmental protection theme (93.53%), Great Wall Jiuding (90.92%), new energy theme of ABC Huili (89.22%), Nord value advantage (83.82%) and RONGTONG healthcare industry a 31%), ICBC Credit Suisse strategic transformation theme (81.82%), ICBC strategic emerging industry a (81.23%).

Specifically, according to the classification of investment categories, the top three equity funds are: GF high end manufacturing a (94.13%), ICBC Credit Suisse strategic transformation theme (81.82%), China Merchants pharmaceutical health industry (78.88%).

The top three flexible allocation funds are: ABC Huili research selection (93.99%), ABC Huili industry 4.0 (93.88%), and Great Wall environmental protection theme (93.53%).

The top three partial equity hybrid funds are: Nord value advantage (83.82%), financing healthcare industry a (82.31%), ICBC strategic emerging industry a (81.23%).

It is worth mentioning that as of September 29, the performance of active equity funds is significantly better than that of passive equity funds. For example, the average return of ordinary equity funds is 31.86%, compared with that of passive index funds, which is only 17.88%, with a difference of about 14%.

In the first three quarters, the top performing fund managers have their own advantages in investment strategies.

Zheng chengran, the fund manager of GF high end manufacturing (94.13% return in the first three quarters), said, "the performance in the first three quarters of this year is not bad, mainly because we have grasped the opportunities of photovoltaic, military and electronic sectors. In the second quarter, we focused on increasing the proportion of photovoltaic configuration. "

Zheng chengran introduced that at that time, it was mainly based on two aspects: first, the photovoltaic industry changed, and the certainty of industry growth was relatively high. Starting from the supply and demand framework, after the supply side is cleared, the industry prosperity will exceed expectations, and the performance of leading companies will continue to exceed expectations in the next few quarters, and the growth path is very clear. Second, high quality companies have a high cost performance ratio.

"According to the research on the company and the upstream and downstream of the industrial chain, we believe that in the second quarter, the valuation of high-quality companies in the photovoltaic sector is only about 10 times higher this year, and the single digit valuation level, fundamentals and valuation level of next year are at the historical bottom of the industry. At that time, the valuation was relatively low, mainly because the market was worried that the demand of the industry would be impacted by the epidemic and the performance would decline. We underestimated the growth of the industry portfolio significantly after we compared the growth path of the industry Zheng chengran said.

And a large fund company's performance fund manager managed a number of funds in the first three quarters of return are more than 70%. He explained to reporters the reasons for the good performance: "the main reason is that the direction of allocation is relatively close to the mainstream direction of the market - Science and technology, medicine and consumption - and some industrial rotation has been moderately done. I'm lucky this year. I bought some stocks of special cattle. But in fact, I value long-term sustainable performance. "

Investment strategy of outstanding fund managers in the fourth quarter

After the end of the third quarter, looking forward, a number of outstanding fund managers said they were still optimistic about the fourth quarter market.

Zheng chengran said, optimistic about the market in the fourth quarter. "From the basic point of view, as the impact of the epidemic gradually subsides, the economy is in a state of recovery; from the policy point of view, this year is the end of the 13th five year plan, and the 14th five year plan will emerge one after another. Everyone has confidence in China's economic development and enterprises. From the micro enterprise research, the performance of many enterprises in the third quarter and the fourth quarter is in a relatively good recovery trend. Therefore, it is expected that there will be a structural market in the fourth quarter. "

Zheng chengran believes that the A-share market structure is divided, and the rising space of some small market value companies in the recent two years is relatively limited. The major areas of valuation increase are consumption, medicine and leading Baima, with great differences. He believes that this trend of structural differentiation will continue in the future, and the competitiveness of leading enterprises will become stronger and stronger. Overall, there are still some structural opportunities in the market.

"In the long run, science and technology, photovoltaic and new energy vehicles are all relatively good long-term tracks, and the long-term market space is relatively large. In the fourth quarter, we are still looking for opportunities with strong performance certainty, changes in supply and demand, and reasonable valuations in industries with long-term space. " Zheng chengran said.

Jiang xiulei, fund manager of RONGTONG healthcare (82.31% return in the first three quarters), believes that the recent adjustment of popular pharmaceutical stocks is mainly due to emotional reasons, and the company and industry fundamentals are very healthy, even reaching the best growth rate in history.

In the third quarter, we should observe the overall performance of the medicine industry in the long-term and long-term after the outbreak The opportunity. " Jiang xiulei said.

Qiu Jingmin, fund manager of Guangfa new economy (79% return in the first three quarters), believes that it is difficult to accurately predict the market trend in the fourth quarter. However, if we take a long-term view and look at the problems from the basic perspective of economic operation and industrial development, it will be much simpler. Overall, he believes that the future market will mainly present structural opportunities: first, consumption upgrading; second, technological progress. These two plates will breed a large number of excellent growth enterprises.

Wu Xingwu, fund manager of Guangfa healthcare (73% return in the first three quarters), pointed out that in the short and medium term, the weight plate represented by finance and the undervalued plate may have some relative returns. The first reason is that the relative valuation of these sectors is relatively low; the second is that sectors with long-term sustainable growth such as consumption, technology and medicine may usher in a new wave of rise after adjustment.

On how to deal with the market fluctuations, Wu Xingwu believes that we should stand in the long-term perspective to formulate phased strategies. "I mainly deal with it from two aspects: one is to select enterprises with core competitiveness for long-term investment; the other is to make appropriate balanced allocation in the portfolio, and not to expose too much risk in a single industry."

Yang Delong believes that there will be a rebound in the A-share market in the fourth quarter. The main reasons are: first, the economic recovery brings the possibility that the third quarter report of listed companies will exceed the expectation; second, the newly issued funds will build positions in the fourth quarter to bring incremental funds; in addition, the central bank has not significantly tightened its monetary policy and maintained reasonable and sufficient liquidity. Yang Delong suggested that the fourth quarter should focus on the consumer Baima stocks, securities companies stocks and technology stocks.