Data sourceBingoblitzweb: Wind graphic worm creativity / graphic Chen Shuyu / tabulator Chen Jinxing / cartography
Chen Shuyu, a reporter from the Securities Times
With the recovery of the shock in the equity market, the tens of billions of active equity funds managed by star fund managers collectively ushered in a rebound in performance, with products managed by Zhang Kun, Xie Zhiyu and Zhu Shaoxing rebounding by more than 20% from their February lows.
Wind data show that as of May 14, 18 of the 28 active equity funds with a combined size of more than 10 billion yuan (calculated by share consolidation) made positive gains during the year. Among them, the rate of return of Dacheng Hi-Tech reached 19%.Bingoblitzweb.89% topped the list, with Yinhua affluence theme, Ruiyuan value balance, Yi Fonda consumer industry and China-Europe era pioneers all earning more than 10% this year.
Since 2024, there have been relatively distinct main lines in the equity market, such as dividends, artificial intelligence, going to sea, resources and so on. Observing the positions of the above-mentioned funds, we can find that most funds are equipped with the leading companies in the above-mentioned main lines during the year.
The performance of 10 billion funds rebounded greatly.
Since the beginning of this year, the performance of more than 10 billion active equity funds has rebounded, with more than 60% of them making positive returns. Among them, Yifangda Blue Chip Select, managed by Zhang Kun, a star fund manager, is currently the largest active equity fund, with a scale of 411 by the end of the first quarter.Bingoblitzweb.44 billion yuan. As of May 14, the fund had a return of 7.73% for the year. In addition, the returns of the masterpieces of a number of star fund managers were corrected during the year. For example, the selected growth rate of Tianhui (161005) managed by Zhu Shaoxing reached 8.75%, and that of Xingquan managed by Xie Zhiyu reached 3.28%. The return of Jingshun Great Wall Xinxing growth (260108) managed by Liu Yanchun reached 2.84%.
As of May 15, the highest rate of return for the year was Dacheng's high-tech industry managed by Liu Xu, with a return of 19.89% for the year. By the end of the first quarter, the top 10 stocks of the fund are Midea (000333), China Mobile, Gree Electric Appliances (000651), Homai Technology (002595), China National Offshore Oil (CNOOC), Sany heavy Industry (600031), Lingxiao pump (002884), ZTE (000063), Fuyao Glass (600660) and Zhejiang Longsheng (600352). In addition, the annual return of Yinhua Wealth (180012) managed by Jiao Wei reached 15.27%; that of Ruiyuan value equilibrium managed by Zhao Feng reached 12.61%; that of Yi Fangda consumer industry managed by Xiao Nan reached 11.93%; and that of Central European era Pioneer managed by Zhou Weiwen reached 11.92%.
Judging from the recent market situation, the rise in the Hong Kong stock market has contributed a lot to the net worth of a number of funds. If Yi Fangda blue chip selected by the end of the first quarter, four of the top 10 heavy stocks are Hong Kong stocks, namely, China National Offshore Oil, Tencent Holdings, the Hong Kong Stock Exchange and Meituan. By the close of trading on May 15, the above four Hong Kong stocks had risen 50.31%, 30.04%, 7.8% and 48.84% respectively for the year.
In addition, the rise of consumer sectors such as home appliances and spirits has made the fund performance of the above-mentioned long-term heavy consumer stocks dominant. As for the view of the consumer sector, Wu Yue, director of consumer research at Castrol Fund, believes that the consumer performance in the first quarter once again proved the resilience of mass consumption, and also saw the determination and determination at the macro policy level. There are signs of economic stabilization in consumption, manufacturing, export and other areas, and positive factors are expected to emerge gradually in the second half of 2024.
A famous general of the value school
The performance hit a new high
It is worth mentioning that recently, the products managed by a number of value fund managers in the market have reached an all-time high.
For example, the Dacheng high-tech industry managed by Liu Xu set a new high since the establishment of the fund on May 13, with the highest net worth reaching 4.2278 yuan. Liu Xu has always been a value investor who adheres to long-term doctrine in the market.BingoblitzwebIn an interview with a reporter from the Securities Times, he said that his investment style has three points: first, he does not play games and does not earn money beyond cognition; second, he does not participate in obviously overvalued targets and pays more attention to the margin of safety; third, he does not quite predict the trend of the market, but is more likely to judge how the value of the enterprise will change, select stocks with high certainty, and then hold them for a long time.
May 15, Jingshun Great Wall Fund Bao unmanageable Jingshun Great Wall Shanghai, Hong Kong and Shenzhen Select A net worth reached 2.322 yuan, setting a new high since its establishment. The fund's net worth has grown by 22.02% so far this year, and by the end of the first quarter, the top 10 stocks of the fund are Zijin Mining (601899), China National Offshore Oil (CNOOC), Sichuan Investment Energy (600674), Huaneng Hydropower (600025), Luoyang Molybdenum (603993), Shenhuo (000933), Tongling Nonferrous (000630), Guangxin shares (603599), China Mobile and Tencent Holdings.
On May 13, the China Europe dividend Superior A managed by the China Europe Fund Blue Xiaokang, with a net worth of 1.9262 yuan, also reached a new high since its establishment. By the end of the first quarter, the top ten heavy stocks of the fund are: Zijin Mining, China National Offshore Oil, China Merchants Shipping (601872), Sany heavy Industry, Huatai Securities (601688), Sinopec International (600970), China heavy truck (000951), China Shipbuilding (600150), Zhaojin Mining, Jiuli Special Materials (002318).
Yang Delong, an open source fund manager at Qianhai, said that undervalued blue chips have begun to rise in the past two years, and many stocks with low valuations and high dividend yields have even reached new highs. In fact, performance has gradually dominated the market, and value investment has once again become the mainstream of the market. After the implementation of the new "National Nine articles", the trend of value investment will be further strengthened, encouraging the development and growth of companies that can pay cash dividends, and those companies that cannot create value for shareholders are difficult to get attention, and even gradually leave the market.
Core assets take the lead again
Behind the above phenomenon is the re-emergence of the core assets represented by the leading companies.
Wind data show that as of May 15, most of the listed companies with good stock prices during the year were leading companies with large market capitalization, including dividend-oriented Cosco Haineng (600026), CNOOC, etc.; Zhongji Xuchuang (300308), which benefited from the wave of artificial intelligence industry, etc. Home appliance leaders Midea and Haier Zhijia (600690), driven by overseas logic, as well as Zijin Mining and Luoyang Molybdenum, driven by rising commodity prices and record gold prices, are all companies with a market capitalization of hundreds of billions, with an increase of more than 30 per cent during the year.
From a structural point of view, after the market changes in the past two years, large-cap stocks are more attractive than small-cap stocks. Compared with the CSI 2000, the price-to-earnings ratio is the smallest in the last six or seven years. " At the year-end strategy meeting at the end of last year, Zhou Weiwen, a China Europe fund, said that 2024 should be a good opportunity for long-term investment in value companies.
With the release of the new "National Nine Articles", many public offerings have indicated that China's capital market has ushered in new development opportunities. E Fund believes that a series of measures such as strict control of issuance and listing access, strict continuous supervision of listed companies, and increased supervision of delisting will further enhance the allocation value of core assets.
Morgan Fund said that the current A-share market is in an environment where four factors are superimposed: low valuations, fundamental recovery, earnings upward cycle and marginal improvement in overseas liquidity. Leading performance may be better, and core assets may usher in allocation opportunities, which are expected to capture Style switching market. At the same time, as the internationalization process of A-shares continues to advance, Chinese assets are expected to become the focus of attention of global investors.
The Agricultural Bank of China Financial Management Fund believes that with the end of the earnings season, policy settings, rising expectations of the Federal Reserve to cut interest rates, and strengthening expectations of reform, global funds have a strong willingness to allocate Chinese assets. In the short term, it is expected that the market will usher in a window for increased risk appetite. During the period, the market game will tend to ease, and the A-share market is expected to be more stable and sustainable. On the main line of industry allocation, consider adding low valuation value sectors while maintaining a stable bottom position.