Today I will give you an evaluation of a fund that is hotly discussed among friends - E Fund Supply Reform (002910) .
This fund is indeed good enough. Regardless of long-term performance or short-term performance, E Fund Supply Reform is among the best:
What is even more exaggerated is that since the market started to rebound on April 26, E Fund Supply Reform has soared by more than 63 %!
What did E Fund’s supply reform buy right? Can I still get on the bus now?
Today I will give you a plate!
E Fund Supply Reform was established in 2017 and was initially managed by E Fund star fund manager Chen Hao. Current fund manager Yang Zongchang took over management in 2019.
When Yang Zongchang first took office, the scale of E Fund’s supply reform was less than 70 million. By the second quarter of this year, the scale of this fund had reached 6.377 billion!
It is worth noting that Yang Zongchang began to manage E Fund Supply Reform alone in the second half of 2020. The size of this fund also began to surge during this period . The reason was that institutional investors bought in large amounts, and at the same time, Christians also They added positions one after another.
E Fund Supply Reform is another fund that has won the favor of both institutions and citizens. Let’s take a look at the income performance of this fund!
income display
Yang Zongchang has been managing the supply reform of Yifangda for more than 3 years, and the cumulative increase of this fund has been
45.86%, outperforming the Shanghai and Shenzhen 300 Index return rate in the same period by 63 times!
The income curve of E Fund's supply reform during Yang Zongchang's management was very interesting. Almost every time it hit a new high in income, it would fall and adjust for a period of time, and then hit a new high again.
feels like it is giving those Christians who have not yet bought this fund a chance to get on board.
Since this year, E Fund’s supply reform has made a huge profit
7.61%, outperforming the market by 43 points!
April 26 was the time when E Fund's supply reform fell the most this year. After that, the fund started a "retaliatory" rebound, soaring 63.91%.
Christians who seize the opportunity of this rebound, please deduct 1 in the message area.
Let’s take a look at the fluctuations of E Fund’s supply reform:
Maximum retracement (fall)
During the management of Yang Zongchang, the biggest retracement of E Fund’s supply reform was -29.64%, which occurred during the market-wide plunge on April 26 this year.
In fact, the overall fluctuations in E Fund's supply reform are not small. In some periods, the retracement of this fund will exceed the broader market.
Therefore, Christians who want to get involved in E Fund’s supply reform should not just look at the returns, but also ask themselves whether they can accept the large short-term fluctuations in the fund.
Let’s take a look at the position situation of E Fund’s supply reform in the second quarter.
Analysis of the top ten heavy holdings
In the second quarter, E Fund's stock position in supply reform was as high as 92.24%, and the top ten heavy holdings accounted for 67.98%, and the holdings are very concentrated.
Yang Zongchang adjusted three heavy holdings in the second quarter:
added auto parts stocks Bethel , coal stocks Shanxi Coal International and Shaanxi Coal Industry .
Exclude the aluminum industry's Yunnan Aluminum Shares , coal stocks China Shenhua , and coal chemical stocks Baofeng Energy .
Other original heavyweight stocks increased their positions in stocks in the coal and aluminum industries.
The coal sector has experienced impressive growth this year, and Yang Zongchang’s heavy storage of coal has naturally helped Christians earn a lot of money.
Judging from the fund performance attribution since Yang Zongchang took office, Yang Zongchang’s ability to select industries and adjust positions has enabled E Fund’s supply reform to earn high excess returns.
Data source: cnhbstock fund research platform
Judging from the key industries in different periods of E Fund's supply reform, Yang Zongchang has long been heavily weighted in the chemical and petrochemical industries. In the second quarter of this year, it was changed to focus on coal, automobiles, and non-ferrous metal industries.
Analyzing from the fund's performance and excess return attribution, Yang Zongchang's industry rotation was very successful in the second quarter.
shareholding changes
Since Yang Zongchang took office, E Fund’s supply reforms have basically been high position operations, which shows that Yang Zongchang does not care about the timing of positions.
Moreover, the turnover rate (transaction frequency) of E Fund's supply reform is not high, which shows that Yang Zongchang is also more inclined to hold well-organized stocks for a long time. For example, he has held some heavyweight stocks for 9 quarters.
It is worth mentioning that the attribution of excess returns of E Fund’s supply reform in the past year shows that Yang Zongchang’s ability to select industries still allows E Fund to earn excess returns from its supply reform . It also shows that whether in the long or short term, Yang Zongchang’s ability to select industries The abilities are very strong.
Data source: cnhbstock fund research platform
Then let’s get to know this fund manager!
Yang Zongchang has a Ph.D. in chemistry. He joined E Fund in 2014 and worked as a chemical researcher for nearly 5 years. He took up the post of fund manager in 2019.
’s background as a PhD in chemistry + chemical researcher is enough to prove Yang Zongchang’s understanding of the chemical industry.
After Yang Zongchang took over the supply reform of E Fund, he gradually transformed it into a "chemical themed fund", focusing on the chemical sector for a long time.
Those who are good at investing in a certain industry can indeed achieve outstanding results in a certain period of time. However, when the market price of the industry begins to correct, the performance of the industry theme fund will often collapse together.
For example, Gu Lan, who makes pharmaceutical-themed investments, and Cai Songsong, who makes semiconductor-themed investments, are both regarded as gods when the market in the relevant industries is booming and scolded when the market adjusts.
Yang Zongchang, who also specializes in investing in a certain industry, is different. This year, he proved to the market his ability to rotate industries.
Starting from the second half of last year, Yang Zongchang no longer focused on investment in the chemical sector, but expanded his circle of competence to the coal, automobile, and nonferrous sectors.
Judging from the performance of E Fund's supply reform, Yang Zongchang's breakthrough can be considered a success. E Fund's supply reform is no longer a "chemical theme fund", and the investment scope of this fund may be even richer in the future.
However, Yang Zongchang is still better at investing in the chemical industry after all. We can compare him with Han Chuang, who is also good at investing in chemical stocks.
The respective masterpieces of Yang Zongchang and Han Chuang Management have exceeded 3 years, so let’s take a look at the comparison of the returns of E Fund Supply Reform and Dacheng Emerging Industries in the past three years:
The returns of these two funds in the past three years are similar. E Fund's supply reform is slightly better.
Han Chuang's performance was more stable in the second half of 2021, significantly leaving behind Yang Zongchang's E Fund supply reform. However, since April 26 this year, the rebound of E Fund's supply reform has been significantly stronger, and eventually overtook Dacheng New Industries.
This also shows that in the field of chemical stock investment, Han Chuang’s ability is relatively stronger, but Yang Zongchang is better able to adapt to market changes.
Let’s take a look at Yang Zongchang’s latest investment views:
To summarize
After Yang Zongchang took over the management of E Fund’s supply reform, it once became a “chemical theme fund”, with the fund holding heavy positions in chemical stocks for a long time.
However, thanks to the help of the market and Yang Zongchang’s ability to rotate the industry, E Fund’s supply reform has increased by 245.86% cumulatively in the more than three years under Yang Zongchang’s management, outperforming the market by 63 times!
Especially in the rebound after April 26 this year, E Fund's supply reform rose by more than 63%, allowing Yang Zongchang to prove his success in breaking through the circle of capabilities.
I believe that everyone is eager to get on board after seeing this performance, but I also want to remind everyone that E Fund's supply reform has high returns and large fluctuations. Friends who are more concerned about the short-term losses of the fund should choose carefully.
In addition, Yang Zongchang has been a fund manager for a relatively short time and has not experienced the test of a complete bull and bear market . His true strength remains to be seen.
Finally, I still want to emphasize to everyone:
Money Making Base only conducts fund evaluations and does not constitute a buying recommendation . Investment is a decision that can only be made after serious and careful consideration. Everyone should buy a fund based on their own target income. Take it into consideration with the risk you can bear.
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