Put all funds in A-share basket, or disperse the money in funds in different countries? This is a new question.
As A-share funds have been hit one after another, the highest return of QDII fund has exceeded A-share funds by 23 percentage points. In the past month, when star fund managers with heavy A-share positions generally lost more than 15%, investing in Japan QDII funds in , India and Vietnam are smiling.
There is even a phenomenon where technology stocks, which are heavily held by the QDII fund, use their bargaining power to undercut , which is heavily held by the A-share fund. What aggravates the situation is that Shin-Etsu Chemical, the largest holding of Shanghai Investment Morgan Japan Stock Select Fund, announced on March 3 that it would raise its external price by 10% to 20%, causing the A-share semiconductor index to fall from March 4 to March 9. Continuous declines have caused A-share semiconductor stocks, which are heavily held by funds, to be under pressure. Shin-Etsu Chemical is the world's largest semiconductor materials manufacturer. It specializes in semiconductor silicon wafers and photoresist . It has extremely high market voice and bargaining power. However, more than 90% of Chinese related companies rely on imports of semiconductor silicon wafers.
QDII yield has crushed A-share funds
Wind data shows that as of March 9, 2021, the QDII fund with the highest yield this year has exceeded 50%, leaving A-share funds 23 percentage points behind.
Calculated separately by fund shares, data shows that there are currently 17 QDII funds with a return rate of more than 30% this year. Among them, the return rate of the Warbao S&P Oil & Gas USD Fund with the highest return rate has exceeded 50%. In addition, the GF Dow Jones US Oil Fund's return rate this year has also reached 44%. The return rate of the Noah Oil and Gas Energy Fund this year has reached 36%. The return rate of the Cathay Commodity Fund this year has also reached 44%. Close to 33%.
Compared with QDII funds that invest overseas, A-share funds have the highest return rate this year at 27%, lagging behind QDII funds in the same period by 23 percentage points. According to wind data, as of March 9, 2021, the A-share fund with the highest return is the ABC-CA Consumer Theme Fund, with a year-to-date return of 27.72%, followed by Anxin Xinfa Select Fund, with a year-to-date return of 27.72%. 25.15%.
QDII's performance ranking is largely due to the performance of overseas oil and gas markets. Morgan Stanley released a report on March 5 that the oil market is expected to have a supply shortage of 1.4 million to 1.9 million barrels per day in the second and third quarters of 2021, reaffirming that Brent crude oil prices will be lower in the third quarter of 2021. reached a forecast of $70/barrel and is expected to reach $80/barrel in a bull market scenario.
Goldman Sachs also recently raised its forecast for oil prices. The institution said in a report that it raised its forecast for Brent oil prices by US$5 to US$75 and US$80 per barrel in the second quarter and third quarter of this year respectively. Saudi Arabia and its OPEC allies decided to extend crude oil production limits. "While members discussed pandemic demand risks, our takeaway from the press conference was that shale producer self-discipline may be behind the slowdown in production growth," the report said. Goldman Sachs lowered its OPEC+ production forecast for the next six months by 900,000 barrels per day. The bank also raised its fourth-quarter and 2022 forecasts by $5 to $75/barrel, and raised its 2022 U.S. shale oil production forecast by 300,000 barrels/day.
QDII Fund The investment attractiveness of the three major countries has increased.
QDII fund crushes A-share funds, and it is not all because of the crude oil market. For example, the three public fund products launched by mainland fund companies in the Vietnam, India and Japanese markets reflect the three major countries. The attractiveness of the stock market for specific investments.
"I have seven or eight funds in my hand. Recently, only QDII funds investing in foreign countries are still making money." A Christian in South China told a reporter from the brokerage China that fortunately when I bought the fund, I didn't invest all in it. On the A-share fund, I also bought a Vietnam QDII fund.
Brokerage China reporters noticed that the recent one-month plunge in the A-share market caused heavy losses to fund managers who concentrated on holding A-share stocks. Many fund investors began to consider that they should not put their eggs in one fund basket. Obviously, country-specific investment as a A decentralized strategy that is very important to Christians.Statistics from
show that as of March 9, a total of 1,069 funds have seen their net values fall by more than 15% in the past month, and 171 funds have seen their net values fall by more than 20% in the past month. Among them, funds with heavy holdings of A-share assets have experienced the largest declines. , the highest is close to 26%.
Compared with those funds that have heavily invested in A-shares in the past month, funds that heavily invested in India, Vietnam, and Japan performed well.
The Bombay 30 Index, the main index of the Indian stock market, rose from 46,810 points in early February to 50,696 points on March 9, with the index rising by approximately 8% during the period. Brokerage China reporters noticed that ICBC Credit Suisse India Market Fund, a fund under ICBC Credit Suisse Fund Co., Ltd. that focuses on the Indian market, also achieved a positive return of 1.44% in the past month.
According to reports, ICBC Credit Suisse India Market Fund mainly invests in related overseas funds (including ETFs) tracking the Indian market, based on CITIC Securities India ETP index return rate × 90% + RMB demand deposit return rate (after tax) × 10%. Performance comparison benchmark, striving to achieve effective tracking of Indian stock market trends. In terms of investment ratio, the fund's assets invested in funds (including ETFs) shall not be less than 80% of the fund's assets, of which the proportion invested in related funds tracking the Indian market shall not be less than 80% of non-cash fund assets.
The Vietnamese stock market has also performed extremely well in the past month, having recovered all the ground lost in the "crash" in January this year.
On January 19 this year, Vietnam’s benchmark stock index Ho Chi Minh Index (VN INDEX) plummeted 5.11%. Due to a sharp increase in sell orders in a short period of time, the trading system of the Ho Chi Minh Stock Exchange was once squeezed to a standstill, and the market suddenly fell into chaos. The index , transactions and individual stock price rise and fall statistics were once stagnant for nearly 20 minutes. After that, in half a month, it plummeted from around 1187 points to around 990 points. The index fell as much as 17% in half a month.
Since early February, the Vietnamese stock market has rebounded strongly, rising from around 990 points to around 1187 points, which means that the Vietnam Ho Chi Minh Stock Market Index has increased by nearly 20% in the past month.
Celestica Vietnam Fund, a QDII fund under Tianhong Fund Company that focuses on Vietnamese stocks, has also achieved positive returns in the past month. Compared with A-share funds managed by many star fund managers, Tianhong Fund has plummeted by about 20%. The Hon Vietnam Equity Fund gained 3.5% during the same period.
As of the end of 2020, the largest holding of Celestica Vietnam Fund managed by Hu Chao is Hoa P, a Vietnamese blue chip stock engaged in the steel business, accounting for 9.23% of Celestica Vietnam Stock Fund’s position, and the trend of this stock Strong performance, up more than 130% year to date in 2020.
The Japanese stock market has also been extremely resilient in recent times. On February 15 this year, the Nikkei 225 index hit 30,000 points, the first time since August 1990. This is a sign of Japan’s domestic economic recovery, and it also benefits from the United States. Economic stimulus package is making progress. Prior to this, the broader Topix also hit a record high, rising to its highest point in nearly 30 years.
Based on the recovery of the Japanese stock market, the Shanghai Investment Morgan Japan Select Stock QDII Fund, which focuses on investing in Japanese stocks. Although there have been ups and downs during the period, the net value of this QDII fund that invests in Japanese stocks has only fallen by 1.3% in the past month. , the ability to maintain returns has been significantly ahead of many A-share funds. CI Morgan Japan Select Stock QDII Fund is managed by Zhang Jun, Director of Fund Investment Department of CI Morgan Fund Company.
Why did QDII’s heavy holdings scare off the heavy holdings of A-share funds?
It is worth mentioning that fund manager Zhang Jun’s largest holding in Japanese stocks is Shin-Etsu Chemical. As of the end of last year, this stock accounted for 5.05% of the fund’s position.
Shin-Etsu Chemical, a typical Japanese stock that benefits from the development of China's semiconductors, is a core supplier of China's semiconductor industry and has a monopoly position to some extent.
For example, in the fields of photoresist and semiconductor silicon wafers, Shin-Etsu Chemical has a high market voice and bargaining power in the Chinese market. According to statistical data from research institutions, as of September 2020, Shin-Etsu Chemical has the largest share of the global silicon wafer market. The manufacturing market share is as high as 29.4%, ranking first in the world.
html On March 3, Shin-Etsu Chemical, the world's largest semiconductor silicon wafer manufacturer, issued an announcement on its official website, announcing that it would increase the sales price of all its silicon products by 10% to 20% starting from April. Shin-Etsu Chemical stated through its official website that the cost of metallic silicon, the main raw material for silicone, is rising, coupled with the strong growth in Chinese market demand, leading to supply shortages and rising production costs.Shin-Etsu Chemical's increase in the ex-factory price of semiconductor silicon wafers is considered to be negative for China's A-share semiconductor concept stocks. China's domestic semiconductor silicon wafer manufacturers mainly rely on imports of silicon wafers, and the degree of localization is low. Semiconductor silicon wafers are manufactured by integrated circuits. It is the most basic raw material in China and is widely used in new industries such as 5G, new energy vehicles, and the Internet of Things. Chinese companies mainly import these products from Japanese manufacturers such as Shin-Etsu Chemical.
After the largest holding of Shanghai Investment Morgan Japan Select Fund announced a price increase on March 3, the A-share semiconductor index immediately began to plummet, falling 4.56% on March 4 and 0.39% on March 5. It fell 5.17% on the 8th, and on March 9, the semiconductor index fell another 4.93%, exacerbating the losses of funds holding A-share semiconductor stocks.
This article comes from Brokerage China
