Source: China Economic Network
China Economic Network Beijing April 12 (Reporter Li Rong Kang Bo) Recently, global commodity prices have fluctuated sharply, and international oil prices and resource products prices have continued to rise, resulting in significant differentiation in the performance of QDII funds in the first quarter, with a difference of more than 70%.
According to statistics, after excluding newly established funds and abnormal net value funds this year, among the 371 QDII funds that can achieve comparable performance in the entire market, only 37 funds recorded positive returns, accounting for only 10%. Among these positive income funds, there is also a significant gap in performance growth, with 12 funds increasing by less than 7%, and 17 funds increasing by more than 35%.
The top three QDII fund growth rates in the first quarter were all above 40%. Specifically, Cathay Commodity rose 40.80%, Jiashen Crude Oil rose 40.28%, and Huabao S&P Oil and Gas A USD rose 40.17%. In fact, the 17 QDII funds that rose by more than 35% in the first quarter were crude oil and commodity themed funds.
The current fund manager of Cathay Commodity is Zhu Dan. He joined Cathay Fund Management Co., Ltd. in January 2016. He has served as a researcher, assistant fund manager, and is currently a fund manager. According to the 2021 fund annual report, Cathay Commodity Fund is currently relatively heavily invested in crude oil-related investment products. In the future, it will closely track changes in global commodities, especially the fundamentals, news and sentiment of the oil market to make investment decisions.
Except for the above three funds with an increase of more than 40%, Huabao S&P Oil & Gas A RMB, Huabao S&P Oil & Gas C RMB, Southern Crude Oil & Gas C RMB, Southern Crude Oil C, E Fund Crude Oil & Gas A US dollar exchange, E Fund Crude Oil C RMB, E Fund Crude Oil C RMB, Xincheng Global Commodity Theme, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, GF Dow Jones US dollar exchange, and Noan Oil & Gas Energy quarterly increases between 35% and 40%.
reporter noticed that Yinhua Fund and Bose Fund each have one anti-inflation strategy product to achieve positive returns. Among them, the Yinhua Anti-inflation theme jointly managed by Li Yixuan and Chen Yue increased by 28.08% in the first quarter, and the Bose Anti-inflation enhanced return managed by Mou Xinghai increased by 10.65% in the first quarter.
Yinhua anti-inflation theme indirectly invests in commodities by holding commodity funds, while Bose's main directions for strengthening returns are oil, agricultural products, gold, real estate, US stocks, bonds, etc. As of the end of the fourth quarter of last year, the proportion of assets invested in the fund by the former was 89.60% of the total assets of the fund, while the proportion of assets invested in the fund by the latter was 92.57% of the total assets of the fund.
In addition, the rise in gold prices under the influence of overseas geopolitical conflicts has also boosted the performance of gold-themed funds. E Fund’s Gold Theme A USD, E Fund’s Gold Theme C USD, E Fund’s Gold Theme A RMB, E Fund’s Gold Theme C RMB, E Fund’s Gold Theme C RMB, No Safe Ball Gold managed by Song Qing, No An Fund’s Fund’s No An Fund, and Li Zhi, Jiashen Gold managed by Li Zhi, also rose by more than 5% in the first quarter.
On the other hand, 90% of QDII funds fell in the first quarter, of which 154 funds fell by more than 10%, 30 funds fell by more than 20%, and 2 funds fell by more than 30%, with the highest drop of 31.43%.
Huatai-Prudential Asian companies managed by He Qi, a subsidiary of Huatai-Prudential Fund, fell by 30.95% in the first quarter, while the fund's monthly decline in March reached 19.50%.
As of the end of the fourth quarter of last year, Huatai-Prudential Asian corporate equity investment accounted for 93.31% of the total fund assets, and overall it has allocated a large number of low-valuation stocks in Hong Kong stocks, especially the real estate industry and securities industry. The top ten heavily held stocks of the fund are Xingsheng Commercial, Fengxiang Co., Ltd., China Finance Corporation, China Tobacco Hong Kong, CITIC Securities, Xuhui Holding Group, Smoore International, Sunac China, Oriental Securities, and GF Securities.
With the recent disclosure of fund annual reports, fund managers’ ideas for later investment have also been shown to investors. Among them, the Hong Kong stock market, which has been sluggish since last year, has received more attention.
A fund manager said in his annual report that the sharp decline in the second half of 2021 has put the valuation level of Hong Kong stocks in a very attractive position among the mainstream global stock markets."We believe that under the background of China's stable economic growth, Hong Kong stocks are likely to usher in a round of valuation recovery. Standing at the current point in time, we are not pessimistic about the trend of Hong Kong stocks this year."
China-Europe Fund Luo Jiaming firmly believes that among some emerging industry companies with large pullbacks in the Hong Kong stock market in the recent Hong Kong stock market, there are excellent companies with "high quality, stable profit growth rate, and positive prosperity." This wave of decline has instead led to its valuation returning to a relatively reasonable level. At the lower starting point of valuation, once it enters the upward cycle, the above-mentioned companies will not only have performance growth, but also have a certain amount of room for valuation repair.
2022 QDII fund top 100 rises and falls in QDII fund
Data source: Wind (scale deadline: December 31, 2021)
