Affected by market fluctuations and adjustments, most active equity funds have suffered losses this year, but some fund products focusing on cyclical products have achieved good returns withstand the fluctuations.

Editor of Every Business: Jin Mingyu

As the closing on March 31, the A-share market officially concluded in the first quarter, and the quarterly performance of public funds has finally settled.

is affected by market fluctuations and adjustments, and most active equity funds have suffered losses this year, but some fund products focusing on cyclical products have achieved good returns withstand the fluctuations.

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Equity funds are generally "dismal", with only 6 active stock funds performance closed red

According to China Fund News, the Shanghai Composite Index fell 10.65% in the first quarter of this year, the Shenzhen Composite Index fell 18.44%, the ChiNext Index fell 19.96%, and the Science and Technology Innovation 50 fell 21.97%. The sharp fluctuations in the market have dragged down the performance of equity funds, and the active stock funds operating in high positions performed poorly overall.

Wind data shows that the average net value of active stock funds fell by 15.69% in the first quarter. Among all active stock funds, only 6 (combined statistics of each share) achieved positive returns in the first quarter. These funds are the theme of British-Da State-owned Enterprise Reform, Taikang Medical Health A, Chuangjin Hexin Resource Theme A, Anxin New Normal Shanghai-Hong Kong Shenzhen Selection A, Red Clay Innovation Health Care and ICBC Credit Suisse National Strategic Theme.

Image source: wind data sorting

Most other products performed poorly in the first quarter, and many products fell by more than 20%. In the first quarter of this year, the performance of the best and the worst active stock funds was 35.11 percentage points different from the performance of the worst.

mixed funds have a maximum return of 32.89%, and heavy holdings have led the rise in

In the first quarter of this year, the average net value of mixed funds fell by 11.61%, but 117 funds achieved positive returns against the market. Almost all the top-ranked funds focus on cyclical varieties such as oil, coal, soybean meal, and real estate. The most profitable fund achieved a return of 32.89%, which was more than 62 percentage points from the fund ranked last.

The three funds managed by Huanghai, Wanjia Macro-timed multi-strategy, Wanjia New Profit, and Wanjia Selection, accounted for the top three mixed funds' performance rankings in the first quarter, with yields exceeding 20%, 32.89%, 30.49% and 27.61% respectively. Further, the three funds managed by Huanghai mainly allocate real estate and coal. For example, the top ten heavily held stocks in Wanjia Macro's timing multi-strategy include real estate "Zhaobao Wanjin" and Xincheng Holdings, Jinke Holdings, Jinke Holdings, and . In addition, they also allocate Jinkong Coal Industry, Yankuang Energy, Pingmei Holdings, and China Shenhua .

html The worst performing mixed fund in the year is China Post Health Entertainment, with a net value drop of nearly 30% this year.

. In the overall weak market, the performance of some celebrity fund managers is not ideal.

According to Cailianshe, since the beginning of this year, the net value of eight funds under Quyang has fallen by more than 20%; Ruiyuan Growth Value Mixed A managed by Fu Pengbo has suffered a loss of 25%; and Cai Songsong's net value of many funds, including Nuoan Growth Mixed, have fallen by more than 20% this year.

Invesco Great Wall Liu Yanchun and Yang Ruiwen, Xingzheng Global Xie Zhiyu each has 5, 9 and 4 funds with net value declined by more than 20%; Zhang Kun 's E Fund blue chip selected mix and E Fund high-quality companies hold mixed net value by nearly 20% in three years; Yinhua small and medium-sized mixed net value of Yinhua Fund Li Xiaoxing's small and medium-sized mixed net value declined by more than 20%.

In addition, the net value of equity products under the star fund managers such as Lu Bin, Gui Kai, Zhu Shaoxing , and Ge Lan fell by more than 10%.

QDII fund differentiation from the beginning and end

Compared with the overall "dismal" of equity funds, the most profitable one in the first quarter is QDII funds, especially the main investment in oil and gas fund products.

Wind data shows that as of March 30, a total of three QDII funds had yields exceeding 40% this year, namely Cathay commodity , Jiashi crude oil, and Huabao S&P oil and gas A USD.

There are also those with a yield of more than 35% in the same period: Huabao S&P Oil & Gas A RMB, Huabao S&P Oil & Gas C RMB, Southern Crude Oil A, Southern Crude Oil C, E Fund Crude Oil A USD Cash , E Fund Crude Oil C USD, E Fund Crude Oil C RMB, Xincheng Global commodity theme, GF Dow Jones USD A USD, GF Dow Jones USD C, GF Dow Jones USD C RMB, GF Dow Jones USD C RMB, GF Dow Jones USD C RMB, and NoAn Oil & Gas Energy.

From the perspective of investment, these funds mainly invest in strategic energy assets such as crude oil and natural gas. The annual report just released shows that Cathay Commodity Fund has a heavy investment in crude oil-related investment products, and Xincheng Global Commodity Theme mainly invests in commodity-related assets such as crude oil and precious metals.

On the other hand, a total of 2 QDII funds lost more than 30% during the same period, namely Cathay's overseas high-yield and Huatai-Prudential Asian companies, with losses of 31.43% and 30.95% respectively.

Among them, Huatai-Prudential Asian companies mainly invest in selected companies in Asian regions. At the end of last year, holdings were mainly listed companies in Hong Kong stock , including Xingsheng Commercial, Fengxiang Shares, CICC, China Tobacco Hong Kong, CITIC Securities , etc., mainly concentrated in the real estate, finance and daily consumption industries. Cathay Pacific's overseas high-yield bond is a bond fund invested in overseas markets, and it mainly holds high-yield bonds in the real estate industry at the end of last year.

In addition, in the QDII fund, E Fund Global Pharmaceutical Industry, Haifutong Overseas Selection, and Haifutong Greater China Selection also suffered losses, reaching 29.88%, 26.26% and 26.03% respectively. According to the fund's regular report, except for E Fund's global pharmaceutical industry, the other two funds are mainly invested in the Hong Kong stock market.

is not difficult to find that the overall returns of QDII funds show a large difference, but many industry insiders stressed that due to the large fluctuations in the global stock and commodity markets since the beginning of this year, the returns of related QDII funds have been greatly affected during the same period. In addition, the scope of investment in this type of product is relatively broad, and performance differentiation is inevitable. However, based on the investment opportunities in domestic and foreign markets, public offerings will accelerate the layout of this type of products in the future.

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3% first-tier bond fund has achieved positive returns, convertible bond fund leads the decline in secondary bond fund

In the first quarter of this year, the average net value of mixed bond type first-tier funds fell by 1.67%. Among them, 25 products had positive returns in the first quarter of this year, accounting for 29.41% of all 85 funds.

From the perspective of major asset allocation capabilities and bond selection capabilities, most of the funds with the highest net value growth rates of first-tier bond funds in the first quarter have better individual bond selection capabilities. Their ability to select securities contributes positive returns, and their income contribution rankings are basically in the top ranking among similar funds.

. Judging from the decline list, the first-tier bond funds with higher net value retracement in the first quarter of this year are mostly funds with higher convertible bond positions. From the perspective of major asset returns this year, pure bond varieties have achieved positive returns as a whole, but stocks and convertible bonds have fallen one after another, which has a significant drag on the overall performance of the product.

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Affected by the continued fluctuations in the stock market and convertible bond market, the overall net value of secondary bond funds, as an important category of "fixed income +" in the first quarter of this year, fell by 4.21%.

In the first quarter, the equity market showed a general decline, and the bond market also showed a certain degree of adjustment. It can be said that under the impact of geopolitical events, the capital market has emerged from a structural stagflation market this year, that is, a relatively weak market for equity and bond performance, so secondary bond products have experienced a major drawdown.

Although it is difficult to make money, 47 secondary bond funds still have positive returns. These secondary bond funds that have positive returns have extremely low allocations in equity assets and convertible bond assets. Among them, the yield rate of return of 7 funds exceeds 1%, including Hongde Yutai A, TEDA Manulife Jili A, Huaan Securities Hing Win nine-month holding, Dongxing Xingli A, China Merchants Anqing , etc.

In the first quarter of this year, convertible bonds that performed well last year suffered a high pullback, which was dragged down by this convertible bond funds ranked the top in the decline.Data shows that the second-tier bond fund with the largest decline this year is Southern Xiyuan convertible bond. As of March 31, the fund fell by 23.68%. According to further statistics, among the 32 funds with a drop of more than 12%, as many as 26 funds with "convertible bonds" in their names.

Source: Daily Economic News is comprehensive from China Fund News, Cailianshe

Daily Economic News