Financial World Fund January 22 CICC MSCI China A-share International Dividend Index initiated securities investment fund (hereinafter referred to as: CICC MSCI Dividend A, code 006351) announced its latest net value, down 2.07%. The unit net value of this fund is 1.1475 yuan, and the cumulative net value of is 1.1475 yuan.
CICC MSCI China A-share International Dividend Index initiated securities investment fund was established on 2019-01-25, with a performance benchmark of "--*95.00% + bank demand deposits *5.00%". Since its establishment, the fund has earned 14.75%, the year has earned -2.27%, the past month has earned -0.08%, the past year has earned - and the past three years has earned -. In the past year, this fund has ranked the same category (--/689). Since its establishment, this fund has ranked the same category (461/827).
Financial World Fund Fixed Investment Ranking Data shows that the returns of fixed investment in the past year are -, the returns of fixed investment in the past two years are -, the returns of fixed investment in the past three years are -, and the returns of fixed investment in the past five years are -. (Click here to view the fixed investment ranking)
fund manager is Zhu Baochen, who has managed the fund on January 25, 2019, and has earned 14.75% during his term of office.
latest regular report shows that the top ten heavily held stocks of the fund are Vanke A ( holding proportion 5.39%), Yangtze River Power (holding ratio 4.56%), China Merchants Bank (holding ratio 4.52%), Industrial and Commercial Bank (holding ratio 4.52%), China Taiping (holding ratio 4.39%), China Construction (holding ratio 4.36%), Conch Cement (holding ratio 4.04%), Midea Group (holding ratio 3.72%), Poly Real Estate (holding ratio 3.56%), Yili shares (holding ratio 3.45% ), the total proportion of the total assets of the funds is 42.51%, and the overall shareholding concentration (medium).
During the previous reporting period of the latest reporting period, the top ten heavily held stocks of the fund were Changjiang Electric Power (holding ratio 7.86%), China Merchants Bank (holding ratio 4.94%), Industrial and Commercial Bank of China (holding ratio 4.70%), Agricultural Bank of China (holding ratio 4.57%), China Construction (holding ratio 4.53%), Midea Group (holding ratio 4.51%), Vanke A (holding ratio 4.42%), SAIC Group (holding ratio 4.35%), Poly Real Estate (holding ratio 4.33%), and Yili Shares (holding ratio 4.31%), totaling 48.52% of the total assets of the funds, and the overall concentration of holdings (medium).
Fund investment strategy and operation analysis during the reporting period
Since its establishment on January 25, 2019, the fund has successfully completed the position building as of February 11, 2019. In the future, the stocks will maintain a position of about 95%, and adopt a strategy of completely copying the MSCI dividend SmartBeta index, and the remaining funds will buy treasury bonds due within one year. We will continue to adopt a strategy of fully replicating the index, striving for smaller tracking errors.
At the end of 2019, China's economy ended steadily, and the major indexes in the A-share market rose again. In December, the national manufacturing industry PMI was 50.2%, the same as November and maintained its second highest point this year. The new order index in December fell slightly to 51.2%, maintaining online and still at the high of the year, pointing to domestic demand is still relatively stable. The new export order index in December rebounded to 50.3%, a new high since June 2018, and foreign demand strengthened. Prices rebounded and inventory was displaced. Overall, the manufacturing PMI was flat in December, continuing the expansion trend since November, and both supply and demand were active, especially the foreign demand and production indicators performed outstandingly; the average PMI in the fourth quarter was also higher than the second and third quarter levels. Global uncertainty fell at a high level, Sino-US trade frictions eased phased, and the text of the first phase of the economic and trade agreement reached an agreement. Global economic growth has stabilized marginally, PMI data has begun to improve, and the market expects that the economy may recover weakly in the first quarter of 2020.
Looking ahead to 2020, it is expected that the domestic economic growth rate will fluctuate narrowly, and the possibility of a sharp rebound or decline is small. The annual real GDP growth rate is stable at around 6.0%, and nominal GDP rebounds to 8%. The phased stabilization began in the fourth quarter of 2019 and continued to the middle of the year, with a high probability of a slight decline in the second half of the year. The probability of significant tightening and substantial easing of monetary policy is relatively small. The stabilization of fundamentals and the rapid rise in CPI have restricted the space for monetary policy to be further relaxed at the total level. It is expected that the reserve requirement ratio cut in 2020 will be smaller than in the past two years, and interbank liquidity will be difficult to further relax.China and the United States are expected to be in a period of easing at the trade level. Trump has subjective demands to improve the economy in the election year, and the possibility of escalating trade frictions is relatively small. However, before and after the end of the Democratic primary election in July, the situation of the election will gradually become clear. Regardless of whether the competitors are threatened, Trump's attitude and strategy towards China may change. In addition, the implementation effect of the first phase agreement and the negotiation process of the second phase agreement are unknown, and the uncertainty of Sino-US relations in the second half of the year increases. As of now, the reduction of the reserve requirement ratio is in line with expectations and will help maintain liquidity at the beginning of the year, indicating the policy's attitude to maintain stability and enhance risk preference; the annual report released in January is expected to be generally good; the registration system is implemented at an accelerated pace, and interest rate marketization is promoted, which is beneficial to A-shares in the medium and long term.
As of the end of this reporting period, the net value of fund shares of CICC MSCI dividend A was 1.1741 yuan, and the growth rate of fund shares in this reporting period was 9.02%; as of the end of this reporting period, the net value of fund shares in this reporting period was 1.1720 yuan, and the growth rate of fund shares in this reporting period was 8.95%; the benchmark yield of performance in the same period was 9.92%.
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