The Year-End Performance Of The Fund: Technology And Consumption

There are more than 20 days away from 2020, and the 2019 fund performance war is in full swing. This year, the most cattle fund income has reached 107%, and another 3 fund performance is between 90%-100%, 376 funds return this year in more than 50%.

According to the twenty-first Century economic report reporter, for the year-end ranking, the fund opened various operations: some funds restricted the purchase of large quantities, some funds held together to warm up, and some funds raised heavy positions. In addition, there are funds that have completed the examination before November, and have begun to adjust their positions to prepare for next year.

Year-end performance war

According to the twenty-first Century economic report reporter statistics, as of December 4, 2019, the fund's yield in the year ended up to 107%, and the return of the 4 funds exceeded 90%. In addition, the number of funds earning more than 50%, 40%, 30%, 20%, 10% and 0 were 376, 795, 1586, 2493, 3548 and 3548 respectively.

It is worth noting that 298 fund returns are negative this year, accounting for 3.52%. The most serious loss of funds this year is -22.89%. This year, the gap between fund performance is 130%, and the differentiation is serious.

From the overall performance, this year partial equity funds play a leading role, generally achieved good results. Taking equity open-end funds as an example, the median return is 24.87% this year. Last year, the median return on equity open-ended funds was -24.84%, and the difference between last year and this year is about 50%.

This year's performance of bond funds is less than that of last year, with the example of bond open-ended funds. As of December 4th, the median return was 3.39% this year, compared with 5.73% last year.

The industry believes that this year's investment direction for science and technology, consumption of the two industries, the most prominent fund performance. Wind data show that as of December 4th, this year, the 28 industries in shwan industry, the food and beverage, electronics industry rose the highest, respectively, 65.60%, 61.24%. But recent fluctuations in related industries are still relatively large. In the past two weeks (-12 November 19th, 4), pharmaceuticals, food, beverages and computers fell by 5.67%, 4.61% and 2.21% respectively. So the fund's year-end rankings are still likely to change this year. Fund industry pointed out that if the market adjustment in December, technology, consumption and other funds may still be withdrawn.

Battle of ranking

This year the fund ranks fiercely. Most of the fund companies' assessments focused on the end of December 31st, but a small number of funds had already concluded their assessment in November.

For fund assessment, fund industry insiders said that the assessment standards were different, for example, some companies set the standard is that the fund's 1/2 is passing before, 1/3 is medium, 1/4 is excellent, and 1/2 will be voted attention, and then 1/3 will be eliminated.

However, a new trend of this year's fund assessment is that the examination cycle has gradually shifted to the medium and long term, with the proportion of 3 years and 5 years mainly. Take Qianhai open source fund company as an example, its assessment of fund managers is based on the idea of "light ranking and heavy profits" and adopts two "532" assessment systems. One year's assessment will give priority consideration to the positive return of fund holders. The 50% proportion is positive return for performance, 30% for exceeding the benchmark return and 20% for performance ranking. Three years' assessment encourages long-term investment concept, moderate downplay of short-term ranking pressure, 50% assessment of current performance, 30% assessment of last year's performance and 20% assessment of previous year's performance.

A fund reporter interviewed by the company said that this year the company adopted a medium and long-term assessment method. In the past, fund managers who were very anxious at the end of the year were beginning to become more calm this year.

A fund company general manager told reporters, "fund managers do not need to think so much," do not think so much "means that investors make money to fund managers to invest, his responsibility is to invest well. He must make use of our rigorous system to create better profits, long-term performance and steady returns for investors, others can be considered again, but these should be basic. Should we consider ranking after that, or how much should we consider? You can always add indicators, but in general, the fund manager must do is to invest in his best job, he must first do well, others to say.

The year-end ranking is a great event for fund managers. In the past years, some of the funds in order to get better returns are usually raised for the year-end rankings. Even some of the more closely ranked funds may sell the heavy stocks that are competing against the stocks, thereby hitting the other's performance. However, the industry said that this phenomenon is now relatively rare, the main reason is to lift its own heavy stock operation.

In order to protect the year-end performance ranking, various fund companies also use various means. People in the industry say that in order to protect the rankings, the general company's fund tends to warm up and buy more stocks of the company's fund so as to raise related earnings.

In addition, the reporter noted that the recent part of the blue chip fund set restrictions on large purchase, in order to prevent dilution performance.

Wind data show that as of December 4, 2019, since December, at least 40 of the 3 trading days on 2, 3 and 4 days have issued the latest announcement to suspend the purchase of large quantities.

According to the statistics of reporters, in December 4th, 44 of the 376 funds which had received more than 50% returns this year restricted the purchase of large quantities. Among them are the GFA double upgrade, which is ranked first in the current performance (107% this year), with a large daily purchase limit of 100 thousand yuan. The eighth largest Huaan media Internet (this year's return of 86%) has a large purchase limit of 600 thousand yuan per day. And Hui'an Feng Ze (returns 81% this year), the single day large purchase quota is even as low as 1000 yuan.

It is worth noting that some fund managers said that the year-end assessment of some funds was one month ahead of November, and the annual assessment has ended. They have begun to plan for next year.

In this regard, Yang Delong, chief economist of Qianhai open source fund, said, "the fund that will close the assessment one month ahead may be laid out in operation. In 2020, I think the direction of the three major concerns is consumption, finance and technology. In addition, from the perspective of the market, the blue chip stocks rose sharply in 2019, then some outstanding second tier blue chips in 2020 will have higher cost performance ratio, which may be the targets of fund layout."