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The performance is gradually losing ground. The ordinary FOF is out of the haze.
Beijing Business DailySu Changchun Liu Yuyang
As a highly regarded innovative product in public funds, the development prospects of ordinary FOF have been highly anticipated, but the unfavorable results of the first batch of FOFs due to poor performance in the first year of establishment have also shrunk as a whole. However, the recent arrival of A-share Xiaoyangchun market has also caused FOF income to turn into a profit, and the net value of over 80% returned to more than 1 yuan. In particular, Qianhai Open Source, which screamed in the whole line as early as last year, its FOF products are even more At the forefront. However, when the stock market stood at 3,000 points, there were many differences in the market's controversy over whether the bull market had arrived in 2019. In the future, how FOF managers choose to vote, and vigorously increase their positions or cautiously wait and see, is also highly concerned by the market.
Overall improvement in performance
Since the beginning of this year, A-shares have rebounded strongly and regained 3,000 points.Straight flushData show that as of the close of March 12, A shares closed at 3060.31 points, up 566.41 points, or 22.71%, compared with 2,497.88 points at the beginning of the year. At the same time, the debt bull market is also continuing, which makes the ordinary FOF income of the main equity-reinforcing income fund portfolio begin to turn around.
According to Wind statistics, as of March 12, 18 ordinary FOFs (before share calculations, the same below), which were established before 2019, were all positive in the year. Among them, the net value of two FOFs increased by more than 10%, the former Haiyuan open source Yuyuan FOF was 25.63%, and the Haifutong Juyou Select FOF also achieved a net increase of 17.81%. The remaining 16 ordinary FOFs are all between 0.85% and 6.12%.
Beijing Business Daily reporter noticed that more than one ordinary FOF net value returned to 1 yuan (that is, the issue price). Wind data shows that on March 12, there were as many as 15 ordinary FOFs with a unit value of more than 1 yuan, accounting for 83.33% of the total. At the end of 2018, among the 18 products, there were still 15 ordinary FOFs with a net value below 1 yuan.
From the specific data, the unit net value of Qianhai Kaiyuan Yuyuan FOF increased from 0.963 yuan at the end of 2018 to 1.2098 yuan on March 12, temporarily ranking the first in all ordinary FOF net worth. While the company's net worth is lower, Harvest's asset allocation FOFA/C and Haifutong Juyou's selected FOF are below 1 yuan, but they have also increased since this year. In particular, Haifutong Juyou's selection of FOF net value has increased. 0.1403 yuan.
Wang Wei, a senior researcher of the long-term fund, believes that most of the equity funds have gained gains this year. The outstanding performance of the sub-funds has boosted the income of ordinary FOFs, especially the rebound of varieties with higher proportions of equity funds, such as the first launch. Haifutong Juyou selects FOF and other products.
In the view of Hart, the director of Zhongrong Fund Strategy Investment Department and Zhongrong Quantitative Selection FOF Fund Manager, the performance of the public offering FOF in the current market is mainly affected by the performance of the underlying assets. Most products do not deviate from the performance benchmark. Through the excess returns of the sub-funds over a long period of time, the excess returns of the long-term performance of the parent fund will be brought, so the performance of the stock bonds can be more clearly transmitted to the performance of the parent fund.
In Hartu's view, the value of FOF needs to pass the performance of a long period of time, and it can be slowly recognized by investors that the asset allocation is smooth and optimized for portfolio risk and return, plus the accumulation of excess returns of the sub-fund managers. It takes a long time to accumulate to an obvious degree.
Most products are not rushed
As Hato said, the performance of stock bonds can be transmitted to the performance of the parent fund through the performance changes of the sub-funds in the ordinary FOF layout. The Beijing Business Daily reporter made statistics on the top ten heavyweight funds in the 2018 Four Seasons report of related products, and compared with the growth of this year's performance, it was found that two ordinary FOFs with obvious increase in performance this year were all heavy positions at the end of the fourth quarter of last year. Stock fund. The remaining 16 products with a relatively small increase in net worth during the year were selected as products of fixed-income funds such as heavy-duty bond funds and money funds.
According to the 2018 Four Seasons Report, as of the end of 2018, among the top ten heavyweight funds of Qianhai Kaiyuan Yuyuan FOF, the top 9 are ETF funds and partial stock mixed funds that track the stock market broad base or industry index, which together account for the net asset value of the fund. 92.12%. Among them, the securities ETF became the first heavyweight fund with 19.6% of the net asset value of the fund, and the second, third and fourth respectively were the CEIBS new normal A, gold ETF and 500 ETF, and the net asset value of the fund also exceeded 10%. . In terms of its performance, the net value of the securities ETF rose by 49.48% during the year. Among the remaining three, except for the gold ETF, which fell by 0.73% during the year, the performance also exceeded 30%.
In fact, as early as October 2018, Qianhai Kaiyuan put forward the slogan of “Chess Clear, Full Gaming”. At that time, Wang Hongyuan, co-Chairman of Qianhai Open Source Fund, said that the next three years will be China’s asset offense and global assets. The period of defense. China's A-shares will outperform more than 50% of the world's major capital markets. The Qianhai open source Yuyuan FOF is also very obvious in the vesting of equity funds. The Beijing Business Daily reporter noticed that at the end of the third quarter of 2018, the top ten heavyweight funds of the product, except the China Shanghai CSI 300 ETF In addition, all are still bond funds and money funds. The large-scale jiacang in a short period of time is indeed a significant gain of 25.63% for Qianhai Kaiyuan Yuyuan FOF when the A-shares recovered this year.
In addition, Haifutong Juyou Select FOF, which also had a heavy equity fund at the end of 2018, although its net value continued to fall in the case of last year's A-share decline, but this year, it also ran a relatively good result. According to the above, the net increase of the product during the year reached 17.81%. Regarding whether to continue to increase the equity products in the first quarter of this year, the Beijing Business Daily reporter interviewed the Haifutong Fund, but as of the time of publication, there was no positive response. However, a person close to the company said that according to the quarterly report, Haifutong Juyou Select FOF has higher equity asset positions in the fourth quarter of last year, so there should be no significant jiacang action.
For the ordinary FOF of the fixed-income fund, for example, Jianxin Fuze Antai FOF and Huaxia Juhui's stable target FOF, the top ten heavy-duty funds of the two products at the end of the fourth quarter of 2018 are bond funds, accounting for respectively. The net asset value of the respective funds is 56.41% and 41.35%. From the performance growth of the two products this year, compared with the ordinary FOF of the above two heavyweight equity funds, the net value of the year increased less. According to Wind data, as of March 12, the net value of Jianxin Fuze Antai FOF increased by 5.2% during the year, and the Huafu Juhui's stable target FOFA/C increased by 4.74% and 4.66% respectively.
Wang Wei said that from the perspective of the increase in net worth, some funds based on fixed-income funds may not have significant positions. Funds such as FOF generally have large-scale asset allocation logic and established strategies. If the macro level is not significantly improved, it may not be rushed to increase positions.
Second quarter or focus on growth style
Regarding the recent concern of FOF fund managers, Wang Wei said frankly that fund managers are more interested in convertible bonds before and after the Spring Festival, and convertible bonds as an asset that can be retreated and defended are often excellent in large-scale asset rotation. Performance, in fact, the market for convertible bonds before and after the Spring Festival is also good.
Hart said that the short-term market needs to be consolidated. The result of a relatively fast rise is that market volatility may increase, but it is still very promising for the market outlook. In the second quarter, we will prefer the growth style. We will be more optimistic about the industries that are in the boom cycle or the price increase cycle, the production period, or the industries that benefit from the steady growth policy.
For investors, Hatu stressed that FOF can do asset allocation and variety selection for investors. It is a good investment method. The risk-return characteristics of different FOFs are very different and require investors to risk their own risks. Preference is a good match. In terms of asset allocation and variety selection, it is also possible to observe and understand the regular reports and published opinions of FOF disclosures, and to achieve relatively long-term and stable returns with relatively low effort.
Wang Wei also believes that the core of FOF lies in asset allocation. The asset allocation strategy needs to be stable in the medium and long term, and pay more attention to funds with stable style and long-term excess returns. At present, the fund market is undergoing reforms, new products are emerging, and backward products are eliminated. FOF has a broad base market. At the same time, the pension fund will also operate in the form of FOF. The tilt of the pension policy will also contribute to the development of the public offering FOF. However, investors should adjust the concept of FOF and turn the short-term capitalization into a long-term one. FOF is not a short-term profit-seeking tool, but a long-term financial management tool that smoothes through the second smoothing of risks and returns.
A public fund insider in Shanghai also said that with the increase in market risk appetite, the company has confidence in its future domestic demand, its stable performance, stable valuation, and competitive leading edge performance. I hope that the holder will maintain some patience and perseverance.
Editor in charge: Fu Jianqing RF13564
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