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Chongyang Investment is cautiously losing "bovine". The highest yield of 17 products in the first February is less than 12%.
China Economic Net
China Economic Net Beijing March 14 (Reporter Li Rong Ma Xianzhen) Since 2019, the A-share market has swept away last year, and both Shanghai and Shenzhen markets have stepped out of a warming trend and opened a strong rebound. In this context, both public funds and private equity funds have benefited a lot. Many products have achieved high yields during the year, but some fund products have not been able to adjust their positions in time, thus taking the opportunity to rise. Quotes, Chongyang Investment is one of them.
Private placement network data shows that Chongyang Investment's recent net worth has a total of 17 products. Although these 17 products have achieved positive returns during the year, the highest increase is only 11.87%, and 9 products have increased by less than 10%. Half of the ratio can be said to have largely underperformed the broader market. According to statistics on financial management, as of February 22, 14 products have doubled their net worth, compared to Chongyang Investment's products.
China Economic Net reporter noted that among the products of Chongyang Investment, the product with the lowest performance growth during the year was China Resources Trust-Chongyang's steady growth. As of the close of February 28, its annual growth rate was only 4.51%. The fund was established on April 22, 2016. Before May 2018, the fund as a whole showed an upward trend. However, the cumulative unit net value of the interval income was less than 1.3 yuan. Since June 2018, under the pressure of the multilateral downturn of the stock market, the fund's net value has rapidly fallen. In just a few months, the previous earnings will be fully repaid, and will not rise again until November 2018. However, the fund has increased this year. Far from running the index.
Although it has been established for nearly three years, from the private placement network data, the fund's performance disclosure is not perfect, can only query the performance of the fund in the past six months, and the previous 2016 and 2017 interval income can not Inquire. However, from the net value retracement trend, the largest historical retracement of the fund occurred on October 31, 2018, and its largest historical retreat was -19.39%.
It is worth noting that as of the close of February 28, 3 products of Chongyang Investment have not stopped loss, their accumulated unit net value is still less than 1 yuan, respectively, Chongyang Jinxiang No. 5, China Resources Trust-Chongyang Value No. 3 In Phase B, China Resources Trust-Chongyang Value No. 3 A, the cumulative unit net value was 0.9615 yuan, 0.9801 yuan, and 0.9962 yuan.
Observe the three funds with accumulated net worth of less than 1 yuan. Among them, China Resources Trust-Chongyang Value No. 3 Phase A and China Resources Trust-Chongyang Value No. 3 Phase B were established at the end of 2017, and Chongyang Jinxiang No. 5 was established in 2018. In May, the common feature of these three funds was that they experienced a 2018 stock market crash shortly after the establishment, especially Chongyang Jinxiang No. 5. In the absence of pre-accumulation, they fell into a big drop, and the net loss became the norm. It takes time.
As for the reason why Chongyang Investment's products underperformed the market this year, the industry believes that the big probability is that Chongyang Investment is more conservative in the position, and it is running at a lower position at the beginning of the year, thus taking the current round. According to the China report of brokerages, at the beginning of this year, many private placements have determined the position of the bottom position of A shares, but in fact, there are not many real ones. As of February 15th, comprehensive WIND, Chaoyang will continue andCITIC SecuritiesAccording to the research data, the average income of stock-based private placements has been 5.19% this year, far behind the increase of the Shanghai and Shenzhen 300 Index (10.90%). Obviously, many private placements still operate at lower positions. Quotes.
However, Chongyang Investment’s staff denied the argument that the current round of the market was rising due to the low position operation. According to the China Economic Net reporter, “In early 2019, we proposed that the market will shift from structural convergence in 2018 to 2019. Structural divergence, and structural divergence market may exceed expectations. The investment strategy focuses on both offensive and defensive. On this basis, Chongyang Investment maintains a medium-to-high position.
For the market outlook, the staff said that follow-up Chongyang investment is still open to the market. The allocation strategy focuses on both offensive and defensive, closely monitoring the dynamic changes of economic fundamentals, policies and liquidity, actively looking for structural opportunities in the market, and continuing to lay out the winners in China's economic transformation.
Chongyang Investment was established in June 2009, focusing on asset management business. Its predecessor was Shanghai Chongyang Investment Co., Ltd., which was established in December 2001. In July 2014, Chongyang Investment was restructured into a joint-stock company with a registered capital of RMB 200 million. In November 2015, Shanghai Chongyang Investment Co., Ltd. was restructured into a group company. Based on the special attributes of the asset management industry, Chongyang Investment has been operating in a partnership mode since its inception. At present, the management scale of Chongyang Investment has exceeded 10 billion.
Recently, Wang Qing, president of Chongyang Investment, also publicly stated that in the core concept of Chongyang, “value investment” is the method, “absolute income” is the goal, and Chongyang Investment is based on in-depth research and adopts reverse value investment. Wang Qing believes that the systematic risk release of the A-share market in 2019 is relatively complete, but the conditions for a comprehensive bull market are not yet available. It is worth noting that due to the differentiation of corporate earnings and the expansion of market interest rate credit spreads, the market may present a structural feature of “big divergence”.
At the beginning of this year, Chongyang Investment's investment strategy stated that in 2019, the A-share market will show a relatively rich structural market. In particular, the science and technology sector may be the leading force in the structural divergence market, or it will ignite structural divergence, which has a direct and indicative significance for the entire market. Whether Chongyang Investment can seize the structural market in the next time and get rid of the “dead” situation of performance, we will wait and see.
Chongyang Investment's products during the year's performance list
Sort Product Abbreviation Net Value Deadline Return within this year Total return since its inception Cumulative unit net worth Date of establishment Investment manager
1 Zhonghai Trust-Jinhai No. 8 2019-3-1 11.87% 77.92% 1.7792 2014-3-6 --
2 CITIC Trust-Chongyang Phase 8 2019-3-1 10.56% 97.71% 1.9771 2011-7-1 Yan Guogen, Chen Xin
3 China Resources Trust-Chongyang Value No.3 Phase B 2019-2-28 10.56% -1.99% 0.9801 2017-12-13 --
4 Foreign Trade Trust-Chongyang Hedging 2 No. 2019-3-1 10.45% 47.27% 1.4877 2014-3-21 裘国根,陈心
5 Foreign Trade Trust-Chongyang Hedging No. 3 2019-3-1 10.40% 29.96% 1.3134 2014-12-19 裘国根,陈心
6 China Resources Trust-Chongyang Phase 3 2019-2-28 10.34% 139.90% 2.3990 2009-9-2 Chen Xin, Yan Guogen
7 Chongyang Jinxiang No. 5 2019-2-28 10.19% -3.85% 0.9615 2018-5-22 --
8 China Resources Trust-Chongyang Value No.3 Phase A 2019-2-28 10.07% -0.38% 0.9962 2017-11-17 --
9 Ping An Trust - Chongyang, an investment elite 2019-3-1 9.94% 133.51% 2.3576 2011-11-21 裘国根
10 Foreign Trade Trust-Chongyang Target Return 1 Phase 2019-3-1 9.56% 95.20% 1.9677 2011-9-1 裘国根
11 Foreign Trade Trust-Chongyang Target Enjoyment Phase A 2019-3-1 9.56% 65.18% 1.6650 2014-8-29 裘国根
12 China Resources Trust-Chongyang Phase 7 2019-2-20 8.78% 99.41% 1.9941 2011-5-26 Yan Guogen, Chen Xin
13Guotai JunanJunxiang Chongyang Alpha Hedge No. 1 2019-3-8 8.74% 166.75% 2.6675 2012-12-27 裘国根
14 China Resources Trust-Chongyang Phase 6 2019-2-28 6.68% 92.65% 1.9265 2010-1-6 Yan Guogen, Chen Xin
15 China Resources Trust-Chongyang Phase 1 2019-2-28 6.68% 342.79% 4.4279 2008-9-5 裘国根
16 China Resources Trust-Chongyang Phase 2 2019-2-28 6.67% 214.14% 3.1414 2008-12-12 裘国根
17 China Resources Trust - Chongyang Steady Growth 2019-2-28 4.51% 12.17% 1.1217 2016-4-22 --
Source: Private placement network
Editor in charge: Lu Shan RF10057
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