basicblackjack| Many tens of billions of funds have "returned blood" one after another. Have your funds returned their capital?

As the market picks up, the previously lossmaking tens of billions of funds are also gradually "reinvigorating". Public data show that Yi Fangda blue chip selection, Jingshun Great Wall emerging growth (260108) hybrid, Xing Quanhe run hybrid and other active equity funds have achieved positive returns during the year, while in 2023 or even the first quarter of 2024, the returns of most products are negative. In terms of market trend, as of the close on May 14, the three major A-share indexes have risen and fallen by 1.Basicblackjack.32%, 0Basicblackjack.85%,-0.15%, while the upward trend of Hong Kong stocks is even more obvious. The Hang Seng Index has risen 7.38% since May. In the eyes of industry insiders, A shares and Hong Kong stocks are gradually forming resonance, forming an upward trend, and a structural bull market is about to emerge.

Ten billion fund "counterattack"

A number of 10 billion funds have "recovered lost territory" and made positive gains. Flush (300033) iFinD data show that as of May 13, of the 28 active equity funds with a combined size of more than 10 billion yuan (calculated by share consolidation), 19 products have achieved positive returns in the year.

It is worth mentioning that Yifangda blue-chip selected hybrid managed by Zhang Kun, a well-known fund manager, is currently the largest active equity fund, with a scale of 41.144 billion yuan by the end of the first quarter. According to the data, as of May 13, the annual return of Yifangda blue-chip selected hybrid was 7.72%, outperforming the average return of 0.82% of similar partial stock hybrid funds by 6.9 percentage points.

In addition, the emerging growth mix of Jingshun Great Wall and Jingshun Great Wall managed by Liu Yanchun; the Xing Quanhe run mixed and Xingquan trend managed by Xie Zhiyu; the selected growth mix of Wells Fargo Tianhui (161005) managed by Zhu Shaoxing; and the scale of many products such as Yinhua Wealth theme managed by Jiao Wei were all over 10 billion yuan by the end of the first quarter, and the annual returns of related products were all correct as of May 13.

In retrospect, the yields of the above products were negative in 2023, including Yifangda blue-chip selection. Until the first quarter of 2024, the returns of Jingshun Great Wall emerging growth mix A, Jingshun Great Wall Dingyi mixed, Xingquanhe run mixed, Fuguo Tianhui selected growth mix and other products were still negative. In the context of the recovery of the market in the second quarter, the yield of active equity funds rose significantly, and the yield of the above-mentioned products also "revived" and rose during the year.

For example, in 2023, the yield of Jingshun Great Wall emerging growth Hybrid A was-19.67%. In the first quarter of 2024, the return of the fund was-0.46%. As of May 13, the fund has returned 3.53% since the second quarter, and the rate of return for the year has also changed from a loss to a profit of 3.05%.

In the context of higher product returns, funds invested by Jimin said they would earn money.BasicblackjackFor example, some investors said that "less than 20% of the funds accounted for 50% of the total income", and Jimin said that "recently made 2000." However, some investors still said that they were "still waiting for the return of capital", "still losing more than half of the money" and "from the beginning of 2020 to the present."

Although yields on some products have risen recently, there is still a long way to go for most medium-and long-term investors to get their money back. For example, as of May 13, the yields of Yifangda blue-chip mix, Jingshun Great Wall emerging growth mix A, Xing Quanhe run mix and Yinhua affluent theme mix A were still down more than 30 per cent in the past three years, according to flush iFinD data. In other words, for the base people who applied for the relevant products three years ago, they still need to wait patiently to "get their money back".

The rise of A shares and Hong Kong stocks is supported by funds from all sides.

From the market point of view, the three major A-share indexes have rebounded after falling at the beginning of the year, while the Shanghai Composite Index and Shenzhen Composite Index rose during the year, while the gem index still fell slightly. Trading data show that as of May 14, the three major A-share indexes have risen or fallen 1.32%, 0.85% and-0.15% respectively since May, and 5.74%, 1.51% and-1.89% for the year. The upward trend in Hong Kong stocks is even more pronounced, with the Hang Seng index up 7.38% so far in May and 11.89% this year.

In the view of Yang Delong, chief economist of Qianhai Open Source, the rise of Hong Kong stocks is inseparable from the inflow of a large amount of international capital, driving the upward shift of the market center of gravity. Recently, the upward trend of the A-share market has also been supported by funds from all sides, including domestic funds and northward capital inflows, A-shares and Hong Kong stocks are gradually forming a resonance, forming an upward trend, and investor confidence has also been improved to a certain extent. Although the trend of the market is full of twists and turns, the structural bull market is about to emerge, and A shares are also expected to recover to a certain extent driven by the continuous uptick of Hong Kong stocks.

However, Yang Delong also mentioned that the recently released social finance data were lower than expected, which may have a certain impact on the short-term trend of A shares. According to the statistical report of social financing scale increment and stock in April 2024 released by the people's Bank of China on May 11, the cumulative increment of social financing scale in the first four months of 2024 was 12.73 trillion yuan, 3.04 trillion yuan less than the same period last year.

The China Europe Fund also believes that economic data released in April show that the Chinese economy may have undergone some form of rebalancing through supply and demand. This rebalancing is likely to continue to be reflected in economic activity data for some time to come. A marginal improvement in economic data is expected to boost confidence, keeping the market strong. In addition, the geopolitical situation is relatively relaxed, but the risk of subsequent low-intensity and high-frequency conflicts cannot be ruled out before the landing of the US election. The market is likely to focus on the marginal drive of trading economic data in the coming weeks, and the pace of market rotation is expected to remain fast. With historically low valuations, A shares and Hong Kong stocks are expected to be favored by more global capital.

So, how will the follow-up market evolve?Basicblackjack? In terms of investment strategy, which industries are preferred by people in the industry?

Yang Delong believes that the current market has entered the rising stage from the left to the right, and the "national team" has also stepped up its efforts to enter the market many times after the Spring Festival this year, and the center of gravity of the market is constantly moving upwards. Now, do not miss the opportunity to build positions on the right side. Investment depends more on the future. By adhering to value investment, do a good job as shareholders of the company or allocate quality funds, and seize the opportunity of this market.

In terms of allocation recommendations, China-Europe Fund said that before the operating conditions in the first quarter and second quarter can verify the fundamentals, the valuation of the technology growth sector may be under pressure, but overseas uncertainty may drive related industries in the mainland market to gain financial favor. In addition, the financial reports of high-quality companies in industries such as electronics are relatively bright. If the cyclical recovery can be verified, they can pay attention to it during the market adjustment period. In the medium and long term, with the completion of the disclosure of financial reports, the main lines of new quality productivity, high ROE (Return on Equity) companies and industries with room for improvement in ROE that are in line with the guiding ideology of the new "National Nine Issues" are expected to receive further market attention.

Bosera Fund recommends maintaining a "dumbbell" configuration, grasping dividend resource stocks with improved valuations and cost-effectiveness, and arranging pro-cyclical and technology stocks at the same time. In the industry, non-ferrous metals, coal, food and beverage, power equipment, banking, communications, and pharmaceutical biology are recommended.

Beijing Business Daily reporter Li Haiyuan

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