Fund Sharing 431: Huaan New Preferred C (002144)
Hello fans of Detective Brother, a year ago, we shared a fund every day, and now this column has started again, we continue to analyze active equity funds according to the scale ranking of the latest quarter from large to small, basically analyzing products with a scale of more than 10 billion yuan, there are about 100 of them.
Today we are going to share the next product - Huaan New Preferred C (002144)), which is a product managed by Huaan fund managers Zhou Yiming and Lu Ben. This fund has been established for more than 8 years, and at present, the performance has been very good since its establishment, with a cumulative net value of 1.436 yuan, and it has earned 44.03% since its establishment. This is a "fixed income +" product, with the goal of pursuing absolute returns, which is a very good performance.
This product was established on November 18, 2015, and Zhou Yiming has been managing this fund since December 10, 2019, and has earned 30.9% in return during his tenure. Let's take a look at the information of fund manager Zhou Yiming, according to the data of Tiantian Fund, Zhou Yiming has been in the industry for more than 6 years, mainly doing partial bond products, with a current management scale of 6.945 billion yuan and an annualized return of 3.15%. The experience value is okay, but the management scale, stability, risk resistance and return rate are average, and it seems to have won the Golden Bull Fund Award at present.
Let's take a look at Zhou Yiming and Lu Ben's analysis in the first quarter of 2024 to see their research and judgment on this year's market.
"In the first quarter of 2024, the domestic economy will further stabilize, such as the profits of industrial enterprises, retail consumption, import and export growth, PMI and other indicators are improving. In terms of real estate, the policy continued to relax support, and second-hand transactions picked up. On the market side, the "squat jump" performed by A-shares before the Spring Festival is not in line with the aforementioned fundamentals, and the subsequent unexpected repair is reasonable.
In addition, new productivity sectors such as low-altitude economy and AI are active, accompanied by certain capital theme attributes. The dividend sector continues to be strong, and the value of allocation under low interest rates continues to be highlighted.
In terms of bonds, bond issuance shrank significantly in the first quarter of this year, and at the same time, credit issuance was required not to "impulse", so the overall growth rate of social finance declined. Monetary policy remained relatively loose, with the central bank cutting the reserve requirement ratio by 0.5% and lowering the 5-year LPR interest rate, which was significantly larger than last year, showing its determination to support the real economy. Interest rates in the bond market fluctuated lower against the backdrop of monetary easing and declining credit growth, while long-term interest rates fell more sharply and the yield curve flattened.
At the same time, credit spreads have tightened further. Although some real estate enterprises have credit risk events, the default market of real estate enterprises has been fully understood and prepared, so the impact and impact on the credit market is small.
During the Reporting Period, the Fund continued to invest in accordance with the "Fixed Income+" strategy, maintained a positive level of positioning, made in-depth stock selection, made heavy attacks, appropriately adjusted its structure, increased its allocation to growth consumption, and actively sought structural opportunities. ”
(Screenshot from Tiantian Fund, 2024-06-27)
Let's take a look at the performance of Huaan New Preferred C (002144))!
The first is that it has earned 44.03% since its inception. Since the beginning of this year, it has earned 4.06%, and the average loss of its peers is 3.19%, ranking 416/2280, ranking excellent. In the past 3 years, it has earned 6.45%, and the average loss of its peers is 23.05%, ranking 159/1914, which is not a good ranking. In the past 2 years, it has earned 3.68%, and the average loss of its peers is 19.24%, ranking 167/2086, ranking excellent. In the past 1 year, it has lost 5.36%, and the average loss of its peers is 11.29%, ranking 134/2202, ranking excellent. In the past 6 months, it has earned 5.05%, and the average loss of the same kind is 0.58%, ranking 489/2278, ranking excellent.
The overall performance of this fund since its inception is very good, the long-term and short-term performance is excellent, and the ranking is also high, which is an excellent product on the screen.
Let's take a look at the changes in the scale of this fund, in terms of share, this product has increased or decreased significantly in the past two years. At the end of the second quarter of 2021, it was 229 million, at the end of the second quarter of 2022, it was 2,589 million, and at the end of the second quarter of 2023, it was 721 million. At the end of the first quarter of 2024, it was 616 million.
In the past two years, the scale of the share has been greatly reduced, and looking at the holder structure, it should be that the institutional holders have run very, very much, and the performance is not bad, what are you running?
Let's take a look at the holdings of this fund at the end of the first quarter of 2024, the main holdings of bonds are: 19 Sichuan Development MTN, 23 This Energy SCP0, 23 CITIC Bank Green, 23 Postal Savings Perpetual Bond 01, 24 China Merchants SCP0, etc. The main stocks are: Samsung Medical, Xiling Power, Zhejiang Dingli, etc.
What do you think of Huaan's new preferred C (002144) position? What is the holding experience like? Do you think the performance of fund managers Zhou Yiming and Lu Ben is okay?
(The market is risky, so you need to be cautious when investing!) This article is not intended as an investment reference guide, and readers need to be responsible for their own investment! ）