At present, in the market, the fund type is QDII funds, and there are a total of 10 funds with the word "consumption" in the fund name (only RMB Class A is reserved for multiple shares), see the following table for details. The table shows the proportion of institutions, the combined value of the size, the date of inception of the fund, and the return of the fund since its inception.
Data source: Dongcai Choice data, as of June 28, 2024, historical performance is not indicative of future trends
Let me briefly introduce you.
1. There are 5 "Hang Seng Consumer" funds on the list, all of which are QDII passive index funds, tracking the Hang Seng Consumer Index, which aims to reflect the overall performance of Hong Kong-listed securities that provide consumer goods manufacturing and services related to daily consumption.
The 5 Hang Seng Consumer Funds on the list are concentrated in 2023 and 2024, and they have all lost money since their inception.
Among them, the largest is Liu Jie's Hang Seng Consumer ETF (159699), but the scale is only 283 million yuan, and the top ten heavy stocks in 2024Q1 are Chuangke Industrial, Yum China, Anta Sports, Nongfu Spring, Shenzhou International, China Resources Beer, Haier Smart Home, Mengniu Dairy, Li Ning, and Trip.com Group, with a concentration of 58.09% in the top 10 holdings.
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy stocks does not constitute investment advice
2. Zheng Huilian's CUAM Global Consumption Blend (QDII) RMB A (006308), which is a QDII partial equity hybrid fund, is an active fund.
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy stocks does not constitute investment advice
The top 10 heavy stocks in 2024Q1 are Amazon, Hermes International Co., Ltd., Mexican Barbecue, Procter & Gamble, Adidas (ADR), Home Depot, Angpao, Costco, Moncler Co., Ltd., Tesla, and Hermes International (ADR), with a concentration of 38.76% in the top 10 holdings.
In the first quarter report of 2024, Zheng Huilian said,
"During the reporting period, in terms of A-shares, the top decliners were mainly TMT sectors. Mainly because the market's risk appetite is low, TMT is a high-risk industry and is relatively unpopular. During the reporting period, U.S. stocks mainly reflected the expectation of interest rate cuts, and high-growth companies, real estate industry chains, and companies with high financial leverage (such as cruise ships) achieved good growth. Among the U.S. stock consumption, the most rising companies are e-commerce stocks, real estate industry chains, companies with a high proportion of optional consumption (this year's recovery is more elastic) or channel providers and service companies with resilient consumption (hotels, restaurants). Luxury goods in European equities also performed better. In addition, overseas leading consumer companies, subject to business prosperity, also performed averagely. Our main focus is on US equities and European equities.
Our main operations are: (1) appropriately increase the position of luxury goods, and (2) appropriately increase the position of the real estate industry chain. In our view, consumer discretionary goods are likely to be more resilient than consumer discretionary during the rate-cutting cycle. Recently, although the expectation of interest rate cuts has weakened due to the strength of the U.S. economy, in the long run, the U.S. is in a cycle of interest rate cuts, and the elasticity of U.S. consumption is still expected. ”
3. U.S. Consumer LOF (162415), which is a LOF fund that tracks the S&P U.S. Quality Consumer Equity Index.
2024Q1前十大重仓股分别是亚马逊、特斯拉、家得宝、麦当劳、劳氏、Booking Holdings、The TJX Companies Inc、耐克、星巴克、墨式烧烤，前十大持仓集中度65.28%。 第一重仓股亚马逊占比高达21.94%。
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy stocks does not constitute investment advice
In its quarterly report, the fund manager said, "In the medium and long term, as the engine of the U.S. economy comes from consumption, as long as the U.S. economy does not have a recession, the U.S. consumer sector still has a high allocation value in fluctuations." ”
4. E Fund S&P Consumer Goods Index Enhanced (QDII) A (RMB) (118002), which is a QDII Enhanced Index Fund, whose performance benchmark is the S&P Global High-end Consumer Goods Index, and it can be said that the constituent stocks are basically global luxury goods.
Because it is an "enhanced" index fund, it can be regarded as a semi-active and semi-passive fund.
The fund manager is Wang Yuanchun, and in the first quarter report of 2024, he said,
This quarterly report discusses "fashion". One of Mr. Munger's comments pointed out the problem of fashion very sharply. Someone asked him what he thought of Nike, and he said, "I don't like fashion companies, and I thought if Hermes was right for the price, I would buy it." But other than that, I wouldn't buy any fashion brand company. In fashion, the history of the rise and fall of sports brands is enough to write a monumental story. Today's giant Nike is 30 years ago ahead of the traditional king Adidas, and the latter is also expected to usher in new changes after years of malaise. If these two giants are relatively sustainable and stable, then the short-lived brands are endless. In the history of sports brands, we have not only seen the continuous expansion of the industry space, but also the continuous pursuit of professionalism and personalization by consumers. Therefore, for the investment in such enterprises, we must not only see a certain degree of barriers brought to them by professionalism, but also see the business volatility brought by fashion.
In terms of operations in this quarter, we have increased and decreased our holdings according to the respective operating stages of sports brands to conform to our understanding of them. ”
The top 10 heavy stocks in 2024Q1 are Hermès International Co., Ltd., Richemont Group, Ferrari, Moët Hennessy, Marriott International, Mercedes-Benz Group, Dix Outdoor, Diageo (UK), Moncler SpA, and BMW AG, with a concentration of 60.04%.
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy stocks does not constitute investment advice
If you can't afford luxury goods, buy some shares (fund shares) of luxury companies, the minimum is only 10 yuan, and you can pay attention to it if you are interested.
5. Wells Fargo Global Consumption Select Blend (QDII) RMB A (012060), which is also a QDII partial stock hybrid fund, the same as Zheng Huilian's, has a management fee of 1.8%, which is higher than that of passive index and enhanced index funds.
The fund manager of Wells Fargo Fund is Peng Chenchen, and the performance benchmark is the yield of the CSI Hong Kong Listed Tradable Mainland Consumer Index * 40% + the yield of the CSI Mainland Consumer Theme Index * 40% + the yield of the CSI Global Consumer Theme 50 Index * 15% + RMB demand deposit interest rate (after tax) * 5%, which can probably be seen from the performance benchmark The scope of its layout.
The top 13 heavy stocks in 2024Q1 are Bubble Mart, New Oriental, MINISO, Pinduoduo, Luzhou Laojiao, Juzi Biotech, Crocs, Ctrip, Huali Group, Proya, Trip.com Group-S, New Oriental-S, and MINISO (USA), with a concentration of 40.12% in the top 13 positions.
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy stocks does not constitute investment advice
To complain, check the 2023 fund annual report, the fund manager holds 0 Class A shares, and the Class C shares are also 0, and the total number of shares held is 10-500,000 shares? More than once, I have found such mistakes in the fund's annual report. Why isn't it rigorous at all???
Source: Wells Fargo Global Consumer Select Blend (QDII) RMB A Fund Annual Report 2023
Fund manager Peng Chenchen said in the first quarter of 2024,
"Since the first quarter, the overall consumption of the domestic market has continued to show a trend of differentiation, with the consumption of traditional commodities relatively weak, and consumers pursuing more experiential consumption and interest consumption; In the face of high inflationary pressure in overseas markets, overall consumption has also weakened to a certain extent.
The Fund increased its exposure to the consumer services sector during the quarter. ”
6. S&P Consumer ETF (159529), which is a QDII passive index fund launched by Invesco Great Wall Fund in January this year, tracks the S&P 500 Consumer Select Index, which seems to be the only one in the whole market, and there is still a certain scarcity.
Unfortunately, there are currently only on-exchange ETF funds, and there are no over-the-counter feeder funds.
The top 13 heavy stocks in 2024Q1 are Amazon, Tesla, Procter & Gamble, Home Depot, Costco, Walmart, PepsiCo, Coca-Cola, McDonald's, and Lowe's, with a concentration of 60.01% in the top 13 positions.
Data source: Dongcai Choice data, as of March 31, 2024, the display of heavy stocks does not constitute investment advice
In the first quarter of 2024, the fund manager said,
"At its most recent interest rate meeting this quarter, the Fed announced that it would keep the target range for the federal funds rate unchanged at 5.25% to 5.50%, in line with market expectations. At the same time, Fed Chair Jerome Powell said at the press conference that interest rates may be at the peak of the cycle right now and that a rate cut at some point this year is appropriate. According to the Fed's latest interest rate dot plot, the market expects three 25 basic rate cuts this year. Stronger interest rate cut expectations have helped the three major stock indexes remain stable, and U.S. stock assets, which have risen since last year, have released some pressure from the valuation side, while the resilient economy has continued to improve corporate earnings, and the current risks in U.S. stocks are still relatively manageable.
For the long-term stable performance of the U.S. consumer sector, the decline in interest rates is expected to further increase the margin of safety of the sector. Most of the leading positions in various sub-sectors of the U.S. consumer sector are occupied by internationally renowned companies, which are relatively good in terms of stability in terms of cash flow, dividend rate, and profitability, and are the ballast stone for the long-term earnings of U.S. stocks.
In the context of the downward trend of medium- and long-term interest rates, coupled with the stimulation of travel and consumption peaks in spring and summer, it is expected to continue to maintain a relatively stable performance. At the same time, U.S. stock assets have a low correlation with Chinese assets, which can play a more prominent role in portfolio risk diversification, which is an important part of global allocation. ”
Written at the end: there is a difference in the management fee rate of these funds, Zheng Huilian and Peng Chenchen manage active QDII funds, with a management fee of 1.80%, and Wang Yuanchun manages a QDII enhanced index fund, with a management fee of 1.20%.
Source: Dongcai Choice data, as of March 31, 2024
Among the other QDII passive index funds, the management fee of US consumer LOF is the highest at 1.0%, and the others are all 0.50%.
If you want to invest in U.S. stocks and consumption outside the market, only the U.S. consumer LOF with high purity is high, and there is no way to do it.
It is hoped that Invesco Great Wall Fund will soon launch an OTC feeder fund for S&P Consumer ETF (159529) so that OTC investors can have one more choice.
What do you think about the QDII "consumption" fund mentioned in this article, please leave a message in the comment area to discuss.
This article is my own combing notes, all content is personal research, does not constitute investment advice, please pay more attention to objective data.
Risk Warning: The relevant views quoted are from relevant institutions or public media channels, and I do not make any guarantee for the accuracy and completeness of the views. The market is risky, regular investment is risky, and investment needs to be cautious. The above content is for reference only, the article involves individual stocks, does not constitute stock recommendations and investment advice, the stock market is volatile, please operate cautiously before purchasing. The market is risky and investors should be cautious.