China Fund News reporter Fang Li and Sun Xiaohui
With the official end of the first half of 2024, it is time to summarize the investment performance of fund companies.
The fixed income sector has become the "brightest star" in the market in the past two years. Which companies have had good harvests in the last 3, 5, 10 years? Which companies are leading the way in the first half of 2024?
Haitong Securities recently released the absolute return ranking of fixed income funds of fund companies, according to the past 10 years, the past 5 years, the past 3 years, the first half of this year, etc., the top 50 fund companies have been sorted out by the fund Jun for market reference.
The performance of fixed income products in the past 10 years: E Fund, Changxin, and UBS SDIC are leading the way
Investing is like a long-distance race, which tests market opportunity insight and risk control ability, especially in the fixed income sector. Over the past 10 years, the bond market has been bull and bear, with ups and downs, and the good returns in the volatility reflect the investment and research strength of the fund company in the field of fixed income.
According to data from Haitong Securities, in the 10 years from July 1, 2014 to June 28, 2024, the top three fixed income product yields among 65 fund companies were E Fund Fund, Changxin Fund and UBS SDIC Fund, with returns of 114.99%, 107.90% and 102.16% respectively in the last ten years. Quam has also returned more than 100% in the last 10 years.
In addition, the yield of fixed income products of Bosera, Haifutong, GF, Industrial Securities Global, and Manulife Fund has exceeded 90% in the past 10 years, and the return rate of fixed income products of fund companies such as Tianhong, China Commercial, China Canada, Dacheng, China Universal and China Merchants is also better.
From the perspective of the scale of fund companies, the average return of 16 large fixed-income fund companies in the past 10 years is 74.44%, with E Fund, Bosera and GF ranking first; The average returns of 10 medium-sized companies and 39 small companies in the past 10 years were 64.92% and 61.41% respectively.
Performance in the past 5 years: Chinese businessmen, red clay innovation, Zhejiang businessmen leading
According to the data, in the net value growth ranking of fixed income funds in the last five years (July 1, 2019 to June 28, 2024), China Commercial Fund has led among 117 comparable companies, with a net value growth rate of 46.15%, ranking first.
The Red Earth Innovation Fund ranked second with a return of 35%, while the Zheshang Fund ranked third with 34.41%.
In addition, E Fund, Tianhong, Cinda Australasia, and IFC have also achieved yields of more than 25% in the past five years, ranking fourth to seventh. The performance of fund companies such as Everbright Prudential, Green, Dongxing, and Huatai Baoxing was also relatively bright.
Relatively speaking, in terms of the last 5-year fixed income yield, the performance gap between large, medium and small fund companies is not large, and large companies still have a certain leading edge. The average return of 17 large fixed income fund companies in the last five years is 20.87%, while the average return of 14 medium-sized companies and 86 small companies in the past five years is 19.68% and 18.32% respectively.
Performance in the last three years: Huaan Securities, Beixin Ruifeng, and Cinda Securities are in the top
In the past three years, the bond market has shown a volatile pattern, which is also an important interval to test the fixed income investment ability of fund companies. According to the data, from July 1, 2021 to June 28, 2024, there are 69 fund companies with a net value growth rate of more than 10% in fixed income products, of which 3 have a yield of more than 15%.
In the past three years, Huaan Securities has topped 138 comparable fund companies with a yield of 16.80%. Beixin Ruifeng Fund has a return of 15.74% in the past three years, followed by Cinda Securities, with a yield of 15.36%, ranking second and third respectively in the three-year period. The other companies with better performance include Guojin, Changsheng, Bohai Huijin Securities Asset Management, Dongxing, Hongtu Innovation, Donghai, etc., with three-year yields of more than 13%.
However, in the volatile environment of the past three years, 4 fund companies have suffered losses, with the largest loss reaching 29.69%. The average return of 17 fund companies with large fixed income scale in the past three years has reached 9.51%, and the better performers include Industrial Bank, China Merchants, Ping An, Yongying, Bank of Communications Schroders, etc. The average returns of 14 medium-sized and 107 small-cap fund companies in the past three years were 10.76% and 8.87% respectively.
In the first half of this year, 10 companies had a fixed income income of more than 3%
Since 2024, the bond market has continued to be in a small bull market, and a number of bond funds that have seized the opportunity have also achieved good returns.
Overall, Haitong Securities counted the net value growth rate of fixed income funds of 179 public fund managers in the first half of 2024, of which 177 achieved positive returns and 2 companies suffered slight losses.
The results show that the net value growth rate of 10 fund managers in the first half of the year exceeded 3%. In the first half of this year, Huatai Baoxing's income in the fixed income field reached 4.45%, and Ruiyuan, Guojin, Xinghua, Invesco Great Wall, Beixin Ruifeng, etc. also performed well.
From the perspective of the scale of fixed income funds, most of the managers with better performance are small and medium-sized fund companies. The large fund companies with good performance mainly include E Fund, Industrial Bank, Bank of China, etc., and medium-sized companies such as Invesco Great Wall and Bank of Shanghai.
Data Description:
1. The absolute return of the fund management company refers to the growth rate of the net value of the active funds managed by the fund company according to the growth rate of the net value of the assets under management during the period. The size of assets under management during the period is simply averaged according to the available period size;
2. Active fixed income funds include pure bond funds, pure bond closed-end funds, quasi-bond bond closed-end funds, quasi-bond bond closed-end funds, partial debt bond closed-end funds, partial debt bond closed-end funds, convertible bond funds and short-term bond funds, excluding money market funds, wealth management bond bases, amortized cost method bond bases and index bond bases;
3. Classification of large, medium and small companies: according to the average size of active equity (active fixed income) in the Haitong Securities Scale Ranking in the past year, and sorted according to the scale of fund companies from large to small, among which the cumulative average active equity (active fixed income) scale accounts for 50% of the active equity (active fixed income) scale of the whole market (the minimum value of the cumulative scale of more than 50% is taken as the dividing line) of the fund companies are divided into large companies, and the fund companies in 50%-70% (the cumulative scale accounts for more than 70% The minimum value is used as a dividing line) and the rest are small companies, and small companies also include companies whose products have been in existence for less than 1 year.
(Data from Wind, the official website of the fund company and Haitong Securities Research Institute)
Editor: Captain
Review: Xu Wen