The transaction in the first half of 2024 ended in the helplessness of investors complaining that the 3,000-point defense battle will never end. In the past six months, we have witnessed a batch of overturns of popular funds and star fund managers, which shows the difficulty of investing in the market. However, under the extremely severe market test in this half year, the top 10 equity and hybrid funds still achieved an average return of 28.59%.
Uncle Wolf commented
Among the top 10 equity and hybrid funds in the first half of the year, Manulife Fund Company's products accounted for five, and Manulife Prosperity Pilot Fund was the champion in the first half of the year, with a return of 30.19% during the year. This yield level is enough to be on par with the Nasdaq 100 index in the same period, and considering the difficulty of operating in the A-share market, the ability of Wang Peng, manager of Manulife Prosperity Pilot Fund, is first-class.
Judging from the position data, the stock selection criteria of Manulife Prosperity Pilot Fund do reflect the word "prosperity", and the first quarter report is a heavy position in Shanghai Electric Co., Ltd., Industrial Fortune Union, Xin Yisheng, Changan Automobile, etc., covering leading companies in industries such as AI and automobiles. At the same time, the remaining four Manulife funds in the TOP10 are also managed by Wang Peng, and their holdings are highly overlapping, indicating that Wang Peng's strategy and operation are very stable. The scale of these five funds is not large, the largest is less than 2.5 billion yuan, and they have the advantage of flexible position adjustment in the current market environment.
After talking about excellent funds, it is time to complain about the funds with the lowest performance. This year, the basic conditions of the market are not good, and the fund manager is not easy to operate, which is an objective situation, but like Wang Xiu, the manager of the Tongtai Kaitai mixed fund, in the first quarterly report, the top ten heavy stocks are all in the Beijing Stock Exchange, such a road to the extreme operation of the black, which violates the basic principle of fund diversification, and cannot be thrown to the market.
In the fund's first quarterly report, Wang Xiu predicted that "with the further recovery of economic activities, market sentiment will most likely be optimistic, and the liquidity of the market will continue to be optimized." After full adjustment, the Beijing Stock Exchange is now more cost-effective, and the Beijing Stock Exchange will become more and more attractive to funds in the future, and we are firmly optimistic about the investment opportunities of the Beijing Stock Exchange. ”
According to this statement, Wang Xiu's assumption of a heavy position in the Beijing Stock Exchange is to fight for a rebound, which is a more aggressive strategy. As a veteran who has worked in Pacific Insurance and has 5 years of experience in securities investment management, Wang Xiu did not show the prudence and prudence that insurance experience should bring, but insisted on going his own way, resulting in Tongtai Kaitai falling by more than 37% in the first half of the year, ranking second in the TOP10 with the worst performance, and a difference of 60% from the top of the performance list.
At the bottom of the performance is Jinyuan Shun'an Industrial Selection, with a return of -38.67% in the first half of the year, and fund manager Min Hang is also the assistant general manager and investment director of Jinyuan Shun'an Fund Company. Don't be fooled by the name of the "Industry Selection" fund, this is actually a quantitative fund that focuses on micro-cap stocks. Due to changes in regulatory policies, quantitative funds have been marginalized, and Jinyuan Shun'an Industrial Reserve has really encountered an unsolvable problem this time.
Uncle Wolf commented
In the first half of 2024, the stocks of central enterprises and state-owned enterprises in China will be favored by institutional investors by virtue of their higher dividend yields and stable operating ability under the pressure of economic growth, especially the stocks of central enterprises and state-owned enterprises in coal, power, oil and gas and other industries will continue to rise, and "state-owned enterprises", "central enterprises" and "energy" have become the leading labels of index funds. In addition, Yongying Gold Industry ETF packaged to invest in gold and mineral stocks, fully sharing the gold bull market gains in the first half of the year.
There is only one label at the bottom of the base - "Beijing Stock Exchange". The index funds of the Beijing Stock Exchange of 10 fund companies including China Universal fell by more than 30% in the first half of the year.
Uncle Wolf commented
The overall performance of bond funds in the first half of the year was stable, reflecting the value of asset allocation tools, with the top 10 performing performing returns of more than 9%, and the best performing Southern Xingli returning 25.35%, which is really good for bond funds. Different from most debt-based heavy treasury bonds and policy financial bonds, the fund mainly invested in short- and medium-duration high-grade credit bonds in the first half of the year, and with some policy financial bonds, it was able to achieve excellent performance, indicating that the fund manager has a unique ability to identify bond credit risks.
Pengyang China Bond ETF, which tracks 30-year treasury bonds, returned 9.82% in the first half of the year, and investors who can't grab ultra-long-term special treasury bonds can use this fund as a replacement.
Uncle Wolf commented
In terms of overseas markets, the Nasdaq index is still taking the pace of "six relatives do not recognize", either hitting a new high, or on the way to a new high. However, there are three risk points to pay attention to: First, US stock ETFs such as NASDAQ generally have high premiums, and excessive premiums are always to be repaid. Second, Nvidia CEO Jensen Huang reduced his holdings of Nvidia shares worth nearly $169 million in June, setting a record for a single month of personal reduction. Third, according to Goldman Sachs data, in the past month, hedge funds have actively shorted the TMT sector of U.S. stocks, with net sales hitting the highest value on record for Goldman Sachs, while a large number of individual investors are scrambling to buy triple long semiconductor ETFs.
It seems that the U.S. stock market is also indispensable to the routine of the main sell-off and retail investors. For U.S. stocks hovering at all-time highs, investors need to be more careful.
(Note: Investment is risky, and the views are for reference only and should not be used as a basis for decision-making.) ）
Source: Old Wolf Finance