In late September, the A-share market finally ended the bear market, and the bull market was on the verge of breaking out. In just nine trading days, the Shanghai Composite Index soared from 2,689 points to 3,336 points. On the last trading day of September, the Shanghai Composite Index rose 8% in a single day, the Shenzhen Component Index soared 10%, the ChiNext Index and the ChiNext Index soared 15%, and the Beijing Stock Exchange 50 Index soared 22%, with a turnover of 2.6 trillion yuan in the two cities, setting a historical record for A-shares.
The sudden outbreak of the market, public funds are also bitter. According to wind statistics, as of the end of September, more than 60% of partial stock products have achieved positive returns during the year, and the pattern of fund performance rankings has also undergone major changes again. Which products stand out, please see the "Third Quarter Inventory of Public Funds".
The highest increase of nearly 40% in a single month Public funds welcome the "autumn harvest" market
As the market came to an end in September, the A-share market in the first three quarters of this year also came to an end. The sudden change in the market at the end of September exceeded everyone's expectations. Especially in the few trading days from September 24th to September 30th, the public fund finally waited for the long-awaited "autumn harvest market".
On September 30, Tongtai Kaitai Mix, which is deployed on the Beijing Stock Exchange, achieved a net value increase of nearly 20% in a single day, although the product is still down 23% this year, but it seems that it has also seen the hope of turning around.
On the same day, Shen Wanling Xin, which lays out software stocks, has a multi-strategy flexible allocation and mix, achieving a single-day increase of 17.7%, which makes the product turn around its losses in one fell swoop and has achieved a positive return of 15% since the beginning of this year.
The above two products are only typical representatives of the best short-term performance at the end of September, and they also show that the partial stock fund products have finally begun to make money for the people after the end of the third quarter of this year.
According to Wind statistics, as of September 30, 69% of hybrid products have achieved positive returns this year, with a median performance of 3.84%. In terms of common equity products, 65% of equity funds have achieved positive returns this year, with a median performance of 4.2%. The reason why more and more public funds began to make money was mainly due to the outbreak of the market in September. In the past month, a large number of public offerings have achieved an increase of 20% or even more than 30%. For example, Huatai Berry New Economy Shanghai-Hong Kong-Shenzhen Mixed Economy, managed by He Qi, rose by as much as 39% in September, becoming the product with the largest increase in September. The heavy position layout of this product is the bull market "standard-bearer" brokerage stocks. But since the beginning of this year, the product has risen by 7.56%.
Interestingly, the Western Leader Strategy Preferred Blend, which rose as much as 37% in September, is the fund manager of this product, He Qi, and the fund manager of Huatai Berry almost have the same name and surname. With its in-depth layout in real estate stocks and resource stocks, the Western Liduo Strategy Preferred Mix has become the public offering champion in the first three quarters of this year, with a performance of 54% this year.
In fact, it can also be seen that although most public offerings have achieved short-term huge gains in the market in September, due to the different layout directions, the performance of the fund will be completely different from the perspective of the whole year.
Mixed fund gainers: the real estate sector is bitter
Next, let's look at the performance ranking of hybrid funds as of the end of the third quarter. After the dramatic changes in the market in September, the performance rankings of hybrid funds have also undergone significant changes. At the end of August, products with a layout of high-dividend sectors occupied the top of the list of gainers. For example, the Yongying dividend selection in the power sector has occupied the champion position of hybrid funds for a long time. In addition, many products in the oil sector and gold stock sector have performed well.
However, by the end of September, the Western Profit Strategy Optimization managed by He Qi and another product, Western Profit New Power, became the champion and runner-up of the mixed fund growth list, both of which have risen by more than 50% during the year.
Specifically, the fact that these two products of Western Leader can achieve such a big increase has a lot to do with their position adjustment in the second quarter. At the end of the first quarter of this year, they all held heavy positions in gold stocks. By the end of the second quarter, fund manager He Qi made an important adjustment and began to transfer many positions to real estate stocks. For example, the Western Lidl strategy is preferred to mix, and it has a heavy position in Vanke, Gemdale Group, Yuexiu Real Estate, as well as Sophia and I Love My Home in the real estate chain. In addition, in addition to the heavy positions of Vanke and Gemdale Group, Western Leader New Power has also laid out Binjiang Group, Vantage, Xilinmen and I Love My Home. At the end of September, the sector with the best rise in the market, in addition to brokerage stocks, was real estate.
In the interim report, fund manager He Qi said that in the second half of this year, there is a possibility of marginal improvement in real estate policies, which is expected to bring about a gradual recovery of the property market in key cities such as first-tier cities. After a long period of industry clearance, there are opportunities for valuation repair for high-quality companies in the real estate-related industry chain that can still survive against the wind. He Qi also believes that cyclical stocks and technology growth may be the twin main lines of the market in 2024.
In addition, some of the old faces in the list of gainers in the first half of this year are now on the list again. For example, Dongcai Digital Economy has become the third largest mixed-based increase with a 40% increase. The product is heavily positioned in leading optical module companies such as Tianfu Communication, Zhongji Innolight, and Xinyisheng. At the end of September, after more than two months of adjustment, Xin Yisheng hit a record high again.
Mixed fund decliners: there are still products that have fallen by more than 30%
Looking at the list of hybrid fund declines as of the end of August, despite the market blowout in September and many products have recovered their losses, there are still some products that have fallen by more than 30% during the year.
Specifically, Jinyuan Shun'an High-quality Select fell by more than 32%, ranking first on the list of decliners. In addition, Dacheng Dynamic Quantitative fell 31%, and Furong Value Select fell 30.77%.
In addition, Tongtai Kaitai, which had the first decline at the end of August, recovered a lot after rising 31% in September. However, by the end of September, the product's performance was still down 23% year-to-date.
Equity fund gainers: China Merchants Fund won the first and second place
Looking at the list of equity funds as of the end of the third quarter, the two products of China Merchants Fund won the first and second place in equity funds.
Specifically, the investment industry selection managed by Li Yin rose by 41.59% during the year, ranking first in the list of equity funds. According to the interim report of the product, it mainly holds banks, real estate, and a number of Chinese stocks. And in the past month, the product has risen by more than 20%. In addition, the China Merchants Industry Select Stock managed by Lu Wenkai rose 37.77% during the year, ranking second in the list of equity funds. According to the product's interim report, its main layout direction also includes banking, power, coal and other sectors.
In addition, Tongtai Financial Selection, managed by Wang Xiu of Tongtai Fund, achieved an annual return of 34%, ranking third in the list of equity funds. Tongtai Kaitai, managed by Wang Xiu, ranks last in the performance of hybrid funds, but ranks among the best among equity funds. The top 10 heavy stocks selected by Tongtai Financial are all bank stocks, which looks more like a "bank ETF". At present, the main bank ETFs in the market have risen by more than 35% during the year.
It is worth noting that the products managed by "Internet celebrity analyst" Yang Delong have also entered the list of stock fund gainers. The Qianhai Open Source Shenzhen Special Zone Selection, which he managed, achieved 28% of the revenue in the first three quarters. The product holdings are relatively miscellaneous, and the heavy stocks include BYD, Tencent, Mindray Medical, CICC Gold, Ping An of China, China Merchants Securities (Hong Kong stocks) and other companies.
Equity fund decliners: the theme of medicine has returned significantly
Finally, take a look at the list of decliners of equity funds, although the performance of the two major theme products of medicine and smart cars is still relatively lagging behind, after the rebound in September, the products on the decline list have generally rebounded sharply, especially the most obvious products in the pharmaceutical track.
Specifically, Shenwan Lingxin Pharmaceutical Pioneer, Anxin Pharmaceutical Health, Cathay Pacific Health and other products are still in the list of decliners. But in September, these products generally achieved an increase of more than 20%. The most typical is the Sino-European medical innovation stock managed by Gülen, which rose nearly 25% in September, and has only fallen by 9% since the beginning of this year, successfully jumping out of the list of decliners.
In addition, many products in the smart car track and agriculture are still on the list of decliners, but they also performed well in September.
Overall, the decline of the products in the list of equity funds is smaller than that of hybrid funds. The biggest drop was 20%, while the smallest drop on the list was only 11%.
Investment is risky, independent judgment is very important, this article is for reference only, does not constitute a basis for trading, enter the market at your own risk.
Every reporter Zeng Zijian Every editor Ye Feng cover picture source: Daily Economic News Photo by Liu Guomei (data map)