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Earnings fell by more than 10% in 5 trading days, what happened to these public funds?

Zhongxin Jingwei, October 15 (Xue Yufei) Recently, the income of many public funds has rebounded rapidly, but there are also some products with average performance, and some have obvious drawdowns in a short period of time. In the four trading days from October 8 to 11, the net unit value of Dacheng Leading Power and Dacheng National Security of Dacheng Fund retreated significantly, falling by about 16.17% and 14.84% respectively. By the 14th, the returns of the 2 funds had rebounded.

According to Wind data, in the five trading days from October 8 to 14, the cumulative income decline of Dacheng National Security and Dacheng Leading Power ranked first and second respectively among public funds in the whole market.

The net value of Wang Shuai's products under management has withdrawn significantly

Dacheng Leading Power and Dacheng National Security are both managed by Wang Shuai. According to the disclosure, Wang Shuai served as a researcher at GF Securities Research Center from March 2017 to September 2019, and then joined Dacheng Fund and began to manage public fund products at the end of 2021. At present, Wang Shuai manages a total of 4 funds, with a total management scale of more than 3 billion yuan.

Dentons Leading Power is a new fund, which was established on August 28 this year with a scale of about 256 million yuan. In terms of investment scope, the fund can invest in A-share stocks, Hong Kong Stock Connect underlying stocks, bonds, etc., and the industry selection is also relatively broad. Since the fund has just been established, there is no specific investment data released for the time being.

Earnings fell by more than 10% in 5 trading days, what happened to these public funds?

Dacheng leads the trend of the net unit value of Power A in the past month. Source: Dacheng Fund's official website

Judging from the trend of the unit net value of Dacheng Leading Power published on the official website of Dacheng Fund, in September, the unit net value of Dacheng Leading Power was in a state of slight fluctuation, and only rose slightly after the overall market recovered at the end of September. On October 9, the second trading day after the National Day, the net unit value of the fund's class A share fell, from 1.0021 yuan on the 8th to 0.9416 yuan on the 9th, and on the 10th and 11th, the net unit value retreated again, and to close on the 11th, the net unit value fell to 0.8401 yuan. From the 9th to the 11th, the net unit value of Dacheng Leading Power A fell by about 16.17%.

Dacheng National Security, founded in 2016, was taken over by Wang Shuai at the end of September 2023. According to the quarterly product report, after Wang Shuai took over, Dacheng National Security's stock position began to decline gradually, from 50.51% at the end of the third quarter of 2023 to 0.97% at the end of the first half of 2024, and at the same time, the proportion of financial assets purchased and resold by Wang Shuai, bank deposits and settlement reserves in the fund's total assets was 39.73% and 59.02% respectively.

Wang Shuai said in Dacheng National Security's second quarter report this year that as of the end of the second quarter, the fund's position was low, and in the future, it will still take into account both market strategy research and industrial fundamental research, give full play to the advantages of flexible allocation, and strive for excess returns.

Earnings fell by more than 10% in 5 trading days, what happened to these public funds?

Dacheng National Security A unit net value trend in the past month. Source: Dacheng Fund's official website

Judging from the net value trend of Dacheng National Security in recent times, it has remained stable before, and even after mid-September, the net value of the unit has remained almost unchanged, with 0 rises and falls for several consecutive days, which can also indicate that the fund's position at that time was still low. However, since October 8, the net unit value of Dacheng National Security has retreated, and from the 8th to the 11th, the net unit value of the fund's Class A shares fell by 1.44%, 6.30%, 2.48%, and 5.44% respectively, with a cumulative decline of 14.84% in four trading days.

On the 14th, the A-share market rebounded, and on the same day, the net unit value of Dacheng Leading Power and Dacheng National Security rose by 4% and 2.15% respectively. According to Wind statistics, in the five trading days from October 8 to 14, the cumulative income decline of Dacheng National Security and Dacheng Leading Power ranked first and second respectively in the whole market of public funds, at -13.01% and -12.82%.

Regarding the above situation of Dacheng Leading Power, Dacheng National Security and how to control the drawdown of net value in the future, Zhongxin Jingwei contacted the relevant departments of Dacheng Fund, but as of press time, no reply has been received.

The performance of public funds after the holiday was differentiated

Judging from the income performance of public funds in the whole market after the National Day, the phenomenon of differentiation has emerged, and the difference between the first and last performance is more than 30 percentage points.

According to Wind data, from October 8 to 14, there were a total of 204 public funds with a cumulative return of more than 5% (note: different shares of the same product are only counted once), of which there are 15 funds with a cumulative return of more than 10%, and the CEIBS BSE 50 Component Index ranks first with a yield of about 21.24%.

Among the funds with the highest income growth after the holiday, except for a few Beijing Stock Exchange 50 component index funds, chip-related index funds account for a larger proportion, and many products such as SSE Science and Technology Innovation Board Chip ETF and CSI All-Index Integrated Circuit ETF have performed well.

Earnings fell by more than 10% in 5 trading days, what happened to these public funds?

At the same time, from October 8th to 14th, there were a total of 281 public funds with a cumulative return of -5%, of which there were 6 funds with a cumulative return of less than -10%, in addition to Dacheng National Security and Dacheng Leading Power, the remaining 4 were Rongtong Tongying (-12.05%), AVIC Mixed Reform Select (-10.94%), Wells Fargo CSI Tourism Theme ETF (-10.18%), and ChinaAMC CSI Tourism Theme ETF (-10.17%).

Observing the funds with the top decline in post-holiday returns, it is found that they basically show a rapid increase in pre-holiday earnings and a rapid drawdown after the holiday. Taking AVIC Mixed Reform Select as an example, from mid-September, the net value of the fund began to recover, and the yield rose by about 24.92% in the five trading days from September 24 to 30. After the holiday, the retracement of fluctuations begins.

Referring to the holdings disclosed in this year's interim report of AVIC's mixed reform selection, the fund held a total of 14 stocks at the end of the first half of the year, all of which were real estate stocks. Affected by favorable policies, the real estate sector before the holiday set off a wave of stock price limits, and after the holiday, it fluctuated.

From September 24th to 30th, the Wells Fargo CSI Tourism Theme ETF and ChinaAMC CSI Tourism Theme ETF, which track the CSI Tourism Theme Index, performed outstandingly, with cumulative returns of 28.58% and 28.62% respectively. After the holiday, the CSI Tourism Theme Index rebounded, and the net value of the two funds also retreated.

Bosera Fund told Zhongxin Jingwei that driven by sentiment, the A-share market has overrisen in the early stage, and the market has entered a volatile consolidation market in the past week. In terms of structure, domestic demand and growth are expected to be beneficial under the policy force, and in the medium term, before the slope of the economic upward trend is clear, we will maintain optimism on dividend assets. In the industry, non-banking, media, electronics, food and beverage, light industry, medicine, and chemical industry are recommended. In the future, we should pay attention to the introduction and implementation rhythm of policies.

(For more reporting clues, please contact the author of this article, Xue Yufei: [email protected]) (Sino-Singapore Jingwei APP)

(The views in the article are for reference only and do not constitute investment advice, investment is risky, and you need to be cautious when entering the market.) )

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Editor in charge: Wei Wei and Li Zhongyuan