More Than Half Of The Funds Disclosed The Investment Logic Of Excellent Traders In The Third Quarter

Wind data shows that as of October 24, more than 4000 public funds have disclosed their quarterly reports, accounting for more than half of the total, and their overall performance is quite good.

Wind data shows that, for example, the average return of equity funds in the third quarter was 3.09%, and the average return in the first three quarters was as high as 22.96%.

However, it is worth noting that the performance of the Fund is significantly differentiated. Taking stock funds as an example, the highest return in the third quarter was 28.62%, and the lowest was - 10.09%. The differentiation was also obvious in the first three quarters, with the highest return of 81.58% and the lowest return of -11.41%.

Under the obviously differentiated performance, 21st Century Economic Reporters interviewed and selected a number of performance champions and excellent fund managers' views on investment. To sum up, this year's outstanding fund managers and champions have an obvious feature of the times. Most of them are "growth type" players, preferring innovation and technology stocks, among which electronics, biomedicine and computer industries are the focus.

Most excellent fund managers are "growth hunters"

So, how do high performing fund managers invest?

"In terms of investment strategy, we still adhere to the main line of technological innovation." On October 24, Jin Zicai, the fund performance champion (his management of the value momentum mixture of financial communication and the growth optimization mixture of financial communication ranked first and second in the same category in the performance of the past year), said in an interview with a reporter.

Jin Zicai pointed out that in the first three quarters of this year, China's capital market changed from the downturn in 2018 and rose to a certain extent. The overall market turnover has significantly warmed up, the market activity has significantly increased, and the earning effect is apparent.

However, Jin Zicai believes that there have been new changes in the market this year, "The differentiation of individual stocks is serious. The median increase of all A-shares is about 18%, 150 or so of which have increased more than 100%, and nearly 1000 of which have not risen or even fallen. The core reason for the differentiation of individual stocks is that it is fundamental, and it is also because the A-share market is more internationalized and more value oriented."

Jin Zicai pointed out that at the same time, there is a serious differentiation between industries. Some industries have increased by 70%, while others have decreased by 5%. The difference is extremely obvious. The rising sectors are concentrated in the consumption and science and technology fields, while the falling sectors are mostly cyclical industries strongly related to the economy, reflecting certain contemporary characteristics.

In addition, "the characteristics of market institutionalization are becoming more and more obvious. The return rate of public funds is significantly better than the overall market, and the return rate of institutional heavy stocks is significantly better than that of non institutional heavy stocks. The future institutionalization will be inevitable," said Jin Zicai.

Liu Gesong, the fund manager of Guangfa Diversified Emerging, the third quarter equity fund champion, another fund champion (the third quarter's return was 28.62%, and the first three quarters' return was 65.27%), said in an interview with reporters. "This year's performance is good, mainly for two reasons: one is to maintain a high stock position allocation; the other is to focus on the allocation of counter cyclical growth industries, such as over configured electronics, biomedicine and computer industries."

"From the perspective of portfolio structure, 'focus on growth' is our direction." Liu Gesong introduced that, in addition, the best way to deal with the market's concerns about growth uncertainty is to select assets with high industry prosperity and achieve sustained and stable growth through economic cycles. "This is also the direction we focus on in our investment this year. Specifically, we selected growth stocks such as medicine and biology, electronics, and new energy. "

In terms of investment opportunities, Liu Gesong identified two major directions as the starting point: the first is to select industries and individual stocks with sustainable high landscape and independent or counter cyclical growth logic in the current period. The second key point is that the reverse selection part is temporarily at the bottom of the business cycle, but has broad market space and outstanding core competitiveness. "Focusing on these two key points, we have selected the new energy industry chain, including photovoltaic, wind power, new energy vehicles, self controlled chains related to semiconductors, some medical devices and leading varieties of medical services."

Third quarter partial equity hybrid fund

Hu Yibin, the fund manager of Hua'an Intelligent Life (a return of 36.47% in the third quarter), the champion, said when summing up the performance: "During the reporting period, the fund benefited from the super allocation around the 5G upstream and downstream industrial chain, which greatly outperformed the benchmark. In the third quarter, it continued to increase the allocation of some industries and companies that had significantly improved their profit trends and benefited from the domestic substitution of technology leaders, as well as the upstream resource industry and midstream manufacturing industry closely related to 5G, reducing the allocation of some industries and companies that had increased too much and had less profit elasticity in the future. "

Shang Shuohui, the fund manager of Huatai Baoxing Jinianfeng A (the third quarter's return was 30.33%, ranking the second among the partial equity funds), summarized the reasons for the good performance in the third quarter's report: "In the semiconductor and electronics industries with more configurations in the third quarter, this part of the configuration made good gains in the third quarter, and at the end of the third quarter, some second-line varieties were reduced. In addition, considering the support of various industrial and financial policies, the leading companies in the field of innovative drugs and services in China were allocated. As the negative impact of African swine fever on the industry and listed companies exceeded expectations, it reduced the allocation of most agricultural, forestry, animal husbandry and fishery sectors. "

Hou Hao, the fund manager of China Merchants Guozheng Biomedical Graded (passive index fund, with a return of 14.90% in the third quarter, including 28.26% for Class B), attributed the good performance in the report to: the fund's benchmark index, the Guozheng Biomedical Index, rose 12.34% during the report period. In addition, the stock position remained at about 94.5%, basically tracking the benchmark.

Operation in the fourth quarter: technology stocks are popular

So, how do the excellent fund managers think the future market should be operated?

Jin Zicai told reporters that looking forward to the fourth quarter, he was still optimistic about the late performance of the A-share market as a whole. "On the main line, we are still most optimistic about the main line of science and technology. On the main line of scientific and technological innovation, 5G will be the biggest hot spot. Focusing on the main line of 5G, we will select industries and individual stocks, and we will focus on communication base station end companies and consumer electronics industry chain companies."

In addition, Jin Zicai said, "We will also pay attention to other industries unrelated to the economic cycle, such as innovative medicine, pharmaceutical services, high-end liquor and other consumer industries. There are also many good investment opportunities in pharmaceutical stocks, and we will actively seize them."

Liu Gesong said in an interview that the growth stocks represented by the technology industry have two positive factors in the medium and long term: first, Huawei and other leading technology companies have transferred their industrial chains to China, and 5G licenses have been issued, which has led to the performance of semiconductor, PCB and other companies in the electronics industry exceeding expectations; Second, leading technology companies such as electronics and computers have performed well in the past few months, but the assets of this style have been continuously adjusted for three years. At present, the valuation is at a reasonable level, and most institutional investors' portfolios are at a low allocation level. On the whole, scientific and technological assets are expected to achieve better performance.

In the third quarter report, Hu Yibin believed that 2019 is a key year for growth style. Driven by the troika of 5G, cloud computing and AI, the global technology cycle is expected to stabilize and recover quarter by quarter. Against this background, there will be more and more investment opportunities for growth style. "Therefore, we are optimistic about the overall performance of high-quality growth stocks in the second half of 2019." 。

Guo Fei, the fund manager of BOCOM Growth 30 Hybrid (the return in the third quarter was 26.71%, and the return in the first three quarters was 79.13%), said that looking forward to the fourth quarter of 2019, the new round of technology industry upward cycle led by 5G and the general trend of industrial transfer represented by chips are becoming more and more clear. (Editor: Li Xinjiang)

?