source: Shanghai Securities News
2021-07-27 19:55
On the whole, some fund managers have made it clear that this year’s investment needs to be vigorous and adjusted, and to make a certain amount of cash at an appropriate time.
In the first two trading days of this week, the stock indexes of the two cities fell, popular sectors such as pharmaceuticals and new energy fell successively, and the net values of many thematic funds also adjusted accordingly.
It is worth noting that the actual net value of some star funds has a large deviation from the estimated net value, which means that during July, these fund managers who hold a lot of money may have adjusted their positions.
Star Fund may have adjusted positions in July
Obviously, the estimated net value fell by more than 6%, but the actual net value showed that it only fell by 5.06%?
Yesterday (July 26), the China-Europe medical and health mix managed by Gülen saw a significant decline, but the actual net value decline was significantly smaller than the estimated net value. For this volatile star product, although many people in the Alipay-related comment area have chosen to “lie flat”, they have unexpectedly dropped as much as they thought.
In fact, the top ten heavy stocks of the fund at the end of the second quarter fell across the board yesterday, with larger positions in Aier Ophthalmology, Tongce Medical, and companies such as Kanglong Chemical and Tigermed.
The industry believes that the difference between the estimated net value and the actual net value may mean that during July, Gülen has already conducted a certain adjustment.
In the same situation, there is also the Bank of Communications Schroder Pharmaceutical Innovation Stock managed by Lou Huiyuan. The estimated net value of this product fell by 5.37% yesterday, and the actual net value showed a decline of only 4.8%.
In fact, in early July, there was a wave of decline in the medical theme fund. Some fund managers bluntly told reporters that from the perspective of historical valuation, the pharmaceutical sector at that time did not fall in place, but some institutions may feel that they have adjusted to their own psychological price. Therefore, the entry of funds triggered a certain degree of rebound. However, the overall high valuation still makes it easy for the pharmaceutical sector to “snap up”.
Everbright Prudential Health Plus Hybrid’s proposed fund manager Xu Xiaojie believes that this wave of adjustments in the pharmaceutical sector in early July was mainly due to excessive valuations.
“No matter how high the track’s prosperity is, how good its performance is, and how good its management is, if the valuation of a listed company overdrafts its return in the next three to five years, there will inevitably be adjustment needs.” Xu Xiaojie said, although medicine The company’s performance growth rate is relatively stable and sustainable, and more premiums can be given, but the valuation is still bounded.
The star fund adopts “dynamic strategy” in the second half of the year
Not only the medical theme fund, but also the actual net value and estimated net value of a number of new energy-themed star products yesterday also showed a certain gap, which does not rule out the possibility of position adjustment.
For example, Zhao Hao’s ABC-Agriculture New Energy theme mix. Yesterday the estimated net value of the fund fell by 0.21%, but it actually rose by 0.08%; the HSBC Jinxin low-carbon pioneer stock managed by Lu Bin, the estimated net value fell by 0.58%, the actual net value rose 0.11%; The estimated net value of the Chuangjin Hexin new energy vehicle theme stock managed by Cao Chunlin fell by 0.65%, but the actual net value rose by 1.04%.
Lu Bin believes that the recent rapid rise in the new energy sector also means that there is likely to be greater volatility in the future. If you want to control the volatility, you must choose a timing. This is also a problem that has caused him to fall into anxiety in the near future. Before this, Lu Bin also made it clear that a “dynamic strategy” will be adopted in the new energy sector this year.
Chuangjin Hexin New Energy Automobile Equity Fund Manager Cao Chunlin believes that the recent rise in the new energy automobile sector is mainly because the fundamentals have exceeded expectations and the valuation has not increased significantly. However, the stage where the new energy vehicle sector has the largest expected gap and the fastest rise has been completed in the second half of last year, and the future growth of the sector will need to be driven by continuous performance.
Lu Bin revealed to reporters that the current position of offensive and defensive assets in asset allocation has been roughly divided into half. On the one hand, from the perspective of the next one or two years, the probability that low-valued real estate stocks, market value and market growth stocks will continue to adjust downward is already low. As a partial defensive position. On the other hand, the performance of sectors such as new energy vehicles and cycles still has greater flexibility as offensive positions.
On the whole, some fund managers have made it clear that this year’s investment needs to be vigorous and adjusted, and to make a certain amount of cash at an appropriate time. “Taking profit is a necessary operation. There are only a few assets in the world that do not need to take profit. For example, if you bought Apple (AAPL) 20 years ago, you don’t need to stop profit halfway. If you have the ability to find such a company, you should “lie to win”. , But this is a rare case after all.” said a fund manager in Shanghai.
Xu Xiaojie also believes that if fund managers want to achieve better performance this year, they must “cash in” appropriately, but they must dare to get in the car after the adjustment.
Author of this article: Zhu Yan, source: Shanghai Securities News, original title: “Successful Hedging? “Top-flow” fund managers such as Ge Lan and Zhao Yi may have adjusted their positions”
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