Source: Securities Times
Securities Times reporter An Zhongwen
The difference between old and new fund contracts may decisively affect the ranking of fund performance, and also affect the way fund managers “name”.
According to Wind data, in the recent three-month rebound, Hong Kong stock-themed funds have overwhelmed mainland consumer funds and become popular varieties. Some consumer funds managed by star funds were established earlier and failed to cover positions in Hong Kong stocks. Therefore, they lagged behind Hong Kong stock funds and sub-new funds with Hong Kong stock positions in this wave of rebound.
A reporter from the Securities Times noticed that some star fund managers who manage multiple funds have adopted different employment strategies for the funds under their management, that is, adopting independent management strategies for sub-new funds with Hong Kong stock positions in the fund contract, and for those including masterpieces. The old fund adopts the joint management strategy of dual fund managers. Industry insiders believe that the changes in the employment strategies of new and old fund products have highlighted the importance of Hong Kong stock positions on the performance of fund managers.
Hong Kong stock-themed funds recover strongly
In the past three months, the net value of Hong Kong stock theme funds has rebounded sharply, and the degree of blood recovery is significantly higher than that of mainland consumer funds. According to Wind data, Harvest Internet Industry Fund, Chuangjin Hexin Hong Kong Stock Connect Growth Fund, and China Post Shanghai-Hong Kong-Shenzhen Select Fund have rebounded by 50.35%, 48.99%, and 48.06% respectively in the past three months, becoming the best performers in this rebound market. Eye-catching 3 funds.
2023 has opened a new time cycle. Can Hong Kong stock theme funds continue to play the role of the rebound vanguard? The data shows that in the two time dimensions of the last month and the last week, the strong performance of Hong Kong stock theme funds still beats all track funds. Taking the last month as an example, Morgan Stanley Huaxin Fund’s Shanghai-Hong Kong-Shenzhen Select Fund and GF Shanghai-Hong Kong-Shenzhen Medical Fund are the best-performing varieties.
It is worth mentioning that a small number of mainland consumer-themed fund products that have entered the top 10 and top 20 performers all have Hong Kong stock positions in nature. Most of the mainland consumer-themed funds that set up positions in Hong Kong stocks in product design belong to the sub-new fund products established in the past two years. Hold the fund, established in March 2022, the scope of investment can include Hong Kong Stock Connect stocks. According to the disclosed information, as of the end of the third quarter of last year, the fair value of Bank of Communications Ruihe’s three-year holding fund investing in Hong Kong stocks through the Hong Kong Stock Connect mechanism was 553 million yuan, and the proportion of Hong Kong stock positions in its net asset value was 17.22%.
Differences between old and new fund contracts
The characteristic of the Hong Kong stock market is that both short and long positions can be fully operated, which means that Hong Kong stocks are more likely to become the hardest hit area for fund performance in a pessimistic situation, but it can also provide fund managers with the greatest flexibility after the market reverses. Some people from fund companies believe that the blood recovery of Hong Kong stock theme funds may be a signal of the fund performance ranking game in 2023, that is, the position in Hong Kong stocks may be decisive.
A reporter from the Securities Times noticed that in the recent three-month rebound, Chuangjin Hexin Hong Kong Stock Connect Growth Fund recorded an increase of nearly 50%. According to the disclosed information, as of the end of September 2022, New Oriental Online has become the fund’s largest holding, accounting for as much as 9.88%. From May 2022 to January 15, 2023, Koolearn’s stock price has increased by as much as 23 times in less than nine months.
In this context, some mainland consumer-themed funds with positions in Hong Kong stocks have also begun to enter the forefront of the performance rankings after the New Year. For example, the Yongying Pharmaceutical Innovation Smart Fund under the Yongying Fund is currently ranked among the top five in the New Year fund performance. According to the fund contract information, this sub-new fund was established on November 22 last year, and its stock assets accounted for 60% to 95% of the fund’s assets, of which the stocks invested in Hong Kong Stock Connect did not exceed 50% of the stock assets.
Relatively speaking, although the rebound in the net value of mainland consumer-themed funds is also remarkable, the overall recovery is significantly behind that of Hong Kong stock-themed funds.
A reporter from the Securities Times noticed that a mainland consumer-themed fund managed by a top-tier fund manager in Shenzhen has rebounded by 15% in net value in the past three months. Since the New Year, the net value has rebounded by about 6%. More than 200 products rebounded by more than 20%.
The reason why the performance of the above-mentioned star consumer fund product is slightly behind is that, as an early established fund, the product failed to design a Hong Kong stock position in the fund contract at the time, thus missing the current round of strong rebound in the Hong Kong stock market.
“It is a trend for non-Hong Kong stock funds to include Hong Kong stock positions in their contracts. I am also very optimistic about some good Hong Kong stock stocks. If other funds can buy but I can’t, it may be a problem.” A fund investment director in South China In an exclusive interview with a reporter from the Securities Times, he believed that the Hong Kong stock market has obvious characteristics and attractiveness in many fields, such as the Internet, medicine, and finance. In the past two years, new non-Hong Kong stock-themed fund products have begun to design Hong Kong stock positions in the fund contract, but the old fund products established in the early stage lack this advantage.
A reporter from the Securities Times noticed that an old fund product managed by the above-mentioned investment director had lasted for 11 years. At the same time, the net value of a Hong Kong stock theme fund he managed rebounded by as much as 18% during the same period. Industry insiders believe that the large difference in performance between the two fund products managed by the same fund manager further shows the problem of Hong Kong stock positions in the fund contract, which has led to a significant differentiation between new and old funds.
Star fund managers “named” change
Regarding the future market conditions, many fund managers believed in an interview with a reporter from the Securities Times that whether they have a position in Hong Kong stocks will have a greater impact on the performance in 2023.
In fact, the employment strategies of some star fund managers have also released obvious signals for this.
A reporter from the Securities Times noticed that at present, star fund managers have adopted completely different employment strategies for many fund products under their management, including starting to gradually let go of the “famous works” established in the early stage.
A top-tier fund manager of a large domestic public offering manages as many as 5 products, including an early-established masterpiece. As the performance contribution of the Hong Kong stock market becomes more prominent, this star fund manager is concerned about the Hong Kong stock positions covered in the fund contract. The sub-new fund adopts the strategy of independent management by one person, but adopts the strategy of joint management of two fund managers for the old fund products including its representative works.
Industry insiders believe that star fund managers are usually reluctant to manage their masterpieces with others. However, under the background that the Hong Kong stock market is increasingly important to fund performance rankings, the early masterpieces have actually shown performance because they did not cover positions in Hong Kong stocks in the fund contract. The disadvantage of ranking may be the reason why star fund managers are willing to let go of their “masterpieces”. At the same time, it also provides more energy for star fund managers to manage sub-new funds covering Hong Kong stock positions.
Qu Shaojie, manager of the Great Wall Hong Kong Stock Connect Value Selection Fund, believes that the current round of Hong Kong stock market is basically an oversold rebound from the unexpected decline in 2022, and the valuation of Hong Kong stocks has been restored. The Hong Kong stock market is being stimulated by the resonance of multiple positive factors, and this round of market may have better sustainability. Hong Kong stocks have rebounded so far, and have reached the middle and late stage of valuation restoration, basically returning to the level of July and August 2022, but there is still a big gap from the beginning of 2021. The next step mainly depends on the recovery of fundamentals. In view of the low base effect in 2022, the performance of Hong Kong stocks in 2023 is worth looking forward to optimistically.
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