China Fund News Reporter Fang Li Cao Wenjing
The ups and downs of the A-share market have come to an end in the first seven months, and it is time to summarize fund performance again!
data shows that the major mainstream indexes performed differently in the first seven months, running weakly, with more declines and less rises. Indexes such as the Dividend Index, CSI Dividend, SSE 50, and CSI 100 rose, especially the Dividend Index, which rose by 5.61%. However, the performance of Science and Technology Innovation 100, CSI 2000, etc. was dismal. Due to the divergence in index performance, about 32% of active equity funds achieved positive returns during the year. Funds that seized market opportunities achieved better returns, with the highest yield approaching 32%.
More than 30% of active equity funds achieved positive returns during the year
In the first seven months, the A-share market was generally volatile, with obvious structural trends. Large-cap blue-chip stocks performed better, while small and medium-cap stocks generally fell.
However, subsequently dragged down by multiple factors and lack of market confidence, the Shanghai Stock Index fell all the way, eventually falling below the 3,000 and 2,900 points. However, driven by positive factors such as the recent important meeting, the Shanghai Stock Exchange Index closed at 2938.75 points on the last trading day in July, a year-on-year decline of 1.22%.
Judging from the performance of the major indexes in the first seven months, the Dividend Index, CSI 100, etc. performed better, while indexes such as the Science and Technology 50 and CSI 1000 fell, with some indexes falling by more than 10%, and the Wind Microcap Index fell by more than 10%. 20%.
The overall outstanding performance in the first seven months was the bonus sector. From the perspective of Shenwan's first-level industries, the banking, public utilities, household appliances and other sectors have increased by more than 10%, while the comprehensive, computer, trade and retail, light manufacturing, social services, media, textile and clothing, pharmaceutical and biological, trade and retail sectors A drop of more than 20%.
Under such a volatile market, equity funds have delivered performance answers. According to
wind statistics, if new funds established in 2024 are not counted, the overall performance of equity funds in the first seven months was -5.44% (including index, hybrid, stock, excluding Fof, only the main code), which is inferior to The Shanghai Composite Index has a smaller retracement than the GEM Index.
Specifically, the overall average return of active equity funds in the seven months before inclusion in the statistics was -5.41%. Ordinary stock funds and partial stock hybrid funds with minimum positions of 80% and 60% respectively can better reflect the equity investment capabilities of overall public funds. Data shows that in the first seven months, the return rates of ordinary stock funds and partial stock hybrid funds were -7.22% and -7.12% respectively.
In the first July, 32% of active equity funds achieved positive returns during the year. Judging from the overall performance of active equity funds, among the 4,950 funds included in the statistics, 1,613 had positive returns, accounting for 32.58%.
The best fund’s return rate during the year was nearly 32%
Some active equity funds seized market opportunities and achieved better returns. Data shows that as of July 31, a total of 154 active equity funds have performed more than 10% this year, 15 have exceeded 20%, and the performance of the most outstanding funds is close to 32%.
Morgan Stanley Digital Economy A, managed by Lei Zhiyong, became the performance leader of active equity funds in the first seven months with a gain of 31.91%. The fund's second quarter report shows that Morgan Stanley's digital economy is mainly allocated to electronics and communications, and AI concept stocks account for a large proportion.
Lei Zhiyong also wrote in this year’s second quarter report that Morgan Stanley’s digital economy focuses on the digital economy sector represented by digitization and intelligence, and the configured AI computing power performs well. Looking forward to the third quarter, he is optimistic about the demand for cloud computing power and terminal consumer products driven by AI.
is followed by Oriental Cycle Selection A managed by Fang Jianwei, with a gain of 26.72% so far this year. Judging from the quarterly report, fund managers have made periodic allocations to precious metals (gold, silver, etc.) and some minor metals to seize market opportunities. Looking at the top ten heavy holdings at the end of the second quarter, the fund re-allocated Yintai Gold, Chifeng Gold, Shandong Gold, CICC Gold, Shengda Resources, Zijin Mining, etc.
Fang Jianwei also wrote in the quarterly report that this year may be an inflection point for the Federal Reserve’s interest rate policy, and the actual interest rate on U.S. debt may peak and fall. From a historical perspective, after the Federal Reserve’s interest rate hike ends, the U.S. dollar index is expected to continue Weakening, the real interest rate of U.S. Treasury bonds is expected to trend downward. During this period, precious metals represented by gold are expected to have sustained prices or be assets worth allocating.Yongying Dividend Selection, managed by
Xu Tuo, ranked third among active equity funds in the first seven months with a yield of 26.55%. This fund adopts a dividend enhancement strategy, focusing on high-quality high-dividend targets and pursuing stable returns.
In addition, Dongcai Digital Economy Selection A, managed by Luo Qing, also has a return rate of 26.44%. Wang Peng, who has a precise layout of technology stocks, manages many funds with leading performance, such as Manulife Prosperity Pilot for two years, Manulife Smart Selection for 18 months, Manulife Emerging Prosperity Leader A, and Manulife Growth, with annual returns exceeding 23 %.
Judging from the current active equity funds with top performance, there are mainly two types. One type focuses on allocating dividend themes, high dividends, resources, etc., and the other type allocates artificial intelligence and other directions.
However, a large number of funds that did not grasp the market situation recorded large losses in income, causing a huge difference in the performance of active equity funds from the beginning to the end. Wind data shows that the last fund in the first seven months was a sub-new fund established at the end of December last year. Since the beginning of this year, the loss has been close to 40%, and the net value growth rate is -39.67%, which is almost 71 percentage points different from the performance champion. In addition, there are 332 funds with net fund values falling by more than 20% this year. Most of them are in the information industry, biomedicine and other fields, and their net values have been damaged due to market shocks.
Gold, banking, and energy-related ETFs performed well
In the first seven months, gold, banking, energy and other sectors took turns to perform, driving the performance of a large number of index funds. Judging from the performance of specific index funds, thematic index funds such as gold, banks, central state-owned enterprises, energy, and electricity became the biggest winners in the first seven months.
Judging from the performance of specific index funds, the index funds tracking gold have performed brilliantly. In the first seven months of this year, the returns of gold stock ETFs under Huaxia and Yongying reached 29.9% and 21.86% respectively. In addition, index funds tracking the banking sector also performed well, such as bank-related ETF products under E Fund, China Universal, Celestica, Southern, Huaxia, Huabao, and Wells Fargo Fund. The return rates in the first seven months of this year were all above 21%. In addition, ETF products related to central state-owned enterprises under China Southern, Ping An, Cathay Pacific and Harvest Fund also ranked among the top in terms of returns in the first seven months of this year.
Judging from the three-year interim performance, some active equity funds are still performing well. According to data from
wind, as of July 31, there were 5 funds with a return rate of more than 50% in the past three years, and 4 of them achieved a net value of more than 90%.
has the best performance of Wanjia Macro Timing Multi-Strategy A, Wanjia Xinli, and Wanjia Selection A managed by Huang Hai. The yields in the past three years have reached 106.22%, 104.23%, and 94.91% respectively. They are temporarily listed in the past three years. Top three in performance returns. Followed closely by Jin Yuanshun An Yuanqi managed by Miao Weibin, with a return of 94.45% in the past three years. In addition, Bao Wumang's Invesco Great Wall Value Pilot's performance in the past three years during the two-year holding period is also above 50%.
The best performance in the past five years has increased by more than 250%
From the perspective of investment in the past five years, the return rate of the best-performing fund has exceeded 250%.
Judging from the situation in the past five years, the performance return of Jinyuan Shun'an Yuanqi managed by Miao Weibin reached 251.41%, ranking first among active equity funds. Followed closely by Soochow Mobile Internet A managed by Liu Yuanhai and Chinese Business New Trend Selection managed by Zhou Haidong, with performance returns of 223.02% and 219.26% respectively in the past five years.
In addition, Soochow New Trend Value Line, Dacheng State-owned Enterprise Reform A, Dacheng Emerging Industries A, Integrating Domestic Demand Driven AB, etc. also performed well, with performance returns of more than 200% in the past five years.
In this process, a number of outstanding fund managers such as Han Chuang, Fan Kun, Yang Jinjin, Du Yang, and Li You also emerged.
Cautiously optimistic about the A-share market outlook
The recent volatility in the A-share market has intensified, and the Shanghai Stock Index once fell below the 3,000 and 2,900 points. On the final day of July, A-shares turned the tide and ushered in a sharp rise, reaching 2,900 points again. In the face of continued adjustments, many industry insiders still expressed cautious optimism about the A-share market outlook.
Looking forward to the market outlook, ABC-CA Fund believes that the current valuation level of the A-share market is already at a historical low, with outstanding mid- and long-term investment value and high allocation value.
Cathay Fund said that in the short term, the Third Plenary Session of the Central Committee of the Communist Party of China has deployed plans to further comprehensively deepen reforms and promote Chinese-style modernization, and the combined efforts of both monetary and fiscal policies will be conducive to the continued oversold rebound of core assets, especially telecommunications, medicine, Finance and technology can also benefit relatively. In the long term, technology and security will still be the main lines of policy.
Galaxy Fund believes that in the second half of the year, we can pay attention to the high-prosperity growth directions represented by "Special Appraisal" and the semiconductor industry chain. These directions were affected by the fall in risk appetite in the first half of the year and are not dominant compared to high RoE and high dividends. But at present, clear policy guidance, more certain industrial trend catalysts and lower valuations will all serve as support for the return of the economy.
Editor: Huang Mei
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