High-quality funds favor TMT theme profit-driven or become the follow-up main line
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According to Wind data, the overall income of funds in May this year was limited, and more than 3,900 funds had positive income within the month, accounting for about 36%. From the perspective of holdings, the holdings of high-quality funds are mostly in TMT sectors such as media and artificial intelligence.
Industry insiders said that the current market weakness is mainly due to the correction of the fundamentals of strong expectations and weak reality, and the expected contraction rate may have been over-adjusted, and it will be slowly repaired in the future. From a long-term perspective, the general trend of domestic recovery still exists, and the medium and long-term investment value of A shares is emerging. It is expected that follow-up investment opportunities will be more profit-driven, and the market will gradually become more balanced.
The return rate of 3922 funds is positive
Since May, the A-share market has fluctuated and declined, and the overall performance of fund income has also been affected. Wind data shows that as of May 31, among the 10,886 fund products in the market, 3,922 funds had positive monthly returns, accounting for about 36%.
For active equity funds (including ordinary stock type, partial stock hybrid type, balanced hybrid type, and flexible allocation type, the same below), this ratio continues to decline. According to the preliminary statistics of the “Economic Information Daily” reporter, among the 4,225 active equity funds in the market, only 489 had positive returns in May, accounting for only 12%. This also means that nearly 90% of active equity funds faced losses in May.
“From a fundamental point of view, the domestic economy shows a weak recovery trend. The production, investment and demand sides of the economic data in April still need to be improved.” Nord Fund Manager Zhang Yuhong told the “Economic Information Daily” reporter, Since the end of last year, the market has had high expectations for the recovery of the domestic economy. However, from the Spring Festival to May, excess savings did not quickly convert into consumption. At the same time, the “May 1st” consumption data showed a weak recovery in total consumption, which made the market start to constantly correct the fundamentals of “strong expectations but weak reality”. , The recovery chain sector all experienced a relatively large decline.
As far as a single fund product is concerned, a total of 8 products achieved a return rate of 10% or more in May, of which GF Growth Pilot One-Year Hold, Taiping Industry Selection and Eastern Regional Development achieved monthly returns of 15.73%, 13.00% and 11.74% respectively. The rate of return ranks among the top three active equity funds. At the same time, the number of fund products that fell by more than 10% in May reached 57. Among them, Chuangjin Hexin Hong Kong Stock Connect Growth, Guojin ESG Continued Growth, and Western Lide Hong Kong Stock Connect New Opportunities ranked the top three decliners, with returns of -14.84 respectively %, -13.94%, -13.77%. Based on this calculation, the difference between the first and last performance of active equity funds in May exceeded 30%.
However, the performance of “small and beautiful” active equity products with a scale of less than 1 billion yuan in May was relatively impressive. Specifically, the latest scales of Guangfa Growth Pilot Holdings, Taiping Industry Selection, and Eastern Regional Development, which had the highest performance in May, were 317 million yuan, 58 million yuan, and 70 million yuan, respectively. In addition, the latest scale of the ten fund products ranked 4th to 13th in return in May, such as Guorong Rongsheng Leading Yanxuan, China Post Health Entertainment, and China Shipping Information Industry Selection, also did not exceed 1 billion yuan.
“Small-scale funds are easier to adjust positions, and managers can grasp industry rotation and style switching in a timely manner. As their performance grows, they will be favored by investors.” Jia Zhi, managing director of Hualin Securities Asset Management Department, told reporters. However, he also emphasized that the “small and beautiful” fund also needs to be confirmed over a long period of time, and don’t be misled by short-term performance, otherwise it is easy to chase up and cause losses.
TMT and other fields heavily held fund performance is outstanding
Judging from the fund holdings in the first five months of this year, the heavy warehouse media sector, the TMT sector represented by artificial intelligence, and the main line of valuation restoration represented by central state-owned enterprises have become the common characteristics of high-quality fund positions.
For example, the fund product with the highest total return rate this year is Yinhua Sports Culture under Yinhua Fund, with a return rate of 68.92% within the year. The fund is a hybrid product, the latest scale is only 102 million yuan. From the point of view of holdings, the top ten major holdings of the fund are mainly in the fields of media, computers, and electronics. According to the first quarterly report, the market value of the fund’s positions in Gigabit, 37 Interactive Entertainment, Kunlun Wanwei, Yingying Network and 360 ranks among the top.
The fund product with a total return rate of 57.13% since 2023 is Soochow Mobile Internet, which mainly holds a heavy position in the TMT sector. As of the end of the first quarter of 2023, the top ten major holdings of the fund are GigaDevice, Kingsoft Office, Haiguang Information, Cambrian-U, Zhongji InnoLight, Zhongke Sugon, HKUST Xunfei, Shanghai Electric Power Co., Ltd. Fu Communication and Jingfang Technology.
“The short-term market does not see the positive feedback of the continued strengthening of the economy, so it is more inclined to pursue investments that have a large long-term space and are difficult to falsify in the short term. China’s special assessment and artificial intelligence have this characteristic. China’s special assessment is the underestimation of long-term assets Artificial intelligence is the logic of long-term space.” Wang Sheng, general manager and senior fund manager of Star Rock Investment, told the reporter of “Economic Information Daily” that the trend of the above-mentioned sectors will mainly depend on the judgment of the actual operation of the future economy. . The economy tends to strengthen, and the direction that is pro-cyclical and supported by continuous fundamentals may gradually become the main line, while valuation-driven thematic investments may fluctuate. At the current point in time, the direction based on the company’s performance can be grasped with more certainty.
The medium and long-term investment value of A shares shows
In the view of industry insiders, the current market weakness is due to the correction of the fundamentals of strong expectations and weak reality, and the expected contraction rate may have been over-adjusted, and it will be slowly repaired in the future. From a long-term perspective, the general trend of slow domestic recovery still exists, and the investment value of A shares is prominent.
“The two factors of weak reality and weak expectations are superimposed, resulting in a weaker market trend in the near future. From a long-term perspective, the investment value of A shares is beyond doubt, and now we need to wait for a clear change in economic expectations.” Wang Sheng said, first of all, China’s exports are resilient, and its current main driving force comes from high-end manufacturing, behind which is the long-term sustainability of China’s industrial upgrading. Secondly, the restoration of endogenous consumption is also a structural bright spot. It’s just that under the relatively weak data of the total amount, it is not easy to see changes in structural improvement. The main driver in the future may still be domestic demand, more of which is the restoration of offline services. This trend is relatively clear.
Galaxy Securities believes that after a sharp correction in May, A shares fell to the point at the beginning of January, and the valuation is at a historically low level. The performance growth rate of the consumption sector is generally high, and the performance certainty is strong. The digital economy is a sector with high growth this year, but the differentiation in subdivisions has intensified.
Zhang Yuhong also believes, “From the industry level, more follow-up opportunities may still be driven by profits, and the market may gradually tend to be balanced. The market may have a higher degree of attention to high dividends, low valuations and thematic concept sectors, such as’ Zhongte estimates ”AI’, etc., and pays attention to oversold procyclical recovery sectors, such as food and beverage, textile and clothing, medical services, etc.”
Regarding the current new energy industry chain that has been significantly adjusted, Wang Sheng said that the demand and supply of new energy and other industries have grown rapidly, and the current demand has slowed down slightly, and the pressure on the short-term supply side is relatively high. time to absorb the increase in supply. However, for the aforementioned sunrise industries, there is support from global demand. Even if they are facing some pressure now, there is still good room for development in the long run.
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