In 2021, active equity funds entered the final sprint stage of “half way qualifying”. In the last few trading days, the number of active partial equity funds in the semi annual top spot appeared the situation of “overtaking” and then being reversed. As of June 25, the rate of return gap between gf’s multi factor and BAOYING’s advantageous industries this year is only 0.4 percentage point.
There are still some variables in the “half way race” of the active partial equity fund of the public offering fund, and the related targets of the cycle and electronic plate become the key to compete for the top.
The difference between the top two is only 0.4 percentage point
Since the second quarter, GF value managed by Lin Yingrui has a strong momentum of leading a, leading the active partial equity fund. With the continuation of the shock market and the rotation of the stock market, the competition of the active partial stock funds is fierce. Guangfa multi factor managed by Tang Xiaobin and BAOYING advantage industry jointly managed by Xiao Xiao and Chen Jinwei are closely catching up, and the yield gap is decreasing, even surpassing Guangfa value leading a.
According to the data, as of June 25, GF multi factor of active partial equity funds has temporarily ranked the first with a net value growth rate of 49.25%; BAOYING’s advantageous industries followed closely, with a net value growth rate of 48.81%. Jinying Xinxing, managed by Han Guangzhe, ranks third with a net value growth rate of 45.28%; Before that, GF value, which was once the leader, ranked fourth with a net value growth rate of 44.70%. It can be seen that GF multi factor and BAOYING advantage industries
The gap is only 0.4 percentage points, which may change the ranking in one or two trading days.
On June 22, GF multi factor was “overtaken” by BAOYING’s superior industry, and the latter’s net value growth rate of 45.77% exceeded GF multi factor’s 44.9%. In the next two trading days, due to the continuous strong influence of the semiconductor sector, Baoying’s advantage industry was obvious, once 2 percentage points ahead of GF. However, Baoying’s advantageous industries were only “brilliant” for a short time. After winning the three-day initiative partial stock champion, they were surpassed by GF on June 25.
Performance of active partial equity funds on June 21
Performance of active partial equity funds on June 22
Performance of active partial equity funds on June 23
Performance of active partial equity funds on June 24
At the same time, in the above trading days, Jinying national emerging continued to catch up, surpassing GF value and leading a on June 25.
At present, in the first half of 2021, only the above four active partial equity funds have a return rate of more than 40%, and the other funds have a return rate of less than 40%. Although the performance champion of active partial equity funds is still in suspense, the probability of being generated by GF multi factor, Baoying advantage industry, Jinying national emerging and GF value leading a is relatively high.
Periodic and electronic correlation is the key
From the perspective of the top ten stocks with positions in the history of GF multi factor, GF had a pro cyclical layout in the third quarter of 2020, accounting for about 30% of its positions at that time, focusing on energy, building materials and chemical industry; In the fourth quarter of 2020, with the addition of coal, nonferrous metals and steel, the position of cyclical stocks among the top ten heavy stocks reached 53.2%; In the first quarter of 2021, it continued to maintain a high pro cyclical plate position. During this period, a number of cyclical stocks rose by more than 40%, and some share prices even doubled.
Comparison of industry allocation of GF multi factor 2020 annual report with similar situation
BAOYING advantage industry also grasped this year’s cycle market. In addition to cyclical stocks, Sifang optoelectronics, heltai and other stocks with heavy positions have performed well in the near future, which also makes BAOYING’s advantageous industries perform well in the near future.
The situation of Baoying’s advantageous industries’ heavy position stocks
Gf’s value leadership also started to focus on Pro cyclical allocation in the third quarter of 2020, but in terms of individual stock layout, it is different from gf’s multi factor. GF takes the lead in value, covering A-shares and Hong Kong shares. The key industries are coal, nonferrous metals, machinery and equipment, transportation, automobile, etc; In the fourth quarter of 2020, the allocation will be increased. Among the top ten heavy position stocks, the position of cyclical stocks will reach 60%; In the first quarter of 2021, we continued to increase the positions of coal and nonferrous metals, and grasped the strong Pro cyclical plate since the beginning of the year.
Jinying national emerging industry mainly focuses on new energy vehicles, followed by photovoltaic, medical and health sectors. It is worth noting that among the top 10 active equity funds this year, the fund managed by Han Guangzhe occupies three seats, including Golden Eagle reform dividend and Golden Eagle healthcare industry a. the overall style of Golden Eagle reform dividend is similar to that of Golden Eagle national emerging.
In addition, since the end of March, the pharmaceutical sector has rebounded, and pharmaceutical funds still dominate the top active partial equity funds. In the top 20, pharmaceutical funds occupy eight seats, including Golden Eagle medical and health industry, China CITIC medical reform a, Southern Medical and health, China CITIC medical and health a, ICBC Credit Suisse pension industry, Changxin medical and health industry, etc.
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