Last year, QDII fund, which generally showed weak performance, made remarkable achievements in the first half of this year, especially the oil and gas QDII, which was criticized last year, was “one ride and one hundred dust”. On the contrary, the gold QDII, which performed well last year, is “very tired” this year. Especially after the gold market fell sharply in mid June, the overall gold QDII performance was not good, and the fund lost benchmark was also more.
What happened to the gold QDII? Can I think about getting on the bus in the second half of this year?
Wind data show that the existing gold QDII products in the market are all behind the QDII product average line, among which, neither the efida gold theme USD cash exchange nor the efida gold theme RMB have won the performance benchmark.
As of July 8, from the perspective of yield, the yield of yifangda gold theme RMB C since this year is -8.36%, that of efida gold theme RMB a is -8.35%, the yield of huiding gold and precious metal QDII is -6.96%, the yield of Jiashi gold QDII is -6.23%, and that of noan global gold QDII is -5.29%.
Why is gold QDII underperforming this year? Laizhongli, manager of huitianfu gold and precious metal QDII fund, said that the global imbalanced economic recovery process has brought about severe fluctuations in the global market. The expectation of dollar rise on monetary level has formed a certain suppression on gold price, which leads to the continuous decline of gold price.
Zhouyu, manager of the fund, yifangda gold theme RMB, said in the 2020 annual report that the epidemic has brought great impact on the global economy, monetary policy and financial market, and the gold assets also fluctuate violently. The fund has reduced the position of gold stocks with a large decline in the early stage, leading to a significant lag in performance behind the benchmark in the first half of the year. In the second half of last year, the repeated epidemic pushed gold to a record high, but with the breakthrough of vaccine in the fourth quarter, the global risk preference generally recovered and the performance of gold assets was suppressed. The fund maintained a resilient gold market strategy in the second half of last year, so it lost the benchmark when precious metals were adjusted.
The second half of the year deserves attention
In the short and medium term, interest rates are still key drivers of gold prices, the world gold association said. The current gold entry price is attractive and may prompt strategic investors to add gold to their portfolio, which may support central bank gold demand in the second half of the year.
Song Qing, manager of noan global gold fund, maintained optimistic judgment on the medium and long-term trend of gold price, and thought that the short-term upward catalytic factors gradually increased. Under the expectation of long-term differentiation of the future economic growth of Europe and the United States, the market or began to weaken the impact of the European and American economy, and relatively weaken the dollar index, and reduce the repression on gold price. The investment logic of short-term gold price either switches to inflation level recovery, or the hedging logic of the upward speed of interest rate exceeding expected to disturb the stock market. Given the increased uncertainty in the global market this year, gold assets deserve attention.
In the first quarter of 2021, Zhou Yu noted that in the medium and long term, the core logic supporting the rise of precious metals has not changed, and investors are advised to be patient and more actively look at the medium and long-term prospects and allocation value of gold assets.