**: Brokerage China.
In the last week of the decisive battle, the championship competition for the 2023 rights and interests ** has finally come to the countdown stage.
On December 22, affected by the huge earthquake in the game and media sectors, the performance ranking was reshuffled. At present, the development of the Eastern region relies on 4333% of the year's income temporarily ranked first in the performance of active equity**, followed by Soochow Mobile Internet and Huaxia Beijing Stock Exchange's innovative small and medium-sized enterprises selected for two years, with annual revenues of44%。
Since December, in order to sprint for the annual championship, many ** have shown their own powers. Previously, Golden Eagle Technology Innovation, Golden Eagle Core Resources, Taixin Industry Selection, etc., which had excellent performance during the year, successively announced purchase restrictions and dividends. However, the key to the decisive victory is still whether the target of the bet can continue to dominate the market. At present, many of the champions are the ultimate themes, and the main investment tracks are concentrated in the fields of AI (artificial intelligence), TMT (technology, media and communications) and the Beijing Stock Exchange.
Unlike in the past, the beta changes in the equity market have accelerated significantly this year. In recent years, no matter what the sector of A-shares is, the main line is still clear, but in the ups and downs of 2023, artificial intelligence, media sector, coal, and the concept of the Beijing Stock Exchange are waiting for you to sing and I will appear. At present, only 3 of the top 10 companies have achieved positive returns in the second half of the year. Industry insiders remind that the ultimate goal of investment is to obtain a positive return on investment, so investors should follow the principle of merit-based investment, and the inspection of the first can not ignore its risk control ability, and cannot pay too much attention to short-term performance rankings.
The performance rankings have shuffled again
Last week, the "Champion Base" was rotated by a number of products. On December 19, Taixin Industry Select was 46Ranked first with a 51% earnings;On December 20, the China Beijing Stock Exchange Innovative Small and Medium-sized Enterprises Select opened at 49 for two years58% of the earnings came from behind;On December 21, Taixin Industry Select won another 4451% of the earnings regained the first place;On December 22, due to the heavy fall in the game sector, the development of the Eastern Region, which previously ranked fourth, rose more than 3% against the market and rose to 4333% of the results were newly promoted to the top of the list.
Looking back on the fourth quarter, the AI and media sectors have resurgedTaixin Industry Selection has topped the performance list in one fell swoop by virtue of **Dongfeng Strong**. As of the end of the third quarter, the top heavy stocks include Wanda Film, Guangguang Media, China Film, etc., which can be described as all film and television stocks. Recently, the net value performance of the ** is still converging with the trend of the related sectors, so it is inferred that the rebalancing of the ** in the fourth quarter is not large. As of December 21, the ** ended at 4451% of the rise temporarily ranked first, but the profit and loss of the same source, in the heavy fall on December 22, the top ten heavy stocks (as of the end of the third quarter) fell by 5, resulting in a single day decline in net value of 629%。suffered a heavy setback at the intersection of rankings, and Taixin Industry Selection had to give up its previous position at the top of the list.
As of December 22, the development of the eastern region, which has temporarily reached the top, is also a "familiar face". Public data shows that in the first half of the year, the ** achieved considerable gains with the heavy position of the AI sector, and the ** manager adjusted the position in time when the AI sector was at a high level, maintaining the hard-won "results", thus occupying the top of the performance ranking for several months. At the end of the second quarter, the ** began to turn to the liquor sector, which had been in decline for a long time but showed signs of bottoming, so the net value performance in the second half of the year was relatively stable. In the "card position war" at the end of the year, although it was a little weak in the future, the sharp drop in the game sector on the 22nd also made the development of the eastern region experience a "blessing".
It is worth mentioning that at the end of the third quarter, the top ten heavy stocks of the development of the Oriental region were all liquor stocks, and the liquor sector was mixed on December 22, and the net value should have been relatively stable, or even slightly down. However, according to the data disclosed after the market, the ** in the context of **overall** unexpectedly 301%。In the past month or so, the convergence between the net value of the development of the eastern region and the trend of the liquor sector has gradually decreased, which may indicate that the first manager Zhou Siyue chose to adjust his position in the fourth quarter. Combined with December 22**, only a few sectors such as PEEK materials, lithium mines, shipping and aviation, ships and building materials went against the market throughout the day**, and it is not difficult to speculate that Zhou Siyue's position adjustment direction may be the above-mentioned plates.
The excellent base shows their magic power for the championship
Recently, in order to sprint the champion, many excellent ** have shown their powers, and moves such as purchase restrictions and dividends have taken turns.
For example, on December 22, Golden Eagle Technology Innovation, which temporarily ranked first in the performance ranking of ordinary **type**, issued a dividend announcement saying that it would distribute dividends on December 27, and the A C share dividend plan was 067 yuan 10 ** shares. This is the fifth dividend of the ** in 2023, and the fourth dividend happened about half a month ago on December 8. In addition, on December 1, Golden Eagle announced that it would suspend the large-scale subscription of more than 100,000 yuan for its Golden Eagle Technology Innovation and Golden Eagle Core Resources from December 4. The above two ** are helmed by **manager Chen Ying, and they are excellent performers during the year**.
Coincidentally, on December 20, Taixin Industry Select, which temporarily ranked first in the performance of active equity at that time, announced that it would distribute dividends on December 22, and the A C share dividend plan was 043 yuan 10 shares. This is the product's fifth dividend in 2023, and the maximum number of earnings distributions per year is six. Previously, the product had announced that it would suspend the large-scale subscription of institutional investors from December 19 to 21, with a limit of 1 million yuan.
Some analysts said that the first-class product is close to the year-end dividend, which can further enhance the return on investment ability of the product, reduce the pressure of capital redemption, and also enhance the competitiveness of the first-class product, which is conducive to striving for a dominant position in the performance ranking. In addition, restricting large subscriptions while distributing dividends is also for the smooth distribution of product dividends. If you do not control the large amount of subscription, it may lead to the rapid growth of the first scale, which will affect the follow-up operation of the product and is not conducive to the performance ranking of the product.
The theme bet is a decisive bet
Despite the tricks, it is not difficult to find that the championship competition is mainly concentrated in the theme of the ultimate style, and the above-mentioned outstanding performance in the year is all heavy on a single track. Previously, a ** manager told reporters that the bet on the theme can be said to be the decisive weapon for the public offering to chase the ranking in recent years. In his opinion, any alpha is subordinate to the beta, and if the overall beta is very good, it is even possible to ignore the flaws of the ** fundamentals.
What is different from the past is that the changes in beta** in the equity market have accelerated significantly this year. Looking at the previous performance of A-shares, a single style can often last for a year, such as the performance of the new energy sector in 2020 and 2021, and the active equity champions of these two years are all from the new energy theme**;In 2022, the energy and real estate sectors will also be significantly dominant, and the champion of that year will also have a heavy position in related tracks. In this year, the artificial intelligence sector flourished in the first half of the year, and then experienced a sharp adjustment, and the replacement of coal and the concept of the Beijing Stock Exchange has been hot.
Collating the data, it can be found that most of the top performers in the first half of the year** had a heavy position in the artificial intelligence sector, but did not achieve positive returns in the second half of the year. A clear example of this is that in the first half of the year, the active equity champion Nord New Life was heavily invested in the TMT sector and won with 75The 7% yield won the championship. As of December 22, the year's earnings were negative at -783%。On the contrary, the development of the Eastern Region, which is currently at the top of the list, has a heavy position in AI in the first half of the year, and will adjust its position to the liquor sector for defense in the second half of the year.
In the second half of the year, there was a significant reversal. At present, only 3 of the top 10 ** have achieved positive returns in the second half of the year. According to wind data statistics, the performance in the second half of the year is roughly divided into three categories, one is the Beijing Stock Exchange theme represented by the Taikang Beijing Stock Exchange Select Two-Year Fixed Opening A, and the Huaxia Beijing Stock Exchange Innovative Small and Medium-sized Enterprises Selected Two-Year Fixed Opening**, the two have risen respectively in the second half of the year71%；The second is the ** of the heavy energy sector, and the 3 ** active equity champions managed by Huang Hai in 2022, namely Wanjia Macro Timing Multi-Strategy, Wanjia Xinli, and Wanjia Select, have increased respectively since the second half of the year36%；The third is the micro-disk strategy represented by the Nuoan multi strategy and Jinyuan Shun'an Yuanqi**, which have risen respectively since the second half of the year47%。
Regarding the popularity of the concept of the Beijing Stock Exchange, Huaxia ** believes that the triple resonance of sufficiently low valuation, high-quality targets and improved liquidity is the fundamental reason for the continuity. As for the reasons for the allocation of pro-cyclical upstream energy stocks, Huang Hai said in the third quarterly report that it has been observed that various economic data are in the stabilization and repair stage, and the inventory cycle is playing a positive role. The micro-disk strategy, which has a certain amount of controversy, has shown a strong comprehensive cost performance in the ** market in recent years, and the star product Jin Yuan Shun An Yuanqi has achieved positive returns for five consecutive years.
Investors should take a long-term view
Although betting on the track contributes significantly to performance, for most investors, the ultimate goal of investing is to achieve a positive return on investment. According to this, industry insiders suggest that the selection of the best should follow the principle of merit-based investment, and the inspection of the best should not ignore its risk control ability, and should not pay too much attention to short-term performance rankings.
A FOF** manager said that when choosing a **manager, he would prefer people who have a strong understanding of risk control, and generally the ** manager with better long-term performance is better at risk control, on the contrary, he does not pay much attention to the short-term performance ranking of the ** manager.
"Since 2020, the performance of this ** manager has been particularly outstanding, and the annualized income is very high, which is more powerful than the ** manager who has been doing it for more than ten or twenty years in the past, but it may have to experience some drawdowns later, so it is still necessary to focus on the long-term. In an interview with reporters, a manager in Shanghai said that for the best holders, the future should be moderately set return expectations, and the feeling of holding will be better.
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