In January this year, Dongcai balanced allocation held a mixed loss of more than 20% for three months, becoming the most loss-making FOF product, behind which is the focus on the electronics industry.
Text: Daily Financial Report Chu Feng.
In the past year, A-shares have continued, and the degree of equity losses has increased unabated, and many ** have fallen more than in the whole of 2023 in one month. As an investment, the performance of FOF products has been significantly differentiated, with bond-type FOF products making overall profits, and the highest loss of FOF products with heavy equity exceeding 20%.
Dongcai's three-month balanced allocation has the most serious mixed loss, with a net loss of 23 this year22%, becoming the only FOF product in the whole market with a loss of more than 20%. In 2023, the net value of the product will lose 1125%。
From the perspective of heavy positions, Dongcai's balanced allocation of three-month holdings is mainly biased towards investing in the TMT sector, of which electronics is the key allocation industry. In the past year, the loss of heavy electronics has been particularly heavy, and some products have even exceeded 30%.
The Daily Financial Report noted that backed by the huge flow pool of Oriental Wealth, Dongcai can be said to be born "with a golden key". Since its establishment in 2018, the management scale of Dongcai has always been "not large", and the equity products are even more "mini".
Misjudging the market? The balancing configuration is "unbalanced".
According to Flush iFinD data, as of February 2 this year, the performance of equity ** was quite miserable, with a median yield of -1479% with a median blended** yield of -1213%。Reflected in FOF**, a total of 95 FOF** have lost more than 10% this year.
The Daily Financial Report noted that the FOF product with the most serious losses during the year was Dongcai Balanced Allocation Three-month Holding Mix. As of January 31 (note: February 2, the latest net value of the product was on January 31), only one month later, the product lost 23 percent during the year22%, becoming the only FOF product with a loss of more than 20% this year.
It is worth noting that in January this year alone, the three-month mixed net value of Dongcai's balanced allocation fell far more than the decline in the whole of last year. In 2023, the net value of the product will accumulate a loss of 1125%。
According to the record of historical holdings**, Dongcai Balanced Allocation Three-month Mix has focused on the allocation of the electronics industry since its establishment, and the higher the allocation ratio, the higher the higher. Until the end of 2023, 8 of the top 10 heavy positions of this product are focused on investing in the electronics industry.
Since the beginning of this year, the electronics industry has performed at the bottom. According to the official website of the China Securities Index, as of February 2, the China Securities Electronics Industry Index has lost 21 since the beginning of the year95%。The above 8 key investment in the electronics industry have all lost more than 20%, and 3 have lost more than 30%.
In Dongcai's balanced allocation of three-month mixed heavy positions**, Taixin's small and mid-cap selected mixed net value ranked 7th. "Daily Financial Report" once wrote an article pointing out that Taixin's small and medium-cap selective mix "gambles" on the electronics industry. As the electronics industry continues to decline, since the beginning of this year, Taixin's small and medium-sized selected mixed losses have been 3380%, ranking second to last in the market.
In addition, the proportion of Jinxin Stable Strategy Blend and Jinxin Industry Preferred Blend Net Value ranked 5th and 6th respectively in heavy positions**. As of February 2, these two products have lost 30 percent for the year91% and 3104%。These two products are also "betting" on the electronics industry, according to the 2023 interim report, the allocation ratio of the electronics industry will reach 9330% and 9344%。
In the three-month mixed 2023 fourth quarter report of Dongcai Balanced Allocation, ** manager Meng Ming expressed optimism about electronic chips. Meng Ming said that although since mid-to-late December, the overall TMT sector has also made up for the decline, we believe that this is a short-term market behavior suppressed by risk appetite, we still judge that with the continuous expansion of domestic chip manufacturing capacity, the share of domestic manufacturers in the relevant industrial chain will continue to expand, and continue to feedback to the actual performance of listed companies.
"Mini" products are piled up, and new energy is at a high level
Founded in October 2018, Dongcai** is a relatively young ** company, which is wholly owned by Oriental Fortune**. Oriental Fortune is an Internet brokerage giant, holding Oriental Wealth Network and Tiantian**.com, the former is the largest investment and wealth management forum in China, and the latter is the head independent sales agency in China, with a deep user base and a huge traffic pool.
Although he was born "with a golden key", the scale of Dongcai ** grew slowly. As of the end of 2023, the management scale of Dongcai** is 845.7 billion yuan, but it has 44 products, with an average size of less than 200 million yuan. The largest product is the Dongcai CSI Interbank Certificate of Deposit AAA Index, which was established not long ago, and is held for 7 days, with a scale of 323.4 billion yuan.
Although the market does not pay, Dongcai ** loves to release new bases frequently. From 2021 to 2023, Dongcai** will establish 14, 8 and 14 products respectively. Most of these products are initiated, and they are initiated by the company with a capital of more than 10 million yuan, so the scale of raising can be less than 200 million yuan.
This has led to a large number of "mini" products in Dongcai**. As of the end of 2023, Dongcai** has a total of 20 products with a scale of less than 50 million yuan (A C shares are calculated together), accounting for nearly half. Quite a few "mini" products were established in 2023.
The Daily Financial Report found that Dongcai ** has a number of equity products released on the hot spots of the market, such as Dongcai CSI New Energy Index Enhancement and Dongcai New Energy Vehicle Leading ETF, which happened to be established at a high level in the market.
According to the official website of CSI Index, in the past three years, the CSI New Energy Index has reached its peak in November 2021, and the Dongcai CSI New Energy Index Enhancement was just released in November 2021 and established in December of the same year. As of February 2, the Dongcai CSI New Energy Index has lost 5777%。
Data**: CSI Index official website, Flush iFIND, CSI New Energy Index trend chart in the past three years).
After the adjustment in the first quarter of 2022, the CSI New Energy Index rose to a higher position in the second quarter of 2022** in July, and then deepened** to date; The CSI New Energy Vehicle Index is very similar. Dongcai New Energy Vehicle Leading ETF was just released in July 2022 and established in August of the same year. As of February 2, Dongcai New Energy Vehicle Leading ETF has lost 5351%。
Dongcai** is backed by Oriental Wealth**, which has not been able to bring good returns to investors for the time being. Since the beginning of this year, Dongcai has held a mixed loss of more than 20% in three months, becoming the worst FOF**. In addition, Dongcai ** also has two new energy products that have just been released in a high position in the market, and the net value has been "cut in half" since its establishment.