Pioneering the performance of the pharmaceutical fund in the previous July | Funding or defensive weakening

On August 1st, the pharmaceutical network ranked the first seven months of the performance of the partial stock fund. Due to the weakening of the basic market, the overall performance of the partial stock fund was not satisfactory during the year, and the pharmaceutical fund still led, the first one yielded more than 20%. .

medicine The industry has always been a defensive sector, but in the eyes of fund managers, after a high degree of organization, the sector has gathered high-density funds, which will be more sensitive to bad, but will be weaker. If there is an unexpected risk factor, Will have a greater impact on the plate. From the performance of the medical fund in the recent month, the decline is more obvious.

According to the statistics of Eastern Fortune, as of July 30, stock funds have fallen by an average of 9.43% since the beginning of this year, and the mixed-share funds have fallen by an average of 5.87%. During the same period, the Shanghai and Shenzhen 300 Index fell more than 12%.

The gap between the best performing and the bottom of the performance fund continued to widen. In the case of equity funds, as of July 30, the best performing BOC pharmaceutical innovation stocks rose by 13.92% this year, the worst performing BOC new power. The stock lost 29.8%, and the difference between the above two funds reached 42.72 percentage points.

In the case of partial-share hybrid funds, as of July 30, the best performing rich countries' precision medical mix has risen by 21.18% this year, and the bottom line of the Bank of China's new economy has a flexible allocation of more than 30%. The difference between the above two funds is as high as 51. percentage point.

According to statistics, the pharmaceutical funds are still far ahead in the performance rankings of the first seven months. Funds with a net increase of more than 10% this year are almost all of the funds of the pharmaceutical industry, including the rich country precision medical mix, the rich new power flexible configuration, Huitian Rich Medical Services Hybrid, Bank of Communications Pharmaceutical Innovation Stock, Mortgage Medical health Stock, Zhonghai Medical health care Theme stocks, agribusiness health care stocks, etc.

The pharmaceutical industry has always been a defensive sector in a weak market. However, in the opinion of fund managers, when the organization is highly organized, the sector gathers high-density funds, which will be more sensitive to bearishness and less defensive.

According to statistics of Wanlian Securities, in the second quarter, the fund significantly increased the number of pharmaceutical organisms. The industry allocation ratio reached 14.31%, and the over-provision ratio was 5.19 percentage points. This configuration ratio has been significantly higher than the industry standard.

According to the market value of the fund's heavy holdings, according to the statistics of Galaxy Securities, the top five of the active non-debt fund holdings in the second quarter of 2018 are Hengrui Medicine, Changchun Gaoxin, Fosun Pharma, Lepu Medical and Huadong Medicine. Among them, the top ten with the highest market value in the second quarter were Changchun Gaoxin, Kangtai Bio, Zhifei Bio, Hengrui Medicine, Huadong Medicine, Tongce Medical, Yunnan Baiyao, Hualan Bio, Yixintang and Mei Nian Health.

It is worth noting that some pharmaceutical stocks have recently seen a significant decline due to negative factors. A well-known private equity investment manager bluntly said that some companies in the pharmaceutical industry were over-purchased, which is not much different from the 2015 speculation of small and medium-sized stocks. The difference. In his view, the performance of many pharmaceutical companies is not enough to support such a high valuation, and the market is blindly invested according to the industry. In the long run, investing in pharmaceutical stocks does not mean it is safe.

A fund manager in Shanghai admitted that the short-term need for the pharmaceutical industry should be cautious, once the expected risk factors, it will have a greater impact.

In the past month, the decline of pharmaceutical funds has expanded significantly. In the case of partial-share hybrid funds, the average monthly decline was only 0.43%, but the top 10 multi-share hybrid funds with a leading position fell by 6.5%, the largest decline. A pharmaceutical fund fell nearly 10% in the past month.

However, there are also pharmaceutical fund managers who are still optimistic about the pharmaceutical industry. A pharmaceutical fund manager in Shanghai believes that although the relative profit of the pharmaceutical sector has been considerable in the past six months, it is expected that the profits of leading pharmaceutical companies will be more than expected on a sound basis. The possibility, while a large number of other industry's forward earnings forecasts face the possibility of downsizing, so the relative premium rate of the pharmaceutical sector forward PE is still within the acceptable range.