Pharmaceutical fund performance still leads | Constant style is essential

On August 20th, the medical network superimposed the 'black swan' incident, which made the pharmaceutical stocks that were eye-catching in the first half of the year turn sharply. The net value of the medical theme fund suffered a sharp retracement. The data shows that the adjustment of the pharmaceutical theme fund in the past month Up to 15%. Despite this, due to the overall market correction during the year, the pharmaceutical theme fund still leads in the year. Whether it is a stock fund or a hybrid fund, the pharmaceutical theme fund still ranks in the forefront of the performance list. Most of them lack a strict investment framework and the investment style drifts.

According to Wind's statistics, as of August 16, among the more than 2,900 active management funds, only 371 funds have achieved positive returns this year, of which only 171 have returned more than 2% during the year. Among the funds returned, many are funds that pursue absolute returns.

Among the top-ranking funds, most of them belong to the pharmaceutical theme fund. Fuguo Precision Medical, the rich new power fund led the two funds are due to foreign management, the stock market is a pharmaceutical stock. Before acting as a fund manager, Yu Yang has many years of medicine Research experience, started as a fund manager at the end of October last year, and immediately caught up with the big bull market in the pharmaceutical industry.

In the past month, the pharmaceutical industry has seen the 'black swan' incident, and the pharmaceutical stocks have been adjusted sharply. health , Guangfa Medical health care The withdrawal rate of Puyin Ansheng Medical Health and other funds exceeded 17%. However, relying on the 'home bottom' of the first half of the year, the above funds are still performing well during the year.

The performance of pharmaceutical stocks in the first half of the year has a lot to do with the organization's warmth. From the regular reports of public funds, it can be seen that public funds have obvious signs of holding pharmaceutical stocks. The industry believes that in this year's weak market, the fund has warmed up pharmaceutical stocks. On the surface, it is the motivation of fund managers to keep their performance behind, but it is also the result of the joint selection of pharmaceutical stocks by fund managers.

'The whole market is only eye-catching in the pharmaceutical sector. Under the relative ranking of the rules of the game, the performance of funds with low pharmaceuticals or wrong industries is lagging behind. Many fund managers who are eager for success choose to chase after buying. Once they are chasing high, very It is easy to bring secondary damage. 'A public fund manager in Shanghai analyzed.

Judging from the situation that the reporter has learned, in May and June of this year, when the pharmaceutical sector was in full swing, the fund managers who took a lot of financial real estate fell into anxiety, and hesitated every day whether they switched to pharmaceutical stocks.

From the performance of recent pharmaceutical stocks, the pharmaceutical industry has also begun to differentiate. Chen Heng, the manager of China Merchants Value Select, believes that the probability of success of innovative drugs is very low. Many innovative drug stocks are very expensive, but many people are buying them. It's because everyone imagines things with low probability as things with very high probability.

From the situation of funds with poor performance, most of them suffered secondary damage in the process of chasing up and down. Wind statistics show that as of August 16, there were 83 funds that fell more than 25% during the year. The wrong fund in an industry, a lot of performance-stricken funds are due to the pursuit of financial real estate stocks in January, after the financial real estate stocks plummeted, and in May and June chasing up to buy pharmaceutical stocks, in the past more than a month 2. The pharmaceutical stocks fell in the market and suffered another damage.

Take a fund at the bottom of the year as an example. As of August 16, the fund fell more than 34% during the year. According to the heavyweight stock data disclosed in the regular report, the fund chased and bought the construction bank and ICBC in January this year, the second quarter. After the bank stocks fell sharply, they slashed the warehouse, then bought Antu Bio, and opened medical and other medical stocks. The theme of the rotating fund, which fell more than 29% in a certain year, was also 'fallen' in chasing up and down. The fund was chasing Poly in January. Real estate, chasing Zhifei Bio, Kangtai Bio, Puli Pharmaceutical, etc. in the second quarter medicine share.

From the perspective of fund rankings, in the nearly 3,000 active equity funds, if the position style is stable, it is not easy to adjust the stock exchange, the performance is difficult to bottom, and only the funds that chase the ups and downs frequently to beat the beat will lead to the net value. Drastically fell.

According to the fund's regular report, in the first half of the market, many fund managers frequently changed their positions and changed their stocks. The investment style changed rapidly. The fund managers who are optimistic about growth stocks bought coal stocks. They are optimistic about the financial real estate fund managers. I bought a pharmaceutical stock and so on.

From the motivation of fund managers to chase up and down, in addition to quick success, there are incentives for the company. Performance rankings can be highly rewarded, and performance rankings should be downgraded, leading many fund managers to take risks. But from public funds In the course of development, funds with drifting styles are rarely able to be large-scale. Only funds with a constant investment style and long-term persistence will increase in size when they match the market style. In the past few years, the Industrial Fund, the Oriental Asset Management has a constant style. Funds, the scale is growing rapidly.

It should be pointed out that in the above-mentioned performance-leading funds, some funds that have been passively soared due to large redemption net worth are excluded. The data shows that on July 26, the net value of Everbright Prudential Wing Xin Mixed C Fund soared by 208.66%; On the 2nd of the month, the share value of Haifutong Xinyi Mix C soared 19.34%; on July 30, the net value of Huaan Xinanping Mixed A Fund rose 11.38%, and the net value of Qianhai Open Source Shengxin Mixed C rose 15.58%.

According to the fund's second quarterly report, the above fund stock positions are very low, and the low positions can also rise against the trend, indicating that the fund has suffered a large redemption. Usually, the redemption fee charged by the redemption fund is accounted for in the fund assets. In the event of a large redemption, the redemption fee is included in the fund's assets, which will greatly increase the fund's net worth.