The First Quarter Of The Three Quarter Performance Rankings: Yi Fang Da Equity Investment Industry Leader

Thanks to the excellent initiative management ability of many equity funds, fund companies made significant profit in the first three quarters of this year. Based on the first three quarter results, a large number of fund companies' stock investment yield outperformed the market, and the market generally believed that the first three quarters of "stock trading is not as good as buying funds".

The Shanghai Composite Index rose 16.49% in the first three quarters, but the average return rate of equity funds of 85% public fund companies exceeded the Shanghai Composite Index. From the most representative 12 large companies, the average earnings of equity products are over 26%, of which the top three are average 44.72%, Huaan 37.22% and rich country 35.83%.

"This year, the fund's performance is generally good, mainly from the market this year, a substantial rebound, the fund's heavy consumption, technology and other sectors have shown a good performance. In general, the market performance and market style this year are good for most funds. " Yang Delong, chief economist of Qianhai open source fund, said.

Yi Fang Da leads the race.

In the first three quarters of this year, the main index of A shares rose sharply: Shanghai Composite Index 16.49%, Shenzhen stock index 30.48%, gem index 30.15%, and Shanghai and Shenzhen 300 index 26.70%.

Correspondingly, the overall performance of equity funds was excellent in the first three quarters of 2019. Statistics from Haitong Securities show that 126 equity fund management companies' equity investment gains are all positive.

Among them, CAITONG securities management 69.59%, Yong win 55.09%, Shang Yin 45.85%, Yinhua 44.76%, Yi Fang Da 44.72%, Xin Da Ag 42.23%, Pu Yin Sheng 41.01%, Baoying 40.77%, Jing Shun the Great Wall 39.50%, Shang Morgan 38.86%.

However, the number of equity products of some fund companies is small and the scale is small. Therefore, it is more objective and fair to divide the fund companies into large, medium and small categories according to their size.

According to the classification of the large companies (the average size of equity fund accounts for 50% of the total market, which is divided into 12 large companies), the weighted returns of equity products in the first three quarters of this year are: Yi Fangda 44.72%, Huaan 37.22%, Fu Guo 35.83%, Cathay Pacific 35.50%, huitianfu 34.95%, Xingquan 33.66%, GF 32.93%, Jiashi 31.20%, Bo time 31.20%, South China, China Huaxia, Dongfang securities management.

It is worth noting that some large fund companies have shown excellent investment performance over the long term. Taking Yi Fang Da as an example, the average yield of equity products ranked first in the first three quarters of this year, and extended to the last year (2018.10.08-2019.09.30), the last two years (2017.10.09-2019.09.30), and the recent three years (2016.10.10-2019.09.30). In terms of the absolute earnings list of 12 equity fund companies, Yi Fang Da ranked second.

In the first three quarters, the latest one, the last two years, and the last three years, Huaan ranked 12 in the absolute earnings list of large equity companies.

The average yield of equity investment in the three quarter is classified as Yinhua 44.76%, the Great Wall 39.50%, ICBC Credit Suisse 34.82%, Central Europe 32.84%, Bank of China Schroder 34%, merchants 33.79%, Huatai Barry 27.23%, Penghua 29.79%, and the average cumulative size of the Equity Fund (the total fund size of the equity fund is between 8 50%-70%).

In addition to 12 large companies and 8 medium-sized companies, the rights and interests of the remaining 106 small companies are highly differentiated, with the highest average yield of CAITONG securities management 69.59% and the lowest Green 3.05%.

Selection is the key to the industry.

Zhang Ting, a fortune researcher, told reporters that "according to the performance of each fund, the position of the top ranked fund companies in the first three quarters of this year is more inclined to the industry which is rising earlier this year."

For example, Yi Fang Da ranks the first among the 12 large fund companies with the average yield of 44.72% equity products. It favors the big consumer industry; while the 37.22% ranked second in Huaan is heavily engaged in the new consumer finance industry. In addition, in the first three quarters of the year, the bank and Cathay Pacific, which had better performance in equity products, favored growth sectors.

So how did the industry factor in the first three quarters cause the division of fund performance? In the past three quarters, the industry growth rate was very serious. The increase of food and beverage and electronics was over 50%. The growth of agriculture, forestry, animal husbandry, fishery, computers, non silver finance and household appliances were all above 30%, while the increase in building decoration and steel industry was even negative. The increase of automobile, textile and clothing and utilities was below 6%.

Specifically, 27 of the 29 industries in the Shen Yi class are positive and 2 are negative. Household appliances 36.98%, medical and biological 29.10%, defense services 28.65%, leisure services 26.14%, building materials 23.74%, communication 18.04%, machinery and equipment 17.76%, electrical equipment 16.41%, bank 14.79%, transportation 14.60%, comprehensive 14.38%, chemical 14.38%, nonferrous metal 14.38%, real estate production, light industry manufacturing, commerce and trade, media, mining, automobile, textile, clothing, public utilities, building decoration -3.84%, steel -6.58%.

In the serious division of industry growth, the industry with higher investment gains has become the key to achieving good results in equity products of fund companies.

Zhang Ting believes that, on the whole, there are several major reasons for the top three fund companies in the first quarter of the year. First, the top ranking industry has been heavily placed, and the stock selection ability has been more prominent. Second, such as finance and investment securities, Yong win, Shang Yin and Xin Da silver and silver, these rights and interests are very small fund companies, ranking very close. The main reason is that the scale of the fund is very small.

However, although the overall performance of the public offering fund was good in the first three quarters, the performance of equity products was seriously divided, and the average yield increase of the equity products of the fund company was 67%. 15% of the equity products of the fund failed to outperform the market.

Zhang Ting said: "the poor fund companies in the first three quarters, on the one hand, originated from the heavy warehouse style and the reasons for the industry, such as the heavy cycle plate will be weak; on the other hand, the products of some small fund companies are smaller, and the equity fund is not a key development object, and the investment research ability is weak, so the income is poor, and the ranking is also backward. In addition, there is also a part of the reason is that the fund managers' stock selection ability is weak."