Relying on the rise of A-share core assets and star stock based players dropping off the debt based track, the debt based performance competition ushered in a "dimension reduction attack".
The Chinese reporter of the securities firm noticed that many bond based products that were only traded by stock players were listed in the top 10 bond fund performance, and even some equity biased funds managed by bond based players were listed in the top 20 of the market, which could further explain that their management of the bond base when the stock market was improving would bring some damage to the performance of similar rivals.
The latest quarterly report also shows that the substantial increase in the stock position of the bond base is a major source of performance flexibility. Some products that have long been positioned in partial debt funds, even in the first quarter of this year, the proportion of stocks with full positions increased from nearly 0% to as high as 80%.
Sharply dry stock positions, and the highest performance of the debt base in the year has reached 11%
Wind data shows that up to now, the highest yield of bond fund products in the whole market has exceeded 11%, and the yield of more than 40 bond funds has exceeded 4%, of which the cumulative yield of ICBC Convertible Bond Fund under ICBC Credit Suisse is 11.34% year to date, and the annual yield of Xinhong Enhanced Bond Fund under Western Leader Fund is 9.89%, The Tiantianle Shuangying bond base of Huitianfu Fund is 7.67% year to date, and the above three products are listed in the top three bond fund performance this year.
According to the first quarter report of the convertible bond fund of ICBC, the fund managers reduced their holdings of bonds significantly during the first quarter of this year. By the end of March this year, the stock position of the bond fund had increased significantly to 36.79%, while the stock position at the end of last year and the beginning of this year was only 23.13%, which also means that the fund manager who managed the bond fund in just three months, The stock position was significantly increased by nearly 14 percentage points.
"In combination with the equity market valuation and economic growth, the portfolio as a whole maintains a high equity position, the convertible bond valuation is obviously expensive, and the stock is relatively over allocated, while the convertible bond is relatively under allocated." Huang Shiyuan, the convertible bond fund manager of ICBC, explained that the portfolio has carried out a certain balanced operation, and the operation difficulty of pure debt is significantly increased, on the one hand, the fundamentals are still supported, On the other hand, the curve shape means that many expectations have been implied for the future. Under the current policy portfolio, the volatility of long-term bonds will increase significantly, and their cost performance ratio as fixed income assets will also decrease. In view of this, the portfolio has moderately reduced the duration.
The sudden increase in the performance elasticity of the bond base is obviously due to the allocation of stock positions. During the first quarter of this year, the stock position of Western Lide Xinhong Enhanced Bond Fund jumped from less than 1% at the beginning of this year to 8.8% at the end of March this year. As for the specific stock selection of the 8.8% stock position, fund managers not only selected the most popular gold stocks in the first quarter of this year, but also military project Create high elastic track for layout. When explaining the source of its performance, the fund said that the long-term allocation of the equity part of the portfolio was balanced and the short-term style was concentrated. In the first quarter, scientific and technological growth was the main allocation direction, and the allocation proportion of small cap growth stocks was increased when small cap stocks were adjusted. In March, the income of small cap growth stocks was realized, gradually increasing the upstream resources, especially noble metal Allocation proportion of the industry, judging the scientific and technological achievements Long and The emerging industry represented by advanced manufacturing may be one of the main lines of the market in 2024, and resources such as gold may also have periodic opportunities.
How can the bond base improve the accuracy of stocks? Injecting winning genes into airborne soldiers
It is worth noting that the performance of the above-mentioned debt based products has rapidly become popular, and behind it is the divine operation of the stock based players.
It is obvious that against the background of the overall rebound of core assets in the A-share market, fund companies are generally allocating players in the "appropriate market" for low elasticity products. At the beginning of this year, some large fund companies issued an announcement to replace some bond selectors of partial debt funds with stock players.
The sharp increase in the yield of many bonds also benefited from the fund companies' increase in the stock gene of related bond products. Take the Xinhong Enhanced Bond Fund under Western Lide Fund as an example. He Qi, the fund manager of the fund, was a stock researcher and managed many partial stock fund products. After the stock valuation in the A-share market fell sharply, Western Lide Fund Company or based on the potential income space brought by the aftermarket valuation repair and economic recovery, He Qi, who manages partial equity funds, was also employed as the trader of bond fund products.
The Chinese reporter of the securities firm noticed that besides making the bond fund product of Western Profit ranked second in the performance of bond funds, the cumulative yield of the Western Profit Strategy Preferred Fund, a partial equity product he managed, has reached 18.94% year to date, ranking among the top 20 partial equity funds in the market.
Huitianfu's Tiantianle Shuangying bond base has entered the ranks of the top three bond base performance, which is also inseparable from the highly adaptive stock fund managers to the stock market.
The fund manager of Huitianfu Tiantianle Double Profit Bond Fund is Cai Zhiwen, who is also a stock researcher. The first product managed after serving as the fund manager is also a stock fund product, which also explains the core logic of Huitianfu's bond fund product in stock selection beyond similar products. Cai Zhiwen's performance in the track of stock funds can further confirm his strong performance in the bond base. The returns of Huitianfu's epitaxial growth fund, Huitianfu's brand holding fund, and Huitianfu's strategy selected small and medium-sized funds have reached 17.41%, 20.37%, and 20.91% respectively since this year. Among them, Huitianfu's strategy selected small and medium-sized funds have also entered the top 20 in the track performance of partial shares in the year.
AI technology and advanced manufacturing will be the core theme of the adult
The holding logic of fund managers this year is paying more and more attention to the common phenomenon in the competition of Chinese enterprises.
"One main line is that Made in China is moving from internal to overseas, and it continues to expand its market share by virtue of its cost performance advantage. In the first quarter, the fund focused on small and medium-sized companies in machinery, automobile, light industry, textile and other industries." Cai Zhiwen, the fund manager of Huitianfu, who also manages bond funds and partial equity funds, said that the global competitiveness of Made in China is further enhanced, The competitive advantage of the whole system brought by the domestic better industrial chain support and engineer bonus will help China's exports continue to maintain a rapid growth in 2024 and further increase their proportion in the global industrial product output value. Some companies follow The Belt and Road Initiative Policies are laid out in Africa and Southeast Asia, and factories and roads are built to achieve profitability far higher than that in China. With China lithium battery Cost performance advantage, electric forklift and electric tool industry are replaced overseas Gas Forklifts and gasoline tools. After Russia was sanctioned, the withdrawal of European and American enterprises brought about the substitution of Chinese brands, including excavators, heavy trucks, bulldozers, lubricant additives, hydraulic components, petroleum machinery, civil vehicles, engineering tires, etc. Chinese suppliers of some American brands and Chinese brands that have established their own brands and sales channels in the United States have also maintained rapid growth in performance.
In addition, Cai Zhiwen also believes that another main line of investment is the optimization of the competition pattern after the supply side of traditional industries is cleared Home appliance industry At present, the competition pattern of oligopoly has basically formed. The supply and demand of the industry are stable. The leading enterprises do not pursue share, but have higher demands on price and profit stability. Electrolytic aluminum Fluorochemical industry The industry is subject to quota restrictions, forming an obvious contradiction between supply and demand, and product prices have begun to rise. Steel industry Most enterprises have suffered losses for two consecutive years, and the tail companies have reached the edge of production suspension. The industry may be able to meet the capacity clearance in the near future.
According to the report of the first quarter of 2024 disclosed by Penghua Hongxin Fund, fund manager Xiao Jiaqian added 87 percentage points of stocks during the first quarter of this year. The transformation of the fund from debt oriented products to equity based products in the early stage benefited from the high judgment of the long-term growth of the A-share market. In the first quarter report, the fund believed that the A-share market at the beginning of February this year had very high allocation value. Influenced by the micro liquidity represented by snowball, the market near the beginning of February ushered in the bottom of valuation, P/E ratio, stock debt premium ratio The dividend yield and other objective indicators all show that the market is at the bottom of the historical level. At the beginning of February, the transaction structure and derivatives brought some panicky declines, which provided a great opportunity for the fund to build positions and improve positions; The economic environment is resilient, and the resilience of the overall economic market provides enough soil for industrial development. It is believed that the opportunities are more from "structural industrial trend mining" rather than "large and comprehensive package configuration", so we choose to make more efforts in industry and company research to explore the real alpha plates and companies.
In terms of specific configuration, the above funds emphasize that Huawei's industrial chain and AI track will have long-term investment opportunities. After the accumulation of the past few years, Huawei's industrial chain will be a concentrated stage from quantitative change to qualitative change in the next two years. First of all, the return of Mate 60 series mobile phones, one of the leading players in Huawei's industrial chain, will promote Huawei to become the fastest growing mobile phone manufacturer in terms of shipments in 2023. With the return of Huawei mobile phones to upstream suppliers, Huawei will probably benefit most. AI chip Under the general trend of domestic substitution, Huawei's related computing industry chain has seen rapid development. With the further upgrading of the restrictions on high-end chips in the United States in recent years, semiconductor Localization ushers in rapid development, and with the further explosion of AI chip demand Domestic chip Will benefit directly. At present, Huawei's computing chips are among the few that can be benchmarked in China Yingweida The AI chip of A100 is firmly in the leading position of domestic computing chips. Huawei's related computing industry chain is expected to usher in a period of rapid development, such as PCB Suppliers are expected to share dividends.
(Source: Securities trader China)
