Crazy! This fund has soared by 12900%!
The first quarterly report of public funds came to an end. In the first quarter when the stock market roller coaster and the bond market were still booming, where did the funds flow through the public funds?
In terms of equity funds, as of the end of the first quarter, the scale of equity funds and hybrid funds had reached 6.6 trillion yuan, down 57.9 billion yuan in the first quarter, but the increase of equity ETFs was 325 billion yuan, which means that active equity funds have shrunk significantly. However, there are also funds such as Noan's positive return, Wanjia's selection, Baoying's quality selection, and Guangfa's theme leadership that rose against the market in the first quarter, The scale has doubled.
In terms of bond funds, by the end of the first quarter, the size of bond funds had exceeded 9 trillion yuan, with an increase of more than 330 billion yuan in the first quarter. Many medium and short-term bond funds doubled their size in the first quarter, and some products even grew from mini funds to large products, with an astonishing growth rate.
The scale of short-term debt fund soared by 12900% at the highest level
Driven by bond bulls, pure debt products represented by medium and short term bond funds were warmly welcomed by investors in the first quarter, "attracting gold" crazily.
Wind data shows that among all the medium and short-term debt funds that have issued quarterly reports, 28 funds have doubled in size in the first quarter, and many of them have even grown from mini funds to large products.
For example, at the end of last year, the scale of Huitianfu Fengrun medium and short term debt was only 61 million yuan, which was a mini fund that was on the verge of liquidation. However, by the end of the first quarter of this year, the scale of the fund had soared to 7.994 billion yuan, and the "gold absorption" in a quarter was about 7.932 billion yuan, with a growth rate of 12900%.
For another example, CITIC Prudential Taizhong Short term Debt, Zhejiang Merchants Medium and Short term Debt and GF Zhaocai Short term Debt all achieved a scale growth of more than 1000% in the first quarter. Among them, the scale of short-term debt from CITIC Prudential to Taizhong increased from 60 million yuan to 1.84 billion yuan, an increase of more than 1.7 billion yuan; The scale of Zhejiang merchants' medium and short-term debt increased from 17 million yuan to 407 million yuan, an increase of 390 million yuan; The short-term debt of GF Zhaocai increased from 226 million yuan to 2.895 billion yuan, an increase of 2.669 billion yuan.
There are also 24 medium - and short-term debt funds whose size increased by more than 100% in the first quarter of this year. E Fund's 120 day rolling holdings of short-term debt increased from 1.161 billion yuan at the end of last year to 12.593 billion yuan at the end of the first quarter of this year, an increase of over 984%; The scale of medium and short term debt of Chongjin Hexin Hengxing increased by 182.48% month on month from 2.654 billion yuan at the end of last year to 7.497 billion yuan at the end of the first quarter of this year.
Several fund managers also analyzed the impact of the large increase in bond fund size on the bond market in the first quarterly report.
Wu Lvzhong, the fund manager of Fuguo Antai's 90 day short-term debt, said in the quarterly report that the scale of cash products such as short-term debt grew rapidly in the first quarter, and the demand for allocation was strong, driving the yield of short-term credit bonds to continue to decline. The yield of credit bonds with implied rating of AAA in 1Y term fell from 2.52% at the beginning of the quarter to 2.32% at the end of the quarter, a decline of about 20bp, while the implied rating of AA credit bonds with implied rating of China Bond fell 42bp to 2.70%, and the credit spread continued to shrink, reflecting the obvious pursuit of static market.
Yang Zhen, the fund manager of E Fund's preferred investment grade credit bonds, also said that reviewing the performance of the bond market in the first quarter, a more important factor came from the growth of the scale of wealth management products and bond fund products against the background of the reduction of bank deposit interest rates, while the contraction of asset side supply exacerbated the deduction of the asset shortage pattern.
The scale of 8 broad based ETFs has increased by more than 10 billion
In terms of equity funds, according to Wind data, as of the end of the first quarter, the total scale of stock ETFs in the whole market was 1.78 trillion yuan, an increase of about 325 billion yuan compared with the end of last year, of which the scale growth of eight ETFs exceeded 10 billion yuan.
E Fund CSI 300ETF was the ETF with the largest scale growth in the first quarter, and also the fund with the largest scale growth in the whole market in the first quarter. The product grew from 48.788 billion yuan at the end of last year to 136.047 billion yuan at the end of the first quarter of this year, an increase of 87.259 billion yuan, or 178.85%.
At the same time, Huatai Birui CSI 300ETF, Harvest CSI 300ETF and Huaxia CSI 300ETF all achieved a scale growth of more than 60 billion yuan in the first quarter.
In addition, the scale of Huaxia SSE 50ETF, China Southern Securities 500ETF, China Southern Securities 1000ETF, and E Fund GEM ETF increased by 32.171 billion yuan, 31.476 billion yuan, 16.579 billion yuan, and 14.248 billion yuan respectively in the first quarter, with a scale increase of more than 10 billion yuan.
It is worth noting that the ETFs with significant growth this time are all broad-based ETFs, and one of the important reasons is that the Central Huijin Company has "made a big deal" to increase its holdings. At the beginning of February this year, Central Huijin Corporation announced that it fully recognized the value of the current A-share market allocation, has recently expanded the scope of ETF holdings, and will continue to increase the strength and scale of holdings, and resolutely maintain the smooth operation of the capital market.
According to the statistics of Chinese journalists from securities companies, in the first quarter of this year, the net purchases of Central Huijin in Huatai Birui CSI 300ETF, E Fund CSI 300ETF, Huaxia SSE 50ETF, Harvest CSI 300ETF and Huaxia CSI 300ETF reached 88.862 billion yuan, 75.031 billion yuan, 37.488 billion yuan, 54.326 billion yuan and 58.162 billion yuan respectively, with a total net purchase of more than 300 billion yuan.
Multiple excellent equity funds doubled in size
In addition to the substantial growth of ETF, the data of Tianxiang Investment Counselor shows that the scale of active investment stock funds actually shrank in the first quarter, with the scale reduced by about 47 billion yuan, while the scale of hybrid funds significantly decreased by 320 billion yuan, which also means that the overall scale of active equity funds has not increased.
However, among the active equity funds, there are still Noam's positive returns, Wanjia's selection, Wanjia's macro timing and multi strategy, Baoying's quality selection, Guangfa's theme leadership, Penghua Hong'an and other funds that rose against the market in the first quarter and doubled their scale.
Among them, the positive return of Noan was managed by Liu Huiying. In the first quarter of this year, the fund's net value increased by 24.65% due to its heavy AI position, and its size also increased from 1.627 billion yuan to 3.338 billion yuan, with an increase of more than 105%.
Liu Huiying said in the first quarterly report that since the beginning of 2024, the technology stocks in the US stock market have gone out of the magnificent market driven by artificial intelligence. The world's major Internet manufacturers and software manufacturers have joined the "arms race" of artificial intelligence, making the performance of overseas AI computing leaders still exceed expectations under export restrictions to China, and the overseas AI computing sector has performed well. Domestic manufacturers have also carried out research in the field of artificial intelligence combined with their own business, and domestic computing sector has also ushered in a sharp market. The fund mainly invested in the field of artificial intelligence in the first quarter, with corresponding layout in algorithm, application and computing power.
In addition, Wanjia Selection and Wanjia's macro timing and multi strategy are managed by Huanghai. Among them, the scale of Wanjia Selection increased from 1.287 billion yuan to 2.706 billion yuan in the first quarter, with an increase of more than 110%. The scale of Wanjia's macro timing and multi strategy increased from 1.218 billion yuan to 2.464 billion yuan, with an increase of 102.31%. With its heavy position in coal and other resource stocks, the net values of the two funds rose by 11.07% and 10.03% respectively in the first quarter of this year.
Huanghai said in the first quarterly report that, looking back on the first quarter, the overall thinking continued the practice of defense and counterattack in the past two years. When the market was in a panic stage, it moderately increased the flexibility and aggressiveness of the portfolio, especially when the liquidity risk had a big impact before the Spring Festival, and rapidly increased the positions in growth industries such as computing, electronics, new energy, etc, However, when the dividend assets are subject to a pullback due to the rotation of style, most of the highly flexible targets will be cashed and re allocated to energy stocks represented by coal.
In addition, Baoying quality selection managed by Yang Siliang increased from 907 million yuan to 1.869 billion yuan in the first quarter, an increase of more than 106%; The theme of Guangfa managed by Feng Hanjie increased from 408 million yuan to 1.214 billion yuan, an increase of more than 197%; Penghua Hong'an managed by Ye Chaoming and Wang Kangjia increased from 434 million yuan to 1.322 billion yuan, an increase of more than 204%. Both are active equity funds with large scale growth.
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Editor in charge: Wei Zirong
