Fund analysis that only looks at net worth is the analysis level of the first grade of primary school. Today, we will penetrate the net worth and enter the level of the second grade of primary school to analyze 10 consumption-themed funds.
First of all, it needs to be emphasized that there is no very clear definition of which industries belong to consumption. Some include medicine in consumption, some include automobiles in consumption, and some consumer-themed foundations buy CATL, and whether consumer electronics belong to consumption. What about the category? The criteria for this definition depend on the individual.
Basic Information
The following is the basic information of the 10 consumer-themed funds to be evaluated.
In terms of scale, there is a big difference between the beginning and the end. For example, China Universal’s consumer industry has a scale of more than 17 billion, and the smallest consumer bonus enhancement LOF is only 16 million. There is also a big difference in the time of establishment. The oldest fund has been established for 11 years, and the LOF for consumer dividend enhancement has been established for less than 3 years. Except for the consumer dividend enhanced LOF, which is an enhanced index fund, the rest are active equity funds.
The following is the change of fund manager of some funds. The fund managers of some funds change frequently and need to be paid attention to.
Note that this Yu Yang from Caitong Asset Management is different from Yu Yang from Fuguo.
Historical performance
In order to better compare historical performance, a performance benchmark is introduced: CSI 800 Consumption, also known as the CSI Major Consumer Index.
This index mainly covers food and beverages and agriculture, forestry, animal husbandry and fishery.
Moreover, there are related index funds in the index. If the relevant active funds cannot outperform the index, it is better to directly buy the index funds.
From the perspective of annual income, 2019 and 2020 are the highlights of the consumption theme, and the performance is very impressive. Especially in 2020, the income of some funds will directly double. The overall returns in 2022 will be low, but there is a certain differentiation in the returns of different funds. The better ones are the Baoying consumption theme, the new consumption driver of Bank of Communications, but the performance of the Huaxia consumption new driver is relatively poor.
From the perspective of product correlation, some funds have strong correlations, such as the new consumption driver of Bank of Communications, the consumption theme of Wells Fargo and the CSI major consumer index.
Judging from the historical performance of the past 5 years (as of 2022-07-01), Huaan Anxin’s consumption theme has the best overall performance in terms of revenue, risk and cost performance. Except for Baoying’s consumption theme, which did not outperform the index, the rest all outperformed the index.
From the perspective of the past four years, Huaan Anxin consumption still performed the best, and all funds outperformed the performance benchmark.
From the past three years, there are similar conclusions.
In the past two years, Caitong Asset Management Consumer Selection has not outperformed the index.
From the perspective of the past year, only a few funds have outperformed the index. It may be that in a bear market environment, the index has a relatively strong resilience.
From an analysis of historical performance,
The historical performance of Huaan Anxin Consumer Services far exceeds other similar ones, so you can pay attention. Although this fund has changed its fund manager, the current fund manager Wang Bin has been involved in fund management since 2018, so the change of fund manager has little impact;
In addition, the themes of Wells Fargo, Dacheng and China Universal Consumer Fund can also be followed.
Consumer dividends enhance LOF, which has a relatively short establishment time. If it is an index fund investor who is specifically interested in consumer dividend index, you can pay attention to it;
Position Analysis
The overall positions of the major categories are partial stocks, which is not too controversial.
Going down one level, Huaxia Emerging Consumer holds a certain percentage of Hong Kong stocks.
If it penetrates one layer down: although they are all consumption themes, there are still certain differences in positions. For example, Huaan Anxin Consumer Services, Dacheng Consumer Themes and other positions are relatively balanced, and there are certain positions in the consumer industry, the medical and health industry and the manufacturing industry. The theme of rich country consumption, the consumption industry of China Universal, and the new driving force of Bank of Communications consumption, the consumption dividend increases LOF relatively speaking, the consumption attribute is stronger.
If you look at the top ten heavyweight stocks in the first quarterly report of 2020, some consumer-themed funds also hold certain new energy industry stocks, such as JinkoSolar, CATL, Ganfeng Lithium, etc.
From the perspective of Wind themed industries, it is mainly the liquor and food industries, but some funds hold banks, software, semiconductors, etc.
From the perspective of stock style factors, the overall preference is for large market capitalization and high profitability (represented by high-end liquor), but there are certain differences in valuation. Consumer dividends enhance LOF, and they are more inclined to low valuations.
From the point of view of holding group analysis, except for the fact that consumer dividend enhancement LOF holding group is not particularly serious, the rest of the fund holding group is more, and many stocks are fund holding group stocks.
From the perspective of the top ten stocks, although they are all consumption-themed, some funds hold stocks in the new energy industry, which are not purely consumption-themed funds.
performance attribution
The following is to split the fund’s income from the perspective of financial reports and positions. There will be certain errors in the split results, and the results are for reference only.
From a financial reporting perspective
The statistical time period is the earnings split from the 2018 to 2021 annual report. For a detailed description of the splitting method, see the previous article.
Among them, some funds have a high proportion of new income.
For example, for the theme of Baoying consumption, the proportion of new revenue after 2018 is very high.
For Dacheng’s consumption theme, new revenue also accounts for a high proportion.
Caitong Asset Management Consumption Select A’s new revenue share is also not low.
Judging from the turnover of fund managers, the turnover rate of China Universal in the consumer industry is very low, and it is basically held without change. Considering that it holds stocks with large market capitalization, its current scale of 17 billion is right. It is not difficult for its fund managers to adjust positions. There are certain differences in the situation of other fund managers changing hands and adjusting positions.
From a holding point of view
If it is further split into the CITIC industry, China Universal’s consumer industry, and the new driving force of Bank of Communications’ consumption, the main source of income for the consumption theme of rich countries is food and beverages, followed by medicine. However, the sources of income of Huaan Anxin consumer services are more balanced, and industries such as electronics, chemicals, and media machinery all contribute to income.
summary
From the perspective of long-term performance and performance attribution, Huaan Anxin Consumer Services has the best historical performance, but its positions are relatively balanced, and it is not a consumer-themed fund in the strict sense. If you only look at the consumption theme (mainly the consumer industry and the pharmaceutical industry), the funds worth paying attention to are:
China Universal Consumer Industry
A new driver of consumption by Bank of Communications
Rich Country Consumption Theme
However, it should be noted that these three funds have a certain degree of cohesion, but this is also a common problem of consumer-themed industry funds. After all, there are only a few good stocks, and it is easy to form a consensus view.
At this point, the full text is over, thank you for reading.
If you find any mistakes or omissions in my analysis, your corrections and additions are welcome.
The above content is only used as a personal investment analysis record, and only represents personal opinions. The analysis content is based on historical data. Historical performance does not indicate its future performance, and does not serve as a basis for buying and selling, and does not constitute investment advice.
Like and watch, investment makes more ￥
#雪ball star plan public offering talent# #ETF star push officer# #old driver hard core evaluation#
@ Egg Roll Index Fund Research Institute @ Today’s topic @ Snow Ball Creator Center @ Egg Roll Fund @ ETF Star Push Officer @ Ball Friends Welfare
Quickly retrieve historical articles
$ Wells Fargo Consumer Theme Mix (F519915)$ $ China Universal Consumer Industry Mix (F000083)$ $ Huaan Anxin Consumer Mix (F519002)$
There are 2 discussions on this topic in Snowball, click to view.
Snowball is an investor’s social network, and smart investors are here.
Click to download Snowball mobile client http://xueqiu.com/xz ]]>
This article is reproduced from: http://xueqiu.com/4778574435/225033596
This site is for inclusion only, and the copyright belongs to the original author.