Invited by Snowball to evaluate 10 advanced manufacturing funds. The fund analysis that only looks at the net worth is the level of the first grade of primary school. Today, we will analyze the fund of the second grade of primary school through the net worth.
Basic Information
The following are the 10 funds to be evaluated. From the name, they all carry “manufacturing”, but whether it is the theme of the manufacturing industry needs to be verified by penetrating positions.
In terms of management scale, the largest is GF High-end Manufacturing Stock A, with a scale of more than 17 billion, and the smallest is ICBC High-end Manufacturing Stock, with a scale of only 1.385 billion. There are also differences in the establishment time. Among them, the establishment of E Fund’s high-end manufacturing hybrid is only more than 2 years, and the others are generally more than 4 years.
However, it has been noted that some funds have changed their fund managers. For example, Bank of Communications Advanced Manufacturing used to be Ren Xiangdong of the current Industrial Fund, while the fund manager of GF High-end Manufacturing Stock A changed more frequently.
Historical performance
Now, let’s take a brief look at the historical performance. (latest date: 2022-05-12)
Judging from the last 5 years, the best overall historical performance is Bank of Communications Advanced Manufacturing Hybrid A, which has the highest return, while the drawdown and volatility are relatively small.
Judging from the historical performance in the past four years, BOCOM Advanced Manufacturing Hybrid A is still the best overall performance. But CEIBS Advanced Manufacturing stock A has the highest yield.
Judging from the last 3 years, BOCOM Advanced Manufacturing Hybrid A still performed the best overall. The returns of Bank of China Intelligent Manufacturing Stock A, China Europe Advanced Manufacturing Stock A, and GF High-end Manufacturing Stock A are relatively impressive.
Judging from the past two years, BOCOM Advanced Manufacturing Hybrid A still performed the best overall.
Asset allocation
From the perspective of stock and debt asset allocation, the overall position is high. However, there are certain fluctuations in the investment and manufacturing industry, and the stock position in some stages is relatively low. Because this is a flexible allocation fund, the position is relatively flexible.
China Merchants Manufacturing Mix has relatively large bond positions in the early stage.
Earnings split
From the point of view of new revenue split, ICBC high-end manufacturing stocks have the highest proportion of new revenue, but it should also be noted that the absolute value of the yield error is quite different from the official yield, and the estimated process error may also be relatively large.
In addition, it is more obvious that GF High-end Manufacturing Stock A and China Europe Advanced Manufacturing Stock A’s main income contribution is the change in the fair value of the stock, which is partly the income contributed by the stock holding. However, E Fund’s high-end manufacturing hybrid stocks contributed more income from non-new income, which can reflect the active management ability of some fund managers.
If you look closely at the proportion of new revenue from ICBC’s high-end manufacturing stocks, it is mainly the new revenue contributed by the second half of 2019 to the first half of 2021. Because of the large scale change in the middle, the error in the proportion of new revenue in the whole range is relatively large.
From a broad asset class perspective, the main returns are contributed by equities and active management. (Active management here is the return of the fund minus the return obtained from the null hypothesis holding the simulated portfolio unchanged). Since the establishment of different funds is relatively short, such as E Fund’s high-end manufacturing, we counted the proportion of active management/stock. The larger the value, the greater the contribution of active management in the income. Judging from the results, E Fund’s high-end manufacturing mix and BOCOM’s advanced manufacturing mix A have good active management capabilities.
If we penetrate a little more and penetrate into the specific CITIC industry, there will be some interesting discoveries.
Among them, China Universal’s high-end manufacturing stock A has some revenue contributions in the consumption, medical and health and financial industries. In theory, a manufacturing-themed industry fund should be allocated more in the manufacturing and technology industries.
Position Analysis
From the position analysis point of view, China Universal’s high-end manufacturing and investment manufacturing mixed A have relatively insufficient positions in the manufacturing and technology industries. (compared to other funds), and other funds mainly hold positions in the manufacturing and technology industries, especially, China Europe Advanced Manufacturing Stock A.
Specifically, the overall manufacturing + technology industry accounts for only close to half, of which the medical and health, consumer and financial real estate industries are intermittently held.
Looking at China Universal’s high-end manufacturing stock A, the attributes of the manufacturing and technology industries are even more insufficient. In the early stage, it was mainly the consumer industry, the financial industry and the cyclical industry. Only recently has the proportion of positions in the manufacturing and technology industries increased.
The Wind-themed industries that these funds prefer to hold are: electronic components and equipment, electrical grids, semiconductors, industrial machinery, basic metals, auto parts, software, household appliances, fine chemicals, aerospace and military industries.
From the perspective of stock style factor exposure, they are basically similar, with little difference.
From the perspective of the fund’s heavy-holding stocks, the overall distinction is not large, and most of the fund’s positions are fund’s heavy-holding stocks.
summary
From the above analysis, although the names of these 10 funds all carry “manufacturing”, from the perspective of penetrating positions, the “manufacturing” attribute of some funds is not strong. Of course, this does not mean that these funds are selling dog meat, but the proportion of manufacturing and technology industry positions is relatively low. In addition, the concept of “manufacturing” is a subjective concept and depends on personal understanding. However, these cases also show that analyzing funds can not only look at the fund name and net value, but also need to analyze the net value through penetration.
China Universal’s high-end manufacturing stock A, China Merchants Manufacturing Mixed A, and the manufacturing and technology industry positions are relatively low, which needs attention.
ICBC High-end Manufacturing Stock, BOC Smart Manufacturing Stock A, and GF Manufacturing Selected Mixed A, relatively speaking, the proportion of new revenue is slightly higher.
After screening, among these 10 manufacturing bases, the “manufacturing” industry accounts for a relatively high proportion, and the funds with relatively excellent historical performance are: Bank of Communications Advanced Manufacturing Mix A, China Europe Advanced Manufacturing Stock A and E Fund High-end Manufacturing Mix.
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.
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$ BOCOM Advanced Manufacturing Mix (F519704)$ $ E Fund Advanced Manufacturing Mix (F009049)$ $ Central Europe Advanced Manufacturing Stock A (F004812)$
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