I wrote about several typical characteristics of Jin Yuan Shun An in the previous article ” A Fund with Super Personality – The Uniqueness, Extremeness and Coldness of Jin Yuan Shun An Yuan Qi “, such as good performance, extremely scattered holdings, no grouping, holding individual stocks Low market value and quick change. I believe that friends who are familiar with this “God base” must be amazed at his extreme style characteristics in addition to admiring his good performance.
Then we will start with the holding style to screen the funds most similar to Jin Yuan Shun An Yuan Qi.
Indicator 1: Shareholding Concentration (Total Shareholding Ratio of Top Ten Heavyweight Stocks)
Screening criteria: Funds with a shareholding concentration of less than 20% in 8 reporting periods in the past two years
Filter results: 28
Data source: Butterfly data
There are only 28 funds that meet the conditions, and Jinyuanshun’s Anyuanqi’s shareholding concentration is not unexpectedly ranked first. At first glance, most of the funds with dispersed holdings are quantitative funds.
Indicator 2: Small-cap shareholding ratio
Screening conditions: Screen the 28 funds with the average shareholding ratio of small-cap stocks greater than 20% in 8 reporting periods in the past two years. To explain , the definition of small-cap stocks here is based on the definition of Morningstar Jiugongge, and the total market value is sorted from large to small, and the total market value accounts for the last 10% of the stocks. At present, the threshold of the total market value of the dividing point for small and medium-sized stocks is about 6.5 billion, and the definition of small-cap is relatively strict.
Filter results: 6
Data source: Butterfly data
Among the 28 funds, there are only 6 funds with an average shareholding ratio of more than 20% of small-cap stocks in the past two years. The average holding ratio of Jinyuanshunan Yuanqi small-cap stocks is 56.5%, which is the highest. The remaining 5 are China Merchants Quantitative Selected Stocks (001917), Guojin Quantitative Multi-Factor (006195), Guojin Quantitative Multi-Strategy (005443), Huaxia Zhisheng Value Growth (002871), Dongxing Xingsheng Mixed (009327) .
Indicator 3: Heavy Holding Stocks Holding Index
We simply define the fund holding index by the number of funds that are heavily held by other active equity funds, and the average value of the heavy holding stocks in the past two years is as follows:
Data source: Butterfly data
The 6 stocks China Gold Quantitative Multi-Factor (006195) have a significantly higher degree of cohesion than the other 5 funds, but after a closer look, it is found that the shareholding characteristics of China Gold Quantitative Multi-Factor this year have changed a lot compared with history. Check it out.
Data source: Butterfly data
Before 2021, China National Financial Group’s quantitative multi-factor cohesion is relatively high, with an average stock market value of more than 100 billion, which is a proper large-cap white horse stock ; however, in 2022, the holding style will change dramatically , and by the second quarter of this year, it can be said that it will be similar to Jinyuan Shun’an Yuanqi The similarity is very high, and I don’t understand whether this style change is the result of a change in the policy model or some other reason. This fund will be marked first for further discussion.
In addition, the average holding period of these funds is very short, indicating that they change hands quickly.
Indicator 4: Performance Trend Correlation Coefficient
We compare the correlation coefficients between the performance trends of the above five funds in the past two years and the performance trends of Jinyuan Shun An Yuanqi to see who has a higher degree of similarity in performance trends.
Data source: Butterfly data
In the past two years, there are 3 funds whose performance trend correlation coefficient is greater than 0.75 , China Merchants Quantitative Selected Stocks (001917), Sinolink Quantitative Multi-Factor (006195) and Sinolink Quantitative Multi-Strategy (005443). Although Guojin Quantitative Multi-Factor (006195) has the highest performance trend correlation coefficient, it is temporarily listed as an observation object due to the instability of the historical holding style.
Although Jinyuanshun Anyuanqi has gradually opened up the performance gap with several other funds from the fourth quarter of 2021; it is indeed difficult for any fund to compare with its outstanding performance at present. We settle for the next best choice. China Merchants Quantitative Selected Stocks (001917) and Guojin Quantitative Multi-Strategy (005443) are better choices to replace Shen Fund Yuanshun An Yuanqi from any point of view.
For China Merchants Quantitative Selected Stocks, I had a detailed analysis two weeks ago. If you are interested, you can refer to the article: A quantitative fund that has outperformed the CSI 500 for 5 consecutive years, with an average annual excess return of 16.63%
Note: All views and funds involved in this article do not constitute investment advice, and investment in the market is at your own risk.
@Today’s topic @snowball creator center @snowball fund @ball friend welfare@ ETF star push officer @中商基金@国金基金
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$ China Merchants Quantitative Selected Stocks (F001917)$ $ Guojin Quantitative Multi-Strategy Mix (F005443)$ $ Guojin Quantitative Multi-Factor (F006195)$
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