When it comes to quantitative investment in public offerings, it mainly focuses on four directions: passive index type, index-enhanced type, quantitative active type, and quantitative hedging type. We have taken stock of quantitative initiatives before, and today we will talk about index-enhanced funds.
Index-enhanced funds can be roughly understood as most of the tracking indexes (80%), and a small number of fund managers do strategies to increase returns (20%). Whether the index fund can be strengthened or not depends on the ability of each fund manager, that is, to make a fuss in the 20% self-managed place.
The CSI 300 Index, as one of the most representative indexes, has a large number of funds and enhanced index funds that track this index.
Last year, I wrote an article “Who is the Strongest CSI 300 Enhanced Fund”. About 11 months have passed, we just re-organized to see how the performance of the promising ones at the time? Who are the new faces selected this time?
We excluded the CSI 300 Enhanced Funds established in 2020 and later, leaving a total of 39 funds:
Take a look at the growth of each fund by yearly time period. I use two colors to distinguish whether it is outperforming the CSI 300 index.
Most index-enhanced funds can achieve returns that exceed the index, even a lot in some years.
We screened out the enhanced funds that have outperformed the CSI 300 Index for 4 consecutive years, including this year. Many funds have not been established for a long time, so they will not be included in this list. Especially in the performance of 2018, when the market generally fell, whether it fell less, I think this is an important indicator for reference.
There are 13 Enhanced Funds that meet the above criteria:
In this time period, if the fund manager has changed, we will also exclude it. In this way, there are only 7 funds that meet our “harsh” conditions:
In terms of comprehensive long-term and short-term performance, the three funds of Essence Quantitative Selection CSI 300 Enhanced A, Huaan CSI 300 Enhanced A, and Guofu CSI 300 Enhanced Index have performed well.
Essence Quantitative Selection CSI 300 Enhanced A: It mainly uses a quantitative multi-factor model to comprehensively evaluate the company’s profitability, corporate quality, valuation, analyst expectations, technical characteristics, market trends, investor sentiment and other factors to build a relative benchmark A portfolio with stable excess returns, select high-quality securities with investment value and reasonable valuation as the main investment targets, and actively grasp the certainty of index dividends, index composition adjustments, new stocks, new stocks on the Science and Technology Innovation Board, and individual stocks event-driven Enhance opportunities and strive to obtain investment returns that exceed the underlying index on the basis of controlling tracking error.
Huaan CSI 300 Enhanced A: In the industry model, more consideration is given to the impact of future inflation on the fundamentals of the industry; in the stock selection model, while looking for growth stocks, more attention should be paid to the valuation and price-performance ratio. It is expected that in the future, the market is more likely to be a structural market, and the industry’s choice of income is likely to contribute considerable returns. The fund manager adopts the strategy of industry rotation + quantitative stock selection to manage this product, and dynamically adjusts the factor weights according to the market style to obtain returns that exceed the CSI 300 benchmark.
Wealth of Nations CSI 300 Index Enhancement: On the basis of indexed investment, limited enhancement operations (optimization and adjustment) and primary market stock investment are supplemented.
Looking at the statements of the three funds above, the enhancement effect is actually determined by the quantitative models established by them. The result is an active adjustment of industry allocation and individual equity weights. At the same time, it may also include some strategies such as new launches, primary market investment, and dividends.
There are new funds that have not been established for a long time, so they have not been included in the final list. But the performance is also very good, such as Su Junjie of Penghua, Qiao Liang of Wanjia, Yin Ruifei of SDIC UBS, Yang Meng of Bodao, Liu Yang of TEDA, Manulife, Zhao Jie of Guangfa, Sheng Fengyan of Western Profit, these rising stars are all Worth watching.
In addition, all the CSI 300 Enhanced Funds have a high proportion of institutions.
…
Today, everyone is paying attention to one thing, and at the same time, the capital market has also reacted violently.
Bought some funds before 3 o’clock.
Counting the time, it’s almost here.
I took a look at U.S. stocks, which opened slightly lower.
#雪ball star plan public fundraising talent# #2022Fund second quarterly report interpretation# @snowball creator center @today’s topic
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