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Absolutely! In this “unable to sustain” sector, there are fund managers who are almost betting on their wealth
Source: Shijido
Prior to this, the previous Xiang 饽饽 drug was shaken for three months. This will have “reduced” by the time he “cultivated mushrooms” with some industries “unable to resist”.
But in fact, if you look at the data over the year, the growth rate of medicine is still at the forefront of 28 industries. Not only that, although the proportion of medicines contained in the third quarterly public offerings report has decreased, it is still at a high level, and there are still great gods like Zhang Kun.
From the perspective of the year, the real estate sector is definitely an example of a sector that it really “can’t support”. In the booming market over the year, there has been a 2% decline so far and there is none but this one.
Despite this, there are still fund managers who insist on betting and there are many stellar fund managers too. Not only that, there are also fund managers who invest almost all of their net assets in it, which can be called decisive.
01
Victims of “pharmaceutical” risk analysis still “strong”
Recently, pro-cyclical stocks such as financial stocks are mainly attracting market attention. On December 1, when the market was growing, non-bank finance and banks became the leaders in the 28 tier one sectors.
However, in the evening’s net worth data, there are two medical-themed funds that “killed” the brokerage ETF front and became the top finishers.
Recently, “medical risk assessment” has been victimized. After experiencing the decline of the last few months, I might think that it is no longer good, indeed, if you look at the income of the year, it is still pending.
A certain Weibo account certified as a private equity fund manager said on December 1 that it was rare to talk to medical researchers recently, because the trend in media and medicine was three months, so two unrelated sectors. Both yesterday and today they recovered together.
The most interesting detail is that, he said, the media index only increased 5% this year and significantly underperformed the index for five consecutive years. The medical researcher was taken aback for a moment, then his face changed: it turns out that the medical index has risen 40% this year.
If you look at the growth and decline since the beginning of the year (December 2), the drug can still rank sixth.
02
Zhang Kun is still “responsible” in medicine
secondEverbright titlesAccording to the research report, in the third quarter of 2020, the market value of Arkura Pharmaceutical’s stock reached 14.4% and the market value of Arkura Pharmaceuticals excluding medical funds accounted for 7.5%, which it fell from the high point of holdings in the second quarter. .
On the one hand, the proportion of the pharmaceutical industry’s total market value (using Shenwan’s A share and industry classification) dropped slightly to 9.9% in the third quarter of 2020. On the other hand, the proportion of institutions overly proportionate in medicine (the proportion of the market value of heavy warehouses to the total market value) also proportion) fell to 4.5%.
However, from the data chart of his research report, the percentage of equity funds holding medical biology is still at a relatively high level.
Judging by the health and social care classification in the Securities Regulatory Commission classification, holding funds with larger market capitalizations, even if you don’t look at medical-themed funds, are studded with stars. For example, Zhang Kun’s E Fonda small and medium cap, E Fonda’s blue chip, Jiao Wei’s rich Yinhua theme and Ji Wenhua’s social responsibility.
Among them, Zhang Kun’s E Fund holds more than 17% of the net worth of the health and social care fund.
The brokerage point of view has not given up hope for medicine.
Dongguan Securities believes that in 2020, spurred by the new corona epidemic at home and abroad, the pharmaceutical and organic industry has received strong market attention and aided by a large number of funds. The industry as a whole has emerged from a wave of trends and the industry’s valuation has increased rapidly. After hitting a new high in the third quarter, the sector index and sector valuations have continued to decline and the current valuation has fallen near the valuation center in recent years.
Pending 2021 in its current position, the new corona vaccine is expected to enter the market without problems. In 2020, the popularity of related stocks benefiting from anti-epidemic demand will decline and companies damaged by the epidemic are expected to accelerate the recovery.
03
Almost 80% of fund managers’ equity positions bet on real estate
Other than the seemingly “unbeatable” medicine, there are also properties that “can’t stand”.
Securities of Chinese tradersA research report indicated that in the third quarter of 2020 the overall stock market and the allocation of public funds to the real estate sector continued to decline, including the downward adjustment rate of public funds relative to the entire market slowed in meaningfully.
The relative allocation ratio of public funds to the real estate sector declined for three consecutive quarters and in the third quarter of 2020 it fell by 12 basis points from the second quarter to -0.85%, below the standard endowment. The relative allocation ratio of public funds to real estate ranks 13th out of 18 industries (2nd highest since 2013 and 17th lowest) and the ranking remains the same as in the second quarter of 2020.
According to wind statistics, at the market value level, the three quarterly reports contain multiple fund companies in the real estate sector, including Bank of Communications, Dongzheng Asset Management, China Industrial Securities Global and China Huitianfu.
It is not difficult to understand the high market value of Bank of Communications, after all, several well-known fund managers of Bank of Communications have allocated many real estate shares.
For example, Bank of Communications Schroder managed by He Shuai continues to grow, Bank of Communications Alpha and the dominant industries of Bank of Communications own almost or more than 20% of the real estate shares. Bank of Communications Select and Bank of Communications New Growth managed by Wang Chong also accounted for more than 10% of the net ratio.
From an equity perspective, Zhong Geng holds the highest percentage, followed by Dong Securities Asset Management. Both are also the only fund companies with a net worth ratio of more than 5 points.
From the perspective of all active partial equity funds, in addition to the aforementioned He Shuai, there are some well-known fund managers who hold over 20% of the real estate sector in the third quarter report. For example, Mo Haibo, the fund manager of Wanjia Value Advantage who holds one year, Wanjia’s social responsibility and Wanjia’s harmonious growth, and the fund manager selected by Dongfanghong Advantage, have just peaked.
It is worth mentioning that Huanghai of Wanjia is also a “ruthless man”. The Wanjia Macro-Time Multi-Strategy, Wanjia Ruixing and Wanjia Xinli under his management all hold more than 70% of the real estate shares. Among them, Wanjia Ruixing holds nearly 80% of the market value of the real estate stock, which is almost a gamble on the real estate sector.
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