The fund’s highest increase during the year was nearly 60%. Last year’s champion Liu Gezhen fell out of the top 20 (table)

The fund’s highest increase during the year was nearly 60%. Last year’s champion Liu Gezhen fell out of the top 20 (table)

Earnings “exploded”!

During the year, the fund’s highest increase was nearly 60%. Last year’s champion Liu Gezhen fell out of the top 20, and two “backdoor” ETFs became the dark horse Shiseido author.”!

  On the public fund track, the latest ranking of fund managers is “overwhelming.”

  Liu Gezhen, who had been a “bulletin player” in 2019, even though his style was fierce, was pulled away by the “opponents” and dropped out of the top 20.

  The previous fund product’s increase was close to 60%, which is almost the pair with the highest increase in the same period last year!

  Among passive funds, technology-themed ETFs are like running trains, and they are far ahead, not losing active management products.

Turnover can even cover the limelight of the broad-based index.

  It’s rare to see the active selection of funds, the theme index funds are starting a fierce competition!

  Existing funds rose nearly 60% during the year. Wind data show that the termination of February 21, excluding tiered funds, the existing funds rose about 58 during the year.


A and C are classified as A. There are 16 funds with an increase of more than 40%, of which 5 have an increase of more than 50%.

  ▼ Picture: The funds with the highest gains during the year just passed 2019, and too many funds exceeded or nearly doubled, which is considered a good year for investment funds.

After being “bombed” by the outstanding annual data of the funds at the end of 2019, it may be difficult to comply with the intense increase represented by this data in 2020.

  However, from the same period of data, standing in mid-February 2019, the fund with the highest yield rose “only” by 30%.

  This means that the highest increase in the same period in 2019, the yield is only about half of the highest increase since 2020.

  Index funds have a fierce momentum, and the active fund PK specifically looks at the top funds. Only four of the top 50 index funds have been converted into active management products.

  But it is interesting that these four index funds are additionally in the top ten and dominate the top two.

  Taken as a whole, the four funds are Guolian An CSI All-Share Semiconductor ETF and Cathay CES Semiconductor ETF and their joining funds.

  From the comparison of the two ETFs, the tracking targets of the two are not the same.

  The Guolian CSI All-Share Semiconductor ETF tracks the CSI All-Share Semiconductor Products and Equipment Index, and the Cathay Pacific CES Semiconductor ETF tracks the China Exchange Services Semiconductor Industry RMB Index.

  Judging from the official website of CSI, the top ten heavy stocks are slightly different.

  ▼ Figure: Comparison of the semiconductor index and the top ten heavy storage stocks of the China Semiconductor Index. The two indices have slightly increased during the year, which also determines the difference in the rise and fall of the two ETFs.

But on the whole, the increase is still 南京龙凤网 close.

  Behind the progress is that a lot of funds have already entered.

At the end of 2019, the Guolian An CSI All-Share Semiconductor ETF Fund only had more than 500 million shares, and it is now close to 2 billion.

  ▼ Photo: Guolian An CSI refers to the semiconductor ETF. The comparison of Cathay Pacific CES Semiconductor ETF is the semiconductor ETF that has achieved the highest growth in these years. The latest share of the China Xia Guozheng Semiconductor Chip ETF, which was established on January 20, is close to 6.3 billion.

  It is worth mentioning that Wind data shows that on February 19, the two non-monetary ETF funds with the highest turnover were Cathay CES Semiconductor ETF and Huaxia Guozheng Semiconductor Chip ETF, compared with Huatai Barry CSI 300 ETF represented by Broadbase.South China Securities 500ETF is a bit higher, which shows the popularity of semiconductors.

  ▼ Attached picture: On February 19th, ETF funds (non-monetary) with a high turnover of Liu Gezhen are not fierce. Look at the active fund echelon. It is known for his fierce style that Liu Gezhen won the crown in 2019, but in 2020In the competition, Guangfa ‘s small-cap growth has the highest income of “only” nearly 37% during the year. Although it is in the top 25, it has been separated from the former by a distance.

  At present, sprinting ahead are the innovative growth of the Galaxy, China Resources Yuanda Information and Media Technology, and Wanjia Economic New Energy, etc., which have increased by nearly 50% or more during the year.

  Among them, the highest increase was the innovative growth of the Galaxy managed by Zheng Weishan, with a return of about 52% during the year.

  Thinking of the end of 2019, the fund was once able to compete with the products managed by Liu Gezhen for a year.

  In fact, Galaxy Innovative Fund Manager has managed this product for less than a year!

  Now, the innovation and growth of Galaxy have all caught up.

Looking at the results of the past half year, Galaxy Innovation’s growth rate has increased by about 102%, second only to Cathay Pacific CES Semiconductor ETF and Guolian CSI All-Share Semiconductor ETF.

Liu Gezheng’s best-performing GF Emerging Yield is only about 89%.

  The fund’s fund manager is Zheng Weishan.

Public information shows that he has worked in Guoyuan Securities Research Center, Invesco Great Wall Fund Management Co., Ltd. and Xingye Fund Management Co., Ltd., engaged in investment and research.

Joined the stock investment department of Galaxy Fund Management Co., Ltd. in October 2018.  Zheng Weishan took over the management of Galaxy Innovation Growth Hybrid in May 2019. Now his return on service is about 140%. It can be said that the outstanding performance of Galaxy Innovation Growth in the past year has basically been achieved under its management.

  According to Galaxy Innovation’s 4th quarterly report for 2019, all its heavy storage stocks are electronics stocks, of which 4 are semiconductor stocks.

If it has not been sold, or has contributed too much to the net worth, especially Jingfang Technology, February 21st of the year, an increase of more than 226%.

  ▼ Attached picture: Galaxy Innovation Growth top 4 heavy stocks in the 4th quarter report of 2019 This week, Zheng Weishan publicly expressed his views.

  His investment philosophy is summed up in one sentence: selecting industries, selecting individual stocks, concentrating positions, and weakening timing.

  Although the current evaluation of the technology sector has improved compared to the expected range of last year, the performance of this wood sector exceeds expectations and the industry layout will continue to improve.

  Regarding the future market conditions and the technology sector, he believes that in the short term, the technology sector will continue to improve in 2020, and the application side may usher in an explosion.

Technology stocks in 2019 are expected investment opportunities brought by sustainable development, but in 2020, the core logic of technology stocks will be around real performance growth.

  In the long run, this wave of science and technology is constantly being performed.

Benefiting from industry upgrades and emerging consumer demand, the ceiling of technology stocks is constantly rising, and this sector may usher in a long business cycle spanning 2 to 3 years.

  Under the probability of stock adjustment and stock exchange ending February 21, the year-on-year growth rate that was second only to Galaxy’s innovation and growth was China Resources Yuanda Information Media Technology Fund.

  The fund is managed by Li Fu and Liu Hongyi. Comparing the resumes of the two fund managers and other management products, Li Fu’s management certificate is the fixed income part of the fund, and Liu Hongyi is most likely responsible for the equity investment part of the fund.

  Public information shows that Liu Hongyi has served as an analyst of Xiangcai Securities and a macro analyst of Xincheng Fund. He joined China Resources Yuanta Fund in July 2017 as the head of the research department.

  In February 2019, Liu Hongyi began to participate in the management of China Resources Yuanta Information and Media Technology. At that time, the fund had 4 fund managers, which were subsequently adjusted. After September 2019, it entered two phases of joint management by Li Fu and Liu Hongyi.
  From the information in the 2019 quarterly report, it can be seen that China Resources Yuanta Information Media Technology will replace the stock exchange in 2019. The top ten heavy storage stocks shown in the second quarterly report are mainly in the computer industry.
  In the 4th quarterly report, the communications, electronics, computer, media, machinery and equipment industries have been involved, and electronics and communications account for a large proportion.

  Although the fund’s April 2019 report compared with the 3 quarterly report, it seems that there are fewer semiconductor stocks, but the newly allocated stocks in other industries are still in the TMT field, and there are many stocks with amazing growth in 2020.

  If the fund manager did not adjust the stock exchanges again this time, China Micro, Zhaoyi Innovation and other stocks are suitable for the subdivision of the net value contribution, the annual increase will be about 108%, 92%.

  ▼ Attached picture: China Resources Yuanta Information and Media Technology Co., Ltd. reported in April 2019 that the top ten heavy storage stocks reproduced the “black horse” leader active fund. The current third is the 10,000 new economic momentum, with an annual rate of return of 49.


The fund is managed by Huang Xingliang, and the 10,000 industries it manages are also preferred, with a rise of about 44%, ranking high.

  According to the 4th quarter report of 2019, the top ten heavy storage stocks of 10,000 new economic momentum include multiple computer applications and semiconductor stocks.

  As of the close of February 21, Zhaoyi Innovation has increased by more than 92%. It is convinced that North China Huachuang and Anheng Information have all increased by more than 70%.

If Huang Xingliang did not adjust his position significantly, the contribution of these few stocks to the increase of the fund’s net worth would be close to 20 points.

  ▼ Photo: Wanjia Economic New Energy reported the top ten heavy warehouse stocks in April 2019. According to the public information, Huang Xingliang graduated from Tsinghua University with a major in electrical engineering and automation in 2002 and received a Ph.D.Bachelor of Science.
  From August 2007 to May 2011, he served as a director of the Investment Research Department of Bank of Communications Schroder Fund Management Co., Ltd .; from June 2011 to October 2018, he worked at Everbright Prudential Fund Management Co., Ltd., and successively served as the investment department’s proposed fund.Manager, has managed 4 products.

  Joined Wanjia Fund Management Co., Ltd. in November 2018 and began to accept fund product management in succession in 2019.

The first to take over the management is that the fund is the preferred mix of Wanjia industry, and the second product to be managed is the Wanjia economic new kinetic energy mix.

  Huang Xingliang took over the Wanjia New Economic Momentum product from Li Wenbin at the end of October 2019, so the fund has an obvious position adjustment process in the second half of 2019.

  Since taking over at the end of October 2019, less than 4 months, the return on employment has exceeded 79%.

Huang Xingliang’s new economic momentum in Wanjia can be regarded as a new star.

  It should be noted that there is still a certain difference between the preferences of the Wanjia industry that took over in 2019 and the new kinetic energy holdings of Wanjia.

  Since March 2019, Huang Xingliang has managed the optimization of ten thousand industries, and has drastically shifted positions from the original consumption and finance to TMT.

However, throughout 2019, Huang Xingliang has always maintained a certain position of pharmaceutical stocks in the preferred positions of 10,000 industries.

  If it continues to hold pharmaceutical stocks in 2020, perhaps this is why the fund lost to Wanjia’s new economic momentum.

Among the top ten heavy stocks in the fourth quarter, BGI’s gains during the year were not high compared to other technology stocks.

  ▼ Attached picture: Wanjia industry selects the top 10 heavy stocks in the 4th quarter of 2019 and according to its letter to investors in early February, it can be seen that it is still concerned about the pharmaceutical industry.

  He believes that the technology sector is still the main line of market prosperity.

The impact of this emergency on technology companies is limited, and it is even more favorable for pharmaceutical research and development.