基金业绩基准

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今年涨幅前10基金,成立以来大幅跑赢业绩基准?
Sou Hu Cai Jing· 2025-05-27 08:26
Core Viewpoint - The overall performance of the domestic A-share market has been lackluster in 2023, with the CSI 300 index down by 1.34% and the STAR 50 index down by 0.84% as of May 23. However, some funds have shown significant gains, with 21 open-end funds achieving over 50% net value growth this year [1][2]. Fund Performance Summary - The top-performing funds this year can be categorized into three main types: 1. Four funds focused on innovative enterprises listed on the Beijing Stock Exchange, including products from Huaxia, CITIC, Wanjia, and Huitianfu [3]. 2. Four funds investing in advanced manufacturing, particularly in the AI industry chain, from Penghua, Qianhai Kaiyuan, Ping An, and Yongying [3]. 3. Two funds heavily invested in Hong Kong consumer and pharmaceutical stocks, namely Guangfa Growth Navigator and Bank of China Hong Kong Stock Connect Medical A [3]. Performance Against Benchmarks - All top 10 funds have outperformed their respective performance benchmarks. For instance, Huaxia's fund has increased by 66.2% against a benchmark growth of 25.4%, outperforming by 40.8% [3][4]. Similarly, Guangfa's fund has risen by 62.1% compared to a mere 1.9% benchmark increase, outperforming by 60.2% [3][4]. Long-term Performance - Over the past year, the top 10 funds have maintained strong performance, with the lowest growth at 48% and five funds exceeding 100% returns. All have significantly outperformed their benchmarks [4][5]. Historical Performance - Since their inception, all top 10 funds have shown positive returns, with the best performer, Qianhai Kaiyuan, achieving a net value increase of 138.5% against a benchmark growth of 30% [6][7]. Annualized Returns - As of May 23, the annualized returns for these funds range from 10.9% to 36.9%, with newer funds generally showing higher annualized returns [8][9]. Fund Manager Assessment - The China Securities Regulatory Commission has mandated that fund companies assess fund managers based on medium to long-term performance, emphasizing the importance of benchmarks over three-year periods [5][6]. Fund Size and Manager Experience - The top 10 funds have accumulated significant assets, with some exceeding 10 billion yuan in size. However, many of these funds and their managers do not meet the industry standard of having over 10 years of experience [9][10].
【申万宏源策略】2024年主动基金产品全部持股的行业偏离度分析:显著低配金融和红利资产
申万宏源研究· 2025-05-22 01:27
Core Viewpoint - The article emphasizes the importance of aligning public fund performance with investor interests and enhancing the stability of fund investment behavior, as outlined in the CSRC's action plan for high-quality development of public funds [1][2]. Group 1: Fund Performance and Benchmarking - Approximately 70% of active equity funds use major broad-based indices such as CSI 300, CSI 800, and CSI 500 as performance benchmarks, with a similar proportion in terms of fund size [2][5]. - About 14% of active products are benchmarked against Hong Kong indices, indicating a growing interest in Hong Kong stocks among mainland active public funds [2][9]. Group 2: Industry Allocation and Performance Deviation - Financial, dividend, and computer sectors are identified as the main underweight industries, with significant absolute underweight amounts even after excluding industry index products [3][4]. - The banking and non-banking financial sectors are underweight by approximately 190 billion yuan each compared to their benchmarks, while the electronics sector is overweight by nearly 140 billion yuan [3][11]. Group 3: Detailed Industry Analysis - The analysis shows that banks and non-banking financials are underweight by over 8 percentage points, while the electronics sector is overweight by 5.8 percentage points [4][12]. - Absolute amounts indicate that the banking and non-banking sectors are underweight by around 180 to 200 billion yuan, while the electronics sector is overweight by about 130 billion yuan [4][11].