Stock Liao information

— Basic knowledge of stocks|Introduction to basics of stocks|Stock learning|Basic knowledge of stocks
Mobile access:m.liaochihuo.com

[International Finance Research] Baotuan 50: What is the difference between Taurus fund managers Baotuan

Release Time:2021-05-04 Topic:2020 Taurus Fund List Reading:55 Navigation:Stock Liao information > Gourmet food > [International Finance Research] Baotuan 50: What is the difference between Taurus fund managers Baotuan phone-reading

Investment research report

【Institution Adjustment】Liu Gesong has reduced his position by 1 share! Lin Yingrui, Cai Songsong and others have adjusted their positions and exposed (with a list of 10 shares)

[Super large order] The price increase is higher and the continuity is beyond expectation! Institutions urgently raise the target prices of two stocks (list)

[Hardcore Research Report] With the emergence of a new blue ocean of hundreds of billions, precision cancer treatment has a "new weapon"! This pharmaceutical sub-industry policy benefits frequently, which will give birth to a group of leading companies with a market value of 10 billion or even 100 billion.

[Main Funds] The roadmap for the adjustment of positions of the two mainstream forces is exposed! Large purchase of a class of stocks (list)

To

Source: China National Finance Securities Research Institute

< p cms-style="font-L">

Total Quantitative Research Center

Strategy Ai Xiongfeng team

Main viewpoints

1. The Fund Manager Group 50 Index is an index that reflects the situation of fund managers and the performance of 50 Group stocks. The Baotuan 50 Index reflects the performance of the 50 Baotuan stocks with the highest degree of overlap in the holdings of hundreds of equity fund managers in the entire market. The specific preparation method is divided into four steps: 1) Establish a list of heavy stocks for each fund manager (if the individual stocks of the group are aggregated according to the heavy stocks of fund products, the larger the fund product size, the larger the heavy stocks); 2) Choose 50 Only the stocks that most frequently enter the list of fund managers' heavy holdings are used as fund managers' group index components; 3) Calculate the component weights, and use the stock's weighted stock market value as the weight; 4) Calculate the index price. After the disclosure of the quarterly report of the Fund for the first quarter of 2010 (the first fifteen working days at the beginning of the next quarter) as the base period, the base period index is 1000.

Second, the grouping index we constructed can better reflect the current grouping situation of fund managers. In the construction method, the constituent stocks are selected from the perspective of the fund manager, because if the individual stocks grouped together according to the fund product's heavy holdings are simply aggregated, the larger the fund product size, the greater the weight of the heavy holdings. The number of fund managers in the sample has steadily increased. As of the quarterly report of the 2021 fund, there are 743 fund managers in the sample (the sample excludes 109 fund managers with a management scale of less than 100 million). The fund manager’s holdings of the 50 constituent stocks of the Baotuan 50 Index accounted for more than 30% of the market value of all active stock funds (A shares), and it was 34% in the first quarter of 2021.

Third, historically, the Baotuan 50 Index has obvious excess returns. From the perspective of the cumulative rate of return, the cumulative increase since 2010 has been more than 250%, while the cumulative increase of the CSI 300 in the same period was only 60%. On a yearly basis, except for 2014 and 2018, which underperformed the market, all other years outperformed the Shanghai and Shenzhen 300 Index< span id="quote _ sz399300">. Baotuan 50 Index has accelerated to outperform Shanghai and Shenzhen 30 since 20190, but after the Spring Festival this year, fund group stocks experienced a significant correction.

Fourth, the index components are mostly large-cap stocks and growth stocks, and the industry distribution focuses on industries such as food and beverage, medicine, and electrical equipment. As of the first quarter of 2021, among the 50 constituent stocks of the Baotuan 50 Index, all are large-cap stocks by market value; by style, the majority of growth stocks (48% in number); by industry, the Baotuan 50 index 29.0% of the ingredient weight belongs to the food and beverage industry, 16.8% belongs to the pharmaceutical and biological industry, and 10.2% belongs to the electrical equipment industry. The top five stocks ranked by weight are Kweichow Moutai (12.0%), Wuliangye (8.9%), Hikvision (4.5%), Luzhou Laojiao (4.5%), China Freedom (4.5%)

Fifth, the relative income of the companies that are new to the index component before the next position adjustment: The median (quarterly) excess income relative to the Shanghai and Shenzhen 300 since 2010 is 1.8%, and the average is 3.2%. Relative to the industry in which the median (quarterly) excess returns is 1.0%, the average is 1.8%. New stocks entering the Baotuan 50 Index in the first quarter include: Eastern Yuhong, Tiger Pharmaceuticals, Kailyin, Zhuo Shengwei, Kanglong Huacheng, Sanhuan Group, Stone Technology, Pilot Intelligence< span id="quote _ sz300450">, ICBC; newly exited stocks include : Yanghe shares, Tongce Medical , Mango Super Media, Jinshan Office, Glodon, BYD, Jonhon Optronic span>, Sungrow, Enjoy shares.

6. Among the 743 fund manager samples, we further screened out 87 fund managers who have won the Golden Bull Award, and constructed the Golden Bull Fund Manager Baotuan 50 Index accordingly. . The specific components are shown in the following table. Among them, there are 11 stocks that are different from the full sample fund manager Baotuan index: Gujing Gongjiu, Meinian Health, Tongce Medical, Mango Super Media, Ziguang Guowei, Jinjiang Hotel, Shunxin Agriculture, UOB , Poly Real Estate, Bank of Hangzhou, OPCOM span>. The corresponding excluding: Aier Ophthalmology, BOE A, Zhuoshengwei, Kanglong Chemical, Sanhuan Group, Eastern Fortune, Zijin Mining, China Pacific Insurance, Pioneer Intelligence , Industrial and Commercial Bank of China, Hang Seng Electronics.

Text

1. How to construct the Baotuan 50 index?

The Fund Manager Group 50 Index is an index that reflects the fund manager’s group situation and the performance of its 50 group stocks. The index contains the 50 "most important" stocks in the Shanghai and Shenzhen stock markets that are currently heavily held by fund managers. They are weighted in two ways: stock market value and equal weight, and are calculated on the fifteenth working day at the end of each quarter. (After-hours) The composition of the fund will be adjusted after the quarterly report is disclosed.

1.1 Construction method: Based on the perspective of active stock fund managers’ heavy holdings of stocks p>

The specific method of constructing fund manager’s group index is as follows:

(1) Establish a heavy position for each fund manager List of stocks (if the individual stocks of the group are summarized solely according to the fund product's heavy holdings, the larger the fund product size, the greater the weight of the heavy holdings). Each active equity public offering fund (including common stock funds and partial stock hybrid funds) has a corresponding fund manager and top ten heavy stocks. At the level of fund managers, we have sorted out multiple fund products managed by them, thereby Summarize the ten largest stocks and holdings of these fund products. If a fund product has multiple fund managers, we take the first fund manager to enter the sample; if the fund managers manage multiple fund products with repeated heavy holdings, we add up the stock market value at the stock level. After excluding fund managers whose management scale does not exceed 100 million yuan, the ten stocks with the highest stock market value held by each fund manager are selected as their list of stocks with the highest stocks.

(2) Select 50 stocks that are most frequently included in the list of fund managers’ heavy stocks as the fund manager’s group index component. We count and sort all the stocks that have entered the list of fund managers' heavy stocks. After excluding Hong Kong stocks, we select 50 stocks that are most heavily held by fund managers to form the fund manager group index. When encountering a parallel situation, that is, two stocks appearing the same number of times in the fund manager's heavy stock list, the fund manager's stock holdings with a larger total market value will be preferred.

(3) Calculate component weights. For the above 50 stocks selected for the Fund Manager Group Index, the total market value of the stocks held by the fund managers in the effective sample is calculated, and the weight of the stocks is the proportion of the stocks held by the stocks.

(4) Calculate the index price. The Fund Manager Group Index is measured in "points" and is accurate to three decimal places; after the disclosure of the quarterly report for the first quarter of 2010 (the first fifteen working days at the beginning of the next quarter, that is, April 22, 2010) The base period, the base point is 1000 points. The specific calculation formula is:

1.2 The Baotuan 50 Index can better characterize the Baotuan situation

The Baotuan 50 Index reflects the holdings of hundreds of stock fund managers in the entire market The index of the performance of the 50 stocks with the highest degree of overlap. In the construction method, the constituent stocks are selected from the perspective of the fund manager. If you simply summarize the stocks of the group based on the fund product's heavy holdings, the larger the fund product size, the greater the weight of the heavy holdings.

The number of fund managers in the sample has steadily increased. As of the first quarter of 2021, there are 743 fund managers in the sample (the sample excludes 109 fund managers with a management scale of less than 100 million Fund manager). The fund manager’s share of the 50 constituent stocks of the Baotuan 50 Index accounted for more than the market value of all active stock funds (A shares)30%, 34% in the first quarter of 2021.

Second, Baotuan 50 Index has obvious excess returns

From the perspective of cumulative yield, the cumulative increase since 2010 has been over 250%, while Shanghai’s The cumulative increase of Shenzhen 300 is only 60%. On a yearly basis, except for 2014 and 2018, which underperformed the broader market, all other years outperformed the Shanghai and Shenzhen 300 Index. Since 2019, the Baotuan 50 Index has accelerated to outperform the Shanghai and Shenzhen 300, but after the Spring Festival this year, Baotuan stocks experienced a significant correction.

3. The index components are mostly large-cap stocks and growth stocks, and the industry distribution focuses on industries such as food and beverage, medicine, and electrical equipment.

As of the first quarter of 2021, among the 50 constituent stocks selected for the Baotuan 50 Index, all are large-cap stocks by market value; by style, most of the growth stocks ( The proportion is 48%); by industry, 29.0% of the composition weight of the Baotuan 50 index belongs to the food and beverage industry, 16.8% belongs to the pharmaceutical and biological industry, and 10.2% belongs to the electrical equipment industry.

The top five stocks ranked by weight are Kweichow Moutai (12.0%), Wuliangye (8.9%), Hikvision (4.5%), Luzhou Laojiao ( 4.5%), China Freedom (4.5%).

4. Index composition adjustment and new entry composition Relative performance of stocks

In the first quarter, Baotuan 50 Index newly entered stocks: Oriental Yuhong, Tigermed, Kailaiying, Zhuoshengwei, Kanglong Chemical, San Huan Group, Stone Technology, Pioneer Intelligence, Industrial and Commercial Bank of China; newly exited stocks include: Yanghe, Tongce Medical, Mango SuperMedia, Jinshan Office, Glodon, BYD, AVIC, Sungrow, and Enjie.

For the relative income of the newly entrant companies before the next position adjustment, Since 2010, the median (quarterly) excess return relative to the CSI 300 was 1.8%, and the average was 3.2%. Relative to the industry in which the median (quarterly) excess returns is 1.0%, the average is 1.8%.

V. List of Constituent Stocks: Fund Manager Baotuan 50 and Golden Bull Fund Manager Baotuan 50

Among the 743 fund managers sample, we further selected 87 A fund manager who has won the Golden Bull Award has constructed the Golden Bull Fund Manager Baotuan 50 Index accordingly. The specific components are shown in the following table. Among them, there are 11 stocks that are different from the full sample fund manager Baotuan index: Gujing Gongjiu, Meinian Health, Tongce Medical, Mango Super Media, Ziguang Guowei, Jinjiang Hotel, Shunxin Agriculture , UOB, Poly Real Estate, Bank of Hangzhou, Opcom. Corresponding excluding: Aier Ophthalmology, BOE A, Zhuoshengwei, Kanglong Chemical, Sanhuan Group, Oriental Fortune, Zijin Mining, China Pacific Insurance, Leading Intelligence, Industrial and Commercial Bank of China, Hang Seng Electronics.

Risk warning: liquidity risk, overseas black swan events (sovereign rating downgrade, political risk, etc.), policy supervision (financial deleveraging, etc.)

p>

Today, please "star" for a new reading experience. Sticking to the top will bring you daily updates. Or research value feast, hot spot sorting, industry chain treasure map, monthly asset allocation, allowing you to keep up with market hot spots, discover company dynamics, industry changes, and get customized information in a simple way.

Scan the QR code to open an account in 3 minutes>> ToToToToToToToToToTo Massive information, accurate interpretation, all in Sina Finance APP

Article Url:https://www.liaochihuo.com/info/547380.html

Label group:[fund manager

Hot topic

Gourmet food recommend

Gourmet food Popular