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Baotuan 50: What's the difference between Golden Bull Fund Manager Baotuan

Release Time:2021-05-04 Topic:2020 Taurus Fund List Reading:66 Navigation:Stock Liao information > Gourmet food > Baotuan 50: What's the difference between Golden Bull Fund Manager Baotuan phone-reading

This article is reproduced from the WeChat public account "China National Financial Securities Research Institute".

Main viewpoints

1. The Fund Manager Group 50 Index reflects the situation of fund managers and the performance of 50 Group stocks The index. 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 heavily held stocks for each fund manager (if the individual stocks grouped together according to the fund product’s heavy holdings are simply aggregated, the larger the scale of the fund product will be. The greater the weight of the weighted stocks);

2) Select 50 stocks that are most frequently included in the list of fund managers’ weighted stocks as the components of the fund manager’s group index;

3) Calculate the weights of the components to The weight of the stock’s holdings in the stock market is used 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.

2. 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 of the group are aggregated according to the fund product's heavy stocks, the larger the fund product size, the larger the heavy stocks.

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 significant excess returns. From the perspective of cumulative yield,Since 2010, the cumulative increase 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 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, fund Baotuan 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 selected in the Baotuan 50 Index, all are large-cap stocks by market value; by style, the majority of growth stocks (48% in number); 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%), and China Intermediate Freedom (4.5%).

5. Regarding the relative earnings of companies that are new to the index before the next position adjustment: The median (quarterly) excess earnings relative to the CSI 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: Oriental Yuhong, Tigermed (03347), Kailai Ying, Zhuoshengwei, Kanglong Chemical (03759), Sanhuan Group, Stone Technology, Pioneer Intelligence, Industrial and Commercial Bank of China (01398) ); Newly exited stocks include: Yanghe, Tongce Medical, Mango Super Media, Jinshan Office, Glodon, BYD (01211), AVIC Optoelectronics, Sungrow Power, and Enjie.

6. In a sample of 743 fund managers, 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 with different components from the full sample fund manager Baotuan index: Gujing Gongjiu, Meinian Health, Tongce Medical, Mango Super Media, Ziguang Guowei, Jinjiang Hotel , Shunxin Agriculture, Dahua Co., Ltd., 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.

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1. How to construct the Baotuan 50 Index?

The Fund Manager Group 50 Index is an index that reflects the situation of fund managers and the performance of 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 holding heavy stocks

The specific method of constructing the fund manager Baotuan index is as follows:

(1) Establish a list of the stocks of each fund manager's heavy holdings (if the individual stocks of the group are simply aggregated according to the fund product heavy holdings, it will lead to a larger fund product scale. The greater the weight of its 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 stock market value 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 manager manages multiple fund products that have repeated heavy holdings, we will check the stock market value at the stock level Add up. 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 the 50 stocks that are most frequently included in the list of fund managers' heavy holdings as the fund manager group index components. 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 the component weight. 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 fund 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 performance of the 50 Baotuan stocks with the highest degree of overlap in the holdings of hundreds of stock fund managers in the entire market. . 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 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.

2. Baotuan 50 Index Excess Return Obviously

From the perspective of the cumulative rate of return,Since 2010, the cumulative increase 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 andExcept for underperforming the market in 2018, it outperformed the Shanghai and Shenzhen 300 Index in the rest of the year. 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. Index components are based on large-cap stocks Most of them are growth stocks, and their 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 in the Baotuan 50 Index, all are large-cap stocks by market value; by style, the majority of growth stocks (48% in number); By industry, 29.0% of the component weights of the Baotuan 50 Index belong to the food and beverage industry, 16.8% belong to the pharmaceutical and biological industry, and 10.2% belong 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 relative performance of new entrants

Q1 New entrants to the Baotuan 50 Index include: Oriental Yuhong, Tigermed, Kailaiying, Zhuoshengwei, Kanglong Chemical, Sanhuan Group, Stone Technology, Pioneer Intelligence, and Industrial and Commercial Bank of China; newly exited stocks include: Yanghe , Tongce Medical, Mango Super Media, Jinshan Office, Glodon, BYD, AVIC Optoelectronics, Sungrow Power, Enjie.

Regarding the relative earnings of the newly entrant companies before the next position adjustment, the excess earnings relative to the CSI 300 since 2010 The (quarterly) median was 1.8% and the mean was 3.2%. Relative to the industry in which the median (quarterly) excess returns is 1.0%, the average is 1.8%.

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

Among the 743 fund managers sample, we further screened 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. 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 risks, overseas black swan events (sovereign rating downgrades, political risks, etc.), policy supervision (financial deleveraging, etc.)

(Editor: Li Junzhen)

Article Url:https://www.liaochihuo.com/info/547385.html

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