Public offering FOF product performance ranking in three years: Haifu is the best, While Zhongrong, Qianhai and Fuguo are at the bottom. Why didn’t the performance champion get the five-star rating


Finance Union (Shenzhen, reporter Zhou Xiaoya) News, since the first batch of products were approved in September 2017, the domestic public fund of funds (FOF) has been more than four years of development, Wind data shows that by the end of last year, the market size of FOF products has exceeded 200 billion yuan.What is the overall situation of the public offering FOF market in terms of performance?According to the statistical data of Ji ‘an Jinxin Fund Evaluation Center, as of March 17, 2022, there are 267 FOF established in the whole market (combined calculation of different shares).The average performance of FOF products in the past three years was 30.27%, and all the TOP10 products in the rankings significantly outperformed the average.Among them, The return rate of Haifu Juyou Selection mixture in recent three years is 53.78%, leading the market;Harvest pension target date 20405 holding period mixed (FOF), southern pension target date 20353 holding period mixed (FOF), the recent three years return is 48.15%, 47.75%.In addition to the top three, ji ‘an Jinxin Fund evaluation Center data shows that the fourth to tenth place are respectively the Southern pension target date 20353 holding period mixed (FOF) C, three-year performance returns of 45.99%;Huaxia Pension target date 20403 Holding period mixed (FOF) three-year performance return of 45.05%;Ceib foresee pension target date 20353 Holding period mixed (FOF) A three-year performance return of 43.69%;Southern Heshun Mixed Asset Allocation (FOF) A three-year performance return of 43.38%;Ceibs foresee pension target date 20353 Holding period mixed (FOF) C three-year performance return of 41.97%;Nanfang Heshun Mixed Asset Allocation (FOF) C three-year performance return of 41.67%;Icbc Credit Suisse pension target date 20353 Holding period mixed (FOF) three-year performance return of 40.18%.Among them, ji ‘an Credit Fund evaluation center said that CEIbs foresee pension target date 20353 holding period hybrid (FOF) was evaluated three years of five stars ji ‘an rating, ICBC Credit Suisse pension target date 20353 holding period hybrid (FOF) three years of four stars.In the opinion of ji ‘an jinxin fund evaluation center, the TOP10 has achieved good results, but there is still a certain gap compared with the “China securities investment fund market outlook FOF index”, the performance benchmark of the public FOF index issued by the company.According to reports, the index was designed and launched by Beijing Ji ‘an Jinxin Technology Co., Ltd. on January 1, 2019, with a three-year performance return of 54.03%, surpassing all three-year FOF performance.Since its inception, the index has returned 4,325.1%, with an average annual return of 37.91%.According to the evaluation center of ji ‘an jinxin fund, the TOP10 FOF products adopt the “bottom-up” allocation strategy, while the top 2-10 are all top-down allocation strategy.The performance of the first place in the list is more than 50% different from that of Ji ‘an Jinxin Fund evaluation Center data show that The quantitative selection of Zhongrong fund mixed A/C share performance at the bottom.Specifically, ZONgrong Quantitative Select Blend (FOF) C’s three-year performance return is only 2.19%;Zhongrong Quantitative Select Mix (FOF) A three-year performance return of 4.11%;Qianhai Open Source Yuze regular open mix (FOF) three years performance return of 15%;Fuguo Xinwang Stable pension target one-year holding period mixed (FOF) three-year performance return of 15.5%;Wanjia Stable pension target three-year holding period mixed (FOF) three-year performance return 17.64%;Gf Stable pension target one-year holding period mixed (FOF) three-year performance return 18.53%;CCB Youxiang Robust pension target one-year holding period mixed (FOF) three-year performance return of 19.92%;Teda Manulife All-around Preferred Blend (FOF) C three-year performance return of 20.22%;Teda Manulife All-around Preferred Blend (FOF) A three-year performance return of 21.32%;CCB Fuze Antai Mixture (FOF) three-year performance return 22.73%.In terms of the performance of the first and last products, there is a difference of 51.59% in the return of FOF products in the past three years.Nearly 100 FOF were newly established last year. On the whole, the FOF market is still expanding. Huatai Securities’ previous research report pointed out that 97 FOF will be established in 2021, with a total raised share of 119.4 billion, exceeding the highest level in the past few years.In 2021, the number of new FOF products of all types exceeded the highest in the past four years.The number of ordinary mixed FOF in newly released products was the largest, 48 in total, including 32 for medium-high risk products and 16 for low-risk products.There were 32 newly diagnosed FOF of target risk, among which 30 were low risk and 2 were medium high risk.17 are target date FOF, 5 are low-risk target date FOF with maturity before 2040, and 12 are medium-high risk products.Looking at last year’s performance, Huatai securities said the average annual return for all FOF products in 2021 was 4.76%, with only a few yielding negative returns.Itemized, the annualized return rate of low-risk FOF is concentrated in the range of 2%-8%, while that of medium-high risk FOF is in the range of 0%-10%.The volatility and maximum retracement of low-risk FOF and medium-high-risk FOF show a left-biased distribution.In terms of FOF categories, in the market of 2021, when important market indexes such as CSI 300 decline and strong assets in the early stage such as consumer medicine retreat significantly, the average annual return rate of ordinary hybrid FOF is lower than that of other FOF products at the same risk level, and the volatility and maximum retreat are also higher than other FOF products.From the average Sharpe ratio and Calmar ratio, the low-risk target risk FOF was significantly better than the low-risk target date FOF, while the high-risk target risk FOF was slightly worse than the medium-high target date FOF.In addition, Huatai Securities also extracted from Wind five fund indexes of common stock, partial stock hybrid, flexible allocation, partial debt hybrid and bond fund, and compared their various risk-return indicators in 2021 with FOF products.In their view, the withdrawal control ability of several FOF products is relatively strong, which is more compatible with the needs of long-term funds.”In 2021, due to the sharp retreat of equity assets, the Sharpe ratio and Calmar ratio of The new comprehensive fund of Chinese bonds, the hybrid fund of partial debt and the bond fund are obviously higher than the FOF products of the mixture of stock and debt, among which the new composite index of Chinese bonds has an obvious advantage.From the perspective of Calmar ratio alone, low-risk target risk FOF and low-risk ordinary hybrid FOF perform better, and the risk-return ratio exceeds that of flexible allocation funds.The Calmar ratio of medium-high risk target risk FOF and medium-high risk target date FOF is lower than that of flexible allocation funds, but higher than that of ordinary equity funds and partial equity hybrid funds.”

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