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澳门游戏网址:HSBC Jinxun stocks A: Cross the CBBC test strict control retracement

时间:2018/2/2 18:16:47  作者:  来源:  浏览:0  评论:0
内容摘要:Executive Summary: \n?Fund Performance: Through CBBC test, strictly control the retracement.As of now (2018-01-31), the cumulative return si...

Executive Summary:

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Fund Performance: Through CBBC test, strictly control the retracement. As of now (2018-01-31), the cumulative return since the establishment of HSBC Jin Xin Market A has reached 265.04% and the annualized return has reached 30%. Fund performance in the past three years, or 100% increase, ranked third in the 328 similar funds, up 28.73% in the recent 1 year, the same type of 694 funds ranked 163th. From the annual increase, in addition to 2012, the rest of the year were excellent or good, the largest retracement of the fund in the most recent year was -5%, well below the similar average equity funds maximum retracement -10% range.

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Investment Style: High position Investment in shares, actively adjust the structure of the stock holdings. The Fund to maintain a higher position in the stock, the stock assets accounted for 85% -95% of fund assets, and actively adjust the structure of the stock positions, continued to buy a good fundamentals, performance is sustainable, relatively low valuation and reasonable company, lower The valuation has rebounded significantly or the fundamentals are less than the expected allocation of industries and stocks. On the whole, based on the PB-ROE model, the investment style bias value is also actively concerned about the fundamentals and valuation adjustments of the medium-sized and small capitalization-adjusted companies Bring investment opportunities, get a better risk return.

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Fund Size: Assets increased by 4.3 billion in 2017, an increase of 170%. Since the second quarter of 2016, the performance of A-shares stabilized in shock, the fundamentals are stable and the valuations are low. The investment value of individual stocks shows that the net value of HSBC Jinxun's stock market A keeps rising and its scale further increases. The net assets at the beginning of 2017 was only 2.545 billion As of December 31, 2017, the net assets at the end of the period amounted to 6.874 billion yuan, increasing by 4.3 billion yuan for the whole year, an increase of 170%.

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Fund companies : Do not for short-term target, forging long-term steady earnings. Fund Management Founded in 2005, HSBC has a history of over 13 years. Its products, HSBC Jinxun Stock Market A, have earned investors a huge return of 265% since its founding. "Not to short-term large-scale goal, but hope to truly create value for customers under the premise of steady and profitable," HSBC Jinxin Investment Research team has always insisted on the concept.

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Risk factors: 1, the risk of stock market fluctuations

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2, Fund manager change risk

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3, the historical performance does not represent the future performance, investment should be cautious.

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I. Introduction of Fund Products

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A shares of HSBC Jinxin was established in 2009 by fund manager Jinfeng Fund of HSBC , the fund types belong to equity funds with high expected risk and return level, higher than Bond funds and Mixed funds .

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Investment Objectives: The Fund, on the basis of reasonable risk control, pursues steady dividend income and long-term capital gains by investing in blue-chip stocks with stable growth in earnings expectation and leading positions in various industries and strives to realize the fund Long-term performance of assets beyond the benchmark earnings.

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Investment Strategy: In the strategy of asset allocation, in the investment decision-making, the Fund adjusts the fund assets only in stocks, bonds and cash only according to the relative changes of the risk-return characteristics of the selected types of securities. Between the distribution ratio. Stock investment strategy: According to the fund's "high positions, blue-chip companies, selected research" investment philosophy and "research to create value" stock selection strategy, bottom-up selection, quarterly, China A The stocks in the stock market are sorted by the total market capitalization from the largest to the smallest, and the total market capitalization ranks the first 30% of the listed stocks in the A-share market. Focuses on the analysis of the unique competitive advantage of large-cap stocks Fund managers will be given a full range of primary stock value, growth analysis, combined with the analysis of industry position, out of a stable and profitable growth, underestimate the value, and in various industries have a leading position Of the broader market blue-chip stocks to invest.

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Performance Benchmark: CSI 300 Index * 90% + Interbank Deposit Interest Rate * 10%

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II. Fund Analysis

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(A) Historical Performance Analysis: Cross the CBR test, strictly control the retracement

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As of now (2018-01-31), the cumulative return since the establishment of HSBC Jin Xin Market A has reached 265.04% with an annualized return of 30%. Fund performance in the past three years, or 100% increase, ranked third in the 328 similar funds, up 28.73% in the recent 1 year, the same type of 694 funds ranked 163th. From the annual increase, except for 2012, the rest of the year was excellent or good.

\n?Figure 1: Phase Net Performance

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澳门游戏网址:HSBC_Jinxun_stocks_A:_Cross_the_CBBC_test_strict_control_retracement

Source: Oriental Fortune Choice data , every day Fund Research Center; Deadline: 2018-01-31

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Figure 2: Stages up and down

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澳门游戏网址:HSBC_Jinxun_stocks_A:_Cross_the_CBBC_test_strict_control_retracement

Source: Daily Fund Research Center; Deadline: 2018-01-31

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In terms of downside risk and return on standard deviation, the downside risk for this fund was 0.0439 in the most recent year, which is lower than the median of all common stock funds. The yield differential standard deviation is 0.0131, which is lower than all common equity funds. Median, the maximum retracement of the most recent year -5%, far below the maximum common stock fund 10% retracement of the range, the risk characteristics of the Fund, the Fund in the past year the risk is in the same category Low level.

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Table 1: Risk Analysis of HSBC Jinxun Stocks A (Past Year)

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fengjinxin stock market A similar median
return standard deviation 0.01480.0178
downside risks 0.05110.0753

Source: Oriental Fortune Choice data, daily Fund Research Center; Deadline: 2018-01-31

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(II) Investment Style: High Position Stock Investment and Active Adjustment of Stock Position Structure

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The Fund to maintain a higher position in the stock, the stock assets accounted for 85% -95% of fund assets, focusing on individual stocks risk, and actively adjust the stock position structure, continued to buy a good fundamentals, performance is sustainable, the valuation is relatively low and Reasonable companies to reduce the valuation has rebounded significantly or the fundamentals less than expected allocation of industries and stocks, the style, but also concerned about the larger decline in valuation continued to enhance the attractiveness of the sound fundamentals of small and medium market value of the company, on the whole, Based on the PB-ROE model, the investment style is biased in value, but also proactively watches for the fundamentals of the medium-sized and small-cap market-adjusted companies and the investment opportunities brought by the valuation adjustment, thus obtaining better risk returns, strictly controlling the downside risks and actively waiting Better investment timing.

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Figure 3: Overview of Awkwardness

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澳门游戏网址:HSBC_Jinxun_stocks_A:_Cross_the_CBBC_test_strict_control_retracement

Data source: Oriental wealth Choice data , Everyday Fund Research Center; Deadline: 2017-12-31

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(III) Sizing Analysis: Net assets increased by 4.3 billion or 170% in 2017

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Since the second quarter of 2016, the performance of A-shares stabilizes in shocks, with solid fundamentals and low valuations. As the investment value of individual stocks shows, the net value of HSBC Jinxun's stock market A keeps rising and the scale further increases. The net assets at the beginning of 2017 is only 25.45 As of December 31, 2017, the net assets at the end of the period amounted to 6.874 billion yuan, a total increase of 4.3 billion yuan for the whole year, an increase of 170%.

\n?Figure 4: Trend of Fund Size (100 million yuan)

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澳门游戏网址:HSBC_Jinxun_stocks_A:_Cross_the_CBBC_test_strict_control_retracement

Source: Dongfang Wealth Choice Data, Daily Fund Research Center; Deadline: 2017-12-31

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(D) Fund Manager: After 80 new fund managers impressive performance

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(1) Fund manager profile

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Mr. Qiu Dongrong: Master of Business Administration of Cheung Kong Graduate School of Business, September 2010 Joined Harvest Fund , he has been a researcher and senior researcher in the stock industry. Since September 16, 2014, he has acted as the fund manager of Huifen Jinhua Stock Market A with a return of 224.51% during his tenure of office. Historically, the correlation between the HSBC Jinxin Market Fund managed by Qiu Dongrong and the HSBC Jinxin Dual-Core Strategy Fund was relatively high, but the downside was often smaller and the gains were often larger, thus bringing considerable benefits to investors Income. As of the latest, HSBC Jinxin Fund A total realized return of 224.51%, HSBC Jinxin Dual-Core Strategy Fund A total realized return 113.98%.

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Table 2: List of Previous Funds

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Fund Name Fund Code start time deadline office returns similar average similar ranking
000849 fengjinxin dual-core strategy A2014 / 11 / 26 has 113.98% 53.16% 46 | 726
000850 fengjinxin dual-core strategy C2014 / 11 / 26 so far 7_894 56_226_65473_9114.51% 53.16% 45 | 726
540006 fengjinxin stock market A2014 / 9 / 16 has 224.51% 71.97% 1 | 279

Source: Oriental Fortune Choice data, daily Fund Research Center; Deadline: 2018 -01-31

\n?(E) fund companies: not for the short-term goal of forging a long-term steady profit

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"Not short-term large-scale goal, but hope to truly create value for customers under the premise of steady and profitable," HSBC Jinxin Investment Research team has always insisted on the concept. HSBC Jin-letter Fund Management Co., Ltd. was officially established on November 16, 2005. Companies in Shanghai as a registered place, the registered capital of 200 million yuan. HSBC Global Investment Management 49% stake in the shares, the remaining 51% stake held by Shanxi Trust. In July 2007, HSBC Jinxin was hired as a Business Investment Consultant by QF Investment Management (Hong Kong) Co., Ltd. QFII In the first half of 2017, HSBC Jinxin Fund ranked ninth among 93 fund companies with a net growth rate of 9.7% and ranked the fifth among 102 fund companies with a 7.42% excess return .

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(6) Risk Warning:

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1, the risk of stock market fluctuations. Influenced by the macroeconomic situation, policy adjustment, exchange rate changes, capital supply and demand and the operation of the Company, investors will face the risk of securities market fluctuations when they enter the market.

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2, the fund manager to change the risk. Securities investment fund performance mainly due to fund managers or investment research team investment ability, the latter need to pay attention to the continuity of the fund managers.

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3, the historical performance does not represent the future performance, investment should be cautious.

underlying funds

the phone can buy a fund account, click here to download immediately
Fund Code fund referred the past year operating income fee
540006 fengjinxin stock market A28.13% 1.50% 0.15% buy Open an account
Source: Orient Choice, Galaxy Securities, To date: 2018-02-01\n?

Disclaimer:

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1 The purpose of this report is to announce your product for further information. Any information or opinions in this report do not constitute investment advice of any person. Investors are not allowed to make a buy or sell judgment directly. Otherwise, they bear the investment risk themselves. Unless otherwise specified, the Company and its employees assume no responsibility for any direct or indirect damages arising from the use of this report and its contents.

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2, the contents of this report are based on publicly available and publicly available information, but the Company makes no warranty as to the accuracy, completeness or timeliness of such information. Please cautiously refer to it.

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3 Before you make the actual investment decision, you should carefully read and fully understand the legal documents such as the fund contract, prospectus and so on to understand the fund's investment objectives, risk and return characteristics, trading rules and fees affecting your rights and obligations of the content .

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4, the market risks, investment should be cautious


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