The first three quarters have officially concluded, with two active equity funds achieving double returns year-to-date. According to statistics from Wind Data, during the first three quarters, the average return of 5,081 active equity funds across the market (including ordinary equity funds, partial-equity hybrid funds, flexible allocation funds, balanced hybrid funds, as well as QDII ordinary equity funds, QDII partial-equity hybrid funds, QDII flexible allocation funds, and QDII balanced hybrid funds, counting only initial funds, same below) reached 2.31%, with 2,499 products recording positive returns, accounting for 49.18%.
The profit-making effect of top-tier products remains prominent. Specifically, E Fund Supply Reform managed by Yang Zongchang was the champion among active equity funds in the first three quarters, with a return of 115.67%. As of the end of the second quarter this year, the fund's top ten heavyweight holdings were mainly in the technology sector, in order: Beijing Huafeng Test&Control Technology Co.,Ltd. (688200.SH), Naura Technology Group Co.,Ltd. (002371.SZ), Thinkon Semiconductor Jinzhou Corp. (688233.SH), Verisilicon Microelectronics(Shanghai)Co.,Ltd. (688521.SH), Cambricon Technologies Corporation Limited (688256.SH), Skyverse Technology Co.,Ltd. (688361.SH), Shanghai V-Test Semiconductor Tech.Co.,Ltd. (688372.SH), Beijing Jingyi Automation Equipment Co.,Ltd. (688652.SH), Shenyang Fortune Precision Equipment Co.,Ltd. (688409.SH), and Guangdong Shenling Environmental Systems Co.,Ltd. (301018.SZ).
Meanwhile, both of the two double-return funds in the first three quarters were managed by Yang Zongchang. Another fund under his management — E Fund Industry Opportunity A — was the runner-up among active equity funds in the first three quarters, with a year-to-date return of 111.62%. Hui'an Trend Power A managed by Chen Siyu ranked third with a year-to-date return of 96.66%.
Beyond the top three, products including Nuofan Innovation Drive A, Orient AI Theme A, SWS MU Smart Drive A, Guotai Semiconductor Manufacturing Select A, Caitong Multi-Strategy Fuxin, Yinhua Integrated Circuit, Caitong Craftsmanship Preferred One-Year Holding A, Minsheng Royal Ju You Select A, Qianhai Open Source Shanghai-Hong Kong-Shenzhen Enjoy Life, and Huashang Reform Innovation A also recorded returns above 80% in the first three quarters.
Judging from product names and holdings directions, technology, semiconductor, and artificial intelligence thematic products dominated, showing clear characteristics of a structural market. Behind the leading performance, fund managers' views on the market outlook have also drawn attention.
At the end of September, Yang Zongchang expressed his latest market view, stating that although macro environment fluctuations and changes in the pace of industrial evolution in recent years have from time to time brought significant volatility to the capital market and posed notable challenges to portfolio management, during the investment research process, we continuously sense various investment opportunities brought by technological progress, industrial upgrading, and enhanced competitiveness of Chinese enterprises. These changes in Chinese industries and enterprises are one of our most important sources of confidence for obtaining long-term returns, and also one of the reasons why we remain optimistic about the long-term returns of the stock market as a whole.
Looking ahead, Yang Zongchang believes that the Chinese market covers a wide range of industries with very abundant investable targets, and among these numerous stocks, there are still many stocks with very attractive valuations. At the same time, as the coverage of industries expands and the stock pool gradually grows, he is increasingly delighted to capture more investment clues and expects to gradually convert them into portfolio holdings at appropriate times.
At the same time, nearly 50% of funds in the market recorded negative returns in the first three quarters. Among them, Penghua Manufacturing Upgrade A managed by Yan Siqian ranked at the bottom with a decline of -49.73%, followed by Guotai Jinxin A and Guotai Growth Preferred managed by Yu Tengda with declines of -47.89% and -47.46% respectively.
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