An Zhongwen, a reporter from the Securities Times

Recently, there has been a sudden change in the painting style of the ranking of public offering fund products, and the products under the head public offering fund have become the leader of the top ten. Take equity funds as an example, eight of the top 10 products this year come from head public offering funds, and the top ten also include Hong Kong stock theme products under two head public offering funds. On the one hand, this change shows that the market profit effect appears, on the other hand, it also shows the return of the concept of value investment under the guidance of supervision.

For a long time in the past, fans with small fundsCrashbandicootjavaYour fund can "get rid of" the constraints of traditional investment indicators such as fundamentals and valuation, and obtain higher investment returns with the strategy of fast in and out and frequently switching stocks. On the other hand, large public offering funds, which keep an eye on fundamentals and valuation levels, have a say in investment because of market value, and although they buy "good companies" and hold "good stocks", they are unable to reflect their returns. As a result, the head public offering fund once lagged behind in the performance ranking.

In fact, when the stock market is dominated by small microdisk-style stocks, it is often understood as a weak pattern and lack of money-making effect. The strong performance of mini-funds to a large extent reflects the weak pattern of the stock market, on the one hand, because the positions of such products often point to the style of small-cap stocks, on the other hand, because the number of investors holding these funds is small, the so-called high returns do not reflect the real market earnings. Now, when the head public offering fund's products strongly return to the top of the list with excellent performance, with the rise of heavy stocks in exchange for the smiling faces of fund holders, what did the head public offering fund do right?

It is obvious that the head public offering fund has a deep understanding of value investment and more stringent decision-making. Recognized performance, valuation, market share, industry space and other indicators are always the core criteria for the evaluation of stocks. As a super-large public fund manager said: "the vast majority of people are doing 'fast' things, although the short-term effect is very good, but this method is actually the 'Red Sea', in the long run, 'slow' is the real 'blue sea'." In the process of research and investment, fund managers need to study some good industries and companies that can bring long-term returns, and realize that "slow" investment is "fast".

The collective superiority of the head public offering fund means not only the return of the performance of the core institutions covering a wider range of fund holders, but also the assumption of greater social responsibility in residents' financial management and the stock market. it is also of positive significance to the current A-share market, that is, the return of China's asset pricing will inevitably be accompanied by the collective rise of fund heavy stocks. These heavy stocks mainly come from the value investment advocated by the head public offering fund. The performance of the head public offering fund has entered the forefront of the whole market, which further proves that the A-share market has bottomed out and rebounded.