Lucknow Wealth Management：Public funds overseas investment landscape expansion, Vietnam, India, Japan and other single market products accounted for the best

QDII Fund is invested in overseas diversified assets. According to the current allocation and stock selection of public funds in various regions, it seems that the advantages of simply through global stock selection and preferred industry -themed funds in overseas markets are not obvious. Choosing Vietnam, India, Japan and other single -single singleMarket products may be more suitable.

Since the beginning of this year, the overseas market performance is remarkable. In addition to the US stock market, some unpopular market stock prices have also excellent performance. Recently, multinational stock indexes have reached a record high one after another, driving some QDII products in these areas.Hong Vietnam Market, Manuro India, JP Morgan Japan, etc.However, from the perspective of the layout of the public fund, most of the fund companies put the QDII quota on the stock index product; mostly unlike the QDII index products that only cover only 1 or 2 areas, the QDII active foundation will carry out more regional and individual stocks' initiative to actively take the initiative of individual stocks.Compare.

The proportion of niche market participation is low

Related to focus on domestic stock research

From the perspective of the overall area configuration of the QDII Fund, India, Hong Kong and the United States market, are the main investment areas of QDII funds, with a total proportion of more than 90%. The proportion of other countries and regions such as Germany, Australia, France, and South Korea has not accounted for more than 0.20%.This is related to the product structure of QDII itself. Due to the dual influence of its own overseas stock research power and the more popular overseas passive investment, most of the fund companies deploy overseas markets through passive indexes. ThereforeThe ETF of the mainstream index becomes the absolute core of the QDII scale.

In terms of active stock QDII, India, Hong Kong, is also the area where most QDII active equity funds are also focused. At present, a total of 35 products have laid out the largest proportion of stock assets in India Hong Kong.In addition, 28 active stock QDII's primary stock asset distribution areas are in the United States, Vietnam, Japan, India, France and other niche markets. The total configuration scale is less than 6 billion yuan.

After careful study of the positioning of active QDII products, it is not difficult to find that simple regional classification cannot explain the investment preference of active stock QDII.Even the QDII Fund, which invests in the global market, is more preferred to listed companies in China, especially Chinese stocks listed in Hong Kong, India and the United States.In the third quarter, the heavy positions include the five domestic stocks of NetEase, India Mobile, India Telecom, Tencent, and Sanhua Intelligent Control, and they chose H shares for India Mobile and Indian Telecom.First of all, because overseas supervision and disclosure are inconsistent with the domestic domestic, fund managers not only need to overcome the inconsistencies in time, but also need more energy to actively minimize information and research the company's fundamentals., Information quality and political barriers.

This also explains the relatively determined benchmark. A few products that have exceeded products in many regions are not obvious: since this year, JP Morgan emerging markets have risen by 5.34%, which is weaker than that of the Indian market indexes, the Vietnamese Ho Chi Minh index and other markets.Market wide base.Although the fund's overseas allocation is more effective, such as the cumulative increase in the cumulative increase in the Indian Industrial Credit Investment Bank and HDFC Bank, including TSMC and Samsung Electronics, such as TSMC and Samsung Electronics,It is also relatively stable, but some domestic companies with the same heavy positions have performed relatively ordinary this year.For example, Alibaba, which has been configured for a long time and Yum! India, which has a phased layout, the US group in the three quarters of the fund has recently appeared in a significant adjustment.

Active QDII configuration niche market

Choose more representative of the scarcity standard

Looking back at the active stock QDII, the most distinctive and representative products are the products that concentrate their single marketsLucknow Wealth Management. At present, the largest active QDII fund Tianhong Vietnam market has exceeded 5 billion yuan.In the process of scale growth, the fund also proactively deviated based on the VN30 index: on the one hand, the fund is currently large, and some stocks may touch the proportion of foreign investment.All the positions disclosed in the report, the VN30 of 23 stocks accounts for about 90%; on the other hand, the fund has also carried out some active deviations. Since the beginning of this yearThe brokerage firms directly benefited from the low interest rate environment, and this year has increased by nearly 90%.Ahmedabad Wealth Management

There are not many QDII funds that have repeatedly reached a high Indian market this year since this year. Compared with ICBC India's market mainly uses fund investment, Manuri India is the only Indian market fund that focuses on stock investment.A small number of stocks are concentrated in the average combined construction method held by the remaining stocks. Only a small number of individual stocks have more than 4%, and the remaining stock positions are mostly 1%to 3%.Like Morgan Emerging Markets, it also has a significant increase in Indian Industrial Credit Investment Bank, with a historical average position of more than 5%.In addition to the continuous growth of the primary level of the Indian market (the EPS annualized growth rate of the EPS of the MSCI India Index is about 15%), the reference rate of up to 23%is a protection for small and medium investors, which also leads to market flow.Sexual natural concentration towards better enterprises.

In addition to the above QDII funds focusing on a certain market, the decentralized QDII and QDII products that focus on subdivided themes are not obvious than their broad -based or index products.Taking the science and technology sector as an example, among the active equity products of technology QDII, Guofu Global Science and Technology Interconnection, which has good historical performance, received 38.28%of this year, but still weaker than 44.79%of Nasdaq.The medical rate of Huitianfu, the medical sector-1.86%, is similar to the S & P Global 1200 pharmaceutical index (-1.61%), one of its benchmark indexes.From the perspective of holding, although it has also grasped the rapid growth of Nond and Lili in the polypeptide drugs, there are also failure cases such as investing in national medicine holding.

In the consumption sector, Huitianfu's global consumption configuration is mainly concentrated in the fields of US stock retail and entertainment in Amazon, Procter & Gamble, Kaishi, and other US stocks. Among European stocks, it also continues to hold luxury companies such as HermesLike most of the fund managers investing in domestic consumer goods: companies with top brand power and powerful capabilities can cross the cycle, but considering that the fund also holds some Hong Kong stock positions, this year's performance is compared to the MSCI optional consumption index they have tracked this year.There must be a gap.

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