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Editor's note: The recently released "Several Opinions of the State Council on Strengthening Supervision, Preventing Risks and Promoting High-Quality Development of the Capital Market" pointed out that it is necessary to comprehensively strengthen the investment and research capabilities of fund companies, enrich the types of investable assets and investment portfolios of public funds, and shift from a scale-oriented to an investor return-oriented approach.

The Bank of Communications Domestic Demand Growth Fund has been established for more than three years, and its net value has fallen by 40.32% as of July 12, 2024 (hereinafter referred to as the same). Since 2024, the net value of the fund has fallen by 19.59%, underperforming the benchmark by more than 20 percentage points, and ranking low among similar funds.

At the end of the first quarter, BoCom Domestic Demand Growth Fund had heavy holdings in the food and beverage, and pharmaceutical and biological sectors. The fund's heavy holdings included Kweichow Moutai, Luzhou Laojiao, By-Health, Yanghe Shares, and KingMed Diagnostics.

According to public data sorted by Mianbao Finance, the net value of eight products under Bank of Communications Schroder Fund has fallen by more than 30% since their establishment.

Bocom's domestic demand growth: underperforming the performance benchmark by more than 20 percentage points this year

The Bocom Domestic Demand Growth Fund was established in December 2020. The fund's investment objective is: "Under the premise of reasonable risk control, give full play to professional research and management capabilities and strive to achieve long-term and stable appreciation of fund assets."

As of July 12, 2024, the net value of Bank of Communications Domestic Demand Growth Fund has fallen by 40.32% in more than three years since its establishment, underperforming the benchmark by more than 20 percentage points, and ranking 1116/1407 among similar funds.

Since 2024, the fund's net value has fallen by 19.59%, underperforming the benchmark by more than 20 percentage points, ranking 3839/4152 among its peers.

According to the financial report data disclosed by the fund, as of the end of 2023, the accumulated losses of BoComm Domestic Demand Growth Fund were about 1.117 billion yuan, and the management fees collected were about 181 million yuan. In the first quarter of 2024, the fund's losses increased by about 97 million yuan.

Choice data shows that as of the end of the first quarter of 2024, the net asset value of the Bank of Communications Domestic Demand Growth Fund was approximately 2.538 billion yuan.

The share prices of major holdings such as Jinyuan Medical, Aier Eye Hospital, and Zhongju High-Tech have fallen by more than 20% this year

The fund manager of Bocom Domestic Demand Growth is Han Weijun. The fund continues to maintain a high position. At the end of the first quarter of 2024, the proportion of equity investment in Bocom Domestic Demand Growth to the total assets of the fund was 93.47%.

BoComm’s Domestic Demand Growth Fund has heavy holdings in the food and beverage, pharmaceutical and biological sectors. At the end of the first quarter, the fund’s heavy holdings included Kweichow Moutai, Luzhou Laojiao, By-Health, Yanghe Shares, and KingMed Diagnostics.

As of July 12, the share prices of many of the fund's heavily-weighted stocks at the end of the first quarter have fallen by more than 20% this year, including KingMed Diagnostics, Aier Eye Hospital, and Zhongju High-Tech.

The fund manager said in the first quarter report of 2024: "Our investment operation ideas have not changed much: (1) Firmly hold companies with high performance certainty. This type of company has basically reached a relatively low level since the valuation reduction began in 2021. The valuation compression of some Hong Kong-listed companies with high performance certainty is more obvious, which means that the subsequent stock price elasticity may be greater. (2) A large number of small industry leaders have already fallen to a certain extent. We hope to find companies that may not continue to lower their earnings forecasts in 2024 through bottom-up research and make certain arrangements. (3) Continue to look for companies in high-growth industries. High-growth industries may be relatively scarce in the consumer segment."

Bocom Schroder Fund: The net value of 8 products has fallen by more than 30%

According to incomplete statistics, as of July 12, the net value of about eight funds under Bocom Schroder Fund (initial fund caliber, including index funds) has fallen by more than 30% since their establishment.

Among them, the net value of BoCom QiDao and BoCom QiXin has fallen by more than 45% since their establishment.

Recently, the China Securities Regulatory Commission's "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-Class Investment Banks and Investment Institutions (Trial)" pointed out that the long-term returns of investors should be improved. Industry institutions should be urged to strengthen their service concepts, continuously optimize investor services, strictly implement the investor suitability system, improve the investor protection mechanism, effectively improve investors' sense of gain and satisfaction, and continuously maintain the public's trust and confidence in the industry.

(Article serial number: 1812674703341522944/CJT)

Disclaimer: This article does not constitute any investment advice to anyone. Intellectual Property Statement: The intellectual property rights of Mianbao Finance's works are owned by Shanghai Miaotan Network Technology Co., Ltd.