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China News Service, July 18 (Xue Yufei, intern Chen Jiujiu) On the 17th, Ruiyuan Fund released the second quarter report of 2024 for all four of its public funds. Judging from the returns in the first half of the year, three products of Ruiyuan Fund had positive returns. However, the returns of the company's representative product, Ruiyuan Growth Value Mixed, are still poor, and adjustments have been made for nearly three years.

　　Total management scale rebounded slightly

Since the launch of the first fund product in March 2019, the company has a total of 4 products, including Ruiyuan Growth Value Mixed, Ruiyuan Balanced Value Three-Year Holding Mixed, Ruiyuan Stable Benefit Enhanced 30-Day Holding Bond and Ruiyuan Steady Progress Allocation Two-Year Holding Mixed. Among them, Ruiyuan Growth Value Mixed and Ruiyuan Balanced Value Three-Year Holding Mixed are active equity funds, while Ruiyuan Stable Benefit Enhanced 30-Day Holding Bond and Ruiyuan Steady Progress Allocation Two-Year Holding Mixed are bond funds and debt-biased mixed funds respectively.

Overall, the scale of the four funds fluctuated slightly in the second quarter. The largest product is still Ruiyuan Growth Value Mixed. As of the end of the second quarter, the scale of the fund was about 18.686 billion yuan, a slight decrease from the end of the first quarter. Because of its previous good performance, Ruiyuan Growth Value Mixed is the most well-known product of Ruiyuan Fund. At the end of the first half of 2021, its scale reached 36.963 billion yuan. Compared with two and a half years ago, the scale of this product has shrunk by nearly half.

As of the end of the second quarter, the scale of Ruiyuan Steady Progress Allocation Two-Year Holding Mixed was about 8.055 billion yuan, down about 369 million yuan from the end of the first quarter. The fund was established in December 2021 with a scale of 9.951 billion yuan at the time of its establishment, a decrease of about 2 billion yuan in more than two years.

Compared with the end of the first quarter of 2024, the scale of Ruiyuan Balanced Value Three-Year Holding Mixed and Ruiyuan Stable Benefit Enhanced 30-Day Holding Bonds rebounded to varying degrees at the end of the second quarter. The fund Ruiyuan Stable Benefit Enhanced 30-Day Holding Bonds was established in September 2023 and is currently managed by fund manager Hou Zhenxin. The scale of the fund was about 743 million yuan at the end of last year, which dropped to 411 million yuan at the end of the first quarter of this year, and rebounded to 1.723 billion yuan at the end of the second quarter.

As of the end of the second quarter,The total managed assets of Ruiyuan Fund are approximately 40.379 billion yuan, an increase of 900 million yuan from the end of the first quarter.

　　The company's representative works still have low revenue

Judging from the second quarter's returns, the yields of Ruiyuan Stable Enhanced 30-Day Holding Bond, Ruiyuan Balanced Value Three-Year Holding Mixed, Ruiyuan Growth Value Mixed, and Ruiyuan Steady Allocation Two-Year Holding Mixed were 2.59%, 4.12%, 1.66%, and 4.66%, respectively. Not only are all positive, but they also outperformed the benchmark yields of the same period.

Judging from the returns in the first half of the year, the yields of Ruiyuan Stable Enhanced 30-Day Holding Bond, Ruiyuan Balanced Value Three-Year Holding Mixed, and Ruiyuan Steady Progress Allocation Two-Year Holding Mixed were 4.29%, 5.07%, and 7.64%, respectively, outperforming the benchmark yields during the same period.

　　Compared with the whole year of 2023, the yields of the above three products were approximately 1.05%, -15.53% and -0.64% respectively, and the performance has improved.

Ruiyuan Growth Value Hybrid Fund was the only one of the four funds to have a negative return in the first half of the year, at -5.83%. From a longer-term perspective, the fund created a cumulative return of about 120% in more than two years from its establishment in March 2019 to early August 2021.However, since August 2021, the yield has been falling. In 2022 and 2023, the fund's yields were approximately -30.70% and -20.06%, respectively. As of July 17 this year, the fund's cumulative yield has dropped to 8.92%.

Judging from the holdings of Ruiyuan Growth Value Mixed Fund in the past two years, there has been no significant change. China Mobile, CATL, Luxshare Precision and other stocks have always been among the heavy holdings. Compared with the end of the first quarter of this year, the fund reduced its holdings in China Mobile, Luxshare Precision and Tencent Holdings, and the number of holdings at the end of the second quarter decreased by 3.78%, 7.96% and 5.22% month-on-month; Maxsun Technology and Guanghui Energy were increased, and the number of holdings at the end of the second quarter increased by 17.16% and 11.79% month-on-month.

　　“Bond assets still have good allocation value”

Regarding the second quarter investment, Fu Pengbo and Zhu Lin, managers of Ruiyuan Growth Value Hybrid Fund, said in the second quarter report that they made some adjustments to their holdings in the second quarter, and the net value of the top ten holdings increased. Among them, they increased their holdings of mechanical equipment, power equipment and energy industry stocks, reduced their holdings of telecom operators, but the change was limited, and the holdings of other key companies remained almost unchanged. There were relatively more changes in holdings after the top ten holdings, and they reduced their holdings of companies with pressure on fundamentals and mismatched valuations and growth.

Fu Pengbo and Zhu Lin believe that in early July this year, the A-share market performed weakly, with index adjustments and low trading volume. The capital market and the Chinese economy are both in a stage of "strengthening the foundation", and fully understanding this will help control the risk and return of investment. As the interim reports of listed companies are disclosed one after another, they will actively look for companies with booming growth. The screening process and standards will be more prudent, and the ability of the target to create future cash flow will be evaluated, focusing on the odds and winning rate of stock selection. In the second half of the year, the market may face some upward driving factors, such as better-than-expected improvement in real estate data, policies that encourage market sentiment, and accelerated issuance of on-budget national and local government bonds.

Ruiyuan Steady Progress Allocation Two-Year Holding Mixed Fund mainly invests in the bond market. The fund managers Rao Gang and Hou Zhenxin analyzed that the bond market continued to strengthen slightly in the second quarter, and the credit spread was further compressed to a historical low against the background of "asset shortage". Since the central bank has continued to pay attention to and remind of the risks in the bond market since March, the structure shows that policy financial bonds such as national development bonds perform better than treasury bonds, credit bonds perform better than interest-bearing bonds, and medium- and short-term treasury bonds perform better than long-term treasury bonds. Considering that the issuance of on-budget deficit bonds is expected to accelerate in the future and the central bank's attention to long-term interest rate risks, the fund moderately reduced the leverage and duration of bond assets in the second quarter. At present, the domestic real interest rate is still at a high level, and inflation does not constitute a constraint on monetary policy for the time being. In the medium and long term, bond assets still have good allocation value.

(For more reporting clues, please contact the author Xue Yufei: [email protected]) (China News Service APP)

　　(The views in this article are for reference only and do not constitute investment advice. Investment is risky and you should be cautious when entering the market.)

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Editor: Wei Wei and Li Zhongyuan