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interface news reporter | ji yao

in august, the three major a-share indices fluctuated downward overall.

wind data shows that as of the close of august 30, the shanghai composite index fell 3.29% in the month, the shenzhen component index fell 4.63%, and the chinext index fell 6.38%. in addition, the csi 300 index fell 1.42% and the csi 1000 index fell 1.56%.

all 31 shenwan first-level industries fell, with the petroleum and petrochemical industry falling the least at 0.10%. defense and military industry, agriculture, forestry, animal husbandry and fishery, and beauty care industries fell the most, down 8.91%, 8.36%, and 8.13% respectively.

after a brief adjustment at the beginning of the month, the hang seng index of hong kong stocks rebounded. as of the close of august 30, the hang seng index rose to 17,989 points, with a monthly increase of 3.72%.

interface news evaluated ordinary equity funds based on dimensions such as yield, volatility, timing and stock selection, and further screened the listed funds, eliminating funds with a total asset size of less than 50 million and funds that have been established for no more than 1 month, and excluding net value increases caused by reasons other than investment income, and compiled the red and black list for august.

by tracking these funds over a long period of time, we try to find funds with relatively high returns, relatively low risks, and excellent long-term performance. at the same time, we identify the potential risks and problems of some products to help investors avoid risks.

the average return rate of the 481 equity funds (all shares combined) included in the statistics in august was -3.56%. only 27 funds achieved positive returns that month, with the highest return rate being 4.34%.

the following table shows the top 10 stock funds with the highest comprehensive scores:

the red list funds have a heavy content of hong kong stocks.

harvest frontier technology, managed by wang guizhong and zhao yu of harvest fund, topped the list. the fund was established in 2017. according to the mid-year report, the fund's hong kong stock position is 77.36%, with a heavy position in hong kong stocks such as medicine, consumption and information technology.

liu xu of dacheng fund has two funds on the list, with a total size of about 11.5 billion yuan. dacheng high-tech industry, a 10 billion yuan fund, has a latest unit net value of 4.04 yuan and has earned 15.37% so far this year. the fund has a balanced position and a small fluctuation range. it has slightly reduced its holdings in the communications industry and mechanical equipment and increased its holdings in household appliances this year. liu xu said in the interim report that the operators, household appliances, energy and other assets in the portfolio are interpreted by the market as stable income assets that bring the main returns, and the large number of manufacturing growth assets in the portfolio have become the objects abandoned by the market.

e fund biopharmaceuticals, managed by yang zhenxiao and xu zheng of e fund, ranked first among ordinary stock funds with a monthly return of 4.34%. the fund's interim report shows that the fund's hong kong stock position is 42.95%. the fund is long-term in the a-share and h-share biopharmaceutical sectors, with the latest net value of 0.61.

the red list also includes gf hong kong stock connect growth select and hsbc jinxin hong kong stock connect select, whose latest net value is less than 1 yuan. both funds have long-term heavy holdings in hong kong stocks and were established around 2020. the hang seng index has continued to decline since their establishment.

the following table shows the 10 stock funds with the lowest comprehensive scores:

the characteristics of the blacklist funds are that most of them are theme funds, with heavy bets on sectors such as technology, military industry, and medicine.

hongtu innovation technology innovation ranked first on the blacklist, with a monthly loss of 11.25%. the fund with the lowest yield on the blacklist was shenwan hongyuan pharmaceutical pioneer, with a monthly loss of 11.29%.

the net value of hua xia leading's units has been halved. fund manager wang xiaoli took over the fund in march 2023, and his return on tenure was -30.74%. according to the interim report, the fund has long been heavily invested in leading stocks in photovoltaic equipment, innovative drugs and other sectors.

two funds of harvest fund were on the list. the interim report of harvest reverse strategy showed that the fund has heavy positions in communications, military industry and mechanical equipment. harvest information industry has heavy positions in information technology stocks, with a position of 85%.

citic securities believes that the fed's september rate cut signal is strong, and the a-share market is gradually taking shape. looking ahead to the fourth quarter, overseas uncertainties will gradually be resolved, and domestic policies are expected to be strengthened, which is expected to break the valuation pressure brought by the negative cycle of sentiment.

wang guizhong of harvest fund stated in the mid-year report of the fund that the long-term optimistic view on hong kong stocks has not changed, and the trend of overseas liquidity easing has been relatively certain. however, due to pessimism about the domestic economy and geopolitical disturbances, foreign capital continues to flow out. however, after experiencing the rebound after the adjustment of epidemic policies last year and the obvious return of foreign capital during the period, we also realized that the current core contradiction is not geopolitics but macro expectations. after the unexpected valuation cuts in 2023, the internet and other hong kong-listed technology industries will have greater valuation elasticity under the reversal of macro expectations.