The Penghua Department of the two funds four quarters to operate the electrical phase differences

Peng Value Advantage

Cheng Shijie helm since the first quarter of last year, has four consecutive quarters of electrical Masukura America, the same period, the the Zong together in charge of the Penghua Dynamic Growth is step by step to lighten up

■ newspaper reporter Zhao Xueyi

first layoffs winter storm, followed by a huge amount of holdings of the largest shareholder, the two president to resign within a year ... happened one after another in the event of Midea body, doing my part to make it become the most striking recent Fund Awkwardness. So upset with the fundamentals of atmosphere, so that the Fund led the main body to retreat to the three homes, there are 21 funds in the fourth quarter of last year collective choice excluding stock. Midea the biggest decline in 2011 59.54% of its sluggish trend the Shigekura Fund scarred.

particular note, the Fund but continue to adverse economic holdings of the U.S. electrical appliances, and different heart "of the same door fund phenomenon, especially Peng China Fund is the most typical. The Peng Value Advantage four consecutive quarters Masukura U.S. electrical appliances, but the Penghua power growth is four consecutive quarters of holdings of stock. With a fund companys funds, why would the same stock so phase differences of operation? In this regard, the market can not help but issued guess: Department of Penghua Funds internal decision-making differences.

Securities Daily Funds Weekly reporter noted that the the Penghua power growth is substantially reduced losses, but the funds return rate is much lower than the value advantage of continuous holdings of the stock Penghua. The same door fund on the same stocks, the four consecutive quarters of operating reverse is indeed rare in the fund industry, a contest between either the maverick fund manager. "A fund analyst said, with the door performance after differentiation, the increase in the difficulty of choice of fund, investors look at companies, transferred to the see the fund manager style.

fundamentals instability

Many hands make light the flame may not be As of February 17, Midea this year has risen 6.05%, underperforming the broader market rate of return for the same period (the Shanghai Composite Index gained 7.17%). Period, there are nearly 500 million yuan institutional net buying of the stock. Obviously, "Many hands make light work" is not fulfilled in Midea who.

Compass agencies password data show the 15 trading days in January this year, Midea has risen by 4.90 percent, led by the Fund during the main institutions bought a net stock of 268 million yuan, of which institution to buy the amount of 2.473 billion Yuan, sell the amount of 2.205 billion yuan. January 4, 75.6195 million yuan of institutional funds into the stock, the same day, the stock was up 0.75 percent. As of February 17, February 13 trading days before the stock gained 2.82%, total institutional funds bought a net 222 million yuan, of which the purchase amount sold amounted to 1.781 billion yuan, 1.559 billion yuan. Institutional funds bought a net amount can not a single day more than 70 million yuan, only February 14, February 15 for two consecutive days focus on increasing the chip, institutions bought a net amount were 64.47 million yuan, 61.95 million yuan.

since the Year of the Dragon, the main body increase to raise Americas electrical 186 million yuan over the same period the stock is still down 2.99% against the market trend.

the companys share price slump, changing with the recent fundamentals, the first layoffs winter storm, followed by large shareholders is huge amount of holdings within a year the resignation of the president of two on an electrical industry analyst in Beijing Securities Daily Funds Weekly reporter that, "The stock market outlook is bullish, or to further enhance level of Shigekura income of the Fund." In related news, the U.S. group starting from November last year, big layoffs, and Refrigeration Group, more than 60 sales companies around the layoffs in the range of 40% or more, some more than 60%, about 50 percent of headquarters. November 23, 2011 to December 2011 2, the U.S. group has holdings of Company A shares totaling 3383.99 million shares; December 6, 2011 to 29 December 2011, the U.S. group holdings a total of 3373.15 million shares of the companys A shares, twice the total holdings of 6757.15 million shares, the companys total equity ratio of 1.9966 percent, twice the total holdings of more than 800 million yuan. The good news less than a month, Cen Jiang, corporate vice president, January 17 in the U.S. electrical layoff crisis is not only revenue growth decline in the context of leave, dropped a bombshell to the stock market and home appliances industry, left a lot of questions.

doors of different heart The Peng, Department of the two funds operating reverse the

"Securities Daily Funds Weekly reporters by finishing Fund Four Seasons reported the end of last year, the largest holding in the the Midea fund a total of 42 ring sequentially and a decrease of 21; the end positions of the number of shares to 398,000,000 shares, ring sequentially reduced by 207 million shares, reducing the rate of 34.16%; the market value of the period end closing price of 4.877 billion yuan, the chain is reduced by 45.32%; the funds holdings account for the proportion of outstanding capital stock of up to 12.77%. The Penghua 8 funds. The aggregate market value of shares up to 1.4 billion yuan, the the Penghua value advantage (the current fund manager Cheng Shijie), the Penghua quality governance (incumbent fund manager Xie) Peng Chinese power growth (the incumbent fund managers the Zong together) The three funds hold stock 6494.99 million to 2170.00 million shares, 1220.00 million shares, the market value of shares to reach 795 million yuan, 266 million yuan, 149 million yuan.

particularly, Peng Hua value advantage in the fourth quarter of last year holdings of 868.21 million shares of stock, while the the Penghua power growth reduction of 600 million shares. Throughout the past quarterly data we found, the the Penghua Department of these two funds have been four quarter reverse, showing the pattern of Cheng Shijie "into" Zong together "retreat", with hearts as clear as daylight. In 2011, Midea is down 29.25%, the largest decline to 59.54%. The sluggish movements of the stock order the Penghua value advantages increase the more the more loss, step by step expansion of Fukui amount; if the number of 5265.44 million shares last year, the average holding the Penghua value advantage of the annual loss of 272 million yuan. On the contrary, Penghua dynamic growth step by step to lighten up, to avoid a substantial loss of performance in the same period.

However, the rate of return from the point of view, the more increase in value the advantages of more losses Penghua 2011 net growth rate of -9.93% relative resilience; rate of return of 5.51 percent this year, among the partial stock fund 30 more lead. Continued to lighten up Midea Penghua dynamic growth, the rate of return of -22.4% last year, this year the rate of return of only 1.9%. Observed from the proportion of the end positions in the market value of% of NAV, Penghua value advantage of holding Americas electrical market capitalization accounted for the net than 8.12%, with fund positions in the most heavy; Penghua power increase of holding Americas electrical market capitalization accounted for the net than the 2.5% with Fund to a lower position level (20 Penghua Department Fund holds the electrical market capitalization accounted for the net average 3.39%).

market analysis found that the same company with the type of funds, performance is lagging behind most of the larger funds, outstanding performance, mostly small-scale funds. However, the larger the performance of the more difficult to do the law of Penghua Fund (Confucius News) upon failure. Value the advantages of a more defensive Penghua the end of last year the net assets of 9.789 billion yuan, while the decline deeper Penghua dynamic growth, its net asset value of 5.979 billion yuan. This point of view, removing the scale factor, the investment style and investment in different directions is caused by Peng Hua, the two funds within a certain time the main reason for performance differentiation.

"same doors Fund, the same stocks, four consecutive quarters of operating reverse is indeed rare in the fund industry, a contest between either the maverick fund manager." a fund analyst said , with the door after the performance differentiation, the increase in the difficulty of choice of fund, look at the company to look at the fund manager style.