What Are the Different Types of Healthcare Industry Trends?
Full name of the fund
E Fund Healthcare Industry
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Chinese name
E Fund Healthcare Industry
Fund Code
110023 (front end)
issue date
January 04, 2011
Fund manager
E Fund Fund
Full name of the fund
E Fund Healthcare Equity Securities Investment Fund
Fund short name
E Fund Healthcare Industry
Fund Code
110023 (front end)
Exchange code
---
Fund type
Stock
Investment style
Traditional open-end funds
issue date
January 04, 2011
Date of establishment
January 28, 2011
Established scale
3.812 billion copies
Asset size
3.427 billion copies (as of September 30, 2012)
Fund manager
E Fund Fund
Fund Custodian
Bank of China
Fund manager
Li Wenjian
Set up to pay dividends
RMB 0.00 per serving (0 times)
Management fee
1.50% (every year)
Hosting fee
0.25% (per year)
Sales Service Rate
---
Maximum subscription fee
1.30% (front end)
Maximum subscription fee
1.50% (front end)
Maximum redemption rate
0.50% (front end)
The Fund mainly invests in stocks of the healthcare industry, and pursues investment returns that exceed the benchmark for performance comparison under the premise of strict risk control.
By investing in listed companies in the healthcare industry with strong competitive advantages, the Fund will seize investment opportunities in the development of China's healthcare industry, and strive to achieve long-term steady value appreciation of the fund's assets.
The investment scope of the Fund is financial instruments with good liquidity, including domestic legally issued and listed stocks, bonds, warrants, asset-backed securities, money market instruments, stock index futures and other laws and regulations or other financial institutions permitted by the CSRC to invest in the fund tool. The Fund may invest in stocks issued and listed on the GEM market and bonds issued by companies listed on the GEM. After the Fund has performed relevant procedures in accordance with relevant laws and regulations or the requirements of the China Securities Regulatory Commission, it can also invest in laws and regulations or other financial instruments permitted by the Fund to invest in the future.
1. Asset Allocation Strategy Based on a combination of quantitative and qualitative macro and market analysis, the Fund determines the proportion of stocks, bonds, money market instruments and other financial instruments in the portfolio, pursues higher returns, and avoids market risks. In asset allocation, the Fund mainly considers: (1) Macroeconomic indicators, including GDP growth rate, industrial added value, PPI, CPI, changes in market interest rates, import and export trade data, financial policies, etc., in order to determine the impact of economic fluctuations on the market Impact; (2) Microeconomic indicators, including profit changes and profit expectations of major companies in various industries; (3) Market indicators, including changes in the stock and bond markets and expected returns, the overall market valuation, and foreign Market comparison, market capital supply and demand relationship and changes; (4) policy factors, the impact of various policies closely related to the securities market on the market, etc. 2. Stock investment strategy (1) Definition of stocks in the healthcare industry The healthcare industry referred to in this fund consists of companies engaged in the research and development, production or sales of healthcare-related products or services, including the chemical pharmaceutical industry, Chinese medicine industry, biological products industry, medicine Commercial, medical device, and medical service industries. When the main business income and main business profit of an industry account for more than 50% of the company's main business income and main business profit, they are directly classified into the industry; 2) When the main business income and main business When the business profit ratio is inconsistent, the profit index shall prevail, but due consideration shall be given to the company's development planning and market views; 3) when the income and profit of multiple industries are relatively close, consider the company's development plan and the background of the holding company 4) When the income and profit of multiple industries are relatively close and there is no obvious development plan and background of the holding company, they are classified as comprehensive; 5) When the investment income of a listed company exceeds the profit of the main business, the investment is considered The industry background of the source of income, if it is concentrated from a certain industry, it is classified as that industry; if it is not from a certain industry, the development plan of the company and the background of the holding company are considered, if there is no obvious development plan And the background of the holding company. The division method adopted by the Fund for the healthcare industry and stocks is the same as that used by Shenwan Research for the pharmaceutical and biological industry. In order to facilitate investors' understanding of the fund's stock investment direction, the Fund stipulates that it invests in medical biology defined by Shenwan Research The proportion of industry stocks is not less than 85% of stock assets. If Shen Wan research adjusts or discontinues industry classification, or the fund manager believes that there is a more appropriate standard for the classification of the healthcare industry, the fund manager has the right to change the definition of the healthcare industry and make a timely announcement. For example, due to the adjustment of the fund manager's method of defining the healthcare industry or changes in the operations of listed companies, the Fund's proportion of holdings in the pharmaceutical and biological industry as defined by Shenwan Research is lower than 85% of the stock assets. Make adjustments within the trading day. (2) Industry configuration strategy The healthcare industry can be divided into different fine-molecule industries according to the types of products and services provided. The Fund will comprehensively consider the following factors to conduct the allocation of stock assets among various small molecule industries. 1) Economic factors The health care industry is affected by the macroeconomic situation, and its performance in different stages of the economic cycle is different. The expected rate of return varies widely. The Fund will focus on allocating sub-sectors with high expected returns at all stages of the economic cycle. 2) Social and policy factors The healthcare industry is affected by social and policy factors. Social factors include demographic factors and consumption habits; policy factors include government industrial policies and industry management policies. Social factors and policy factors have varying degrees of influence on the fine-molecule industries of the healthcare industry. The Fund will dynamically pay attention to the influence of social factors and government policy changes, and over-allocation of sub-sectors that benefit from social factors and government policy changes. 3) Market demand trends The market demand trends of the fine-molecule industries in the healthcare industry are different. Some of them are rigid demand, while others show greater flexibility, leading to differences in the growth of different sub-industries. The Fund will focus on investing in fine-molecular industries where market demand is stable or maintaining high growth. 4) Industry competition pattern In the health care industry, the internal competition pattern of each of the fine-molecular industries is different, and the industry profit margins are quite different. The Fund will focus on investing in industries with higher barriers, stable profit margins, or maintaining growth. 5) Technology level and development trend Technology progress affects the long-term vitality of the healthcare industry. The technological progress of the healthcare industry is affected by factors such as market demand, industrial policies, and the degree of internationalization. The Fund will pay attention to the technological level changes and development trends of various fine-molecule industries in the healthcare industry, and focus on investing in sub-sectors whose overall technological level is improving rapidly and with a good development trend. (3) Individual stock selection strategy Based on industry allocation, the Fund mainly evaluates the investment value of listed companies in the healthcare industry by considering the following factors. On this basis, the Fund will select listed companies with strong competitive advantages. 1) Competitive advantage of the product Due to the brand, technology, marketing, patent and other factors, the company's products have a significant competitive advantage in the fine molecule industry, and this advantage can be maintained for a long time in the future. 2) Product life cycle The life cycle of products in the healthcare industry generally includes the introduction period, growth period, maturity period and decline period. Companies whose products are in growth or maturity will be the focus of the Fund's investment. 3) Sales ability The company has established a perfect marketing system, which can make the best use of sales resources, with strong overall sales ability and high market share. Strong sales capabilities not only help to enhance the company's competitive advantage, but also help extend the product's life cycle. 4) Management capabilities The company has established an efficient management team with strong management capabilities, and has unmatched advantages in terms of strategic management, production management, quality management, technical management, cost management, and marketing management. 5) R & D capabilities The company has strong R & D capabilities and responds quickly to changes in market demand. It can not only rapidly improve old products based on changes in market demand, but also continuously imitate or independently develop new products. 6) Growth potential The company has strong growth potential, and the expected growth rate of operating income or profit growth is higher than the industry average, and it is sustainable. 7) Profitability The company has strong profitability. It is expected that the operating profit margin or return on net assets will be higher than the industry average, and it has great potential for improvement in the future. 8) Financial structure The company's asset-liability structure is relatively reasonable and its financial risks are relatively small. 9) Corporate governance structure The company has established a complete corporate governance structure, with efficient and orderly business activities. The company's management is stable and concerned about shareholders' interests. (4) Analysis of valuation level Based on the selection of stocks in the healthcare industry, the fund manager will perform valuation analysis on candidate stocks. The valuation methods used include the price-earnings ratio method (P / E) and the price-to-book ratio method ( P / B), price-earnings ratio-long-term growth method (PEG), enterprise value / sales income (EV / SALES), enterprise value / interest, tax, depreciation and amortization before profit method (EV / EBITDA), free cash flow discount model (FCFF, FCFE) or dividend discount model (DDM). Through the analysis of valuation level, fund managers will discover stocks that are undervalued or reasonably valued. (5) Construction and adjustment of stock portfolio The Fund will determine the asset allocation ratio of each fine-molecular industry based on a comprehensive analysis of the fine-molecular industry in the healthcare industry. In various fine-molecule industries, the Fund will select listed companies with strong competitive advantages and attractive valuations for investment. When there are major changes in the fundamentals of various fine-molecular industries and listed companies, and the valuation level of stocks, the Fund will adjust the stock group when appropriate. 3 Bond investment strategy In terms of bond investment, the Fund will mainly conduct investment management through two levels of category allocation and securities selection. At the category allocation level, combined with a comprehensive analysis of factors such as macroeconomics, market interest rates, and changes in supply and demand, according to the risk-return characteristics of generic assets in the exchange market and the interbank market, the portfolio assets are regularly optimized and adjusted. To determine the optimal weight of the generic asset. In the selection of securities types, the Fund is based on the analysis of long-term interest rate trends, and combines economic changes, monetary policy and the yield levels of different bond varieties, liquidity, and credit risk to rationally apply investment management strategies and implement proactive initiatives. Bond investment management. With the in-depth development and structural change of the domestic bond market, more new bond varieties and trading formats will increase the profit model of bond investment. The Foundation closely tracks the dynamic changes in the market, selects suitable opportunities for intervention, and seeks higher than market average levels. Return on investment. 4 Derivative product investment strategy The Fund can participate in stock index futures trading, but must be based on the principle of risk management with the purpose of hedging. Based on the analysis of the spot and futures markets, the Fund will adopt long or short hedging strategies for hedging operations. The specific investment strategies of stock index futures include: (1) hedging systemic risks of investment portfolios; (2) effectively managing cash flows and reducing impact costs during the process of opening or adjusting positions. The Fund will pay attention to the introduction of other domestic financial derivatives. For example, laws and regulations or regulatory agencies allow the fund to invest in the derivative instrument. The Fund will formulate an investment strategy that is compatible with the investment objectives of the Fund, and fully evaluate the risks and benefits of derivative products. On the basis of careful investment. Warrants are auxiliary investment vehicles of the Fund. The investment principles of warrants are conducive to the appreciation of fund assets, control of downside risks, realization of value preservation and lock-in gains.
1. 1. Fund income distribution adopts cash method or dividend reinvestment method. Fund share holders can choose the income distribution method by themselves; if the fund share holder does not make a choice in advance, the default dividend method is cash dividends; 2. Each fund share enjoys equal distribution rights; Under the premise of meeting the relevant dividend distribution conditions, the fund's annual income distributions can be up to 12 times, and the distribution ratio of each fund share must not be less than 10% of the profit available for distribution of each fund share on the basis date of income distribution; 3. If the contract is not effective for less than 3 months, the income distribution may not be performed; 4. The net value of fund shares on the basis date of fund income distribution minus the amount of income distribution per unit of fund units cannot be lower than the face value; Where laws and regulations or regulatory agencies provide otherwise, such provisions shall prevail.
Shenwan Pharmaceutical Biological Industry Index Yield × 80% + ChinaBond Total Index Yield × 20%
This fund is an active stock fund, which belongs to investment products with higher expected risks and expected returns in securities investment funds. Theoretically, the level of risk returns is higher than that of mixed funds and bond funds. At the same time, this fund is an industry fund. While enjoying the benefits of the healthcare industry, it must also bear the risks brought by a single industry.
Name: Li Wenjian
Date of appointment: 2011-01-28
Mr. Li Wenjian: Born in September 1972, Master of Science, 10 years of securities industry experience. He used to be the head of the business management department of Huikai Group, a researcher at Guotai Junan Securities Co., Ltd., a researcher at Hualin Securities Co., Ltd. and a researcher at Penghua Fund Management Co., Ltd. He is currently an industry researcher in the research department of E Fund Management Co., Ltd. [1]
