According to the investment industry of the fund, this paper divides the industrial funds into seven categories: consumer industry fund, financial real estate fund, medical biological fund, science and technology communication fund, national defense and military industry fund, midstream manufacturing fund and resource and energy fund. At the same time, according to the investment mode of industry funds, various industry funds are divided into "passive index industry funds" and "active management industry funds" and defined respectively.
As of September 30th, 20 18, there were 400 well-defined industry funds in the market, with a total management scale of 26,965,438+200 million yuan. Among them, the passive index industry fund *** 146 (excluding ETF-linked funds) has an overall scale of 87.3 1 100 million yuan (excluding ETF-linked funds); Actively manage 254 industry funds, with an overall management scale of18181818/0/0 billion yuan.
In horizontal comparison, among passive index industry funds, financial real estate industry funds have the largest number and the largest total scale; Among the actively managed industry funds, the number of science and technology communication industry funds is the largest, and the total scale of medical and biological industry funds is the largest.
In order to better understand whether the industry allocation of funds in various industries in actual investment conforms to the marked investment industry, we introduce the concept of "industry fit" and calculate the "industry fit" of funds in various industries in the past year according to the heavy position of the fund industry.
From the internal quantity and structure, these seven types of industry funds can be roughly divided into two categories: active management type and passive index type.
1. Actively manage the types of industry funds dominated by quantity and scale: consumer industry funds, pharmaceutical biological funds, science and technology communication funds, and midstream manufacturing funds;
2. The types of industrial funds dominated by the number and scale of passive indices: financial real estate funds and national defense military funds;
1) consumer industry funds: As of September 30th, 20 18, there were 15 passive index consumer industry funds in the market, with a total management scale of112 billion yuan; There are 63 consumer industries actively managed, with a total management scale of 42.62 billion yuan. In consumer industry funds, active management funds have always occupied a dominant position.
2) Financial real estate funds: As of September 30th, 20 18, there were 42 passive index financial real estate funds in the market, with a total management scale of 34.07 billion yuan; There are 8 financial real estate funds actively managed, with a total management scale of 4.52 billion yuan. In financial real estate funds, passive index has always occupied a dominant position.
3) Pharmaceutical Bio-funds: As of September 30th, 20 18, there were 24 passive index pharmaceutical bio-funds in the market, with a total management scale of 9.68 billion yuan; There are 58 active management medical biological funds, with a total management scale of 49.66 billion yuan. In the medical biological fund, active management has always occupied a dominant position.
4) Science and technology communication funds: As of September 30th, 20 18, there were 20 passive index science and technology communication funds in the market, with a total management scale of 4.72 billion yuan; There are 63 science and technology communication funds actively managed, with a total management scale of 4.5/kloc-0.50 billion yuan. In the science and technology communication fund, active management has always occupied a dominant position.
5) National Defense Military Fund: As of September 30th, 20 18, there were 13 passive index national defense military funds in the market, with a total management scale of 22.08 billion yuan; There are only 10 national defense funds under active management, with a total management scale of 8.28 billion yuan. Among the defense industry funds, passive index funds have always occupied a dominant position.
6) Midstream Manufacturing Fund: As of September 30th, 20 18, there were 10 passive index Midstream Manufacturing Funds in the market, with a total management scale of 950 million yuan; There are 365,438+0 mid-stream manufacturing funds actively managed, with a total management scale of 65.438+0.762 billion yuan. In the mid-stream manufacturing funds, active management has always occupied a dominant position, but its industry fit is mostly low.
7) Resource and energy funds: As of September 30th, 20 18, there were 22 passive index resource and energy funds in the market, with a total management scale of 46 1 100 million yuan; There are 2/kloc-0 resources and energy funds actively managed, with a total management scale of 654.38+0.397 billion yuan. In the resource and energy fund, the number of active management type and passive index type is not much different, but the scale has been quite different since 20 15.
From the perspective of the industry fit of various industry funds, on the whole, the industry fit of passive index industry funds is much stronger than that of active management industry funds, and the proportion of passive index funds in most industries is "extremely strong" and "strong", both exceeding 80%. Among them, the industry fit of all passive index financial real estate funds that meet the judgment conditions is "extremely strong". From the perspective of obtaining industry income, choosing passive index industry funds is more in line with the needs of single industry allocation.
Among the actively managed industry funds, from the perspective of the proportion of funds with high industry fit, the overall industry fit of actively managed funds in the middle reaches of manufacturing, national defense, resources and energy, science and technology communication industries is low, or because there are too many industries related to these industries, it is difficult to conduct pure "stock selection within the industry". It is suggested that investors who need to allocate these types of industry funds carefully screen and choose funds that meet their own needs.
(Article source: Financial Investment News)