Second quarter of 2020
China Merchants Securities five-star rating fund:
For complete rating results, please refer to the China Merchants Securities Fund Rating Report.
Rating results of this issue: Five-star fund in this issue
A total of 406 funds were selected for China Merchants Securities' five-star rating in this issue, including 239 three-year five-star funds, 126 five-year five-star funds, and 41 ten-year five-star funds. The deadline for rating calculation is July 24, 2020.
Due to the small number of short-term pure debt funds, bond ETFs, bond index funds, stock long-short funds, FOF funds, and money market funds that meet the rating standards of this issue, no ratings will be given in this issue.
1. Active open-end equity five-star fund
The number of five-star ratings an active open-end stock fund receives in a rating depends on the fund's time-weighted Jensen coefficient and its ranking distribution among its peers. The top 10% receive a five-star rating.
The color of the last star in the rating of similar funds is determined based on the ranking distribution of the indicator among similar funds based on the fund reference fund (the correlation coefficient between the fund's net worth and performance) among similar funds in the same period. comparison baseline). The 1/3 fund instruments with the largest correlation coefficient have the strongest attributes, and the last star is marked in blue; the last star of the middle 1/3 funds is marked in white; the 1/3 fund instruments with the smallest correlation coefficient have the weakest attributes, and finally One star is marked in red.
A total of 26 China Merchants Securities active open-end stock five-star funds were selected in this issue, including 18 three-year five-star funds and 8 five-year five-star funds.
2. Open-end hybrid five-star fund
According to the upper and lower limits of fund equity investment stipulated in the fund contract, open-end hybrid funds are divided into two categories:
The rating methodology for open-end hybrid five-star funds is consistent with that of active open-end equity funds, that is, the number of five-stars in the rating is determined by the fund's time-weighted Jensen coefficient and its ranking distribution among similar funds. The top 10% are given a five-star rating.
The color of the last star in the rating of similar funds is determined based on the ranking distribution of the indicator among similar funds based on the fund reference fund (the correlation coefficient between the fund's net worth and performance) among similar funds in the same period. comparison baseline). The 1/3 fund instruments with the largest correlation coefficient have the strongest attributes, and the last star is marked in blue; the last star of the middle 1/3 funds is marked in white; the 1/3 fund instruments with the smallest correlation coefficient have the weakest attributes, and finally One star is marked in red.
A total of 240 China Merchants Securities active open-end hybrid five-star funds were selected in this issue, including 134 three-year five-star funds, 73 five-year five-star funds, and 33 ten-year five-star funds.
3. Active open-end bond five-star fund
Based on the fund investment scope and remaining period of the investment portfolio agreed in the fund contract, active open-end bond funds are divided into the second category:
The number of five-star ratings obtained by short-term pure debt funds, medium- and long-term pure debt funds, and composite bond funds is determined based on the fund's time-weighted index and its ranking distribution among similar funds. fund. The top 10% are awarded five stars. Ratings; The number of five-star ratings a convertible bond fund receives depends on the fund's time-weighted Jensen coefficient and its ranking distribution among similar funds. The top 10% receive a five-star rating.
A total of 83 China Merchants Securities active open-end bond five-star funds were selected in this issue, including 53 three-year five-star funds, 24 five-year five-star funds, and 6 ten-year five-star funds. Since there are less than 20 short-term pure debt funds that meet the rating standards in this issue, no ratings will be conducted for the time being.
4. Index five-star fund
The number of five-star ratings for stock ETFs, stock index funds, bond ETFs, and bond index funds is determined by the fund's time-weighted tracking error and its ranking distribution among similar funds. The top 10% are given a five-star rating; the number of five-star ratings for stock-enhanced funds and bond index-enhanced funds is determined based on the fund's time information ratio and its ranking distribution among similar funds. The top 10% receive a five-star rating.
The color of the last star of stock ETFs and bond ETFs in similar fund ratings is determined based on the fund rating reference indicator (range daily average trading volume) and the ranking distribution of the index among similar funds in the same period. The 1/3 funds with the largest average daily trading volume are the most liquid, and the last star is marked in blue; the middle 1/3 funds are marked with the last star in white; the 1/3 funds with the smallest average daily trading volume are the most liquid Worst. , the last star is marked red.
A total of 57 China Merchants Securities active open-end bond five-star funds were selected in this issue, including 34 three-year five-star funds, 21 five-year five-star funds, and 2 ten-year five-star funds. Since there are less than 20 bond ETFs, bond index funds, and bond index enhanced funds that meet the rating standards in this issue, no ratings will be conducted for the time being.
Important statement
risk warning
This report is for investment reference only. The past performance of a fund does not predict its future performance, nor does it constitute a guarantee of investment returns or investment advice.
Analyst Commitments
The securities analysts responsible for this research report hereby declare that this report clearly and accurately reflects the analysts' own research opinions. No part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or opinions contained in this report.
Analysts for this report
Rentong SAC professional certificate number: S04
Zeng Kailing SAC Professional Certificate Number: S03
Liu Yang SAC Vocational Certificate Number: S03
Bao Yujie SAC Professional Certificate Number: S02
Yang Yuheng SAC professional certificate number: S02
标签： #Fund #Five Stars #Rating #Bonds #Similar
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