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2020/2/14 9:17:00 2

Public Offering Fund

The 1 day's fall, the 7 day's rise, and the 1 day's overall decline.

On the 9 trading day after the Spring Festival, A shares experienced the ups and downs of roller coaster.

In February 13th, A shares ended 7 consecutive gains and entered a concussion.

Looking back at the A share market, the three big indexes of the first trading day of the rat, the Shanghai Composite Index, the Shenzhen stock index and the gem index all fell sharply, and the closing adjustment ranges were -7.72%, -8.45% and -6.86% respectively. But in the next 7 days, the three major indexes of retaliatory rebounding rose 5.56%, 11.87% and 16.12% respectively.

According to the twenty-first Century economic news reporter statistics, the adjustment of the three indexes since the Spring Festival is -2.37%, 1.71% and 7.10% respectively.

So, after the Spring Festival, when the A shares were in turmoil, how did the public fund operate?

There are many indications that a large number of public funds have made a copy of the fund, especially the ETF fund, as well as the new fund being built. However, the bottom up mode may have begun to decline in recent days when A shares entered the stage of shock consolidation.

Public offering

"After the Spring Festival, our company raised funds, and the new fund also set up positions." A public offering official told reporters.

This is not an isolated phenomenon. The calculation of the stock position of the public fund of state securities shows that after the Spring Festival, the overall holding position of the equity fund raised again. In February 7th, the position of public offering stock fund increased from 89.49% before the Spring Festival to 91.6%, and the mixed fund position rose from 70.42% to 71.9%. Among the 133 fund companies, 86 fund companies chose different levels after the Spring Festival.

In fact, according to the information of China's Fund Industry Association, according to incomplete statistics, as at 20 hours in February 4, 2020, 26 public fund managers expressed 2 billion 54 million 500 thousand yuan in recognition and purchase of their public offerings and special account products with inherent capital and employee funds. Since then, a large number of fund companies have announced the purchase of their own equity products.

In terms of specific industry allocation, the calculation of good buy fund shows that as of the closing of February 7th, the top three industries in the proportion of public offering partial stock fund allocation are pharmaceuticals, food drinks and banks, and the allocation positions are 8.18%, 4.99% and 4.10% respectively. The three industries after the allocation ratio are national defense industry, nonferrous metals and petroleum and petrochemical industries, with 0.41%, 0.42% and 0.49% positions allocated respectively.

It is worth noting that since the beginning of this year, several explosive funds have adopted a quick way to build positions.

Take last year's fund performance champion Liu gsong's management of two new funds, for example, the GFA technology innovation set up in December 25, 2019 and the GFA technology pioneer that were founded in January 22, 2020 are all the fund for the explosion.

Among them, GFA technology innovation effective subscription application confirmation ratio is less than 3.3%, the first scale of the upper limit is 1 billion yuan. GF technology pioneers gold absorption of 92 billion 100 million yuan, the ratio of placing 8.68%.

GF technology innovation's net value adjustment in February 3rd was -6.32%. The decline is basically the same as last year's three Asian runner up units. Based on this, it is presumed that Liu Ge song completed the construction of the warehouse in less than a month before the Spring Festival. More than 2 months since its establishment, the latest net value rose by 9.41% as of February 12th. It has risen 7.68% since the Spring Festival. The growth rate of gem is roughly the same as 7.10%.

The GF technology pioneer hybrid was established in January 22nd, and the latest net value as of February 7th rose by 3.36% for the A shares before the Spring Festival closed. In the same period, the growth rate of gem was 2.48%. It is estimated that the fund is also very fast.

In addition, Wanjia technology innovation was founded in January 7th. Since its inception, the latest net value as of February 7th has risen by 7.49%, while the technology 100 index has increased by 5.40% over the same period.

A fund industry official said that after the Spring Festival, the new fund of the company made a quick start. "There are different ways to build new funds. Some absolute revenue products should be involved in the new market, so the main buying banks with relative stagflation and low valuation in the early stage and the three quarter are basically facing good power equipment and medicine.

"Relative income is mainly concerned with agriculture, food and beverage, electronics, photovoltaic, medicine, media, coal, electric vehicles and so on. The theme is based on the industry with established themes. The Fund said.

Agencies build positions through ETF

"Recently, especially busy, the current agencies purchase more, basically no redemption." Recently, the head of a fund's sales department told reporters.

When the A shares fell sharply in February 3rd, retail investors were selling madly, but A shares actively entered the market, with the net capital inflow of 30 billion 100 million yuan since the Spring Festival.

It is reported that a large number of institutions are through ETF (transaction oriented open-end Index Fund) to copy the bottom. Yang Delong, chief economist of Qianhai open source fund, said: "last week, a large sum of funds had been purchased through ETF, and within a week the net inflow exceeded 16 billion yuan. From the four quarterly reports of mainstream ETF, the top ten holders are mainly institutions, which shows that institutional investors are in a large number of copies.

According to Wind data, the stock ETF accumulated 8 billion 907 million net inflows in the first week (February 3rd to February 7th) after the Spring Festival. But after the second week of the Spring Festival (February 9th to February 13th), the stock market ETF accumulated a net outflow of 1 billion 853 million yuan.

Insiders say that the theme ETF is most popular with gem ETF, technology, new energy vehicles and medical care.

Judging from the purchase situation, 5 ETF equity funds purchased more than 1 billion applications during the 9 trading days after the Spring Festival, including new energy vehicles, securities ETF, brokerages ETF, gem 50, 5GETF and so on.

From the perspective of the transaction, as of February 13th, China's chip ETF was listed on 4 trading days, with a total turnover of 4 billion 24 million yuan, with an average turnover of 1 billion 6 million yuan. The total turnover of Huaxia 5GETF has reached 18 billion 25 million yuan, with an average turnover of 750 million yuan. In February 10th, the total turnover of Ping An fund's new energy listed on the first day reached 652 million yuan, up 4.99% on the same day, the highest in the ETF growth of the whole market.

In fact, the 9 hot days since the Spring Festival are also the top ETF. For example, the cumulative net worth of artificial intelligence has increased by 10.19%, medical ETF is 9.38%, gem 50 is 9.35%, and new energy vehicle is 8.27%.

However, ETF was also redeemed, for example, 50ETF reduced 855 million copies after the Spring Festival, its performance after the Spring Festival was -1.11%.

With the rise of A shares, a fund manager said that the current rebound rate has been too high, A shares may enter the consolidation period in the short term, has done some reduction.

 

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