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Public Offering Fund'S Position Adjustment Trend In January Exposed: Adding Banks And Hong Kong Stock Newly Issued Funds To Build Positions Prudently

2021/1/28 9:44:00 0

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After the performance competition in 2020, the strategic layout of public funds in 2021 has also been put on the agenda.

From the perspective of the fourth quarter report in 2020, the position concentration of public offering funds has further improved, and the phenomenon of leading individual stocks holding together is still obvious. But with the valuation dispute caused by the group of institutions, some fund managers have started a new round of position adjustment and stock exchange in January.

Recently, a number of funds disclosed the listing and trading statement of fund shares disclosed the position adjustment of a number of public funds in January.

According to the data, Xingquan Herun fund managed by Xie Zhiyu, the star fund manager of Xingquan fund, significantly increased its position in the financial industry in January, and the fund also increased its holdings of Hong Kong stocks in January.

According to the 21st century economic report, some fund managers of new development funds are also cautious about the allocation under the current market.

"In the initial stage of the product establishment, we will maintain the idea of absolute return, and strive to seize the structural opportunities with the medium and low positions of stock positions. In addition, some bonds will be allocated, and some Hong Kong stocks with more margin of safety will be allocated to balance the volatility of the portfolio. After the net value of the product has a certain safety cushion, adjust the risk return ratio of the portfolio to increase upward elasticity On January 27, a fund manager who just launched a new fund in January told 21st century economic news.

The position concentration of public offering funds has been further improved, and the phenomenon of leading stocks clustering is still obvious. Visual China

The trend of warehouse adjustment in January

According to the latest data disclosed, the industry with the highest allocation proportion on January 21 was manufacturing industry, followed by financial industry. This is similar to the allocation of the fourth quarter report in 2020. However, on January 21, Xingquan Herun's allocation proportion for the manufacturing industry declined and the allocation proportion for the financial industry increased significantly.

The top 10 heavy positions of the fund on January 21 were Haier Zhijia, Sany Heavy Industry, Ping An of China, Industrial Bank of China, Hikvision, mango hypermedia, Wanhua chemical, Shuanghui development, Midea Group and BYD.

In the fourth quarter report of 2020, the top ten heavy positions of Xingquan Herun are China Ping An, Haier Zhijia, Sany Heavy Industry, Midea Group, Wanhua chemical, BYD, mango super media, Shuanghui development, Jingchen and Longji.

That is to say, Xie Zhiyu began to adjust his positions in January. He added Industrial Bank and Hikvision as the top ten heavy positions, while Jingchen and Longji withdrew from the top ten.

According to Xie Zhiyu's configuration logic, he pays attention to excellent companies with core competitiveness, balances the short-term valuation and long-term value of the company, and seeks excellent companies with good investment cost performance. The overall configuration is mainly medium and long-term value varieties with good development prospects and appropriate valuation, and the overall structure is relatively balanced.

From the recent market data, the performance of the banking sector is also more active. Since the beginning of this year, the overall growth rate of Shenwan banking industry has exceeded 7%. The data on January 27 showed that the banking sector was the industry sector with the largest net inflow of main funds on that day, and the net inflow of main capital was close to 1.2 billion yuan.

In addition, the latest disclosure of some funds' listing and trading statements also shows that they have increased the allocation of Hong Kong stocks.

According to the data, as of January 21, the proportion of Hong Kong stocks allocated by the two-year fixed hybrid fund of the Wells Fargo gem accounted for 1.21% of the fund assets, while the fund had not yet allocated Hong Kong stock assets at the end of last year.

From the industry point of view, the Hong Kong stocks allocated by the Wells Fargo gem two-year fixed fund in January are mainly the information technology industry.

In terms of positions, the position of Wells Fargo's two-year fixed shares rose to 88.59% in January. Among them, the allocation proportion of the domestic manufacturing industry is the highest, followed by leasing and business services.

Specific changes in the previous ten heavy positions, compared with the fourth quarter, there are also large changes.

On January 21, its position information showed that Yiwei lithium energy replaced focus media at the end of the fourth quarter of 2020 and became the largest heavy position stock of Fuguo gem in two years. In addition, four stocks of Ketuo biology, Jingsheng Electromechanical, Shenxin and Dinglong entered into its top ten heavy positions. And Mindray medical, Martian, boten shares, xianle health withdrew from the fund's top 10 heavy positions.

However, it is worth mentioning that while increasing the assets of Hong Kong shares, the group shares of mutual funds such as "Zhengmao" Dongfang fortune and Yiwei lithium energy are still in the list of heavy positions of funds set up in the two-year growth enterprise market of Wells Fargo. Compared with the position at the end of 2020, the number of shares of Dongfang fortune and Yiwei lithium energy increased.

Caution in new fund positions

In addition to the position adjustment codes revealed by several funds that have published the listing and trading statements, the 21st century economic report reporter also learned that since January, some fund managers of new funds have shown a certain degree of caution. In terms of allocation direction, undervalued varieties are being mentioned by more and more fund managers.

"The recent market volatility has increased, and the market may adjust due to the impact of liquidity tightening expectations." On January 27, the manager of a public fund in South China told the reporter of the 21st century economic report.

"Therefore, in order to improve the base holding experience of the funders and avoid frequent redemption due to the fluctuation of net worth, the individual plans to adopt the strategy of steadily building positions in stages, and currently a small number of Pro cyclical varieties with low valuation are allocated." Its representation.

The investment director of a large public offering fund in Beijing also pointed out in an interview that "we are relatively optimistic about the investment opportunities of insurance and banks related to the economic cycle. Because the overall valuation of insurance and banks, especially insurance, is on the low side, the valuation of most bank stocks is not high except for individual banks. From the perspective of business cycle, insurance and banks should be stronger in the upward phase of the business cycle. "

And for group stocks, fund managers are still divided.

"There are obvious signs of clustering in some popular industries, and a large number of funds are concentrated in buying a few listed companies. Although the quality of these companies is much better than that of the Internet bubble in 2015, the performance of their stock prices has far exceeded the growth of actual profits, and the market value has implied very optimistic medium and long-term expectations. " Li Yang, a three-year fund manager of Boshi's advantageous enterprises, said.

"More and more investors want to pass through bulls and bears by holding long-term high-quality companies and play down timing. I also very much agree with the market's choice of long-term investment targets in science and technology, consumption, medicine and high-end manufacturing. " The said mutual fund manager said that,

"But when constructing portfolios, when a methodology is used by more people, it enlarges the medium and long-term variables of stock pricing. The long-term direction is certain, but the medium and short-term rhythm is uncertain. The stability and persistence of the actual performance of the target position determines whether there are more risks implied, and also determines whether the high valuation assets have the problem of earning performance but not earning valuation in the short term

 

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