Since this year, growth funds with radical styles have generally retreated greatly. At the same time, dividend low wave funds with low market attention have risen against the trend in recent years. Insiders said that in the context of the sharp decline in market risk appetite, the demand for the allocation of safe haven assets increased. In the process of market correction, the dividend low wave fund has become a safe haven for some funds to seek relatively safe investment opportunities.
Some fund managers believe that under the background of high valuation of growth style stocks, they will explore investment opportunities in traditional fields. Among them, traditional high-quality companies with stable profit growth and good dividend rate are expected to usher in valuation improvement.
capital flows into high dividend funds
According to choice data, as of February 15, this year, ordinary stock funds and partial stock hybrid funds have fallen by an average of 10.23% and 9.97% respectively. At the same time, low dividend funds generally achieved positive returns.
Specifically, the yield of CAITONG CSI Hong Kong dividend and other equity investment index a has reached 8.9% this year. The low wave dividend index a of Shanghai Investment Morgan s & P Hong Kong stock connect, Huatai Bairui CSI dividend low wave ETF connection a and ChuangJin Hexin CSI dividend low wave index a have increased by 4.53%, 3.5% and 3.36% respectively this year.
In addition, the share of multiple dividend ETFs also increased significantly. Take Huatai birui Shanghai Stock Exchange dividend ETF as an example. As of February 15, the share of the ETF has increased by 395 million this year. In addition, the share of Boshi dividend ETF has increased by 132 million since this year. E fund China Securities dividend ETF, ICBC Shenzhen Securities dividend ETF and Jingshun Great Wall China Securities dividend low volatility 100ETF have increased their shares by 59 million, 30 million and 24 million respectively since this year.
In the past few years, under the background of high volatility and growth funds, dividend low wave funds are generally small in scale due to low market attention, and even many products have been forced to liquidate. However, since this year, such products have become the "pastry" of the fund market due to their steady performance.
In addition to dividend low wave funds, "fixed income +" products are also the key marketing varieties of fund companies at present, and both types of funds are characterized by low risk and low volatility. "For the time being, we can't see the direction in the equity market, while products such as low dividend fund and 'fixed income +' are now hot, and the next step will be our main direction." A person from the market department of a fund company in Shanghai said.
high dividend sector or welcome valuation increase
Since this year, the dividend low wave index has fluctuated upward, in sharp contrast to the weakness of other track stock indexes. In this regard, Liu Jun, director of Huatai Bairui index investment department and manager of Huatai Bairui dividend low wave ETF fund, said that this has a lot to do with the market environment since the beginning of the year. The Fed's expectation of raising interest rates triggered a sharp decline in market risk appetite and an increase in the allocation demand of funds for safe haven assets.
\u3000\u3000 In the process of market correction, the fund has gradually become a safe haven for some sectors, whether in the process of relatively low market valuation or in the process of relatively low market expectation There will be greater marginal improvement on the whole, and these funds have the opportunity to obtain excess returns on the basis of risk avoidance demand. " Liu Jun said.
From the perspective of position structure, the allocation direction of dividend low wave funds is mainly blue chips with undervalued value and high dividend. For example, ChuangJin Hexin CSI dividend low volatility index A. as of the end of the fourth quarter of last year, the top ten heavy positions of the fund include Yankuang energy, China Shenhua Energy Company Limited(601088) , Shandong Hi-Speed Company Limited(600350) , Bank Of Communications Co.Ltd(601328) , Zhejiang Zheneng Electric Power Co.Ltd(600023) and other stocks, which have mostly risen against the trend since this year.
Some fund sources said that from the perspective of prosperity, most of the undervalued and high dividend sectors are in the direction of "steady growth", and the fundamentals are facing an upward inflection point. Looking forward to the future, the long-term valuation improvement of high-quality companies with stable profit growth and high dividend rate is a high probability event.
