Today, the market has stepped out of the amazing V market. As of the close, the Shanghai Composite Index fell 1.08% and the gem index fell 0.63%. Since this year, the gem index has fallen by 22.7%, the CSI 300 has fallen by 14.5%, and the CSI 500 has fallen by 14.3%.
The news of “fixed income + fund cutting equity positions” spread in the industry in the afternoon. Rumors show that because the recent market decline has triggered the red line of equity positions in “fixed income +” products, some large-scale “fixed income +” products have passively reduced their positions.
The interface news reporter interviewed a number of well-known “fixed income +” fund managers in the industry. “We have also noticed today’s market rumors, but according to our internal communication, it is found that the fixed income + fund manager has not significantly reduced his position, and may slightly adjust his position according to the market situation.” Insiders of a public offering company focusing on “fixed income +” products said.
The person said that on the whole, the position adjustment of “fixed income +” products may have a certain impact on the market. However, due to the small scale of “fixed income +” and the configured stock positions of only 20%, the overall impact on the market is limited, and the possibility of aggravating the adjustment of the stock market is smaller.
According to the data, by the end of 2021, the total scale of the whole market “fixed income +” funds (including partial debt hybrid funds, hybrid bond primary funds and hybrid bond secondary funds) had reached 2.11 trillion yuan.
Will there be some red lines for forced position reduction in the internal operation of “fixed income +” products? Previously, in an interview with interface news reporters, a “fixed income +” fund manager made it clear that, “At the product level, there is no provision for compulsory stock position reduction. The company will track the daily income and withdrawal of the fund, and prompt the risk of products with large withdrawal range. The investment manager or the investment decision-making committee will decide whether to adjust the position according to the market conditions and investment strategy. If adjustment is really necessary, the investment manager will be required to reduce the equity position.”
Details of the top 20 fixed income + products in the current market size:
According to the statistics of the interface news research department, the “fixed income +” products ranked in the top 20 in the market scale have not decreased much since this year. According to the data, as of March 8, only one fund of e fund reassured returns has fallen by more than 5% this year, and the other 19 have fallen by less than 5%.
Yi Fangda Yuxiang managed by Lin Sen and Lin Hu ranked first with a return of 72.949 billion. In 2021, the scale of the fund increased by 48.965 billion, with a return rate of 9.5% in 2021. Since this year, the fund has fallen by 3.68%.
Yi Fangda, managed by Hu Jian, ranked second with a steady income of 70.762 billion. The return rate of the fund in 2021 was 8.66%, down 2.02% this year.
In the third place is Jingshun Great Wall Jingyi Shuangli managed by Li Yiwen and Dong Han. As a “fixed income CP” from the partner of SDIC UBS, the scale of Jingshun Great Wall Jingyi Shuangli at the end of 2021 was 48.013 billion. In 2021, the return rate of the fund was 8.37%, and since this year, the return rate has been – 1.27%.
There are 59 funds whose returns have fallen by more than 10% this year.
Details of fixed income + products with the top 20 declines this year:
Among the top 20 fixed income + products with decline of interface news research department, 15 convertible bond funds ranked among them why was the convertible bond fund badly injured this time? In this regard, Du Guang, fund manager of Tianhong Tianli, told the interface news that this round of convertible bond market has suddenly experienced a sharp and undifferentiated decline, which is related to the high valuation of the convertible bond market, and some individual bonds with small early decline and bottom position have been sold off more. However, Du Guang also said that although the overall market is still overvalued, many high-quality individual bonds have fallen to a position with high cost performance. From the perspective of operation, we will use this adjustment to better adjust the portfolio.
For the future market, Huaxia Fund today expressed its view that market fluctuations are a normal phenomenon. Stocks must rise and fall. It is impossible to only rise and fall, but there should be a definition of the range. As long as there are no large-scale and systematic problems, there is no need to be overly pessimistic. In fact, looking back, panic decline is often the timing of layout.
Huaxia Fund said that from the perspective of the whole year, based on our analysis framework, the judgment of the three factors in 2022 is: downward profit, upward residual liquidity and fluctuating risk appetite. The corresponding A-share market shows an overall shock trend. In particular, with the development of the steady growth policy, the residual liquidity presents a recession like loose pattern, and the upward trend is relatively certain. The macro liquidity environment is fundamentally different from that in 2011 (6 reserve ratio increases and 3 interest rate increases) and 2018 (macro deleveraging and Sino US trade friction). The market rate will probably not enter a bear market, but the volatility will increase compared with last year.
CCB Fund said that at present, the main line of stable growth is still dominant, and it is recommended to bargain hunting and balanced allocation in fluctuations. In late March, we began to pay attention to the performance verification of the first quarterly report of the growth sector and configure it from bottom to top: (1) the main line of steady growth: the real estate chain is better than the infrastructure chain, and pay attention to the phased opportunities of China’s cyclical products expected to be brought by the commencement and repair (coal, nonferrous metals, steel, building materials and chemical industry); (2) Global inflation chain: under the disturbance of short-term events, commodity prices are expected to remain high, and pay attention to cashing in every high in the monthly range; (3) New infrastructure: focus on green power and digital economy; (4) Growth sector: in the short term, valuations are suppressed by external factors such as high inflation and the Federal Reserve’s interest rate hike. At the same time, the high boom still lacks performance verification. However, from the perspective of sentiment / trading indicators, the valuation has basically returned to a relatively low level. Therefore, the core focus is on the performance verification of the first quarterly report in mid and late March, and the subsequent performance may be differentiated; From a strategic perspective, it is suggested to pay attention to military industry, semiconductors and new energy vehicles from the bottom up.
