With the sharp decline of A-share market and the sharp retreat of fund net value, the market risk aversion is becoming stronger and stronger.
On March 7, Sinolink Securities Co.Ltd(600109) released the latest stock position calculation report of public funds, which showed that compared with the calculation results after the Spring Festival, among the 129 fund companies with equity fund products, 58 fund companies’ overall positions increased during this period, accounting for 45%, while the overall positions of 71 fund companies decreased. In this regard, a number of fund companies are optimistic about the future trend of A-Shares as a whole, and have suggested that investors do not need to panic excessively.
129 fund companies
more than 40% of those who choose to increase their positions after the Spring Festival
With the significant improvement of corporate governance, compliance management and risk control in the public fund industry, the public fund has improved in terms of capital source, term structure and short-term investment behavior. Even under the background of short-term sharp fluctuations in the A-share market, the overall shareholding position of the public fund has remained basically stable.
From the opening of the market after the Spring Festival holiday to now, as of March 7, the Shanghai Composite Index has risen by 0.34%, with an amplitude of 4.15%. The reporter of Securities Daily noted that the overall position of equity funds in the public fund market was relatively stable during this period Sinolink Securities Co.Ltd(600109) successively released several stock position calculation reports of public funds, which showed that during this period, the stock fund position decreased from 89.19% to 88.79%, down 0.4 percentage points; The position of hybrid funds decreased from 70.49% to 69.68%, down 0.81 percentage points.
It should be noted that the stock positions of several fund companies have reached close to the “top grid” level, and the space to continue to increase positions is very limited. Among them, the stock positions of 11 fund companies such as Ruiyuan fund, Beixin Ruifeng fund and rosefinch fund have exceeded 90%.
Since the Spring Festival holiday, the fund company with the largest position increase is Huachen future fund. The overall shareholding position has increased from 60% to 94.29%, with a position increase of more than 34 percentage points. Hexu Zhiyuan fund, Mingya fund and Debang fund also increased their positions significantly, with the increase of more than 10 percentage points, reaching 94.15%, 60.45% and 71.97% respectively. The three fund companies with the largest position reduction are Yimin fund, Chang’an fund and Zhongke fertile soil fund. The overall shareholding positions decreased from 88.83%, 92.6% and 50.3% to 70.89%, 77.04% and 34.8% respectively, and the positions were reduced by more than 15 percentage points.
27 equity funds
close to full warehouse
Compared with the holding positions of public funds in recent five years, 88.79% of the positions of equity funds and 69.68% of the positions of hybrid funds are at a high level.
The reporter noted that according to the stock position calculation results of public funds released by Sinolink Securities Co.Ltd(600109) latest, the average stock position of 3488 equity funds with statistical data is 71.78%. Among them, 1207 funds have stock positions of more than 90%, accounting for 34.6%. In addition, the shareholding positions of 27 equity fund products have been close to full positions, with positions reaching more than 95%, and there is little room for positions to continue to rise.
In the public fund market, there are not a few equity funds that choose long-term high position operation, but also many equity products of old public fund companies. For example, the Ruiyuan growth value hybrid fund jointly managed by Fu Pengbo and Zhu Yu, the yifangda high-quality selection hybrid under the helm of Zhang Kun, the Yinhua middle and small cap hybrid jointly managed by Li Xiaoxing, the Zhonggeng small cap value stock managed by Qiu Dongrong and Huitian fuyingtai hybrid managed by Li Yunxin have earned considerable returns for the holders since its establishment.
most fund managers
not pessimistic about A-Shares
In the view of many fund companies, the recent sharp correction of A-Shares and the loss of the Shanghai stock index of 3400 points are caused by multiple factors such as external situation uncertainty and investor sentiment. Fund managers are not pessimistic about this year’s a shares. They believe that the selling of risk aversion has released the pressure of other aspects to a certain extent, so they may provide better re-entry opportunities in the future.
In an interview with reporters, AXA Puyin Fund said: “The fluctuation of the international situation has caused great short-term pressure on A-Shares and returned to the weak market. At present, the market is still in a state of unclear main line, and the main line will be re established after the first quarterly report is confirmed. Investors need to look for certainty in the uncertainty, focusing on structural opportunities in photovoltaic, steady growth, electricity, medicine, consumption and other sectors.”
Xie Jun, investment manager of Hang Seng Qianhai fund, also told reporters: “Overall, we believe that although A-Shares and Hong Kong shares are affected by uncertainties such as overseas news, liquidity and investor confidence, they still have the resilience brought by China’s policies. After the venting of emotions, the trend of A-Shares may return to the normal track again. We are not pessimistic about this year’s a shares, and this year’s A-Shares may show a ‘V’ trend , showing a long-term trend of slow bull. “
Looking forward to the future, Xie Jun told reporters that the theme of “stable growth” may run through the whole year. At the same time, the growth industries with great macro impact in the early stage, such as new energy vehicles and semiconductors, may have greater repair flexibility after the expected easing of commodity price rise caused by external factors. We can focus on new energy vehicles, photovoltaic The growth track represented by electronics is an opportunity for bargain hunting layout.
“In the government work report, the specific direction and strength of relevant policies for steady growth have been further clarified, including a new round of tax and fee reduction, expanding effective investment, implementing enterprise relief, stabilizing employment, ensuring people’s livelihood and promoting consumption. Therefore, the steady growth sector has a comparative advantage.” Shanghai Pudong Bank AXA fund told reporters.
