Structure or position: public offering observation in the crash
After new year's day, A-Shares ushered in a wide adjustment. What are the changes in the operation of public funds and how to choose the style? Is the position down? In this issue, we will focus on the hot wheels of the industry.
In January, the public offering style was biased towards value, and the industry was biased towards finance and cycle. Soochow strategy constructs a public offering style drift model to track the fund's short-term style and industry bias. In January this year, the public offering group was strengthened, the style was biased towards the market value represented by Shanghai and Shenzhen 300 and Shanghai Stock Exchange 50, the industry shifted to the financial and cyclical sector, and the deviation from the growth style represented by new energy and medicine increased.
In February, the style was balanced to growth, and the industry was biased towards medicine and electricity. After the Spring Festival, the public funds became weaker, the style was balanced to growth, and the industry was concentrated in new energy and medicine. The deviation from the value represented by SSE 50 and CSI 300 increased, and the industry was far away from finance.
In March, the public offering style lay flat, and there was no structural adjustment. Since March, market volatility has increased, and public funds have always been biased towards the value represented by consumption, with greater deviation from new energy and medicine. In the daytime comparison, the public offering chooses to lie flat without obvious style deviation.
In the past two weeks, the public offering has reduced its position, but it is still higher than the low point in December last year. Since this year, the market has adjusted broadly, but the public funds still maintain high positions. Although the positions have been reduced recently, they are still higher than the low point of last year. According to wind estimates, the stock position of partial stock hybrid public offering funds decreased from 85.7% of 2 / 11 to 85.1% of 3 / 11, but it is still at a high level compared with the low of 81% in December last year.
Risk warning: policy promotion is not as expected; Historical experience does not represent the future.
