In the past month, fund companies have increased their research on small and medium-sized stocks.
The data show that the market value of 262 A-share listed companies surveyed by the fund is less than 10 billion yuan, accounting for nearly 60% of the total number of surveyed companies. There are only 14 companies with a market value of 100 billion yuan, most of which are white horse stocks with poor stock price performance in 2021. Among them, 20 companies with a market value of less than 5 billion yuan have been intensively investigated by at least 10 fund companies. Fund managers are optimistic about the performance of small and medium-sized companies in 2022 and continue to strengthen the pricing power of small and medium-sized companies with growth space.
the market style has changed greatly, and there are obvious signs of fund position adjustment
In 2022, A-shares pulled back for two consecutive days. Low-level sectors such as agriculture, forestry, animal husbandry and fishery, media and transportation performed relatively well, while high-level sectors such as power equipment, national defense and military industry, nonferrous metals and new energy continued to pull back. Many high-level stocks continued to pull back. Heavy warehouse stocks of the fund were not spared and suffered heavy losses, resulting in a significant pullback of the net value of the fund, Several high performing funds in 2021 performed poorly at the beginning of the year.
According to choice data, most of the top ranked fund products in 2021 fell in the past two days, and many heavy positions of photovoltaic and new energy funds fell by more than 3%. Some fund analysts pointed out that the fear of heights in the market funds is obvious recently, and they are more sensitive to the fluctuation of the stock price of fund heavy positions. Since the end of last year, there has been a great deviation between the estimated net value and the actual net value of many funds. Recently, the degree of deviation has increased. It does not rule out that institutions have increased the intensity of position adjustment, which has also had a great impact on the rapid switching of market style.
In 2021, the fund’s commitment to new energy achieved high returns from the new energy fund and catalysed another wave of A-share new energy market. What are the trends of fund companies in 2022? Some clues may be seen from the recent research trends of fund companies.
fund companies conduct intensive research on small and medium-sized market value companies
Participating in the research activities of listed companies is an important part of the investment work of fund managers. Guosen Securities Co.Ltd(002736) in the research report, it is pointed out that the more fund managers investigate, the more fundamental information of the company that fund managers master. After testing, the number factor of fund managers’ investigation has a positive correlation with future fund performance.
According to the data, in the past month (from December 5 to January 5), 576 A-share listed companies have been investigated by institutions, of which 447 listed companies have been investigated by fund companies, and Harvest Fund, South Fund, Wells Fargo fund, Huaxia Fund and Boshi fund have participated in the investigation the most.
In terms of industry, the fund company prefers electronics, mechanical equipment, medicine, biology and chemical industry, and pays relatively little attention to mining, real estate, leisure services and other sectors. In addition, 15 Beijing stock exchange companies such as Nanmo biology, Keda automatic control and Chuangyuan instrument have attracted the fund’s attention.
In the past month, fund companies have increased their research on small and medium-sized stocks. The data show that the market value of 262 A-share listed companies surveyed by the fund is less than 10 billion yuan, accounting for nearly 60% of the total number of surveyed companies. There are only 14 companies with a market value of 100 billion yuan, most of which are white horse stocks with poor stock price performance in 2021. Among them, 20 companies with a market value of less than 5 billion yuan have been intensively investigated by at least 10 fund companies.
fund managers are optimistic about the performance of small and medium-sized companies in 2022
some fund practitioners pointed out that it is a new phenomenon in recent years that funds pay more attention to small and medium market value. Previously, most fund companies rarely touch small market value companies. First, there are many A-share small market value companies, and the research cost is high; Second, the liquidity of small market value companies is not strong, and the establishment and reduction of fund positions are easy to cause sharp fluctuations in stock prices and increase transaction costs; Third, the performance of small market value companies is unstable, which is easy to trigger risk control indicators.
Fund companies to strengthen their attention to small and medium-sized stocks is first inseparable from their contribution to the net value of the fund. In 2021, many of the top fund heavy position stocks in the fund return ranking were unpopular small and medium cap companies. The high cost performance of small and medium cap stocks has attracted the close attention of many fund managers.
In the past month, many well-known fund managers participated in the investigation of small and medium-sized market value companies. For example, Feng Mingyuan of Cinda Australia Fund participated in the investigation of three companies, including Hu Xinwei and Yang Yu of huitianfu fund, Zhou Weiwen of China Europe Fund, Li Yuanbo of Wells Fargo fund and Zhan Cheng of Jingshun Great Wall Fund.
Secondly, policy support will enhance the growth space of small and medium-sized market capitalization. CCB previously said that the economy as a whole will face certain pressure in 2022, and the overall sharp expansion of market valuation will also be difficult. CSI 300 may face some pressure in terms of fundamentals and liquidity. Stocks with small and medium market capitalization may benefit more in 2022. For example, from 2011 to 2015, traditional manufacturing and traditional industries are in a downward cycle. At that stage, The stock market also presents a structural market, and the stock trend of small and medium-sized market value is relatively better.
Hang Seng Qianhai Fund said that it is optimistic about the investment opportunities of small and beautiful companies that meet the characteristics of “specialization and innovation”. These companies represent technological innovation and lead industry reform. They are companies strongly supported by current policies. It is suggested to select the targets that meet the characteristics of “specialization and innovation” for layout.
Finally, the scale of public funds is expanding. As professional investors, they continue to strengthen their voice in the pricing of listed companies, especially small and medium-sized companies with growth space.
(brokerage China)
