Last week, A-Shares took a roller coaster ride. After the sharp decline in the first half of the week, they rose violently this week, testing the heart of investors.
When others fear greed, overseas long-term investment institutions have shot.
Trillion dollar asset management giant capital group recently fully increased its positions in Chinese stocks.
Let's have a look.
capital group fully increased positions
Data show that the active management ETF of capital group, a well-known long-term investment institution in the United States, has increased its positions in many Chinese stocks last week. The head of China, a European asset management giant, told fund Jun that "some overseas customers are still cautious, but our voice to customers is that there is no problem investing in China for a long time". Goldman Sachs also said on March 14 that it insisted on super matching China.
Capital group is an American asset management institution headquartered in Los Angeles. It is good at active stock selection, long-term investment and multi fund manager joint management system. The latest management scale is $2.6 trillion. It is also one of the global asset management institutions most respected by Chinese public offering and private placement leaders. Capital Group launched six ETFs in February this year Among them, 5 are stock products and 1 is fixed income products. Among the five stock products, three invested in the US market and two invested in the global market including the Chinese market.
Due to the active management of ETF, the position is updated every day, and the Chinese investment trend of the global asset management giant is exposed.
Comparing the positions of fund Jun on March 11 and March 21, it is found that the two global market stock ETFs have held positions in the vast majority of Chinese stocks. For example, cgxu increased its positions in Chinese stocks Yaoming biotechnology, Wuxi Apptec Co.Ltd(603259) , ENN energy, Shenzhen Inovance Technology Co.Ltd(300124) , meituan, Kweichow Moutai Co.Ltd(600519) . Cggo increased its position in two of the three Chinese stocks ( Kweichow Moutai Co.Ltd(600519) Ping An Insurance (Group) Company Of China Ltd(601318) ) and emptied one real estate stock (Biguiyuan).
Cgxu and cggo just went online in late February 2022. At present, the scale of the two ETFs is only tens of millions of dollars. Accordingly, the absolute number of shares held in China is still relatively small.
The information disclosed by the Hong Kong Stock Exchange shows a similar trend. For example, according to the information of the Hong Kong stock exchange, on March 16, the capital group bought 1.88 million shares of YaoMing biotechnology at an average price of HK $45. As many funds under the capital group hold Yaoming biotechnology, it shows that in addition to the above actively managing ETFs, other funds may increase their holdings of YaoMing biotechnology during the period.
Not just capital group, Timothy MOE, Asia Pacific strategist of Goldman Sachs, said in an interview with Bloomberg on March 14 that although the Chinese market faces a lot of pressure, its forecast data for China has reflected these risks. In the past two days, after the selling of ADR, most ADR shares are now located near the three standard deviations to the left of the median valuation (the valuation is at a historically low position). In other words, the stock price has fully reflected the risks faced by these companies. Looking ahead, the stock price may still fluctuate, but the earnings of Chinese stocks in the next 12 months will be very attractive. What are Goldman's specific areas of interest? At present, Goldman Sachs mainly focuses on areas consistent with policies, including new infrastructure, green economy and common prosperity.
However, Timothy MOE also said that the market is looking forward to more supportive policies. He believes that the overall sentiment of overseas investors is still very fragile.
executives of foreign institutions: don't worry about long-term investment in China
As of Tuesday, March 22, there was a net outflow of 9.34 billion yuan from the north this week. This month, the net outflow exceeded 60 billion yuan.
In terms of individual stocks, only 9 stocks with a net inflow of more than 100 million yuan in the past seven days. They are Midea Group Co.Ltd(000333) , China Merchants Bank Co.Ltd(600036) , Sany Heavy Industry Co.Ltd(600031) , Industrial Bank Co.Ltd(601166) , Citic Securities Company Limited(600030) , Muyuan Foods Co.Ltd(002714) , Shanghai Pharmaceuticals Holding Co.Ltd(601607) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , etc. The top 10 stocks with the largest net outfoutfoutfoutfoutfoutfoutfoutfoutfthe 10 stocks that are the 10 stocks that have the biggest net outfoutfoutfoutfoutfthe most of the 10 stocks that have the biggest net outfoutfoutfoutfoutfoutfoutfthe most of the 10 stocks at the top of the net outfoutfoutfoutfoutfthe most: the 10 stocks that come out of the top of the top 10: the Kweichow Moutai Co.Ltd(600519) \ . It can be seen that those with more net outflow are the heavy positions of early-stage funds.
In response to the phenomenon of net outflow from the north one after another and net outflow again after net inflow in four weeks and five weeks last week, a person in charge of China, a European asset management institution, explained as follows: we learned from our recent exchanges with overseas customers that at present, overseas customers are more concerned about the transparency and predictability of industry regulatory policies. Last week's high-level speech has resolved many doubts, and you may pay attention to the landing later. The geographical situation is also the focus of attention to a certain extent.
However, he said: there is no need to worry about the inflow and outflow of funds from the north. In the long run, "we think it is OK to invest in China."
Fund Jun learned that after the sharp fluctuations in the market last week, many fund managers investing in China overseas have increased the frequency of communication with customers.
US $ 25 billion repurchase boosted confidence, Alibaba soared
These two days, the market also gradually showed positive signals.
For example, Alibaba announced on Tuesday that it would increase the share repurchase scale from US $15 billion to US $25 billion, equivalent to nearly 9% of Alibaba's market value, making it the largest repurchase in the history of China concept shares. Stimulated by the news, Alibaba (Hong Kong stocks) shares soared. ADR listed in the United States also rose sharply at the opening, driving the general rise of China concept stocks.
Alibaba said in the announcement that the decision to increase the repurchase scale reflects the board's confidence in the company's sustainable growth in the future. The repurchase plan is valid for two years (until March 2024). As of March 18 this year, Alibaba has repurchased 56.2 million American depositary shares according to the previously announced repurchase plan, with a total amount of about US $9.2 billion.
This repurchase is also the second time Alibaba has expanded its repurchase scale in nearly three quarters. In December 2020, Alibaba said it would buy back US $10 billion of American depositary shares; Last August, it was announced to expand the repurchase scale to US $15 billion.
Three fund managers of BlackRock Hong Kong Equity vision hybrid fund, the world's largest asset management institution, expressed their views on March 22 that they had seen positive signals and said that the valuation of high-quality Hong Kong Stock Companies in the crisis had entered a dream levelP align= "center" source: BlackRock official account
overseas fourth largest Chinese equity fund holdings Ping An Insurance (Group) Company Of China Ltd(601318)
At the same time, overseas Chinese equity funds successively disclosed the position changes in February. We found that major overseas Chinese equity funds made some position changes in February.
For example, JPMorgan Funds - China fund, the fourth largest overseas Chinese equity fund, has the latest scale of US $5.432 billion. In February, the fund increased its holdings of Ping An Insurance (Group) Company Of China Ltd(601318) , and in the same period, it also increased its holdings of stocks of China overseas development, including Yaoming biotechnology.
For another example, "JPMorgan Funds - China A-share Opportunities Fund", the second largest overseas Chinese equity fund, with the latest scale of more than 40 billion yuan, changed little in the top ten heavy positions of the fund in February, with a slight reduction of Wuliangye Yibin Co.Ltd(000858) , and a slight increase of Shanghai Baosight Software Co.Ltd(600845) .
With high external uncertainty, the stock market may maintain high volatility in 2022. However, from the perspective of institutional trends, there may have been some positive signals at present.
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