In March, the global capital markets were not very calm, and A-Shares fluctuated sharply. Listed companies buy back, increase their holdings and brighten their performance to boost market confidence. Fund companies were not idle, and a number of fund companies responded immediately and made positive moves, setting off a wave of fund "self purchase tide".
fund companies actively purchase
Self purchase of funds is generally the purchase of funds by fund companies or fund managers out of their own pocket. On the one hand, based on confidence in the long-term healthy and stable development of China's economy and China's capital market; On the other hand, fund companies see that the investment cost performance of good companies continues to improve in this process.
According to the statistics of securities times · data treasure, a total of 51 fund companies have purchased their own funds this year, and as many as 26 funds have started self purchase since March. Among them, the self purchase amount of Nanfang fund, Huatai Securities Co.Ltd(601688) asset management and Cathay Pacific Fund has exceeded 100 million yuan this year.
year fund self purchase amount
hit a new high in the same period
Many insiders said that since this year, there has been a "self purchase tide" among fund companies and managers. By aligning with the interests of holders, it is conducive to stabilizing investor sentiment and increasing investor confidence. It also shows a long-term bullish view of the market by means of real gold and silver and long-term holding. As a professional institutional investor, the self purchase of public funds shows the role of institutional investors as a "stabilizer" of the market and strengthens the mission and responsibility of institutional investors in the capital market.
In 2021, the net value of many fund products retreated significantly. Not only in March, but also in January and February this year, the self purchase scale of fund companies is not low.
According to data treasure statistics, as of March 25, the CSI 300 index fell by more than 15% in the year. During the year, fund companies purchased 80 funds, with a net subscription amount of nearly 1.3 billion yuan, a new high in the same period since 2015; The last large-scale self purchase was concentrated from January to March 2018, with a net subscription amount of 1.243 billion yuan. At that time, the CSI 300 fell 3.28%.
From the perspective of the types of self purchased funds, since 2022, they have mainly focused on hybrid funds, bond funds and equity funds. Among them, the self purchase amount of the bond base accounted for nearly half in March, which may be greatly affected by the market amplitude.
newly established fund
is the main camp of self purchase
According to the statistics of data treasure, since this year, there have been more than 60 funds with a self purchase amount of more than 10 million yuan, and two funds have implemented a self purchase amount of more than 100 million yuan, namely, South MSCI China A50 link a under South Fund and Huatai Zijin weekly purchase a under Huatai Securities Co.Ltd(601688) asset management for 6 months.
From the fundamentals of self purchased funds, these funds are newly established since 2022, and nearly half of them were established in March. Since the establishment of these new funds, they have retreated slightly on average, relatively outperforming CSI 300; The highest rate of return is mainly based on shares. Since the establishment of Xinyuan health industry a under Xinyuan fund and two equity funds under Kangtai assets, the rate of return has exceeded 3%, significantly outperforming the target index in the same period. Since the establishment of Ping An Zhongzheng medicine and medical device innovation a under Ping an fund, the net value has increased slightly.
At present, there is still a certain gap from the self purchase scale promised by the fund, but with the issuance of the fund, the self purchase amount of the fund company will be in place one after another.
7 shares won famous private placement
new warehouse
At the same time, many fund companies also said that they are optimistic about the long-term investment value of the A-share market from the perspective of valuation.
YONGYING Fund said that A-Shares have entered the bottom shock range. With the release of the signal of steady growth and stable market, the market is expected to stabilize and recover.
GF believes that after substantial adjustment in the early stage, from the perspective of risk compensation, the medium and long-term allocation value of A-Shares has been relatively high. Subsequently, with the gradual announcement of the performance forecast of the first quarterly report, the stock price is expected to return to fundamentals.
Star and top stream funds are still holding stocks of which companies? According to the positions of well-known private placements such as Hillhouse, Gaoyi, Sequoia, Jinglin, Linyuan, Chongyang investment and Wang Yawei, Hillhouse still holds 13 shares, including Gongniu Group Co.Ltd(603195) , Longi Green Energy Technology Co.Ltd(601012) , Bestore Co.Ltd(603719) , and new positions Bafang Electric(Suzhou) Co.Ltd(603489) ; At the end of the third quarter of 2021, Jiangsu Hengrui Medicine Co.Ltd(600276) , Autobio Diagnostics Co.Ltd(603658) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) did not appear in the latest list of top ten circulating shareholders.
From the perspective of Gaoyi assets, 61 circulating shareholders appeared in the private placement, with a large number of positions, including Zijin Mining Group Company Limited(601899) , Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , etc; Among them, new positions in the fourth quarter of 2021 are Apt Medical Inc(688617) , Anhui Tongfeng Electronics Company Limited(600237) .
Sequoia Capital currently holds 11 shares, including Winner Medical Co.Ltd(300888) , Ganyuan Foods Co.Ltd(002991) etc., and new positions in the fourth quarter of 2021 Guangdong Dongpeng Holdings Co.Ltd(003012) .
Jinglin assets currently holds 11 shares, including Shenzhen Ellassay Fashion Co.Ltd(603808) , Neusoft Corporation(600718) etc., and newly entered positions in the fourth quarter of 2021 China Kings Resources Group Co.Ltd(603505) , Chongqing Fuling Zhacai Group Co.Ltd(002507) , China Merchants Property Operation & Service Co.Ltd(001914) 3 shares.
From the perspective of Chongyang investment, it currently holds at least 16 shares, including Jingwei Textile Machinery Company Limited(000666) , Zhejiang Nhu Company Ltd(002001) etc., and exits Luyin Investment Group Co.Ltd(600784) top 10 circulating shareholders.
Wang Yawei's Yunfeng series private equity funds appear in the list of circulating shareholders of Haxc Holdings (Beijing) Co.Ltd(300928) , China Wuyi Co.Ltd(000797) , Qingdao Baheal Medical Inc(301015) 3 shares, among which the position of "China Resources trust · Yunfeng No. 9 collective fund trust plan" China Wuyi Co.Ltd(000797) , which can be traced back to the first quarter of 2020.
Linyuan investment, which won the champion of the ten-year long-distance race, currently holds A-share positions, including Shenzhen Auto Electric Power Plant Co.Ltd(002227) , Yihai Kerry Arawana Holdings Co.Ltd(300999) , etc.
well known private equity positions
Significant characteristics
Compared with other companies in the A-share market, the 115 stocks held by the above seven well-known private placement and big men have the advantages of two high and one low: high market value, high investment return and undervalued value.
However, from the perspective of market performance, since this year, the correction range of well-known private placement positions has been greater during the year. The market value and valuation of the seven new positions are lower, but the return on investment is higher.
According to the statistics of data treasure, 20 stocks, including Zijin Mining Group Company Limited(601899) , Zhejiang Nhu Company Ltd(002001) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) and so on, rose against the trend in the middle-aged. The average valuation of these 20 stocks is only about 25 times. From this point, it is not difficult to see that with the characteristics of undervalued value, the investment cost performance is higher.
According to the statistics of databao, the current valuation is less than 30 times, the latest return on net assets is more than 10%, and there are 17 position stocks whose share price has been corrected by 10% during the year, including Jiangsu Hengli Hydraulic Co.Ltd(601100) , Zhejiang Dahua Technology Co.Ltd(002236) , Shenzhen Megmeet Electrical Co.Ltd(002851) and other correction of more than 25%, and those whose market value exceeds 100 billion have Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Gree Electric Appliances Inc.Of Zhuhai(000651) , Sany Heavy Industry Co.Ltd(600031) .
