On March 28, northward capital flowed back, with a net inflow of 5.030 billion yuan as of the close of the day. After five consecutive days of net outflow, the northward capital finally returned to the net inflow. Not only northward funds, the fund also observed some other positive signals. For example, the newly established active management ETF of the trillion dollar asset management institution capital group has continued to increase its positions in A-Shares recently. For another example, overseas funds are also returning to China Internet ETF.
Let's have a look.
holding Kweichow Moutai Co.Ltd(600519) doubling
Capital group, an American asset management institution, launched six active ETFs in late February this year Active management ETF is a fund that uses active management method and is traded on the exchange. It has the characteristics of general active management fund and ETF. Actively manage ETFs and announce positions every day. The most familiar active management ETF is the active management ETF under "wooden sister".
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.
Fund Jun tracked the changes of ETF positions of these two investors in China. The data show that when the A-share market was depressed recently, the two ETFs continued to buy and swap positions.
For example, Yaoming biotechnology held by one ETF cgxu increased from 86500 shares on March 11 to 115000 shares on March 25; Wuxi Apptec Co.Ltd(603259) shares held increased from 33700 shares on March 11 to 42900 shares on March 25; The shares held by ENN energy increased from 74400 shares on March 11 to 97600 shares on March 25; The number of Shenzhen Inovance Technology Co.Ltd(300124) shares held increased from 26500 shares on March 11 to 36000 shares on March 25.
After cgxu increased its holdings slightly, it chose to empty meituan.
Maotai, the "stock king" most concerned by everyone, is also one of the Chinese stocks that the capital group has been involved in for a long time and holds the largest amount. Compared with March 11, the number of shares of Kweichow Moutai Co.Ltd(600519) held by cgxu had doubled as of March 25.
In another ETF ccggo, Kweichow Moutai Co.Ltd(600519) the number of shares also increased significantly. In addition, the active management of ETF has also established a new position in the lufax.
The six actively managed ETFs were launched in late February 2022. At present, the fund still has a considerable proportion of cash. It may increase its holdings of promising stocks in the future.
The above positions are more consistent with the main line of capital group's allocation to China. Digitization, health care and consumption upgrading are the important main lines of capital group's allocation to China. The capital group is also the fund company holding the most Kweichow Moutai Co.Ltd(600519) shares. The figure below shows the Kweichow Moutai Co.Ltd(600519) situation of funds under capital group by the end of 2021. As can be seen from the figure, a total of 8 funds (the same fund sold in different markets is counted separately) hold Kweichow Moutai Co.Ltd(600519) . The European The Pacific Securities Co.Ltd(601099) growth fund with the highest market value holds US $1.755 billion.
It can be seen that Kweichow Moutai Co.Ltd(600519) is a position that capital group attaches great importance to.
It is worth noting that these six active ETFs have just been established and their scale is still relatively small. Therefore, the corresponding size of China's positions is not too large.
Capital Group Asian Horizon Fund (Lux), an Asian fund established by capital group last year, increased its holdings of Wuxi Apptec Co.Ltd(603259) and Hynix, a semiconductor company in South Korea, and maintained its position in Kweichow Moutai Co.Ltd(600519) in February.
Source: Morningstar
Capital Group New World Fund, the flagship fund of capital group, slightly increased its holdings of Kweichow Moutai Co.Ltd(600519) in February. The largest increase in the fund's holdings in February was vale, a Brazilian mining company.
overseas China concept Internet etf-kweb continues to attract gold
Return of funds to overseas China concept Internet ETF
The second largest Chinese stock ETF listed in the United States, kweb, which tracks China's Internet Index, received a return of funds last week and has attracted a net inflow of $369 million throughout the week. The latest size of this ETF is US $6.29 billion, and the gap with mchi, the largest ETF overseas, has narrowed. If funds continue to flow in, it can surpass this week and return to the throne of the largest Chinese stock ETF overseas. The fund includes Alibaba giants, Tencent, Jingdong, Baidu, US group, Kwai Fu, NetEase, spotted, Ctrip, and many other Internet giants.
However, it is worth noting that despite the increase in net capital inflow, kweb's short position is also increasing significantly. For example, short squeeze, a website that tracks short positions, showed that as of March 25, kweb's short positions were 13.27 million shares, up 57% from the previous day.
On the one hand, there is a significant net inflow of funds, and on the other hand, there is a great increase in short interest. This shows that although the funds are more interested in kweb Zhongyu Internet, they also believe that kweb will still face fluctuations in the future, so many institutions also use hedging to protect their positions.
investors worry too much about the pressure of price rise
software, medical industry valuation attractive
The situation in Russia and Ukraine is currently the focus of global capital markets. Wang Zonghao, head of China stock strategy research at UBS, recently released a report on China stock strategy, saying that at present, some industries have overreacted to the suppression of profits by rising prices, so the attractiveness of valuation has been shown. Wang Zonghao said that rising commodity prices and slowing economic growth in Europe could put pressure on earnings growth this year. Wang Zonghao said that the exchange with UBS analysts found that:
1) government regulation and adequate Chinese supply can alleviate the pressure caused by the rise in global commodity prices to a certain extent;
2) the average profit decline caused by every 5% rise in commodity prices will reach 7% (assuming no transfer), and the automobile and auto parts industry is most vulnerable to the rise in commodity prices;
3) from the perspective of stock price, the software, medical, hardware technology, durable consumer goods and clothing industries seem to over reflect the downward risk of this factor, while the materials, transportation and energy industries over reflect the upward risk;
4) the durable consumer goods, automobile and parts industry has the largest exposure to the European market.
the world's largest asset management giant is bullish on Hong Kong stocks
BlackRock, the world's number one asset management giant, recently voiced its optimistic views on Hong Kong stocks. Lu Wenjie, investment director of BlackRock fund, said that the current performance of the Hong Kong stock market is relatively sluggish, but global funds still pay high attention to the Hong Kong stock market and the trading volume is relatively large. From the perspective of global investors, the allocation value of Hong Kong stocks lies in the following aspects:
First, the number of Listed Companies in the new economic sectors concerned by the global market, such as the Internet, consumption, biotechnology and other types, are listed in Hong Kong stocks and have a wide range of investment options;
Second, the valuation of global growth stocks (technology stocks and biomedical stocks) is high, among which the growth stocks of Hong Kong stocks are the "Cheapest";
Third, due to the obvious differences between China's stock market and the stock market of developed countries around the world, for example, China and other developed countries are in different cycles and operation stages, and the profitability growth ability of enterprises is also different. Therefore, from the perspective of portfolio diversification, it is of great significance to invest in Hong Kong stocks and China's market.
