On March 31, the 2021 annual report of public funds was basically disclosed. According to the data of Tianxiang investment adviser, under the differentiated and changeable market environment in 2021, fund managers responded actively and changed their positions greatly. On the whole, fund managers significantly increased their positions in pharmaceutical and new energy stocks, reduced their holdings of resource stocks and some value stocks with high early gains, and gradually shifted their allocation from extreme differentiation to balanced layout.
boom track is a “good heart”
From the performance of the A-share market in 2021, the industry is complex and changeable, and the sectors rotate rapidly. In such a market environment, it is more difficult to invest in the whole market. The overall performance of public funds is worse than that of the previous year. There are only three funds whose annual performance has doubled, far less than that in 2020.
In the complex and changeable market environment, the pace of position adjustment and stock exchange of public funds has been significantly accelerated. The trading behavior of public funds in 2021 has prominent characteristics. According to the data of Tianxiang investment consulting, from the perspective of net purchase of individual stocks, the concerns of public funds in 2021 are relatively scattered, and the boom track is still the “good heart” of the fund. At the same time, consumption, medicine and other sectors are also important targets for fund positions. Among them, Wuxi Apptec Co.Ltd(603259) , Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Wingtech Technology Co.Ltd(600745) , and China stock market news became the five stocks with the largest net purchases of public funds in 2021.
Specifically, Wuxi Apptec Co.Ltd(603259) 2021 received a net purchase of 21.965 billion yuan from public funds in the whole year Contemporary Amperex Technology Co.Limited(300750) received a net purchase of about 21.444 billion yuan from public funds. In the same period, Byd Company Limited(002594) received a net purchase of about 20.257 billion yuan from public funds Wingtech Technology Co.Ltd(600745) obtained a net purchase of about 20.156 billion yuan; China stock market news received a net purchase of about 17.996 billion yuan.
In terms of the annual stock price performance, the above-mentioned stocks that were purchased by public funds rose in 2021. Among them, Wuxi Apptec Co.Ltd(603259) increased by 5.84% in 2021, Contemporary Amperex Technology Co.Limited(300750) gained 67.55% in the whole year, Byd Company Limited(002594) increased by 38.06%, Wingtech Technology Co.Ltd(600745) increased by 30.81%, and China stock market news increased by 43.88%.
Data show that a number of star fund products have become important buyers of the above-mentioned stocks. For example, the net purchase of Wuxi Apptec Co.Ltd(603259) about 6.235 billion yuan by China Europe healthcare in 2021; Jingshun Great Wall Xinxing growth net bought Wuxi Apptec Co.Ltd(603259) about 2.53 billion yuan; ICBC Credit Suisse’s net purchase of Wuxi Apptec Co.Ltd(603259) reached rmb1788 million Contemporary Amperex Technology Co.Limited(300750) of the big buyers include: Huatai Bairui Hushen 300etf (net purchase of 2.316 billion yuan in 2021), Fuguo Tianhui selection growth (net purchase of 1.533 billion yuan), Huaxia Hushen 300etf (net purchase of 1.214 billion yuan) Byd Company Limited(002594) ‘s major buyers include fund products such as Qianhai Kaiyuan new economy, Qianhai Kaiyuan public utilities and huitianfu CSI new energy vehicle industry index (LOF), with net purchases of 1.149 billion yuan, 1.046 billion yuan and 927 million yuan respectively Wingtech Technology Co.Ltd(600745) is the target of large-scale public offering purchases such as Xingzheng Global Fund and Agricultural Bank of China Huili fund. Among them, Xingquan Herun bought Wingtech Technology Co.Ltd(600745) about 1.166 billion yuan in 2021, and Xingquan trend bought about 1.149 billion yuan in 2021; The new energy theme of ABC Huili net bought about 1.071 billion yuan.
Interestingly, Wuxi Apptec Co.Ltd(603259) as a leading stock in the pharmaceutical industry, most of its major buyers are active equity fund products Contemporary Amperex Technology Co.Limited(300750) is mostly a large net purchase of passive products; Most of the public fund’s purchases of Byd Company Limited(002594) and Wingtech Technology Co.Ltd(600745) are in the form of “multiple small amounts”, and the concentration of the top ranked buyers is not high, but there are a large number of funds net purchased in the whole market, which finally gathered into a tower.
concentrated selling of some stocks
According to Tianxiang data, in terms of net sales, Ping An Insurance (Group) Company Of China Ltd(601318) , Midea Group Co.Ltd(000333) , Sany Heavy Industry Co.Ltd(600031) , Ganfeng Lithium Co.Ltd(002460) , Shenzhen Inovance Technology Co.Ltd(300124) became the top five stocks sold by public funds in 2021.
In 2021, Ping An Insurance (Group) Company Of China Ltd(601318) was the largest net seller of public funds, with a net sales amount of 42.731 billion yuan. In 2021, Ping An Insurance (Group) Company Of China Ltd(601318) share price fell by 40% for the whole year. Specifically, Penghua ingenuity selection a managed by Wang Zonghe, Xingquan Herun managed by Xie Zhiyu and Fuguo Tianhui managed by Zhu Shaoxing have all become major sellers of Ping An Insurance (Group) Company Of China Ltd(601318) with a sales amount of more than 1 billion yuan.
Midea Group Co.Ltd(000333) , Sany Heavy Industry Co.Ltd(600031) were also sold by public funds. In 2021, Midea Group Co.Ltd(000333) , Sany Heavy Industry Co.Ltd(600031) share prices fell by 23.52% and 33.4% respectively.
In addition, many stocks with large decline in 2021 were sold by public funds S.F.Holding Co.Ltd(002352) , China Tourism Group Duty Free Corporation Limited(601888) , Jiangsu Hengrui Medicine Co.Ltd(600276) share prices all fell by more than 20% in 2021, and were net sold by public funds of RMB 17.395 billion, RMB 13.964 billion and RMB 11.268 billion respectively.
Although some stocks gained a large increase in 2021, they also became the objects of strong net sales of funds, and there were obvious signs of profit taking by fund managers Ganfeng Lithium Co.Ltd(002460) 2021 increased by 41.41%, with a net sale of 20.591 billion yuan by public funds throughout the year Shenzhen Inovance Technology Co.Ltd(300124) and Zijin Mining Group Company Limited(601899) increased slightly in 2021, and the net sales of public funds exceeded 10 billion yuan.
differentiation market will continue
At the current time point, many fund managers believe that the valuation of the whole market is at a historical low and remain cautiously optimistic about the market. However, the structural differentiation market will continue.
Cao Mingchang of China Europe Fund said in the annual report of management products that the valuation of the whole market is at a historical low, so he is optimistic about the A-share market. “There has been a great differentiation within the undervalued and overvalued styles. As far as last year’s situation is concerned, the performance of small and medium cap value stocks in the undervalued sector is much better than that of large cap value stocks. This is also one of the reasons why China Europe value discovery can achieve positive annual returns by allocating small and medium cap value stocks last year.”
Liu Gesong of GF believes that the situation of style differentiation may continue in 2022. In the current period of transformation between old and new economic drivers, different assets are in different boom stages, so asset performance differentiation is a high probability event.
Fu Pengbo, deputy general manager of Ruiyuan fund, said that under the expectation of infrastructure and real estate recovery since this year, the financial and resource products sector has led the rise, or indicates that the structural market will continue.
Cao Mingchang said that in the coming year, he is more optimistic about the industrial chain of real estate and infrastructure construction, resource varieties with high dividend rate, and optional consumption sectors gradually recovered in the post epidemic era. From a longer-term perspective, we are optimistic about some leading companies in subdivided industries of small and medium-sized manufacturing industry.
Tan Li of Harvest Fund said that she is still optimistic about the large market value stocks represented by banks, real estate and resources, especially the real estate industry, which has a very obvious absolute income opportunity. At the same time, we are bearish on the “beautiful 50” (mainly distributed in the fields of consumption, medical services, science and Technology) with excellent performance in the past two years and the large-scale growth stocks represented by the new energy industry. These varieties need a long time to digest the valuation level, and the growth of profits is not enough to support the continued rise of market value.
