In the capital market, institutional investors tend to have a sharper sense of smell, more accurate judgment and better understanding of the core values of fund managers. Therefore, institutional funds are a better wind vane.
The reporter of China fund daily dug out the institution’s “heart water fund” according to the data of the fund’s annual report in 2021. These data can be used as a reference for the screening fund of small base people, especially for key varieties.
overall trend in the second half of last year:
increased holdings of equity and commodity export funds
Generally, the general trend of institutional layout deserves special attention. According to the annual report data, institutional investment funds showed two clear trends in the second half of last year: increasing holdings of other types of funds including REITs, equity funds, commodity funds and hybrid funds, and reducing holdings of QDII funds, bond funds and fof funds.
It is noteworthy that in the second half of 2021, the yield of active equity funds fluctuated, and the proportion of institutional holdings “did not decrease but increased”, especially for equity funds, the proportion and share of holdings increased.
According to the data of Tianxiang investment consulting, for equity funds, the average proportion of institutional holders increased from 24.32% in the middle of last year to 27.42% at the end of December in 2021, an increase of 2.92 percentage points. At the same time, the share of equity funds held by institutions also increased by 106343 billion in the second half of last year. In addition, for hybrid funds, the holding proportion of institutional investors at the end of last year increased by 0.39 percentage points compared with the middle of last year, and the holding share increased by 72.696 billion.
The share and holding proportion of commodity funds also increased. At the end of last year, the average proportion of institutional holders in commodity funds was 23.06%, an increase of 2.77 percentage points over the middle of last year. The share of institutional commodity funds also increased by 1.3 billion in the second half of last year.
QDII funds and bond funds, which held 20.31% and 88.74% respectively at the end of last year, decreased by 2.57 percentage points and 2.29 percentage points in the second half of the year.
Equity Fund:
medicine, consumption, etc. become the focus of shareholding increase
The allocation direction of institutions to equity funds is more worthy of investors’ attention. According to the statistics of 13625 funds under 173 fund companies (A / B / C shares are separated) by Tianxiang investment, the objects of institutional holdings in the second half of last year are mainly index funds such as medicine, consumption and photovoltaic. Some high performing stock funds have also attracted attention.
If calculated according to the share, the share held by institutions increased by more than 100 million to 334. Among them are Warburg certified medical ETF, China Merchants Baijiu liquor index A, Yi Fang Da Hu Shen 300 medicine ETF, and China Merchants biological medicine index A, in addition, the Celestica CSI PV industry index C, 50ETF, founder Fubang, the Central Insurance index index, non bank ETF, Peng Hua central certificate liquor ETF, Huitian Fuzhong certificate main consumption ETF, Huatai China PV industry ETF and so on also have obvious institutional layout, showing the agency for medicine, consumption, Non bank and other style indexes.
Institutions are also more sought after for some high-performance funds. For example, Qianhai Kaiyuan public utility industry, which was the champion in performance last year, was overweight by institutions with a share of more than 5 billion. In addition, ICBC Frontier Medical stock a, China Europe medical innovation stock a, ICBC ecological environment industry stock a, ICBC logistics industry stock a, TEDA transformation opportunity a and other funds also have more institutional holdings.
From the perspective of institutional holding ratio, at present, there are 110 products with an institutional holding ratio of more than 90%, mainly index funds. In addition to CSI 300, CSI 500 and other index products, Taiping Zhixuan will open stocks for one year, SDIC Hong Kong stock connect will open stocks for six months, Huatai Baoxing multi strategy will open regularly for three months, Anxin new normal Shanghai, Hong Kong and Shenzhen selected stocks C, Jialian Shunzhi selected stocks a, Xincheng quantitative alpha stocks a, Xinyuan core assets stocks a, Changxin quantitative Multi Strategy stocks C and Xincheng quantitative alpha stocks C, many of which are quantitative funds that deserve attention.
hybrid fund:
merit fund popular
In hybrid funds, medium – and long-term outstanding varieties have received great attention.
Hua Anhua’s flexible configuration managed by Liu Changchang is a hybrid product with greater institutional holdings in the second half of last year. At the end of June last year, the institutions held 7.0823 million shares, while at the end of last year, they increased their holdings to 2.806 billion. At the same time, GF multi factor fund, which was once the leader in performance last year and managed by Tang Xiaobin, was also favored by institutions, and the share held by institutions increased.
A number of funds with excellent performance have also been favored by institutions. For example, China Shipping growth, Anxin steady value-added flexible configuration hybrid a, Haifutong reform driven flexible configuration hybrid, Yinhua Xinrui flexible configuration hybrid LOFA, Jingshun technology innovation hybrid, etc., the institutional share increased by more than 1 billion in the second half of last year. Tan Yijuan, Zhang Yijing and other excellent managers of Great Wall Fund have also been paid attention to for a long time.
It is worth mentioning that among the 482 funds with more than 100 million institutional holdings (calculated separately for each type), e fund has the largest number of funds, reaching 33. In addition, there are many fund companies such as China Europe, GF, Fuguo, Hua’an, China Merchants, Nanfang, BOC, Huaxia and bocom Schroeder.
bond type, QDII:
institutions have their own love
Bond funds performed well in 2021, and the debt based varieties with good long-term performance were mainly welcomed by institutions.
If calculated according to the institutional holding share, the strongest holdings are Jingshun Jingyi Shuangli a, e-fund steady income B, China Merchants Anhua bond a, e-fund Yuxiang Return Bond, wanjiaxinjing pure bond a, Ping An Tianli bond a, Changxin Furui 2-year fixed opening bond a, etc. From the perspective of holding more bonds, it is a lot of performance-based funds.
From the perspective of more than 1 billion bond funds held by institutional investors, they are mainly concentrated in e fund, Wells Fargo fund, Penghua Fund, GF fund, Boshi fund, South Fund, China Merchants Fund, etc.
Among QDII funds, QDII products such as overseas Internet Index and S & P 500 were loved by institutions in the second half of 2021.
From the growth of institutional share, the largest increase is EFC China Internet 50ETF overseas. The share of institutional holdings in the second half of last year increased compared with that of the middle of the year, of which, 5.422 billion shares were increased in the second half of last year. Huaxia Hang Seng Internet technology industry etfqdii, BOCOM CSI overseas China Internet Index, harvest global Internet stock RMB, etc. have significantly increased their holdings. Obviously, at the time of the shock of Internet stocks last year, institutional investors have “bottom reading” behavior.
In addition, the S & P 500, Huaxia Hang Seng ETF, Boshi Hang Seng healthcare ETF and Tianfu global healthcare mixed QDII RMB have also been sought after by institutions.
These products can be described as the real heart water products of the organization.
Different institutions prefer different funds
Many tradable funds not only disclose the holding proportion of institutions, but also disclose the top ten holders, which also reveals the holding preference of various institutions, including social security fund, insurance fund and QFII fund, which is also worthy of attention.
Insurance institutions are often the largest financiers of trading funds. According to the statistics of Tianxiang investment consulting, as of the end of last year, there were 211 tradable funds with insurance institutions (including insurance asset management products). Among them, among the top ten holders of agricultural ETF, securities ETF and securities ETF, insurance institutions occupy 6 seats, showing the optimistic attitude of insurance institutions.
In addition, there are also 4-5 insurance institutions (including insurance asset management products), including wine ETF, Kechuang 50, Xinneng automobile, bank ETF, 5getf, steel ETF, national defense ETF, Cathay Pacific netf, Hang Seng Internet, Huaxia new automobile, infrastructure ETF, home appliance ETF, Kechuang 50 base, Kechuang China Europe netf, carbon neutralization and Tianhong photovoltaic ETF.
Social security funds also hold many tradable funds. From the perspective of overall holding, China Merchants credit is the heart water fund of the social security fund. There are three social security funds, namely, social security 208, social security 214 and social security 209. China Merchants double debt C, Penghua Fengze, GF poly, Fuguo Tianfeng and Anxin Baoli also have two social security funds.
At the end of last year, qualified foreign institutional investors (QFII) appeared in the list of the top 10 holders of 74 funds, of which Hang Seng Internet, HSI technology, China concept Internet, mscia50, China concept Internet, Hong Kong stock connect 50 and so on, mainly focusing on the funds that layout the Hong Kong market.
The self purchased objects of fund companies also deserve attention. At the end of last year, fund companies appeared in 27 fund products. Among them, the more popular ones are securities fund, ICBC Nikkei ETF, military industry leader, Cathay Pacific Environmental Protection ETF, automobile ETF, hgs300, Nikkei 225, French ETF, esg180, etc.
If retail investors want to follow the layout of institutional investors, they’d better follow the varieties with high proportion of institutional investors for a long time. At the same time, it is best to pay attention to which type or types of institutions have more layout. The layout ideas of insurance, banks and securities companies are slightly different. Different fund managers adapt to different market styles. Investors must clearly understand the style of fund managers before making plans.
