At the beginning of 2022, A-Shares have been adjusted, and the market is worried that the fund may encounter a large number of redemptions. After combing the announcement and calculation of fund companies’ participation in fixed growth of listed companies, the reporter of China Securities Journal found that the scale of some fund products changed before and after the new year, but the overall situation was normal. From the fund company’s understanding, the Star Funds of some popular tracks have capital outflow, which is relatively stable as a whole.
the latest scale of some funds appears
The fund’s participation in the fixed increase announcement of listed companies provides a window for investors to understand the latest scale of fund products.
Statistics show that since 2022, a total of 28 fund products have announced their participation in the non-public offering of listed companies. The latest scale of these fund products has also been revealed.
For example, the flexible allocation mix of RONGTONG health industry recently participated in the fixed increase of Sonoscape Medical Corp(300633) and was allocated 1043500 shares, with a total cost of about 29 million yuan and a total cost accounting for 1.97% of the net asset value of the fund. Therefore, it is estimated that the latest scale of the fund on January 5 is about 1.472 billion yuan.
CAITONG’s domestic demand has increased for 12 months. Recently, it intensively announced that it participated in the fixed growth of two listed companies. Therefore, on January 4 and January 5, the scale of the fund was 2.353 billion yuan and 2.339 billion yuan respectively, that is to say, there was a scale contraction of about 14 million yuan. However, the fund is a fixed fund and is currently in the situation of suspension of application for redemption. The change in scale is mainly caused by the decline of the net value of the fund.
South Fund announced the non-public offering of Zhejiang Dingli Machinery Co.Ltd(603338) with the participation of southern industry leading mix, Southern new preferential flexible allocation mix, southern core growth mix, southern innovation selection one-year regular open mix, southern innovation economy flexible allocation mix, southern Cheng’an optimal flexible allocation mix, southern alpha mix and southern ESG theme stocks. It can be inferred that the latest scale of the above funds on January 4 was 2.941 billion yuan, 5.882 billion yuan, 2.5 billion yuan, 1.429 billion yuan, 3.654 billion yuan, 1.111 billion yuan, 7 billion yuan and 1.111 billion yuan respectively.
cross year capital flow
Through the latest scale data of the fund, we can also observe the changes in the scale of fund products across the year.
For example, Cathay Pacific Fund announced that Cathay Pacific Jinpeng blue chip value hybrid recently participated in the private placement of Guangzhou Development Group Incorporated(600098) and was allocated 155500 shares, with a total cost of about 1 million yuan and a total cost accounting for 0.15% of the net asset value of the fund. Therefore, the latest scale of the fund on January 5 was about 667 million yuan. According to the relevant announcement in December 2021, the fund was allocated a non-public offering of Ninestar Corporation(002180) . On December 20, 2021, the scale of the fund was about 667 million yuan. In other words, the size of the fund has hardly changed before and after the new year. Compared with the scale on November 11, 2021, it can be seen that the scale of the fund increased by more than 40 million yuan.
In addition, the scale of the leading hybrid fund in the southern industry was RMB 2.941 billion on January 4, and the scale of the fund was about RMB 3.061 billion on December 6, 2021. The scale remained basically unchanged for nearly a month. Over the same period of time, the scale of flexible allocation and mixing of new Youxiang in the South decreased from about 6 billion yuan to 5.882 billion yuan; The flexible allocation of innovative economy in the South changed from 3.846 billion yuan to 3.654 billion yuan; The theme stock of Southern ESG was adjusted from RMB 1.163 billion to RMB 1.111 billion.
“The periodic scale changes of the above funds include the rise and fall of the assets held by the fund and the application and redemption of the fund. The asset allocation of each fund product is different, and the market performance during the period is also different. Overall, there is no sign of a large amount of capital going in and out at the beginning of the new year.” Huabao securities fund analysts said.
Then, at the time of market adjustment in early 2022, is there a large-scale redemption of funds? “The situation of our company is that there is a certain amount of capital outflow from the theme funds of some popular tracks. In addition, the overall situation is relatively stable.” A fund company in Shenzhen said. The same is true from a fund company in Shanghai, that is, the popular track funds have changed on a large scale, and other fund products still maintain a normal rhythm of capital in and out. “The adjustment of popular tracks is fierce, but the medium and long-term trend has not changed, and the capital flow has not formed a concentrated impact.” The fund manager of the fund company said.
spring market is worth looking forward to
After the adjustment at the beginning of the year, the latest research and judgment of fund institutions on the market is mostly neutral and positive. Golden Eagle Fund believes that the market may fluctuate upward, and the spring market is still worth looking forward to. Overseas economies are expected to raise interest rates repeatedly, China’s economy has entered a stable growth stage, and the overall liquidity environment is expected to be loose. Previously, the market funds were biased towards the game, and the risk appetite tended to be conservative. It is expected that the seasonal repression factors will subside, and the subsequent “good start” effects such as bank credit and fund issuance will boost the market.
In terms of industry allocation, Golden Eagle Fund said that in the short term, it is more biased towards the value and undervalued value under the catalysis of policies, such as bank real estate chain, new and old infrastructure chain and mass consumption. After certain adjustments, the science and technology sector needs to find a suitable business direction for cost performance through the performance report. Some sectors that are currently undergoing adjustment, such as new energy, military industry and automotive electronics, have seen low absorption opportunities.
GF pointed out that since December 2021, the important feature of the A-share market is that the overvalued industries with heavy positions of institutions have lost significantly compared with the undervalued varieties with low allocation of institutions. After adjustment, from the perspective of valuation, relative adjustment range and trading structure, the probability of continued significant adjustment of high boom growth stocks is small, but it takes time to eliminate the differences in the current market, and there are three possible factors to help stabilize the high valuation sector: first, the performance forecast published successively in January; Second, the confirmation of prosperity brought by economic industry data; Third, the fermentation of policy expectations related to “new infrastructure”. Considering the expected warming of the current “steady growth” policy, it is suggested to be moderately balanced in terms of configuration style. The investment side benefits from green power, distribution network transformation, photovoltaic, wind power, energy storage, UHV, consumer building materials, etc; The direction of steady growth of consumption includes auto parts, auto electronics, etc.
Baijia Fund said that the equity market valuation center is expected to move up in 2022. The investment direction is optimistic about technology and consumption. In terms of scientific and technological innovation, companies related to the technology industry chain such as chips, lithium batteries, photovoltaic and automotive electronics are expected to further maintain a high outlook in 2022 with policy support under the background of the continuous expansion of the high outlook of the industry, industrial application and enterprise adaptation scenarios, and the scale and profitability are expected to double rise, so they can still dig deep into the investment value. In addition, the development of hardware, new materials and other industries is driven by scientific and technological innovations such as meta universe and folding screen consumer electronics. Relevant investment opportunities are worth noting. In terms of consumption, the national policy encourages the expansion of domestic demand. In subdivided fields such as food and beverage and household appliances, the outlook in 2022 is expected to rise month on month.
(source: China Securities Journal · China Securities Network)
