With the disclosure of the first quarterly report of the fund, the overall heavy positions of public funds as of the end of the first quarter also surfaced. The reporter noted that 8 of the top 10 stocks in the overall heavy positions of the fund had increased their positions.
In terms of holding market value, Kweichow Moutai Co.Ltd(600519) ranks first, with a holding market value of more than 161.2 billion yuan, followed by Contemporary Amperex Technology Co.Limited(300750) but in terms of the number of funds held, a total of 1914 funds hold Contemporary Amperex Technology Co.Limited(300750) , exceeding the number of funds held Kweichow Moutai Co.Ltd(600519) .
"Maoning portfolio" holds a market value of more than 300 billion yuan
The change of heavy positions of public funds has always been a major focus of investors. Data show that by the end of the first quarter, the value of heavy stock market held by public funds had reached 3.23 trillion yuan.
Among them, the fund holds a total of two stocks with a market value of more than 100 billion, namely Kweichow Moutai Co.Ltd(600519) and Contemporary Amperex Technology Co.Limited(300750) , with a market value of 161.2 billion yuan and 146.7 billion yuan respectively, totaling more than 300 billion yuan.
From the perspective of the top ten fund heavy positions, the market value of the fund positions of seven stocks exceeded 50 billion yuan. It is worth mentioning that among the top ten fund positions, eight had obtained the increase of the fund positions by the end of the first quarter, and the number of shares continued to increase.
In addition, if the ten major industries were distributed, they would be concentrated in Baijiu, new energy, medicine, banking and so on.
The specific positions and changes are as follows:
As of the first quarter of 2022
bank and electric power gained large fund positions in the first quarter
In addition to the 10 stocks most favored by the fund, the stocks added by the fund in the quarter are also very noteworthy.
According to the data, by the end of the first quarter, the top 20 stocks with the largest increase in positions were as follows:
As of the first quarter of 2022
From the perspective of these 20 stocks, they are mainly concentrated in power, coal and other energy industries. In addition, there are financial, real estate and other sectors and stocks including the concept of "pig cycle".
From the perspective of these sectors, most of them are industries with relatively good performance in the first quarter. It can be seen that, on the one hand, the optimistic direction of these public funds is relatively consistent and the sensitivity of funds is relatively high. On the other hand, it also shows that it is likely that the influx of funds has further boosted the market of these stocks.
In fact, this is also in line with the market's expectations of steady growth and anti inflation, Li Dehui of Shanghai Investment Morgan Fund said: "At present, the market is a typical market with dominant value style. For the evaluation of the prosperity of value stocks, we focus on two types of assets: one is resource stocks, including oil, gas, coal and other sectors; the other is dilemma reversal, such as real estate, breeding, travel and other sectors. For resource stocks, the profit growth in recent years mainly comes from the contribution of commodity prices rather than commodity sales. Therefore, we need to pay close attention to the global inflation water Relevant investment risks caused by changes in equity. For the dilemma reversal category, the core issue of concern is whether the valuation and performance of these enterprises match after the reversal. "
Tao min of Haifutong Fund pointed out: "Looking back, the sustainability of the steady growth market may mainly depend on whether the stock economy can be stabilized, or on who is faster between the contraction of the real estate balance sheet / cash flow statement and the remarkable effect of the steady growth policy. If the steady growth policy can take effect in time in the second quarter, the market of the steady growth sector will continue and drive the whole market, and all sectors in the chain will benefit."
new energy track stocks significantly reduced
In addition to the large-scale increase of individual stocks, some individual stocks are significantly reduced by the fund every quarter.
According to the data, as of the end of the first quarter, the 20 stocks with a large reduction in the number of shares held by the fund were as follows:
As of the first quarter of 2022
From the perspective of these stocks, Focus Media Information Technology Co.Ltd(002027) is the most obvious stock for the fund to reduce its holdings, including the products of many star fund managers. For example, Yinhua Xinjia, managed by Li Xiaoxing of Yinhua Fund, has a mixed two-year holding period. At the end of last year, the number of Focus Media Information Technology Co.Ltd(002027) shares held was as high as 133 million, but by the end of the first quarter of this year, the number of shares held had dropped to 73.994 million.
There is also the steady growth mix of GF managed by Fu Youxing of GF fund. At the end of last year, the number of Focus Media Information Technology Co.Ltd(002027) shares held was as high as 123 million, but by the end of the first quarter of this year, the number of shares held had dropped to 88 million; Hua'an culture, sports and health hybrid managed by Liu Changchang of Hua'an fund held 23437300 Focus Media Information Technology Co.Ltd(002027) shares at the end of last year, but by the end of the first quarter of this year, the stock had withdrawn from the top 10.
In addition, the new energy and automobile industry also has many stocks that have been reduced, such as Geely motor, Great Wall Motor Company Limited(601633) , Anhui Jianghuai Automobile Group Corp.Ltd(600418) etc. in the first quarter, the adjustment of track stocks including new energy vehicles was also very obvious. It is worth noting that after a round of adjustment, the views of fund managers on growth stocks and track sectors are still different.
Tao Min said: "the probability of track stocks rejuvenating in the follow-up short term is relatively low, because the two internal and external factors affecting the market are difficult to change direction in the short term. Under the joint action of these two factors, some track stocks with high valuation will still face pressure. In the follow-up, we need to observe whether the performance growth rate of track stocks in the second and third quarters exceeds expectations."
Li Dehui said, "some growth industries, no matter from the perspective of orders, business pattern and competition pattern, do not have much problems, such as semiconductor, new energy vehicles and other industries. Therefore, if the corporate profits of these industries can stabilize the valuation in the future, when the market style switches to growth in the future, the probability of these targets will give priority to rebound."
