On April 24, 2022, the disclosure of the first quarterly report of public funds was completed, and the overall picture of the positions of public funds, the most concerned investor in the market, was also displayed.
According to the statistics of China stock market news choice, there were 9536 public funds at the end of the first quarter of 2022, with a total scale of 25.3 trillion, a decrease of 499266 billion yuan compared with the end of the fourth quarter of 2021.
In terms of asset allocation, the ratio of bond assets to net worth was 55.17%, a significant increase of 4.1%. In the first quarter of 2022, the growth rate of bond asset market value was 7.62%, the stock market value decreased by 13.96%, and the ratio of allocation to net worth also decreased by 3.85%.
In terms of industry distribution, in the first quarter of 2022, the allocation of mining, real estate, agriculture, forestry, animal husbandry and fishery and financial industry accounted for a month on month increase in the market value of stock investment; The proportion of manufacturing and information transmission, software and information service industries decreased significantly.
In terms of positions, 2457 public funds have appeared in A-Shares and Hong Kong shares. The total market value of the shares held by the fund exceeds 3.2 trillion, and the tangential value is allocated.
So what are the latest position changes of public funds? This paper will specifically analyze the changes in the overall position of public funds and summarize the views of head fund managers.
the scale of public funds has shrunk, additional bonds and less shares
According to the statistics of choice, by the end of the first quarter of 2022, there were 9536 public funds in the whole market, with a total net asset value of 25.3 trillion, a decrease of 499266 billion yuan compared with the end of the fourth quarter of 2021, down 1.94% month on month. The market decline is the main reason for the decline in scale.
Data source: China stock market news choice
In terms of classification, money market funds were 10.09 trillion yuan, an increase of 559.09 billion yuan over the end of the fourth quarter of last year, and bond funds were 7.06 trillion yuan, an increase of 151.87 billion yuan; The net asset value of hybrid funds decreased the most, up to 879741 billion yuan.
Data source: China stock market news choice
In terms of asset allocation, public funds allocated additional bonds and bought resale financial assets in the first quarter. The ratio of bond assets to net value increased significantly by 4.1%, and the market value of bond assets increased by 7.62% in the first quarter of 2022; By reducing the allocation of stock assets, the market value of stocks decreased by 13.96%, and the ratio of allocation to net worth also decreased by 3.85%.
Data source: China stock market news choice
public fund position adjustment and share exchange in the first quarter
top 20 heavyweight stocks, additional stocks, new shares and increase or decrease of shareholding
In the first quarter of 2022, the fund maintained a high position operation as a whole. Compared with the end of the fourth quarter of last year, the proportion of shares held by public funds in the market value of stock investment has changed to a certain extent, and the industry has been significantly differentiated.
Specifically, compared with the end of 2021, the allocation of mining, real estate, agriculture, forestry, animal husbandry, fishery and financial industries in the market value of stock investment increased month on month in the first quarter of 2022; The proportion of manufacturing and information transmission, software and information service industries decreased significantly.
Data source: China stock market news choice
Among the 20 heavyweight stocks of public funds, Wuxi Apptec Co.Ltd(603259) , Poly Developments And Holdings Group Co.Ltd(600048) and Chongqing Zhifei Biological Products Co.Ltd(300122) were significantly increased Wuliangye Yibin Co.Ltd(000858) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Luxshare Precision Industry Co.Ltd(002475) were significantly reduced The total market value of Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) shares is 161218 billion and 146712 billion respectively.
Details of top 20 heavyweight stocks:
Data source: China stock market news choice
In addition to the top 20 heavyweight stocks most sought after by the fund, some stocks also received continuous buying from the fund, and the number of positions increased significantly. For example, China National Nuclear Power Co.Ltd(601985) , held by 308 funds in the first quarter, and the number of positions increased by 873 million shares in the quarter.
Zijin Mining Group Company Limited(601899) and Industrial And Commercial Bank Of China Limited(601398) were purchased 757 million shares and 724 million shares respectively in the first quarter. The top stocks purchased include China State Construction Engineering Corporation Limited(601668) , China power, Guanghui Energy Co.Ltd(600256) , Poly Developments And Holdings Group Co.Ltd(600048) , Agricultural Bank Of China Limited(601288) and Inner Mongoliayuan Xing Energy Company Limited(000683) . From the perspective of size and growth value, the allocation of style sectors and the tangential value of 22q1 public fund allocation.
Details of top 20 heavyweight stocks before position increase:
Data source: China stock market news choice
Some other stocks were not selected into the fund’s heavy position stocks in the fourth quarter of last year, but they were continuously bought by the fund during the first quarter of this year, and Xinjin became the top ten heavy position stocks of the fund. Among the new heavy warehouse stocks, Jingke energy ranks first in market value, with a total shareholding of more than 276 million shares.
Anhui Hengyuan Coal Industry And Electricity Power Co.Ltd(600971) , Andon Health Co.Ltd(002432) and Shandong Wit Dyne Health Co.Ltd(000915) are in the forefront of the new stock market value of public funds.
Details of the top 20 heavyweight stocks added:
Data source: China stock market news choice
However, some heavy positions were sold off by the fund. Among them, Focus Media Information Technology Co.Ltd(002027) , Boe Technology Group Co.Ltd(000725) , Shandong Nanshan Aluminium Co.Ltd(600219) , Geely Automobile, CGN new energy, Fushun Special Steel Co.Ltd(600399) and Great Wall Motor Company Limited(601633) were sold off more than 200 million shares in the first quarter.
Details of top 20 heavyweight stocks before position reduction:
Data source: China stock market news choice
In terms of the proportion of increase or decrease in shares in circulation, a total of 15 listed companies were increased by public funds in the first quarter, accounting for more than 10% of shares in circulation, with Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) , Hemai shares and Three’S Company Media Group Co.Ltd(605168) shares in the top three, and the latest shareholding ratio has exceeded 20%.
Details of the top 20 heavyweight stocks with increased holdings in the proportion of tradable shares:
Data source: China stock market news choice
Nanjing Vazyme Biotech Co.Ltd(688105) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Quakesafe Technologies Co.Ltd(300767) , Qingdao Novelbeam Technology Co.Ltd(688677) and Senci Electric Machinery Co.Ltd(603109) were sold by public funds in large proportion.
Details of the top 20 heavyweight stocks with reduced holdings in the proportion of circulating shares:
Data source: China stock market news choice
head fund manager’s view on the future market
Jingshun Great Wall Liu Yanchun:
For the stock market, the overall valuation level of the market has dropped significantly. Although there are still many short, medium and long-term factors, the current valuation level is likely to reflect these potential risks to a large extent. As long as the capability of the enterprise has not changed, the change of the external environment is only a periodic disturbance, which has little impact on the reasonable pricing of the company. Compared with the growth, profitability and valuation level of global excellent companies, many high-quality listed companies in China have been very attractive at this stage. As the external environment returns to normal, stock pricing will eventually rise to a reasonable level.
China Europe Fund Glenn:
The continuous recurrence of the epidemic in the first quarter of 2022, the liquidity expectation of the global capital market and the complex changes in China’s macro environment have relatively enlarged the sensitivity of market sentiment, causing some disturbance to the whole sector. With the rapid improvement of per capita income and cognitive level of Chinese residents, the demand for medical services and consumer medicine is still growing rapidly and not fully met, and there is still huge space in the future. Overall, we are still optimistic about the medium and long-term investment opportunities in the pharmaceutical and biological sector, but short-term market fluctuations are inevitable. The fund will continue to strive to create long-term investment returns for its holders.
Ruiyuan fund Fu Pengbo:
Looking forward to the second quarter, in the process of dynamic portfolio adjustment, we will make a more prudent assessment of the company’s valuation and growth certainty, in order to control the fluctuation of net worth. Combined with the annual report of Listed Companies in 2021 and the first quarterly report of 2022, we will continue to explore new investment opportunities, eliminate companies whose operating conditions and expectations do not meet, and increase the allocation when the alternative target is “killed” by the market.
Cui Chenlong, the champion fund manager of 2021 Qianhai Kaiyuan:
In the first quarter, the overall fluctuation of the industry was amplified, including the conflict between Russia and Ukraine, which exacerbated the fluctuation of the capital market. However, from the perspective of long-term investment, the whole human society is currently at a major turning point of the energy revolution. As representatives of the production and application ends of the energy revolution, photovoltaic and lithium batteries have huge growth space in the face of this major historical opportunity, Therefore, we are firmly optimistic about the investment opportunities around the core theme of the energy revolution of human society.
Guangfa fund Tang Xiaobin:
In the second quarter of 2022, the stock market may maintain a seesaw battle, and we need more time to digest the negative factors in the market. However, judging from the absolute valuation of the market and the interest rate difference between stocks and bonds, the market as a whole has entered a more reasonable valuation level area. In the second quarter of 2022, the market may still be at the bottom stage, but it has certain configuration value
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