With the disclosure of the first quarterly report of public offering, the latest asset allocation of public offering funds also "surfaced". The reporter of Beijing business daily noted that by the end of the first quarter, e fund had ranked first in the list of non monetary fund management scale, and the ranking of the top ten fund managers had little fluctuation. However, the data show that the latest non cargo base scale of most institutions has decreased to varying degrees month on month. At the same time, the latest scale of the two active equity fund managers who previously managed up to 100 billion yuan also fell below 100 billion yuan.
In addition, quarterly data show that in terms of fund asset allocation, more than 60% of the stock positions of active equity funds decreased, but the decline was generally limited. Contemporary Amperex Technology Co.Limited(300750) which is known as "ningwang" replaced Kweichow Moutai Co.Ltd(600519) as the individual stock held by the most funds at the end of the first quarter by virtue of being heavily held by 1902 funds. In the context of continuous market fluctuations during the year, insiders suggested that investors can analyze the investment style and position of the fund in combination with the top ten heavy positions of the fund disclosed in the quarterly report. If they hold high-quality stocks, they don't have to panic.
top flow fund manager disappears
While the disclosure of the first quarterly report of public offering is completed, the changes in the management scale of the fund manager are also released. According to the data, as of the end of the first quarter of 2022, e Fund ranked first in the list with a non monetary fund management scale of nearly 1.09 trillion yuan; In addition, Huaxia Fund, Guangfa fund, Fuguo fund, China Merchants Fund, huitianfu fund, Nanfang fund, Boshi fund, Penghua Fund and ICBC Credit Suisse Fund ranked among the top 10 in terms of non monetary fund management scale.
On the whole, compared with the end of 2021, except that Penghua Fund replaced Harvest Fund to become the ninth in the list, the list of fund managers in the top ten of the above non cargo based scale list has little change. In addition, in terms of specific management scale, affected by the adjustment of market shock in the first quarter of 2022, the management scale of other institutions at the end of the first quarter decreased month on month, except China Merchants Fund.
It should be noted that in the public offering industry, the management scale of star fund managers once known as the "top flow of 100 billion" has also decreased to varying degrees compared with the end of 2021. According to the data, as of the end of the first quarter, Ge Lan's latest management scale was 96.149 billion yuan, a decrease of 14.19 billion yuan compared with the end of 2021, but it is still the active equity fund manager with the largest management scale at present. In the same period, Zhang Kun and Liu Yanchun's management scale was about 84.927 billion yuan and 74.835 billion yuan, which also decreased by 17.008 billion yuan and 23.015 billion yuan respectively month on month, following closely. It is not difficult to see that under the influence of multiple factors, "100 billion top flow" has left the field temporarily.
In fact, not only the management scale of "top flow" fund managers has shrunk, but on the whole, the latest scale of active equity funds has also declined compared with the previous quarter. According to the data, by the end of the first quarter, the total scale of active equity funds, including common equity funds, partial equity hybrid funds and flexible allocation hybrid funds, was about 5.16 trillion yuan, down nearly 16% from 6.14 trillion yuan at the end of 2021.
According to financial commentator Guo Shiliang, the decline in the management scale of top flow fund managers means that the market investment sentiment has cooled and the investment environment is depressed. When the investment sentiment of Jimin reaches an extremely depressed state, it may be closer and closer to the turning point of the market.
It is worth mentioning that under the background of poor market environment and shrinking scale of many funds, some active equity fund products are still favored by funders and win large subscription. According to the data, as of the end of the first quarter, the shares of Changxin Jinli trend hybrid, ICBC core value hybrid and shenwanlingxin new power hybrid ranked among the top three active equity funds with an increase of 6.108 billion, 3.315 billion and 2.801 billion respectively. Reviewing the positions of the three products at the end of the first quarter, they generally took heavy positions in leading stocks in new energy, electronics, consumption and other industries.
"ningwang" is held by the most funds
While reducing the scale, in terms of asset allocation, most active equity funds also chose to reduce their positions. According to the data, as of the end of the first quarter, among the 3583 active equity funds (share consolidation, the same below) for which data can be obtained, a total of 1405 funds held stock market value, accounting for nearly 40% of the net asset value of the fund, up from the end of 2021.
However, in terms of average data, the market value of shares held by active equity funds at the end of the first quarter still accounted for about 77.5% of the net asset value of the fund, down only about 2 percentage points from 79.49% at the end of 2021, with a relatively small decline.
Taking the positions of some star fund products as an example, the proportion of equity investment in the total assets of the fund in the first quarter, which was selected and mixed by "e Fangda blue chip" with Zhang Kun at the helm, decreased slightly from 94.23% to 93.41% compared with the end of 2021. Zhang Kun also mentioned in the first quarterly report of the product that the stock position of the fund was basically stable in the first quarter, adjusted the structure, increased the allocation of science and technology and other industries, and reduced the allocation of Finance and other industries.
In addition, in the first quarter, the object of "stars and moon" of public funds was also changed compared with that before. According to the data, as of the end of the first quarter, Contemporary Amperex Technology Co.Limited(300750) known as "ningwang" replaced Kweichow Moutai Co.Ltd(600519) with the heavy positions of up to 1902 funds, becoming the individual stock held by the most funds Kweichow Moutai Co.Ltd(600519) , China Merchants Bank Co.Ltd(600036) , followed by 1783 and 955 funds respectively. By the end of 2021, the top three stocks held by public funds were Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) and China stock market news, which were held by 1708, 1670 and 1041 funds respectively.
Guo Shiliang believes that Contemporary Amperex Technology Co.Limited(300750) replaces Kweichow Moutai Co.Ltd(600519) as the individual stock held by the largest fund, which shows the market's affirmation of the development prospect of the new energy industry, and may also be the warmer attitude of market funds after the return of Contemporary Amperex Technology Co.Limited(300750) valuation. According to the data, in the first quarter of 2022, Contemporary Amperex Technology Co.Limited(300750) , Kweichow Moutai Co.Ltd(600519) , China Merchants Bank Co.Ltd(600036) decreased by 12.87%, 16.15% and 3.92% respectively.
star "helmsman" is generally optimistic about the future
Reviewing the market trend in the first quarter of this year, the three major A-share indexes fell by 10.65%, 18.44% and 19.96% respectively. Affected by this, the average yield of public offering active equity funds in the same period was also as low as - 14.92%. However, in the view of star fund managers and some insiders, the overall valuation level of the current market has dropped significantly. With the gradual weakening of the impact of adverse factors in the future, stock pricing will eventually rise to a reasonable level.
Liu Yanchun mentioned in the first quarterly report of Jingshun Great Wall Dingyi mixture that the covid-19 virus strain continues to mutate, and it may still need to wait for the opportunity for the virus toxicity to weaken and the vaccines, specific drugs and medical infrastructure to be ready. It is expected that the impact of covid-19 epidemic on our lives will gradually decrease, and the market confidence in the end of covid-19 epidemic will gradually increase. The epidemic, an important factor perplexing the market valuation level, will gradually weaken.
Looking forward to the future, Liu Yanchun also said that 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.
Ge Lan mentioned in the mixed quarterly report of China EU medical innovation that the innovation related market is far from touching the ceiling of the Chinese market, and the overseas market is also gradually accumulating strength. In addition, 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. On the whole, Glenn said that he was still optimistic about the medium and long-term investment opportunities in the pharmaceutical and biological sector, but it was difficult to avoid short-term market fluctuations.
Yang Delong, chief economist of Qianhai open source fund, also suggested that with the disclosure of the first quarterly report of the fund, investors can analyze the investment style and position of the fund in combination with the top ten heavy positions of the fund. If they hold high-quality stocks, they don't have to panic. In the long run, good companies are expected to return to value eventually, and may usher in good rebound opportunities after each sharp fall.
In addition, Guo Shiliang estimated that the probability of market shock bottoming is high in the second quarter of 2022 or even the second half of the year. Among them, the data change of covid-19 epidemic and the strength of steady economic growth will become the key points of market trend in the second half of the year.
