In the annual report quarter, as a professional institutional investor, the performance and position layout of public funds have also attracted much market attention According to the data of China Galaxy Securities Co.Ltd(601881) securities fund research center, the total profit of public funds reached 714757 billion yuan in 2021, and the total scale of funds exceeded 25 trillion yuan. Facing the complex market environment, in recent years, public funds have become increasingly prominent in guiding market value investment and giving play to the role of market “stabilizer”.
scale steadily increased and market influence continued to increase
The scale of public funds has increased rapidly in recent years. Public data show that by the end of 2021, the total scale of public funds had reached 25.6 trillion yuan. Among them, the scale of equity funds expanded rapidly to 9 trillion yuan, accounting for 35.2%. In terms of dividends, the total dividends of public funds in 2021 reached 544075 billion yuan. According to the fund types classified by Galaxy Securities, the dividend of stock fund is 27.041 billion yuan, the dividend of hybrid fund is 110307 billion yuan, the dividend of QDII fund is 348 million yuan, and the dividend of fof fund is 388 million yuan. It is worth noting that in the adjustment of market shock, the rhythm of dividends of public funds is also accelerating. Comprehensive statistics show that since this year, more than 1000 funds have distributed red envelopes to investors, with a cumulative dividend of nearly 100 billion yuan. It also includes products managed by star fund managers such as Liu Gesong and Fu Juan.
In terms of holder structure, according to the data of China Galaxy Securities Co.Ltd(601881) securities fund research center, by the end of 2021, excluding the caliber of money market funds, the market value of funds held by individuals accounted for 49.56% and that of funds held by institutions accounted for 50.44%, and individuals and institutions shared the same share. In terms of guiding more individual investors to invest in long-term value, public funds have also been promoted through active self purchase, investor education and other channels.
Under the volatile market, Xiao MI, director of large cycle research of Harvest Fund, recently purchased 1 million yuan of harvest core Blue Chip Fund. Since this year, the total amount of self purchase by the fund company has exceeded 2 billion yuan Huaxi Securities Co.Ltd(002926) pointed out that when the market falls to a certain extent or lasts for a period of time, the self purchase tide of public funds is often one of the signals of building the bottom of the market. The large-scale self purchase of public funds also shows the confidence of institutions in the long-term healthy and stable development of China’s capital market, which helps to stabilize market sentiment. “The overall fluctuation of the industry in the quarter is amplified, including geographical conflicts, which exacerbate the fluctuation of the capital market. However, from the perspective of long-term investment, we will continue to adhere to the above investment main line, adhere to the long-term investment concept in the market fluctuation, and accompany the common growth of the industry and excellent enterprises.” Cui Chenlong, the star fund manager of Qianhai open source, pointed out in the first quarterly report. He previously admitted in a live roadshow that although the self purchased fund also had losses, he would choose to hold it firmly.
In the six years since the end of the second quarter of 2015, the market share of A-share market value held by public funds has been rising steadily According to China Galaxy Securities Co.Ltd(601881) securities fund research center, as of the end of the first quarter of 2022, the market value of A-Shares held by public funds was nearly 5.5 trillion yuan, accounting for 7.3% of the total market value of a shares, 8.53% of the circulating market value of A-Shares and 15.38% of the free circulating market value of a shares. “We generally choose the ratio of the market value of public funds to the current market value to examine the impact of public funds on the A-share market. According to the disclosed quarter end time, this index reached the lowest point of 3.87% on December 31, 2017, and then slowly rebounded. It was 7.58% on December 31, 2020, 8.77% on December 31, 2021 and 8.53% on March 31, 2022. This shows that the vigorous development of equity funds in recent years has achieved gratifying results and is also promising It is the embodiment of the recovery of the strength of public funds as the main institutional investors in the market. ” China Galaxy Securities Co.Ltd(601881) securities fund research center emphasized.
nearly 600 billion available funds are “ready to go”
Among the funds included in the statistics, “according to the difference between the current position proportion of each stock to the fund disclosed in the quarterly report of the first quarter of 2022 and the upper limit of the stock proportion specified in the fund contract, it can be calculated that the remaining funds available for these funds to buy A-Shares at the end of the first quarter of 2022 are 592698 billion yuan.” China Galaxy Securities Co.Ltd(601881) securities fund research center stressed that according to the division of stock fund and hybrid fund, the remaining capital of stock fund is 98.224 billion yuan and that of hybrid fund is 494474 billion yuan. According to the same caliber calculation and statistics, the remaining funds available to buy A-Shares at the end of the fourth quarter of 2021 are 618.9 billion yuan.
According to the statistics of Sinolink Securities Co.Ltd(600109) Research Institute, as of the end of the first quarter, the shareholding market value of each sector accounted for 6.56% of the total market value of all sectors, 21.11% of technology, 29.08% of consumption, 28.83% of manufacturing and 14.41% of cycle respectively. Compared with the end of the first half of 2021, the market value of the manufacturing sector accounted for the largest increase, an increase of 7.35% over the previous period. In terms of actively leading value discovery and actively selecting enterprises benefiting from key national support and development fields, public funds have also been continuously deployed in recent years. There are many new ETF products in carbon and photovoltaic industries.
From the industry distribution of the fund’s heavy positions, by the end of 2021, the top six heavy positions of the fund were pharmaceutical and biological, chemical, electronic, mechanical equipment, electrical equipment, computer and automobile industries. Compared with the third quarter of last year, the fund’s increased holdings of individual stocks are also mostly distributed in the above industries. It is worth noting that the data show that a number of invisible heavy positions of funds have focused on high-end manufacturing enterprises. Among the top 20 invisible heavyweight stocks, there are 9 enterprises in the material and industrial industries, and they prefer to allocate small giants with scientific and technological strength. The latest quarterly data disclosed successively also shows that the growth industry is still the key layout sector of the fund.
In the 2021 annual report, many star fund managers expressed their optimism for strategic emerging industries and confidence in the future development of China’s economy. Liu Gesong said in his annual report that he is still optimistic about the growth sustainability and profit growth expectation of assets in the direction of “global comparative advantage manufacturing”. In the future, there may be more world-class companies in photovoltaic, power cells, energy storage, panels, new chemical materials, automobiles and auto parts, high-end equipment and other directions. Cai Songsong, manager of noan growth fund, said that the prosperity of the semiconductor industry in this round is rooted in scientific and technological innovation. In the context of the marginal improvement of macroeconomic policies, more attention needs to be paid to the industry itself. When there are differences, it is the time to pay attention to and layout. “The most difficult stage of investment is over. Be patient and value will always return.” Jingshun Great Wall Fund Manager Liu Yanchun said frankly in the annual report.
\u3000\u3000 “At present, the operating environment of A-Shares is relatively complex. In the process of emotional dominated fluctuation, the index will inevitably overshoot, and the process of market decline itself is also a process of risk release. It can be expected that the steady growth policy will further increase the weight and stabilize market confidence. As of April 23, 583 A-share companies have disclosed the first quarter forecast, with a disclosure rate of 12.1%, the proportion of individual stocks with positive net profit growth reached 74.4%, and the median growth rate was 55% In the end manufacturing industry, the power equipment and military industry have maintained high growth rate, and some high growth stocks that have been wrongly killed have fallen out of the long-term space. ” For the recent market environment, Huaxia Fund said.
