With the disclosure of the first quarterly report, the profitability and investment layout of public funds in the first quarter of 2022 have surfaced.
According to the data of Tianxiang investment adviser, the total loss of public funds in the first quarter was 1.33 trillion yuan. Among them, the profitability of several head public fund companies was bleak in the first quarter due to the impact of equity products on the market. Small and medium-sized fund companies led by CAITONG fund and Xinyuan fund have strong gold absorption ability and achieved good performance in the first quarter.
Under the dual pressure of weak performance in the stock and bond markets in the first quarter, monetary funds became the most profitable fund in the first quarter, with a profit of 54.8 billion yuan, and the profitability of other types of funds, such as stocks, hybrid and QDII funds, fell.
The reporter of China business daily noted that in the first quarter of this year, Baima's leading stocks were still the main stocks in the heavy positions of public funds, and the stocks with low historical valuation and large pullback became the focus of the increase of public funds in the first quarter.
goods base is the most profitable, and partial stock fund is the bottom
Throughout the A-share market in the first quarter, the A-share market retreated sharply as a whole. The Shanghai index fell 10.65%, the Shenzhen Component Index fell 18.44%, the gem index fell 19.96%, and the Shanghai and Shenzhen 300 also fell nearly 15%.
According to the data of Tianxiang investment adviser, the top five fund companies in terms of the profitability of the products of public funds are CAITONG fund, China Canada Fund, Xinyuan fund, honeycomb fund and Yingda fund. In the first quarter, the profits of the above five companies were 304 million yuan, 279 million yuan, 255 million yuan, 228 million yuan and 158 million yuan respectively.
CAITONG fund stakeholders told reporters that they increased their positions in stocks related to the pig cycle in the first quarter. The bottom of the pig cycle is clear. After the Spring Festival, the pig price is lower than expected, and the feed cost rises sharply, which is expected to speed up the de production capacity. With the loss time of the whole industry advancing, the expectation of rising pig prices in the second half of the year is rising. In addition, the recent aggravation of the epidemic has a great impact on the demand side. If the consumption environment stabilizes in the second half of the year, the recovery of demand may also be one of the factors that make the pig cycle exceed expectations. Listed companies are significantly ahead of their peers in terms of capital strength and production capacity. They have fast development space and growth rate in the future. Their competitiveness is strengthened in this cycle, and they have the dual conditions of rapid growth and prosperity improvement.
"The first characteristic of the above companies is that the management scale is not very large. Only CAITONG fund and China Canada Fund have a scale of more than 100 billion yuan." Zhuang Zheng, general manager of aifang wealth, said that the second feature is that the allocation of equity funds of the five fund companies is particularly low, and no company exceeds 1% of the total scale. In addition, the allocation proportion of hybrid funds is also relatively low. In addition to CAITONG fund, the proportion of the other four hybrid funds is less than 10%.
Zhuang Zheng further pointed out that due to the extremely low proportion allocation in equity funds and more allocation in bond and currency types, these fund companies have avoided the fluctuations of the equity market in the past year. When most equity funds in the market suffer losses, less losses of equity funds are equivalent to ensuring profits.
"In terms of fund profits, the monetary fund ranks first, while the partial stock fund has the largest loss. Under the background of sharp fluctuations in the short-term market, the profitability of the fund company may be closely related to the product structure." Wang Yi, a research fellow of GESHANG's Jinzhang investment, told reporters.
According to the data of Tianxiang investment consulting, in terms of product types, the profits of hybrid funds, bond funds, equity funds, monetary funds and QDII funds in the first quarter of 2022 were - 895.8 billion yuan, - 17.6 billion yuan, - 422.3 billion yuan, 54.7 billion yuan and - 37.4 billion yuan respectively, with a total loss of 1329.5 billion yuan.
For the equity market in the first quarter, in the shenwanyi industry, the callback range of electronics, national defense and military industry, household appliances, automobiles, food and beverage and other sectors exceeded 20%, respectively - 25.46%, - 23.30%, - 21.40%, - 20.49% and - 20.36%.
In contrast, the bond market in the first quarter was also relatively depressed. The comprehensive bonds of China securities market rose slightly by 0.76%, and the medium and long-term pure bonds rose slightly by 0.45%, while the mixed bond secondary fund index and partial bond mixed fund index fell by 4.52% and 3.52% respectively, which also caused certain losses.
In the first quarter, the overseas markets also fluctuated greatly. Among them, the S & P 500 index of US stocks fell by 4.95%, the NASDAQ index fell by 9.10%, while the decline of China concept stocks was even greater, and the China Internet Index fell by 19.36%. Therefore, QDII invested in overseas capital markets also produced certain losses.
Zhuang Zheng believes that the main reason for the largest losses of hybrid funds and equity funds is that most equity funds hold track stocks such as Baijiu and new energy. Since this year, the market has undergone drastic adjustment, and the reduction rate can not keep up with the adjustment. For example, Maotai fell by more than 17% in the first quarter of this year, and Contemporary Amperex Technology Co.Limited(300750) .
In Zhuang Zheng's view, when the heavy position holdings fell to varying degrees, many funds increased their holdings and insisted on high position operation, resulting in large losses.
As for the loss of bond funds, Zhuang Zheng frankly said that although bond funds are generally regarded as investment varieties with relatively low risk, in the past year, many bond funds have been built into "fixed income +" products to attract popularity. In order to achieve the expected effect, they have allocated a higher equity part, making the style more radical. As a result, as the market adjusted, their net worth fluctuated sharply, and the withdrawal range of some products even significantly exceeded that of general equity funds.
heavy warehouse Baima + industry leader
In addition to the fund company's gold absorption ability, the fund manager's investment layout and stock selection strategy are also fully presented in the first quarterly report.
According to the data from the company's advisor, according to the data, the top 10 of the total market value of the fund's heavy warehouse holdings in the first quarter of the first quarter, with the data showing that the top ten of the fund ''s first quarter quarter, the top ten of the total market value of the total market of the first quarter of the first quarter, the top ten of the fund''s first quarter quarter, the top ten of the fund ''s first quarter quarter, the data from the data from the investors of the day of the day of the day' '' ''s investment, which shows that the top ten of the top ten of the top ten of the total market value of the fund' ''s first quarter quarter quarter quarter quarter's full of the full back of the full warehouse, the top ten of the top ten of the top ten of which are: 415 , Poly Developments And Holdings Group Co.Ltd(600048) .
From the perspective of industry, Wang Yi said that the top ten heavy positions of public funds are mainly from the electrical equipment, Baijiu, medicine and biology industries. From the perspective of large track, these industries belong to the mainstream track of advanced manufacturing, large consumption and medical health, which is in line with the development background of the times and has long-term investment value. From the perspective of the company, the top ten heavy positions of public funds are industry leaders. The company has excellent quality, high fundamental certainty, large market value and strong liquidity. It is used as a high-quality asset allocation.
"This also shows from the side that even when the overall adjustment range of the market is relatively large, the investment preference of public funds is still growth stocks, while focusing on the allocation of industry leaders." Zhuang Zheng talked about it.
In Zhuang Zheng's view, this is mainly because industry leaders are usually well-known, the company has a large market value and strong market competitiveness, which is in line with the public fund that has always advertised itself with value investment.
Moreover, holding together leading stocks will not make big mistakes. For public fund managers, they sometimes have to be coerced by market trends.
According to the data of Tianxiang investment adviser, among the heavily held public shares in the first quarter, the fund's market value increased the most for Chongqing Zhifei Biological Products Co.Ltd(300122) , and the market value increased by 85383252 million yuan in the first quarter.
The top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the market capitaliscapitaliscapitalisthose who add to the market value of the top 10 of the top 10 of the top 10 of the added market that are respectively: Chongqing Zhifei Biological Products Co.Ltd(300122) , China Mobile.
According to Zhuang Zheng's analysis, the increase in the pharmaceutical sector stems from the fact that some pharmaceutical stocks have been adjusted for a long time, and the valuation of some enterprises has reached the reasonable level they think, which belongs to the subject of dilemma reversal. The increase in resource stocks is mainly due to the influence of external geopolitical pattern and concerns about the change of global inflation level.
Banks, real estate sectors and stocks including the concept of pig cycle obtained the main holdings of public funds in the first quarter.
From these sectors, Zhuang Zheng said that they are basically industries with relatively good performance in the first quarter. Among them, the banking and real estate sectors belong to the stable growth sector, which is in line with the main direction of the first quarter. Pig cycle is a promising direction for many public funds, and the sensitivity of funds is relatively high. The influx of funds further boosted the market of these sectors.
"Most of the stocks with high market value increased by public funds in the first quarter are at historical low valuations, with large recent pullback, and have a certain cost performance." Wang Yi said that from the perspective of valuation, except for China Mobile, which just listed at the beginning of this year, the P / E quantiles of other stocks are below 30% since listing, which is cheaper than 70% in history. Among them, Chongqing Zhifei Biological Products Co.Ltd(300122) , Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) are almost at the lowest level in history.
According to Wang Yi's analysis, most of the above-mentioned stocks have experienced a pullback of more than 30% recently, of which Chongqing Zhifei Biological Products Co.Ltd(300122) has retreated 59% from the high point of the last year, Ningbo Ronbay New Energy Technology Co.Ltd(688005) has retreated 48% from the high point of the last year, and Wuxi Apptec Co.Ltd(603259) has retreated 41% from the high point of the last year. In addition, Muyuan Foods Co.Ltd(002714) and Wens Foodstuff Group Co.Ltd(300498) are the main lines of the expected reversal of difficulties, and they have also obtained the increase of public funds.
According to the data of Tianxiang investment adviser, among the heavily held public shares in the first quarter, the largest decrease in the total market value of the fund's holdings was Wuliangye Yibin Co.Ltd(000858) , and the market value of the fund's holdings decreased by 22.3 billion yuan in the third quarter.
The top 10 of the top 10 of the top 10 in the market value of the market value on which the top 10 of the top 10 are respectively: Wuliangye Yibin Co.Ltd(000858) .
In the first quarter, the stocks with the top market value reduced by the public fund mainly came from the electronics and food and beverage industries, and most of them were the stocks with heavy positions of the fund. Compared with the fourth quarter of 2021, the public funds in the first quarter of 2022 reduced their holdings in the electronics and food and beverage industries by 2.7% and 1.3% respectively, which were the two industries with the largest reduction of positions in the industry.
"Food, beverage and electronics are the industries where public funds are over allocated." Wang Yi said that under the background of significantly outperforming in the field of undervalued and stable growth in the first quarter, the shares of electronics and food and beverage with backward performance were significantly reduced. Specific to individual stocks, it is not difficult to find that most of the stocks are heavily held by the fund, and most of the stocks with the top market value are the top ten heavily held stocks in the fourth quarter of 2021.
In Zhuang Zheng's view, Baijiu and new energy racetrack stocks have been significantly reduced, which has the factor of overvaluation. This shows that after a round of adjustment, the fund managers continue to divide Baijiu and continue to reduce their holdings in Baijiu. The views on growth stocks such as new energy have also been divided, with increases and decreases.
The electronic and computer sectors also reduced their holdings accordingly. Zhuang Zheng believes that the main reason is that the valuation of the chip track is too high, while there is a trend of overcapacity and falling product prices. Under the chain reaction, some electronic and computer segments began to callback, which eventually led to the reduction of public funds.
