The early report “lockdown, high yield and low turnover of fund managers” analyzes the position operation of fund managers in different regions from the perspective of epidemic blockade. In this issue, we focus on the differences of fund managers’ positions and future prospects in Beijing, Shanghai and Guangzhou Shenzhen in combination with the first quarterly report of the fund.
Three public offering positions: Beijing is more biased towards value. From the perspective of positions held in the first quarter, the three places’ heavy public offering positions are concentrated in new energy, Baijiu, medicine and electronics, but the overall over allocation shows different styles compared with the public offering. Among them, the public offering in Beijing is partial to value, with over allocation of new energy, bank real estate and low allocation of electronics; Shanghai public offering provides over allocation of medicine and electronics, and low allocation of Baijiu and new energy; Guangzhou Shenzhen public offering, over allocation of Baijiu and new energy, and low allocation of medicine and real estate.
Q1 operation: consensus on new energy and agriculture. In terms of operation, the consensus of fund managers in the three places in the first quarter was to increase their positions in new energy, agriculture, banking and real estate; The difference lies in the position reduction industry. In the first quarter, Beijing public offering reduced its holdings in medicine and electronics, Shanghai public offering reduced its holdings in TMT and non bank, and Shenzhen public offering reduced its holdings in Baijiu and electronics.
Future outlook: Beijing public offering is more cautious, while Shanghai, Guangzhou and Shenzhen are optimistic. Beijing public fund managers are more concerned about the great downward pressure on the economy & the limited space for monetary easing, and remain cautious about the market; From the perspective of medium and long term, Shanghai fund managers think that the release of short-term disturbance emotions will be more positive for the future market; Guangshen fund managers believe that the current valuation has reflected the potential risks, and the market has a certain allocation value.
Risk warning: positions are based on objective data statistics, and investment suggestions are not made; The outlook comes from the disclosure of the quarterly report of the fund and does not represent investment suggestions.
