As of January 21, 2856 equity funds (including equity funds and hybrid funds) under 81 fund companies have disclosed the fourth quarter report of 2021. In this stage of investment, equity funds rely more on adjusting the position structure to cope with market changes. According to the statistics of wind information, the stock positions of various partial stock funds increased slightly in the fourth quarter, and the stock fund positions remained at a high level of 89%; More than 70% of fund companies choose to increase their positions.
According to the statistics of wind information on the quarterly report of the fund, in the fourth quarter of 2021, the average stock position of partial stock funds, including open-end stock funds, open-end hybrid funds and closed-end stock funds, was 75.4%, an increase of 1.85 percentage points over the previous quarter. Among them, the average position of comparable closed-end funds was 85.05%, up 2.42 percentage points from the end of the third quarter. It is a kind of partial stock funds with the highest position increase in the fourth quarter. The position of hybrid funds was 72.74%, up 1.96 percentage points from the end of the third quarter of last year. The average position of Open-end Equity Funds reached 89.81% at the end of the fourth quarter of last year, an increase of 1.14 percentage points over the previous quarter. Considering that the fund should maintain a certain cash position to deal with liquidity, the overall position of equity funds is at a high level.
Among the 81 fund companies that have disclosed quarterly reports, compared with the end of the third quarter of last year, 77.78% of the fund companies (including public offering by securities companies) have increased their overall positions in the fourth quarter, which is obviously preparing for investment in 2022. Among the comparable data of 81 companies, the fund positions of 63 companies increased.
Among fund companies, the overall position of Huarong fund increased significantly from 28.98% in the third quarter of last year to 61.93% in the fourth quarter, with an increase of 32.95 percentage points. It is the fund company with the highest increase in position. Soochow Securities Co.Ltd(601555) also significantly increased its position by 30.12 percentage points to 65.08% in the fourth quarter of last year. Shanxi Securities Co.Ltd(002500) , China International Capital Corporation Limited(601995) , Huisheng fund and China Merchants asset management also increased their positions by more than 14 percentage points.
But at the same time, a number of fund companies reduced their positions in the fourth quarter of last year. Tibet Dongcai has made great efforts to reduce its positions. The average position of the company in the third quarter of last year was 90.58%, which had dropped to 82.29% by the end of the fourth quarter, a decrease of 8.29 percentage points during the period. In addition, the stock positions of funds under Huatai asset management, pioneer fund, Xinwo fund and Hua’an fund also decreased.
In terms of absolute positions, the average stock positions of fund companies are 10, more than 90%, and there are 26 in the “80% ~ 90%” range. Among them, the fund companies with high positions are China Merchants asset management, Oriental alpha, Ruiyuan, GF asset management, Zhonggeng fund, Cinda Australia Bank, Ruida fund, etc. The average stock positions of four public offering funds are less than 40%, and the average stock positions of Pengyang fund, Anxin fund, China Canada Fund and Boyuan fund are low.
From the perspective of a single fund, 1667 equity funds chose to increase their positions in the second quarter, accounting for 63% (comparable data). In terms of absolute positions, there are 1319 funds with more than 90% stock positions.
