The newly disclosed fourth quarter report of public funds in 2021 shows that public equity funds increased their positions against the trend in the fourth quarter of 2021. According to the data of Tianxiang investment consulting, by the end of the fourth quarter of 2021, the average positions of equity open-end funds and hybrid open-end funds had increased by 1.64 percentage points and 2.96 percentage points respectively compared with the end of the third quarter of 2021. In terms of industry allocation, new energy is still the key allocation direction of public funds. In addition, consumer stocks with weak overall performance in 2021 received additional positions from some fund managers.
According to the data of Tianxiang investment consulting, by the end of the fourth quarter of 2021, the average position of all comparable funds was 74.44%, an increase of 2.84 percentage points compared with 71.6% at the end of the third quarter of 2021. In terms of classification, by the end of the fourth quarter of 2021, among all comparable funds, the average position of equity open-end funds was 88.49%, an increase of 1.64 percentage points compared with 86.85% at the end of the third quarter of 2021; The average position of hybrid open-end funds was 71.51%, an increase of 2.96 percentage points compared with 68.55% at the end of the third quarter of 2021.
In the state of high positions, many fund managers have adjusted the structure of positions. Ma Xiang, manager of huitianfu private vitality mixed fund, said that while maintaining the operation of high positions, he also paid attention to structural adjustment. “The market value of some sectors is overdrawn as a whole, and we have reduced the proportion of such stocks; at the same time, we have moderately increased positions for small and medium-sized market value companies with higher growth period and greater space.”
“There is no lack of structural opportunities in the market. In 2022, the market is likely to be weak, but the industry rotates rapidly and structural hot spots occur frequently. The operation of the fund will be more difficult, which puts forward higher requirements for the allocation of fund managers’ bottom positions and the ability to grasp structural opportunities.” Shu Jinwei, a mixed fund manager of 10000 new opportunities leading enterprises, said.
In terms of industry allocation, according to the data of Tianxiang investment consulting, the manufacturing industry obtained a significant increase in positions of public funds, and the allocation proportion increased significantly from 48.83% at the end of the third quarter of 2021 to 53.17% at the end of the fourth quarter of 2021. In addition, the allocation proportion of public funds to information transmission, software and information technology services increased from 2.86% at the end of the third quarter of 2021 to 3.29% at the end of the fourth quarter of 2021. At the same time, the scientific research and technical service industry and mining industry were slightly reduced by public funds.
From the operation in the fourth quarter of 2021, despite the drastic adjustment of the new energy sector, it is still the key direction of public fund allocation.
\u3000\u3000 “In the fourth quarter of last year, despite some new changes in the market, such as the high shock of the new energy sector, the gradual elimination of the weak state of the undervalued sector, and the continuous strength of small market value companies, we still focused on the allocation of new energy vehicles, new materials, photovoltaic, wind power, high-end equipment, semiconductors and other fields. We judge that the global energy industry is undergoing profound changes and new energy is emerging The proportion of energy use will continue to increase. We believe that in this process of change, a large number of great enterprises will emerge in China. ” Feng Mingyuan, equity fund manager of Xinda Aoyin new energy industry, said.
Gao Nan, manager of Hengyue core select mixed fund, said that from the bottom up, the medium-term development trend of the boom growth track represented by new energy is still good. Among them, stocks with strong growth certainty and long-term market value space not overdrawn still have allocation value.
“Looking forward to 2022, we believe that the profits of the middle and downstream industries will gradually improve. Under the background of ‘double carbon’, the demand of the new energy industry will continue to be strong. In addition, the military industry, electronics and high-end manufacturing sectors that reflect the upgrading of China’s manufacturing industry are expected to continue to perform driven by the performance.” Shanghai Investment Morgan core preferred hybrid sun Fang said.
At the same time, some fund managers believe that with the gradual elimination of adverse factors, consumer stocks with weak performance last year will usher in a reversal of the market, so they made layout in advance.
Li Xiaoxing, manager of Yinhua Xinyi flexible allocation hybrid fund, said in the fourth quarter report of 2021 that from the perspective of income and profit, the performance of consumer goods companies in 2022 will return to normal operation, and there will be room for valuation switching. With the weakening of negative factors, the investment prospect of consumer stocks will be more optimistic than that in 2021.
\u3000\u3000 “Baijiu Baijiu” is a promising segment of the consumer market. We have a strong view of high-end Baijiu and the second high-end liquor with potential market expansion potential. We added the liquor sector in the fourth quarter last year, because we saw the positive factors being constantly accumulated and strengthened the certainty of the medium and long term performance. The consumer goods are expected to perform better in the two quarter of this year. We are optimistic about the seasoning with price elasticity and the epidemic situation. The recovery prospect of catering supply chain with great impact. ” Li Xiaoxing said.
