Literature/All Star Research Center
From the data in the fund report, we can see more intuitively that the proportion of Chunning shares held by all types of fund indexes has increased significantly, all of which have exceeded the wind A; All types of fund indexes have reduced their positions in pure Mao stocks, with the exception of wind A's pure Mao content, which is slightly higher in the semi annual report this year than in the annual report last year.
Abstract: From the data reported in the fund, we can see the changes in the allocation of public funds in Ningmao
If we want to use two words to sum up the investment hotspots since this year, we can only use "Mao Index" and "Ning Portfolio". On the one hand, it is recognized as the big white horse in the market, and on the other hand, it is the new technology tycoon who is in the limelight this year. Looking back at the A-share market since 2021, the white horse stocks represented by the "Mao Index" have risen weakly, but the high boom tracks such as technology and new energy have gone through a wave of independent big rises after a brief correction at the beginning of the year.
Is the "Mao Index", which has been popular for 2-3 years, no longer popular? Will the portfolio become a new favorite? What changes have taken place in the operation of public fund managers? In this issue of the All Star Think Tank, we have compared the data in the fund's mid report with the data in last year's annual report, hoping to help you make investment decisions.
Market review: Nanjing Portfolio rose by more than 30% against the trend, and Mao Index fell by more than 10% over the same period
Before sharing our analysis results, let's briefly introduce "Mao Index" and "Ning Combination".
"Mao Index" means Guizhou Moutai Represented by the combination of leading white horse enterprises in all walks of life. On the wind, the Maoist index currently includes 42 stocks, mainly covering industries such as consumption, medicine, household appliances, banking, chemical industry and technology manufacturing.
"Ning Group" refers to Ningde era As the representative of some leading companies with high growth and high landscape industries, it focuses on a package of leading companies with high landscape racetracks such as new energy, chip, medical beauty, semiconductor, etc. The current wind's Nanjing Composite Index includes 24 stocks.
After comparing the composition of the two, we can see that Mao Index and Ning portfolio are not completely opposite. They overlap in medicine, biology, electronics and other fields, with about 10 stocks overlapping. However, in contrast, the industry distribution of Mao Index is wider, and Nanjing Portfolio is relatively more focused on the fields of science and technology and medicine.
From the trend of this year, after the Spring Festival market correction, the "Mao Index" and "Ning Combination" market differentiation. Wind data shows that as of September 14, Nanjing Portfolio has risen by 33.12% this year, and the Mao Index has fallen by 10.86% in the same period. （wind，2021/1/1-2021/9/14）
Change in position of public funds: collective increase and allocation, portfolio decrease and allocation in the first half of the year
Changes in the market may be due to valuation adjustments, or changes in industrial trends and investors' risk preferences. We are more concerned about whether the investment behavior of institutional investors has also changed. Under the condition of market differentiation between the two indexes, whether institutional investors are bargain hunters or embrace Nanjing portfolio? Here, we use several major fund indexes to understand the changes in the positions of public funds in the whole market on the constituent stocks of "Mao Index" and "Ning Portfolio" in the past six months.
The following table makes statistics on the proportion of Nanjing Portfolio and Maoist Index constituent stocks in the net position of fund stocks. By comparing the data in this year's interim report with the data in last year's annual report, we find that the following types of fund indexes have all added shares of Nanjing Portfolio, of which the partial fund index has increased more. The allocation change range of fund index in Maoist index constituent stocks has increased and decreased, among which, the partial debt hybrid fund index and balanced hybrid fund index have both reduced Maoist index, while other types of fund indexes with Maoist index are also less than Ningers portfolio in terms of increase range.
(Data from annual report, interim report, China EU Wealth Statistics, 2020/12/31-2021/6/30, wind) In the above, we mentioned that there is overlap between "Mao Index" and "Ning Portfolio" in constituent stocks. In order to better show the changes in the holding style preferences of public funds, we further calculated the allocation ratio of public funds in "pure Mao" and "pure Ning" after removing overlapping constituent stocks. From the table below, we can see more intuitively that the proportion of Chunning stock held by all types of fund indexes has increased significantly, and the growth rate has exceeded wind A; All types of fund indexes have reduced their positions in pure Mao stocks, with the exception of wind A's pure Mao content, which is slightly higher in the semi annual report this year than in the annual report last year.
(Data from annual report, interim report, China EU Wealth Statistics, 2020/12/31-2021/6/30, wind) Industry configuration changes: medicine and electronics are added, while finance and media are in low configuration
In terms of industry allocation, what changes have led to changes in the overall allocation style of public funds. By comparing the data in the mid report and last year's annual report, we find that the partial equity fund index is over configured with electronics, cycle and medicine, and under configured with finance, media and consumption.
(wind, CITIC Class I industry classification, 2020/12/31-2021/6/30)
(wind, CITIC Class I industry classification, 2020/12/31-2021/6/30) At the same time, for the changes in equity position style of partial debt funds, we selected the funds with convertible positions higher than 10% in secondary bond funds, partial debt hybrid funds and flexible allocation funds, and made statistics on the industry distribution of their holdings of convertible bonds. The results showed that compared with last year's annual report, partial debt funds were over allocated with electronics, cycle, and power innovation in relation to Wind A, Low allocation of finance, military industry, media and communication.
(wind, CITIC Class I industry classification, 2020/12/31-2021/6/30)
(wind, CITIC Class I industry classification, 2020/12/31-2021/6/30) CEIBS Wealth carries out the fund investment advisory business based on the principle of diligence, responsibility, honesty and trustworthiness, but does not guarantee the profitability of each investment advisory portfolio, nor does it guarantee the minimum return. Investors who participate in the fund investment advisory business have the risk of loss of principal. The risk characteristics of fund portfolio strategies are different from those of single fund products. The performance of each portfolio strategy under the fund investment advisory business only represents the past performance, does not predict its future performance, and the income created for other investors does not constitute a guarantee of business performance.
(The author of this article introduces that here, the investment research team of CEIBS Wealth Investment Advisors will share with you the latest market views, take stock of the investment advisers' selection methodology, and answer questions for fund investment.)
