Literature/All Star Research Center
The year 2021 is almost over. It's time to review this year's investment and plan for next year. How long will the current volatile market last? Which industries and directions will have more investment opportunities next year? Recently, the public funds have completed the disclosure of the third quarterly report. We try to find some clues from the change trend of the size and allocation direction of the overall equity funds.
Interpretation of the third quarterly report of equity funds: the total number increased and the scale decreased, and medicine returned to the largest position
The year 2021 is almost over. It's time to review this year's investment and plan for next year. How long will the current volatile market last? Which industries and directions will have more investment opportunities next year? Recently, the public funds have completed the disclosure of the third quarterly report. We try to find some clues from the change trend of the size and allocation direction of the overall equity funds.
Overall overview: the total number of funds increased and the total size decreased
According to the disclosure of the current third quarter report, there are 1917 equity funds (ordinary equity funds, partial equity hybrid funds), an increase of 68 compared with the previous quarter, with a total size of 3917.146 billion, a decrease of 313.963 billion compared with the previous quarter. By comparing the data over the years, we can see that this is the first month on month decline in the total size of equity funds since 2019. Of course, this is also related to the adjustment of fund net value caused by the decline of the equity market in the third quarter (the third quarter income of CSI 300 was - 6.85%, wind，2021/7/1-2021/9/30）。
CEIBS Wealth, as of September 30, 2021, data source fund periodic report From the perspective of the size of a single fund, as of the end of the third quarter, the median size of equity funds was 748 million, which has continued to increase since 2020 and will continue to fluctuate after 2021; On the other hand, from the position of equity funds, as of the end of the third quarter, the median position and concentration of equity funds had slightly decreased month on month, 89.37% and 47.80% respectively.
CEIBS Wealth, as of September 30, 2021, data source fund periodic report Industry configuration: medicine returns to the first big warehouse, and Ning's portfolio is more concerned
From the perspective of industries with heavy positions in equity funds, In the third quarter, the equity funds generally continued to be optimistic about and increase their positions in the booming new energy and related industries, while the consumption data was slow to improve, so they reduced their positions and consumed heavily 。 By the end of the third quarter, the top five industries with the largest allocation of equity funds were medicine (14.17%), food and beverage (13.69%), electronics (12.03%), electric equipment and new energy (11.47%), and basic chemical industry (6.10%). Compared with the second quarter report, Among the top five industries, basic chemical industry is new, information technology HK has dropped to 11th, medicine, food and beverage have changed their positions, and medicine has become the largest warehouse.
Compared with the second quarter report, the equity funds in the third quarter increased their overall holdings more, including basic chemicals (+1.73%), non-ferrous metals (+1.71%), power equipment and new energy (+1.24%); Information technology HK (- 2.29%), food and beverage HK (- 2.03%) and optional consumption HK (- 1.75%) were significantly reduced.
CEIBS Wealth, as of September 30, 2021, data source fund periodic report Then subdivided into individual stocks with heavy positions. As of the end of the third quarter, the top three stocks with heavy positions in equity funds as a whole were Ningde era (Market value of heavy position is 85.845 billion) Guizhou Moutai (Market value of heavy positions is 83.637 billion) Wuming Kangde (The market value of heavy positions is 59093 million yuan). The top three stocks with the largest number of heavy funds are Ningde Times (625 heavy funds), Guizhou Moutai (582 heavy funds) and WuXi Kant (461 heavy funds).
It is worth noting that compared with the interim report, Ningde Times surpassed Guizhou Moutai for the first time to become the largest stock in the market value of public funds with heavy positions. In the interim report, both the market value of heavy positions and the number of heavy funds ranked third Wuliangye They fell to the fourth and fifth place respectively in the third quarterly report.
CEIBS Wealth, as of September 30, 2021, data source fund periodic report From the perspective of the overall investment operations of public funds, the top three stocks with the largest increase in the market value of equity funds' heavy positions in the third quarter were: Tianqi Lithium (10692 million additional positions) God sent materials (Added 8.015 billion positions) and Sungrow Energy (7.804 billion positions). The top three stocks with the largest reduction in the market value of heavy positions are Tencent Holdings (reduced 44.803 billion positions), Wuliangye (reduced 34.412 billion positions) and Meituan-W (reduced 33.277 billion positions).
CEIBS Wealth, as of September 30, 2021, data source fund periodic report Institutional investor analysis: high-end manufacturing, new energy and other growth tracks are more popular
Here, we have counted FOF funds that have disclosed quarterly reports at least twice in the whole market. Through their position analysis, we can help you understand the equity funds and fund managers most favored by institutional investors in the third quarter, as well as their investment preferences. Considering the possible tendency of FOF products to their own funds, the following data have excluded the fund products of their own companies invested by FOF.
Popular fund (excluding the fund of the company)
CEIBS Wealth, as of September 30, 2021, data source fund periodic report Popular active equity funds (excluding FOF and corporate funds)
CEIBS Wealth, as of September 30, 2021, data source fund periodic report The top ten hot funds with the largest fund positions are still dominated by stable fixed income funds. Compared with the data in the interim report, with the exception of Wanjiaxinjing Pure Debt A, which is a new top ten hot fund this time, other hot funds are consistent with the interim report. In contrast, the third quarter report and interim report of the top ten popular active equity funds have changed significantly. In terms of industry style, high-end manufacturing, new energy, environmental protection and other growth styles are more popular.
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 fund investment advisory business is still in the pilot stage, and there is a risk that it cannot continue to provide services due to the cancellation of the pilot qualification.
(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.)
