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Although the A-share market fluctuated sharply in the third quarter of this year, the shock and decline of the market index still attracted many public funds to bargain hunting. The data shows that the active partial funds are not afraid of market adjustment. The shareholding position in the third quarter increased to 72.16%, 1.16 percentage points higher than that in the second quarter. The proportion of A-shares in the overall asset allocation of the funds has further increased.
From the perspective of position adjustment, the most obvious fund position increase in the third quarter was in the financial and real estate industries. Among them, the proportion of financial shares held by the fund in the net worth increased significantly from 4.88% in the second quarter to 7.38% in the third quarter, and the position in the real estate industry also increased from 2.61% to 3.19% in the same period.
The preference of public offering funds for financial stocks made Ping An China once again become the largest heavy position of the fund, and the total market value of 747 funds held by Ping An China reached 30.87 billion yuan. Guizhou Moutai, Yili Shares, China Merchants Bank and Gree Electric Appliances also rank among the top five large positions of public funds. In addition, China Merchants Bank, Vanke A, Guizhou Moutai, Changchun High tech and other companies were also significantly increased by the fund in the third quarter.
Many fund managers are optimistic about industry investment opportunities in the financial and real estate sectors. The financial industry is favored by public offerings due to its obvious signs of positive performance, high dividend yield and relatively low valuation. Public offerings in insurance, banking and other sectors have their own preferences. As for the real estate industry, several fund managers believe that although the real estate industry is affected by policies and the prosperity of the real estate market is declining, the current valuation is low, and the industry concentration of the superimposed real estate industry is gradually concentrating on leading enterprises. The annual report profits of some real estate leaders this year are expected, and the fundamentals or policies of the real estate industry may have poor expectations, The share price of real estate stocks is expected to welcome the valuation repair market in the future.
In addition to financial real estate, the proportion of fund positions increased significantly in the third quarter in industries such as electricity, gas, water production, agriculture, forestry, animal husbandry and fishery.
Specifically, at the level of fund companies, the overall stock positions of the products of fund companies such as E Fund, China Southern, China Europe and Guangfa, which have the largest equity investment scale, have all increased significantly, with 22 public offerings holding more than 80% of the overall positions, and 8 even more than 85%. From the perspective of fund type, the flexible allocation funds with relatively flexible positions have increased their positions significantly.
Although the stock market has been depressed recently, many excellent fund managers believe that the market bottom is characterized by obvious characteristics, and they are full of confidence in selected high-quality companies with real value and real growth.
Zhou Keyan, manager of the blue chip fund Yinhua Shanghai Hong Kong Shenzhen Growth Fund, believes that in the medium and long term, the market valuation and dividend yield have become attractive. As long as it is the investment object of true value and true growth, and the stock price has sufficient margin of safety, the probability of obtaining positive returns in the long run is large.
Liu Yanchun, manager of Jingshun Great Wall Emerging Growth Fund, said that the blue chip stocks quickly covered the decline, the market sentiment was extremely pessimistic, and the fundamentals of individual stocks and valuation were of low concern. The interpretation of various market information tended to be pessimistic, which was a more significant market bottom feature. "If we continue to adjust, we can only buy more". The opinion of this article only represents the author himself. If the source of the article is a network reprint, this website is an information publishing platform. If there is infringement, please contact this website to delete it in time.
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