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pk北京赛车软件计划:These funds are not generally rushing to buy

时间:2018/4/16 18:31:56  作者:  来源:  浏览:0  评论:0
内容摘要: In the capital market, institutional investors tend to have more keen sense of smell and more accurate judgments on fund investments, and a...

In the capital market, institutional investors tend to have more keen sense of smell and more accurate judgments on fund investments, and also understand the core value of fund managers. Therefore, institutional funds are a good indicator. Then the question arises, which funds are most favored by institutional investors?

Twenty-four equity funds have been increased by holding institutions.

Compared with the fund's 2017 annual report and the 2017 interim report, the "Fault-Front Capital" News revealed that the institutional investment fund showed two clear trends in the second half of 2017: Institutions in the general direction Investors enhance the proportion of varieties QDII funds, guaranteed funds , bond funds, commodity ETF, held scaled-down , stock funds, hybrid funds , monetary Fund and so on.

Yes, equity funds that investors value very much did not receive institutional investors' overweight in the second half of last year, and their holding ratio “does not increase and fall”. According to statistics from the phase of investment, the average proportion of institutional holders in 2017 fell from 29.42% at the end of June to 27.69% at the end of the year, which was a decrease of 1.72 percentage points. At the same time, institutional share held in the second half of last year decreased by 15.116 billion copies. The share of the same share and share of the holdings are also hybrid fund. At the end of last year, institutional holders accounted for an average of 41.17% in the hybrid funds, which was 2.55 percentage points lower than the end of June last year. The proportion of institutions holding hybrid funds also fell by 80.017 billion copies.

According to "Funding Finance" and statistics, in more than 2,700 active management partial stock base gold, there are more than 850 institutional holding ratios, accounting for 1/3. Among them, there are 24 funds with an increase of over 30 percentage points in institutional ownership. From the perspective of the fund company , the two funds of the China Enterprise Fund show “magic power”, and the percentage of institutional holdings increased by 50 percentage points.

From a data point of view, the fund with the fastest growth rate of institutional holdings is CITIC Group's growth, which has increased from its share of 167,743,800 last year to last year. At the end of the year, 228,314,600 shares held an 11.92% increase in share; the institutional holding ratio of the fund soared from 12.70% in the middle of last year to 64.29% at the end of last year, an increase of 51.59 percentage points.

The No. 2 fund most valued by the institution is the emerging vitality of Huashang Fund's Chinese entrepreneurs. The institutional investor’s share of the fund has soared from the previous year’s 10,085,500 units to 6,786,600 units at the end of last year, and its share has increased by 5.70. %; Institutional holding ratio soared from 18.34% in the middle of last year to 69.65% at the end of last year, an increase of 51.31 percentage points. The third place is Hua Tai Berri Fund's Huatai Berrien quantified the first. Institutional investors' share increased from 11,229.94 million in the middle of last year to 1,578,104,400 shares at the end of last year, and their share increased by 13.05%. The institutional holding ratio of the fund soared from 12.70% in the middle of last year to 64.29% at the end of last year, an increase of 51.59 percentage points. Fourth place is the new quantification of another fund Chinese enterprise under the China Enterprise Fund. The share held by institutional investors has soared from 33.24 million in the middle of last year to 338.003 million at the end of last year, and its share has increased by 14.19%. The holding ratio soared from 7.45% in the middle of last year to 55.93% at the end of last year, an increase of 48.48 percentage points. The fifth place is , which is a subsidiary of GF Fund . The share of institutional investors held by the fund has soared from 95.966 million copies in the middle of last year to 95,395.61 million copies at the end of last year, holding an increase of 9.29%; The holding ratio soared from 20.80% in the middle of last year to 68.82% at the end of last year, an increase of 48.02 percentage points.

Apparently, among the top five funds with the fastest increase in institutional holdings, the China Enterprise Fund has occupied two seats.

Fund annual report data shows that in 2017, the growth rate of the net worth of Huaxing Emerging Energy was 6.73%, only 1,238 of the 2,746 funds were comparable, ranking the first 1/2; the yield of the fund benchmark was 9.99% over the same period. The growth rate is lower than the 3.26 percentage point of the benchmark comparative rate of return. The annual growth rate of the new quantitative year of China Merchants was 5.84%, which was only 1379 of the 2,746 funds that were comparable and was at the mid-stream level. The return rate of the fund's performance benchmark was 12.98% over the same period. The growth rate of the net value of the share was lower than the comparative benchmark income. The rate is 7.14 percentage points.

The performance of the two funds is not outstanding, but the institutions have increased their stakes, which is related to the "flexible allocation" feature of the fund. In the annual report, Huashang Emerging Energy clearly stated that its investment strategy in 2018 was focused on “quality assets”, focusing on brand consumption upgrades and high-quality leading enterprises with core competitiveness; the new quantification of Huashang was closely watching changes in fundamentals, and at the same time on valuations. Low, leading stocks in the second-tier industry with high moats will focus on the issue.

It also noted that the two funds owned by Huashang have a common feature in asset allocation: taking risk control as the core, focusing on position control, and increasing allocation value. And this is suitable for institutional tastes.

Since this week, Bank Strong rise in the sector has driven the market to rebound, and the bank ETF tracking the China Securities Index has achieved a net inflow of for 7 months in a row, especially for bank ETFs. The total share of the China Securities Bank's ETF has increased by 2.6 times during the year and it has been sought after by the funds.

Industry sources believe that the sharp adjustment of bank stocks in the last two months provides a good medium and long-term allocation opportunity for low-risk investors under the expectation of low valuation and improved asset quality.

The total share of bank ETFs soared 2.6 times this year, institutional investors are the main force

7_89456_69_895473_9

Data show that as of April 10, the largest fund of Huabao China Securities Bank ETF (hereinafter referred to as "bank ETF") has a fund share of 430 million yuan. This was 2.6 times the 166 million shares at the beginning of this year; and the share of another Southern China Securities Bank ETF fund tracking the banking sector also increased by 33.5% during the year.

From the perspective of share changes, the total share of bank ETFs has been a net inflow of funds for four consecutive months. Since the scale of 166 million shares at the beginning of the year has steadily increased, the total share of the ETF at the end of January-March was 233 million, 276 million, and 384 million respectively. In April, the total share of the bank's ETF reached 430 million copies.

Figure 1: This year, the total share of Bank ETF trend seen from the weekly

pk北京赛车软件计划:These_funds_are_not_generally_rushing_to_buy

holder structure, the bank has the favor Insurance ETF, brokerage, public offering accounts and other institutional investors, and even some insurance agencies Shigekura hold.

According to the bank's ETF's 2017 annual data disclosure, the proportion of holders of this fund institution reached 45.94%. Among the top ten institutional holders announced in 2017, CCB Life Insurance Co., Ltd., CITIC Securities Co., Ltd. , Inc., Dongfang Assets Management Co., Ltd., Dongfanghong Fund Baoji Asset Management Plan, and other types of institutional investors such as insurance, brokerages, and public offerings are listed. Among them, CCB Life Insurance Co., Ltd.'s dividend products, individual institutional holders held a share of 4,900,200 copies, accounting for 30.11% of the total share of the total listing.

Figure 2: Bank ETF last year, annual disclosure of the top ten holders of shots

pk北京赛车软件计划:These_funds_are_not_generally_rushing_to_buy

underestimate the value

banking sector is optimistic about the industry, asset quality is expected to improve next

data show that as of April 11, the bank card index constituent stocks The average dynamic price-earnings ratio was 7.5 times. The CSI Bank Index rose by more than 11% during the first two months of this year. Afterwards, the adjustments in the sector plunged this increase in full, and by the close of April 11th, the cumulative increase of the CSI Bank Index this year was only 0.26%.

Chart 3: CSI Bank Index 2018 Trends

pk北京赛车软件计划:These_funds_are_not_generally_rushing_to_buy

Many people in the industry stated that lower valuations, better asset quality improvement expectations and recent investment opportunities brought about by major adjustments in bank stocks are the reason why the banking sector has been suffering greatly this year. The main reason why funds are favored.

A large public equity fund manager in Beijing analyzed this:

First, from the point of view of value investment, bank stocks are absolute deep valuation stocks. Although there is limited room for upward movement of stock prices in the short term, the safety margin of investment is very high. The probability of a high, sharp decline is very low.

Secondly, the domestic macroeconomic development in the medium and long term is worthy of consideration. Whether it is real estate , export, consumption and other data exceed market expectations, the bank's asset quality improvement and bad asset rate decline trend is obvious.

Finally, from an international comparison, the valuation of the banking sector of the China A-shares is quite cheap. The recent reason why the North-capital funds bought a large number of banking stocks through Shenzhen Stock Exchange and Shanghai Stock Exchange has been an important reason for the international valuation of the domestic banking industry.

The performance fund manager said that in 2017, China Merchants Bank has gone up a lot and the valuation has been fixed. However, the current bank's overall valuation is not expensive. After the adjustment in early February, many banks now have a PB (average book-to-book ratio) of 1 or less. The ROE of the bank is generally around 15%. Large-cap value bank shares can also accommodate more. The capital, better market liquidity is very attractive to big capital.

“Overall, we are bullish and optimistic about the banking sector,” said the fund manager. “At the beginning of the year, bank stock prices rose rapidly. The funds I administer have lightened up some of the heavily loaded bank shares; follow-up bank stocks have seen large adjustments. This, in turn, gives us a good opportunity to buy it back at a low cost.”

A medium-sized public fund manager in Shanghai also believes that, on the one hand, in the market environment where asset quality continues to improve and spreads rise steadily, it is expected that banks this year will The overall performance of the sector will have room for further improvement and improvement. On the other hand, compared with other major listed banks in the world and other domestic industries, the overall valuation level of the banking sector in China is still relatively low, and the margin of safety is high. Long-term configuration value.

The fund manager said, “Bank shares are very attractive for some low-risk-preferred funds. There is limited downside, and the upward elasticity is better than that of fixed-income varieties. It is a better type of stable investment. in recent months the banking sector adjust more than 10%, has come to a reasonable point of intervention "

table 1: Bank ETF consecutive month net capital inflow of funds

pk北京赛车软件计划:These_funds_are_not_generally_rushing_to_buy

which is the heart of water bodies? The younger partner takes the “Annual Report Sutra”

The China Fund Reporter has identified the institutional heart and water fund through the fund holder structure based on the data of the 2017 Fund Annual Report of the World Investment Survey. These data are helpful as a reference for small-based fund screening funds.

overall trend:

chase bonds, guaranteed commodity ETF

2017 second half of institutional investment funds show two clear trends: the proportion of institutional investors to enhance the general direction of the varieties QDII fund, Guaranteed Fund, Bond funds, commodity ETFs, equity funds with a reduced proportion, hybrid funds, and money funds.

Although equity funds performed well in the second half of last year, the proportion of institutional holdings “had not increased and declined”, which meant that retail investors had higher enthusiasm for buying some of the blue-chip funds in the market at the end of last year. According to statistics from the phase of investment, the average proportion of institutional holders in 2017 fell from 29.42% at the end of June to 27.69% at the end of the year, which was a decrease of 1.72 percentage points. At the same time, institutional share held in the second half of last year decreased by 15.116 billion copies. There was also a mixed fund that suffered the same share of both share and ownership. At the end of last year, institutional holders accounted for an average of 41.17% of hybrid funds, which was 2.55 percentage points lower than the end of June last year. Institutions in the second half of last year The share of the hybrid fund also fell by 80.017 billion.

In terms of the latest FOF funds, in fact, the agency's enthusiasm for such products is not high. At the end of 2017, the share of institutional investors of such funds accounted for only 7.45%, that is, 92.55% were individuals. All holders. This also means that more institutional investors are more robust to innovative products, and over time, they can see that institutions are more aggressive towards FOF products.

7_89456_176_65_473_9 More blue-chip winds Equity funds 7_89456_97_89456_9

Institutions' direction for the allocation of equity funds is more worthy of investors' attention. The target of the increase in holdings of institutions in the second half of last year pointed to the direction of blue-chip index funds, and some quantified funds and military funds have received attention. The blue-chip and blue-chip funds are also welcomed.

In terms of share, the largest increase in institutional holdings is the Shanghai SZSE 100 index. The share of institutional holdings in the second half of the year surged rapidly by 1.791 billion, showing a strong preference for the blue-chip style index. Other welcome is China 50ETF, King Shun Great Wall Shanghai and Shenzhen 300 Index Enhancement Fund, Invesco Quantitative Selected Stocks, Huitianfu China High-end Manufacturing Stocks, Fuguo Zhongzhong Quanzhi Securities Company, Qianhai Kaiyuan Zhonghang Military, Huaan The CSI 300 enhanced A and Huaan S300 increased by more than 500 million.

From the perspective of institutional ownership, the proportion of instrumental product institutions such as index funds holds an absolute advantage. At present, the number of products held by institutions with more than 90% of the total reached 57, basically all index funds. Institutions holding more than 98% of the total are the China Life Security CSI 300 Index, the Changxin CSI 500 Index, the Kingsway 500, the GF Shanghai and Shenzhen 300ETF, the CSI Shanghai State-owned Enterprise ETF, and the GF China Securities Exchange, the ETF. Jinhexin CSI 500A, Chuangjinhexin CSI 300C, Western China Securities 500 and other weights, South China Securities 500ETF connection LOFC, China Life Insurance CSI 500ETF, Shenzhen F60, Wanjia Shanghai 50ETF. Among the products whose institutional holding ratio exceeds 90%, only a small number of products such as Quancheng's quantified alpha stocks and Jude's strategic transformation stocks are not index type products, which deserves investors' attention.

Mixed Fund: Performance of Preferred Investment Funds

Although the proportion of hybrid products in the second half of last year has declined, some high-quality products have gained a large proportion of shares, especially those with long operating hours and stable performance.

The Xingquan trend is a mixed product with the largest increase in institutional holdings in the second half of last year. At the end of 2017, the company held 5.649 billion shares, representing an increase of 3.109 billion shares from the middle of last year. At the same time, the ratio of institutions held by the fund at the end of last year has also increased by nearly 7 percentage points from the middle of last year. The share increase of more than 1 billion shares also includes the investment in domestic demand, the hybrid, HSBC dual-core strategy A, Librarians growth mix, the national Union Anderson selected blend, the quality of life mix flexible configuration, Central Europe industry growth mixed A , Huatai Bairui quantified first mixed, widely distributed industry-leading hybrid A, Harvest Shanghai-Hong Kong-Shenzhen-back mixed, Central Europe-Ming Rui new normal mixed A, etc., are basically the industry's old-fashioned blue-chip performance fund. In addition, from the perspective of changes in the proportion of institutional holdings, some of the funds that have gained an increased proportion of institutional holdings are also funds that have performed better in the past two years.

According to the proportion held by the organization, it holds a proportion of more than 90% of the fixed-mix hybrid funds that are customized by most institutions.

Bond:

short-term debt-based financial popular

2017 mediocre bond funds, while welcomed by the agency primarily two types of bond funds, a type of short-term financing bond funds, the other is long-term performance Better varieties.

If the institution holds the share calculation, the strongest holdings are short-term wealth management products, especially the banking sector, such as the GF 30-day bond B, the GF 7-day bond B, the Treasure Financing 30B, and Everbright Tiantian. Profit B, Minsheng Jiajiaying Financial Monthly B, Yinhua Bimonthly Fixed Financial Bond C, etc. all increase their share. In addition, Huaxia Finance 30 days B, BOC Rui enjoy fixed bond, BOC wealth management 30-day bond B, Yifangda Yueyue Financial management bonds B, Dacheng Yueying surplus B, BOC wealth management 90-day bond B, and Southern financial management 14 days B are also holdings. From the perspective of the company, GF, Bank of China, Minsheng Plus, Huitianfu, Yifangda, Dacheng and other companies are more popular.

In addition, in addition to short-term wealth management funds, some long-term well-performed bond funds have also obtained institutional preferences, such as Tianhong Hongli bonds, Guolian Anshuangjia credit bonds, and E Funda Reward A.

QDII: High Performance + Hong Kong Stock Invincible Partner

The Hong Kong stock market and QDII products with better performance were favored by the organization in the second half of last year.

Judging from the increase in the share of institutional holdings, the largest increase in holdings is the Huaxia Hang Seng ETF. The share held by the institutions and the proportion of holdings have both increased from the middle of last year. In addition, E Fund China Hang Seng ETF, Hua Bao Overseas China Growth Mix, E Fund China Overseas 50 ETF, Peng Hua Global High Yield QDII Renminbi, E Fund Asia Select, E Fund Hang Seng State-Owned Enterprises QDII Renminbi A, China Wealth Greater China Select Hybrids, South Asian Dollar Yield A, etc. have also been sought after by institutions. These products can be said to be the real heart and aquatic products of the organization.

From the perspective of institutional holdings, the highest proportion of institutional holdings at the end of last year was Southern Hong Kong Growth Flexible Allocation, Guofu Asia, Dacheng Overseas Chinese Opportunity Mixed, Cathay China Overseas High Yield Bonds, Warburg Overseas China Growth Mix, and Warburg The S\u0026P Hong Kong-listed China Small Cap LOF, Penghua Global Discoveries, and Invesco Greater China Hybrid Funds are also favored by institutions.

blue-chip fund

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Fund Code fund referred the past year operating income fee
519772 Bank newborn vitality Flexible Allocation 57.28% 1.50 % 0.15% Purchase Opening Account Purchase
001112 Oriental Red China Advantage Co 41.76% 1.50 % 1.50% purchase account purchase
399011 sea Healthcare theme stock 40.63% 1.50 % 0.15% purchase account purchase
000531 Soochow alpha Flexible Allocation 31.44% 1. 50% 0.15% Buy Account Opening Purchase 7_89456_316_654 73_9
519196 ten thousand new Blue Chip Flexible Allocation 27.97% 1.20 % 0.12% purchase account purchase
Source: Oriental Fortune Choice data , Galaxy Securities, as of the date: 2018-04-13



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