Friday's A-share plunge, geopolitical perturbations are very large, many people may have panicked, do not know whether to liquidate the position or bottoming out, you can look at the captain's closing video.
Some time ago, someone has been asking the captain, how my stock can not win the fund. Of course, this time is usually said to be active biased public funds, broadly speaking, there are common stock type, biased hybrid and flexible allocation of these three categories.
This type of fund tends to invest in a basket of stocks, operated by experienced fund managers, if you choose the theme direction happens to be the same as the market hotspot, then congratulations, the return is certainly good. But if the stock market is not doing well, the fund is not capital-protected.
The fund is an important source of funds for the stock market, often raising billions of dollars, nearly tens of billions of dollars, huge sums of money into the market will always have some impact. Our ordinary investors do not want to follow the rhythm of the fund "soup" it?
Recently, the public funds basically disclosed the half-yearly report, we can see their position changes revealed how the preferences, review the past, in order to better grasp the future.
First, the second quarter of the fund position to enhance, the proportion of GEM configuration to further enhance
As of the end of the second quarter of 2020, the active biased public equity fund position A rise, including common stock, biased hybrid position enhancement have been raised to more than 80%; flexible allocation of the fund position enhancement is larger, has amounted to 60.54%, a record high since 15 years.
Since last year, we have seen that the GEM ushered in a wave of slow bull. The fund's preference for the GEM is also very obvious, the second quarter continued to reduce the allocation of the main board, increase the allocation of the GEM. As of the end of the second quarter, the proportion of the main board configuration was 54.6%, down 5.3% compared with the first quarter, while the proportion of GEM configuration was 22.4%, up 3.9%. Historically, GEM's allocation ratio exceeded SMB's for the first time.
Second, the second quarter fund favor these industries and individual stocks
At the end of the second quarter, the active biased public equity funds hold the most positions in the industry is the pharmaceutical and biological, electronics, food and beverage, computers, electrical equipment, and media industry.
Some of the industry configuration weighting than the previous period of large changes, such as electronics, pharmaceuticals, etc. to increase the position of more than 1%, while banks, agriculture, forestry, animal husbandry and fisheries, etc. to reduce the position of more than 1%.
From the fund's top 10 positions can also be seen, Guizhou Maotai, Wuliangye, Changchun High-tech, Hengrui medicine and other popular stocks continue to be increased, while Vanke A, Poly Real Estate and other real estate industry stocks were reduced and fell out of the top ten positions. In addition, driven by the island duty-free policy, China CDFG was increased by 17.813 billion yuan, compared with 1.499 billion at the end of the last quarter, a substantial increase, into the top ten of the organization's long position.
Regardless of the results, the second quarter has passed, and future earnings are more important. Domestic active public funds established in the first three weeks of July 184.4 billion yuan, surpassing the entire month of June 138 billion yuan. Once the market or the fund manager's bullish individual stocks or sectors reach the right position, the funds will enter.
What we know now is that the proportion of pharmaceutical and biological and electronic allocations has reached a historical position high, representing a clear institutional bullishness on the industry.
It is said that overweight + hold should be a little vigilant, but from the performance support, as well as the new fund reported more than concentrated in the pharmaceutical, consumer and technology, the situation, the fund continued to increase the position in the third quarter may still be very large, just the individual stocks on the adjustment may be a little larger.
Here we start with technology.
Although recently the captain has been said to pay attention to guard against the risk of technology stocks, the U.S. stock disturbances, the release of the KCB board to reduce, pre-profit understanding of the factors can not be ignored, especially in this market high shock market. But can not just look at the immediate, I believe that not many people will feel that A shares have no chance, at least we say the next is a structural market. Then this time technology stocks from the high point fell almost 30% or so, the adjustment is basically in place, technology stocks are still popular stocks. For example, the boom degree has been very high cloud services, games, semiconductor localization, IDC and consumer electronics, will still be the first choice of institutional funds.
Further to the fourth quarter to see, overseas epidemic should be able to further control, and the U.S. election dust settled, geopolitical risk will phase weakened, then security, 5G is expected to usher in the performance improvement and valuation repair opportunities, may be the direction of the fund. And speculation is expected to speculate on the stock, the fund knows more about this.
Next we talk about medicine.
The pharmaceutical industry rose last year, but this year we look again, part of them, such as protective clothing and other medical devices, respirators, etc. because of the epidemic industry fundamentals have changed greatly, and like ophthalmology, dentistry and other specialties of health care, pharmacy chain itself has a relatively strong logic, as well as CRO, vaccines, etc. itself is strong because of the epidemic industry boom further improved. Performance is also quite beatable. The final result is that pharmaceutical stocks have risen, the first half of many pharmaceutical-themed fund returns up to 60% or 70%.
Lastly, we talk about food and beverage.
With the epidemic under effective control, the negative impact on consumer demand should be gradually diminishing, so the entire consumer industry various sub-sectors are in the repair and improvement.
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