Although it is currently a “vacuum” time for the financial reports of listed companies, it is still evident that public fund managers are adjusting their operations in the market through information such as listed company announcements and fund product announcements. For example, Zheng Chengran of GF Fund increased its holdings in Stellar Technology, and Jin Zicai of Caitong Fund continued to increase its holdings in Aonong Biotechnology.
In addition, the fund size data disclosed by public information shows that although the market has adjusted recently, the impact of the fund size is not obvious. In general, the market is still in the stage of continuous grinding, the scale of public funds is basically stable, and fund managers have adjusted their positions to a certain extent.
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On May 11, Stellar Technology released an announcement on the shareholdings of the top ten shareholders and the top ten unrestricted shareholders for share repurchase. As of May 9, GF Xinxiang managed by Zheng Chengran flexibly held 15.7385 million shares of Stellar Technology, ranking the 8th largest shareholder of tradable shares.
Checking the fund’s first quarterly report and the listed company’s first quarterly report, it was found that GF Xinxiang’s flexible allocation mix did not hold a heavy position in Stellar Technology at the end of the first quarter. In other words, from April 1st to May 9th, Zheng Chengran swept up Stellar Technology.
Zheng Chengran is not the only fund manager who has massively increased his holdings of individual stocks. On May 10, Aonong Bio released the results of the non-public issuance of A shares and the announcement of changes in shares. According to the announcement, as of May 6, Caitong Value Momentum Mixed and Caitong Growth Preferred Mixed by fund manager Jin Zicai held 17.0924 million shares and 6.24554 million shares of Aonong Biotech respectively. Compared with the end of the first quarter, the holdings increased by 5.2643 million shares and 155,500 shares respectively.
There are advances and retreats, and there may be “passing by”. On May 7, NavInfo announced the shareholding situation of the top ten shareholders and the top ten unrestricted shareholders in the repurchase of shares, which disclosed the latest position adjustment of Cui Chenlong, a well-known fund manager. According to the announcement, as of April 29, Qianhai Kaiyuan New Economy managed by Cui Chenlong held 45.5201 million shares of NavInfo in a flexible configuration. At the end of the first quarter, the fund held 55.0903 million shares of NavInfo.
The HSBC Jintrust Low-Carbon Pioneer Stock Fund, which appeared in NavInfo’s top ten tradable shares list on May 6, did not appear in the stock’s top ten tradable shareholders list at the end of the first quarter. A reporter from China Securities Journal found that the tenth-ranked current shareholder at the end of the first quarter held 18.0581 million shares. According to a rough estimate, the HSBC Jintrust Low-Carbon Pioneer Equity Fund managed by Lu Bin has increased its holdings of NavInfo by about 1.95 million shares in at least one month. A single stock has witnessed the advance and retreat choices of the two fund managers “passing by each other”.
Fund size is stable
Recently, Industrial Securities Global Fund announced a series of announcements that its fund products participated in the fixed increase of listed companies, revealing the latest scale of products managed by fund managers such as Xie Zhiyu and Qiao Qian.
According to the announcement of some funds under Xingzheng Global Fund investing in the non-public offering of shares of Linglong Tire, Xingquan Social Value Three-Year Holding Mixed, Xingquan and Run Mixed and Xingquan Heyi Mixed (LOF) managed by Xie Zhiyu on April 19. The latest scales are 4.032 billion yuan, 26.042 billion yuan and 19.608 billion yuan. The latest scale of Xingxin Horizon of Housewarming Management and Xingquan Business Model Hybrid (LOF) on April 19 was 12.295 billion yuan and 11.364 billion yuan.
Compared with the data at the end of the first quarter, it is found that the scale of the above fund products is basically stable. It is also a fund product under the China Industrial Securities Global Fund, and passive index fund products have also maintained a stable scale. According to the announcement of the non-public offering of shares of Meiside by the fund products of Industrial Securities Global Fund, the scale of the Xingquan CSI 300 Index (LOF) on April 29 was 4.167 billion yuan and 1.4 billion yuan. At the end of the first quarter, the scale of the two fund products was 4.145 billion yuan and 1.501 billion yuan respectively.
“Although the market has undergone a relatively large adjustment before, the overall application and redemption situation of investors is relatively stable.” A public fund manager said.
Seize the bottom opportunity
Lu Bin believes that if we look at the dimension of one year or longer, the current risk premium is already at a historically high level, and the market has fully reflected factors such as the geopolitical situation and has a high investment value. Growth sectors represented by new energy, semiconductors, medicine, etc. have good long-term development space and growth potential.
Li Jing, fund manager of the public equity investment department of Dongfanghong Asset Management, said that the A-share market is gradually stabilizing. As far as A-share valuations are concerned, from the perspective of the past 10 years, the risk premium of the CSI 800 Index is once again close to a standard deviation range above the average. In March 2020, it is basically the bottom area of the market.
Qiu Dongrong of Zhonggeng Fund expressed a clear point of view that market fluctuations have further enhanced the overall attractiveness of equity assets and made investment more cost-effective. Qiu Dongrong pointed out that there are even some types of equity assets in the market that can meet the conditions of the “impossible triangle”, that is, low asset risk, cheap price valuation and good liquidity, which is a very rare situation. Investors should actively seize the bottom opportunity.