Home » Top-flow fund managers have adjusted their positions in advance and revealed important information about the changes in net value. This product is still the main line of increasing positions.

Top-flow fund managers have adjusted their positions in advance and revealed important information about the changes in net value. This product is still the main line of increasing positions.

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Summary

[Top-flow fund managers have revealed important information about changes in net value of positions ahead of schedule]This product is still the main line of increasing positions]The large difference between estimated net value and actual net value may reflect the fact that mainstream funds have already lightened their positions in advance. The fund’s net value data disclosed on the evening of July 27th showed that for many star fund managers with tens of billions of funds under management, the actual net value of the fund under management was quite different from the estimated net value. The actual net value fell far less than that in the A-share market plunge on that day. Estimate the drop in net worth.

The large difference between the estimated net value and the actual net value, or reflects the mainstreamfundThe defense has been lightened up in advance.

Revealed on the evening of July 27Fund net worthThe data shows that for many star fund managers with tens of billions of funds under management, the actual net value of the funds under their management is quite different from the estimated net value. The decline in the actual net value during the A-share market crash that day was much smaller than the estimated net value.

It is worth mentioning that the fund’s second-quarter stock holdings data as of June 30 was just disclosed last week, and the large discrepancy between the estimated net value and actual net value of a batch of star funds may mean that the current fund manager Compared with the fund’s stock position at the end of the second quarter that has just been disclosed, the actual position of the fund has changed a lot.

  Star funds may start defense early

On July 27, the Shanghai and Shenzhen stock markets oscillated violently again.The Shanghai Composite IndexThe decline was as high as 2.49%, and fell below the 3400 mark.Growth Enterprise Market IndexThe number of shares fell even more, with a closing drop of more than 4%. Affected by this, the equity fund stocks generally suffered setbacks, and the net value showed a significant correction. However, there are various signs that a group of star fund managers may have begun to optimize their holdings or reduce their stock positions in advance before the plunge.

Wang Zonghe, a star fund manager with 40 billion funds under management, has one of his main products:Penghua Ingenuity Selection Fund, The estimated net value of the fund fell by 5.44% on July 27, while the actual net value of the fund fell by 4.74% that night. As of the end of the second quarter of this year, the top ten heavy stocks of Penghua Ingenious Selection Fund mainly include Meituan, Tencent,Kweichow MoutaiAier OphthalmologyAnd other varieties.

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Gülen managedChina-Europe Medical and Health FundThis is also roughly the case. The estimated net value of the fund fell 2.42% after the close on July 27, but the actual net value disclosed after the night fell was only 1.69%. In fact, on July 26, the estimated net value of the fund after the plunge that day exceeded 6%, but the actual decline disclosed on the evening of the 26th was only 5%.

The star fund manager of Ruiyuan Fund Fu Pengbo also made a position adjustment with a high probability. He managedRuiyuan Value Growth FundThe estimated net value fell 3.4% on July 27, but the actual net value disclosed on the evening of the 27th fell 2.93%.

In addition, Guikai, with more than 50 billion funds under management, hasHarvest Leading Growth FundAfter the sharp drop on July 27, the estimated net value fell by 3.48%, but the actual net value fell by only 2.08%. In addition, another Harvest Emerging Industry Fund under his management had an estimated net value drop of 3.2% after the plunge on July 27, but the final actual net value drop was 2.19%.

  Market participants believe that the large difference between the estimated net value and the actual net value can reflect to a greater extent the actual position of the fund manager has changed. This also means that the fund manager’s disclosed positions at the end of the second quarter may differ from the actual positions of the current fund.

  Great Wall FundEarlier, it was stated that the net value estimation is based on the fund’s weighted stocks and holding ratios at the end of the latest quarter, position data, etc., to estimate the net value. In practice, fund managers may adjust positions, which may deviate from the actual net value. Active onlyStock baseofIntraday valuationThe large difference between the actual net value and the actual net value often indicates that the fund position is likely to have changed.

  Baotuan stocks are becoming more and more concentrated, and new funds are slow to build positions

It is worth mentioning that the optimization of star fund managers’ positions or core stocks also coincides with the slow opening of new funds to a certain extent.

Fund net value data shows that many super largefund companyOne month after its establishment, the net value of the sub-new fund still stayed near the face value of 1 yuan. Data show that since June, the total scale of equity funds established has exceeded 141.3 billion yuan, including the entire second quarter, and the total scale of new equity funds has reached 320 billion yuan. The low net value of the new fund and the low volatility means that the new fund established earlier is more cautious about the market from a practical perspective.

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And a week before this round of market crash,CITIC SecuritiesA report released also bluntly stated that public funds have begun to be cautious. The report pointed out that the stock of active public offering funds remained cautious. It is estimated that the scale of new active equity public offerings in July will be around 60 billion, a decrease of about 38% from June. For foreign investment, affected by policy expectations and fundamental data disturbances, the fluctuation of northbound funds has been significantly enlarged since July, and the inflow of allocation funds has slowed down, and there has even been a net outflow.

This caution stems from the possible callback risk that fund managers may have on Baotuan stocks. The data shows that in terms of trading structure, the hot sectors leading the rise in this round, including new energy, semiconductors, etc., have accounted for 15.1% of all A shares in turnover since July, which is close to the share of transactions in the “Mao Index” in February this year. Compared with the level, the ratio of GEM from July to the present is as high as 23.4%.The report emphasizes that the market’s trading hotspots are too concentrated, and there are fewer and fewer grouping varieties.SSE 50The dynamic price-to-earnings ratio has reached 5.42, which is the peak of the indicator in the past five years.

  Fund lightening affects short-term stock prices, hard technology is still the main line

The sharp correction for many consecutive days also shows the impact of fund lightening after the excessive concentration of Baotuan stocks.

“As a track for public funds, the fund adjustment operations also have an impact on the stock prices of related companies.” Great Wall Fund took the fund adjustment as one of the factors when interpreting the market decline. Great Wall Fund said that from the perspective of the track, the new energy automobile industry chain has continued to perform strongly in the early stage, has accumulated a wave of gains, and the valuation has risen to a high level. Therefore, it is returning to a reasonable position average when the market is weakening. In addition, overseas funds have intensified their concerns about policy risks; the domestic epidemic has repeatedly led to fluctuations in investor sentiment. At the same time, uncertainties in international relations have also triggered instability in market sentiment and affected the confidence of funds.

  InvescoThe Great Wall Fund believes that in the current domestic credit environment is still declining, business growth factors are more scarce, and in the second half of the year when the base recovers quarter by quarter, the market will pay more attention to the growth of individual stocks and the ability of medium and long-distance running. In the short term, it can focus on listed companies Interim ReportPerformanceDisclosure of the situation, the high level of prosperity, relatively clear industry prospects and relatively long-term growth direction may still be the main opportunities in the future, especially in the direction of technological growth, such as new energy vehicles and semiconductors. In addition, some of the core assets of high-quality assets with large adjustments, solid fundamental logic, and high prosperity, as well as targets in the consumer sector that have a large callback but still have good fundamentals, are also worthy of attention.

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  Morgan StanleyHuaxin Fund said that the continuation of market pessimism is the main reason for the continued decline. At the industrial policy level, the successive implementation of policies such as education double reduction and anti-monopoly has caused uncertainty in the main business operations of companies in some industries, causing market concerns. The severity of the relevant policies has also far exceeded market expectations, causing a continuous blow to the emotional side. Recently, market transactions are more of a decline in risk appetite, market volatility has increased in a crowded trading environment, and investment in style trends is increasing. On the whole, the structure of the stock funds in the market is extremely divergent, combined with the recent pessimistic policy dominance, resulting in a continuous market decline.

The fund pointed out that industrial policy is not the main contradiction, and there is no need to over-interpret it. At present, the market does not have the basis to form a trending market. There is a possibility of downward inertia under short-term sentiment. However, from a long-term perspective, the macro economy remains resilient. Basically, there is still support in the face of the market. In the domestic economy, the target of RRR cuts is mainly to “stabilize credit.” The economic growth in the second half of the year may be stronger than market expectations. Inflation may still rise twice. The tight supply and demand relationship will keep prices of production materials high in the future. Up.

The above-mentioned fund companies believe that as the A-share market system continues to improve and attract institutional and residential funds to continue to enter the market, the trend of micro-funding is improving. Therefore, it is expected that the A-share market may move strongly in the second half of the year. In terms of industries, hard technologies such as new energy, semiconductors, military industry, and high-end manufacturing are still the main lines of the market.

(Article Source:BrokerageChina)

(Original title: What signal? Top-flow fund managers have adjusted their positions in advance and revealed important information about changes in net value. This product is still the main line of increasing positions)

(Editor in charge: DF528)

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