0521 main body movement
The new fund or collective short position since the current round of crash unscathed
Since mid-April, this one Shenfudiaozheng has lasted over a month, during which
most of the new fund set up short positions, or wet storage is still wait and see, and
did not rush to bargain-hunting approach. Under the systemic risk is watching this
carefully so the new fund escaped the crash.
Statistics show that as of week 3, since April 15 since the beginning of the Japanese
round of the crash, a total of 13 partial shares of open-ended fund established and
maintained at a recent net or near a location, including 5 funds 1 per net , 5 fund net
change was less than 1%.
Whether the stock market investment targets, in the small cap, or overseas markets,
new funds wait and see generally chose short positions. April 28 in the small cap
established Nohain selection, May 19 1 per net; April 29 Cathay Pacific set up the net
Nasdaq 100,5 19 to 1 yuan; April 23 set up TEDA evidence of wealth in the broader
market, Manulife, May 19, at 1 net dollars at a time when the three-month period has
passed almost a month Jiancang.
The systemic risk that the market can not be new funds, cautiously waiting to see is
the best choice at the moment. As JP Morgan economist Frank Gong, chief China said,
the current market, technology has little significance on the &quot;oversold
bounce&quot; and &quot;request&quot; again strong, but also no
match for the power of word or two bad policy, which is usually that the systemic risk.
Short-term, systemic risk to the broader market because the situation was reversed,
increasing the uncertainty of the future, short positions are still patiently waiting for
the situation clear.
The early drop in the round before the new fund had already been annihilated
Jiancang, the latest net worth were dropped under par. In the first quarter a total of 20
partial shares of open-ended fund was established as May 19, the average loss rate of
Loss of a significant reduction in index funds, in February established the value of
application 10000 Paris, Shanghai and Shenzhen 300, 500 Peng central card, Bauhinia
China Securities 100 losses are more than 15%, in March formed in the range of
marine license has reached 50 losses in 13 %.
But in the small cap fund, QDII has demonstrated a strong defensive, February 10
small cap fund set up by Prudential in the loss of only 1.3% currently, farmers in the
small cap silver Agricole 2.3% since the establishment of loss, loss of two global
resources investment %, in January the establishment of the Asian selection of
easy-Fonda loss of 5.1%.
April 15 with the Shanghai Composite Index has dropped nearly 20% compared to,
MSCI Asia Pacific Index from April 15th of the year highs of 11%, while major
investment in Australia, Canada, South America and other regions the concept of
pan-resources Merchants global resources, but also better to avoid systemic risk in the
Fidelity fund&#39;s chief investment officer, said Huang Xiaojian, director of
equity investments, structural adjustment that the market will run through the year
2010, therefore, shareholding structure and how to optimize the selection of
individual stocks, will replace the position control of a decision to fund this
year&#39;s rate of return key variables.
In his view, the core investment performance of listed companies to put up judging
the trend, but not &quot;new&quot; industry be able to develop a big
business, but the potentials of a great Zhi You &quot;new&quot; birth of the
industry heavyweight&#39;s possible large enterprises.
Agricultural Bank of China and small cap fund managers Hao Bing believes that the
market is worried about a series of previous negative expectations have gradually
realized, the medium and long term, if the macro is still in tightening phase and did
not show substantial changes in the vibration pattern to maintain cases, the structural
differentiation phenomenon will be exacerbated.
Broker finance 24% survived the first quarter fell to lighten up than the top ten
Since entering in April, A shares suddenly a wave of violent fall. From April 15 to
adjust the beginning stock index has fallen to 18.07%. As a sudden and violent decline,
many investors and even institutions have no time to lighten up on them has been
profoundly. The brokerage set of financial products have the foresight to significantly
lighten up in the first quarter 24.48% over the same period, government-raised funds
to lighten up only 2% -3%. Compared with government-raised funds, the broker in the
first quarter of fiscal collection lighten escaped round the sharp drop. According to
statistics, in a bear market, brokers are often able to outperform a collection of
financial management and government-raised funds, and the present set of financial
products Awkwardness broker smallest decline of only 3.12%.
Repeatedly over the tape, government-raised funds
And funds, financial products than a collection of financial product brokerage revenue
to, this is the most investor interest. Take the 2008 bear market point of view, a
collection of financial products and fund brokerage compared to the bear market
defensive better, outperforming the broader market in general and government-raised
The first quarter of 2010, 25 major investment in bonds, money market brokers
limited set of financial products, and achieved an average positive return of 2.06%.
Tumbled 5.13% over the same period, the average drop-raised funds are generally
more than 3%.
Into April, the CSI 300 fell into the fast channel, only a short half time in Shanghai
and Shenzhen 300 Index fell almost 10%. Overall, in April the CSI 300 fell 8.32% on
average. Mixed Public-partial stock funds fell 4.10%, while the collection of financial
product brokerage overall decline was 1.84%, again over the tape and the public
offering partial shares mixed funds.
Crazy Chinese shares by equipment sector reluctant sellers
Following the second quarter of 2009, three quarters of continuous Masukura fourth
quarter, the broker set of financial products in the first quarter of 2010, a sharp
reduction of operation. Market value of its holdings to 19.163 billion yuan, compared
with the fourth quarter of 2009, 25.376 billion yuan, 6.213 billion yuan less, reducing
the range of 24.48%. Cumulative decline in the first quarter compared to 5.13%
Shanghai Composite Index, a collection of financial product brokerage operation
presents a substantial reduction. Set of financial products broker the first quarter of
2010, a total of 118,452.65 million shares, compared with the fourth quarter of 2009,
157,990.54 shares, reducing 39,537.89 million, reducing the range of 25.03%.
Set of financial products broker the first quarter of 2010, only a few holdings reached
366, compared with the fourth quarter of 2009, 475, 109 decrease, reducing the range
of 22.95%. Reduction of number of shares was 100, compared with the fourth quarter
of 2009, 85, more than 15, the highest level in history. New shares were sharply down
to 152, far less than the fourth quarter of 2009, 304. Shows a collection of financial
products broker for the second quarter, while pessimistic about the market and
actively lighten up, adjusting positions.
Among them, the machinery and equipment as lighten powerhouse, a total reduction
of 13 individual stocks, market value of 30.63%. Reduction of biological
pharmaceutical companies were the proportion of small, 34 companies declined by
only four, reducing the market value of the range of 11.48%, of which red medicine
(300 026), Guilin Sanjin (002 275), Section bloom species (002 022 ), CR 39
(000,999), North China Pharmaceutical (600 812), Fosun Pharmaceutical (600 196),
health yuan (600 380) was also overweight.
Awkwardness of the smallest decline only 3.21%
Significantly lighten up in the first quarter, but also some set of financial stocks by
brokerage firms favor. The first quarter, brokerage accounts set of financial products
distribution holding the highest proportion of A shares before the stock control disk
ratio of 10 are more than 3%. Among them, UOB shares (002,236), Huangshan
Tourism (600 054), Guilin Tourism (000 978), Emei Shan A, Zhong Ke San Huan
(000 970) is overweight, the South China Sea development (600,323), East Harmony
shares (600,114), Handsome vinegar industry (600 305), Alexander Walter (000 915)
are being New Jiancang, Wei Hua shares (002,240) were underweight. Overseas stock
holdings highest, reaching 9.45%, also the highest proportion of holdings, holdings of
the first quarter of 2.60%, respectively, CITIC Financial shareholders side 2, a
collection of asset management plans, CITIC Securities (600 030) preferred growth
cornucopia subset asset management plan, CITIC Securities shares a collection of
assets, debt management plan a win-win, return a collection of CITIC Securities
sound asset management plan. And the fourth quarter of 2009 compared to UOB
shares, Wei Hua shares of the two to maintain &quot;top ten&quot; position.
Overall, financial product brokerage stocks favored by the tendency of tourism
In addition, on April 15 in the broader market took a significant adjustment since the
Shanghai stock market dropped as much as 18.07%, but the broker collective
financing most of the top 10 stocks outperformed the broader market, which fell
Zhong Ke San Huan only 3.21%, a decline in the smallest stocks . The highest
positions while UOB fell by only 11.45 percent of shares, yesterday is gone against
the tide rose 3.54%, while a technical rebound in the broader market in a few days ago,
the stock also is a leader in gesture, the first to the rebound. For example: May 13
stock index rallied 2.06%, the stock rose 9.89%.
Set of financial products broker in the first quarter over the previous ten holdings
Code Name equity ratio (%) change in the ratio (%)
002236.SZ 9.45 2.60 UOB shares
600323.SH 8.97 New development of the South China Sea
600114.SH East 8.34 shares of New Harmony
600054.SH Huangshan 5.53 2.21
000978.SZ 4.81 1.21 Tourism
600305.SH Hengshuncuye 4.64 New
002240.SZ Wei Hua shares 4.00 -0.19
000915.SZ 3.80 New Alexander Walter
000888.SZ Emeishan A 3.69 0.74
000970.SZ Zhong Ke San Huan 3.53 1.79
Bear market funds fell to the level position to judge the market outlook is difficult to
reconcile the differences
Market crash, the stock position to be exposed to the Fund. 2 quarters, the proportion
of partial shares of funds holding a substantial reduction to 2008 &quot;bear
market&quot; level, was unexpected. 2500 line, A shares will continue to hit new
lows, or has entered the bottoms phase, fund managers differ greatly.
Positions down to &quot;bear market&quot; level
Market &quot;stumble endlessly&quot; Fund the flow, &quot;lighten
up&quot; as the main tone. However, the partial stake in a substantial stock
holdings of funds to the 2008 &quot;bear market&quot; level, it was
According to estimates Guoxin Securities, the decrease in market value excluding
factors as ownership, the one end of the quarter to May 17 for a half or so, the
direction of fund holdings of stocks are in decline in the proportion of 7 percentage
Among them, the open-side stock funds (non-index type) significantly reduced its
stake, fell to 7.05 percentage points to 68.66 percent. Among them, the open-ended
equity fund positions decreased 7.45 percentage points to 73.71%; open positions
hybrid funds decreased 6.71 percentage points to 62.3%.
It is noteworthy, if not removed as a result of holding the market index fell shrinking
factor, open partial stock-based fund&#39;s top holdings have dropped by 10%
Guoxin Securities believes that the above data show that the broader market in April
continued to drop in mid-process, the open-side stock funds have taken the initiative
to lighten up the operation strategy. So significant to lighten up, that the market
outlook, fund managers remain more cautious.
A shares into the bottoms phase?
2500 line, for pre-sentence market outlook, the fund is still large differences. Is to
continue to hit new lows, or has entered the bottoms phase, the views of fund
managers is difficult to &quot;reconcile.&quot;
Harvest Fund believes that the vicinity of 2600 and the dynamic price-earnings ratio
of Shanghai and Shenzhen 300 Index has been basically with 1000 points in 2005,
2008, 1664 point integration, the corresponding dynamic price-earnings ratio is 13
times. Therefore, the present stage to the bottom of the region, due to regulatory
policies still continue, so also do not see the systematic increase in opportunities, but
significant, structural opportunities have gradually flash, which the new fund to a
more leisurely Jiancang opportunities.
Chinese businessmen who fund investment research, also said the recent adjustments
in tape released after a large number of systemic risks, at present, the investment
value of many listed companies have emerged in the adjustment, some companies and
industry fundamentals have not changed the fundamentals of companies concern
when the callback, it is perhaps now a good time Jiancang such companies.