onlinecasinorouletterealmoney| Public funds reduced their positions in the first quarter, but they did not seem to have!

Source: capital Deep submersible

Has the public offering fund reduced its position or not?Onlinecasinorouletterealmoney?

On the surface, this is a mathematical problem, but in fact it is a philosophical problem!

However, the rate of increase and decrease has decreased to less than 1 percentage point, which is almost no performance of reducing positions.

What's more, considering that most of the A-share gains in the first quarter are concentrated in large-cap stocks, public offering funds with diversified holdings are actually facing a pullback of more small-cap stocks.

Is this a reduction of positions?

01

The overall position decreased slightly

According to choice data, by the end of the first quarter of 2024, there were 7709 active stock-biased funds in the market (including common equity funds, stock-biased hybrid funds, balanced hybrid funds and flexible allocation funds; Amax C shares are calculated separately).

Excluding the new funds established after the first quarter of 2024, the average position of active equity funds decreased by 0% compared with the fourth quarter of last year.Onlinecasinorouletterealmoney.68 percentage points, or 85.11%, still maintaining a relatively high position.

Since 2020, active partial public offering funds have basically operated in high positions, and their positions are basically more than 85%, which to a certain extent shows that under the structural market, the demand of public offering funds to adjust the level of positions is on the decline. and more often reflected in the industry configuration structure.

02

The position of the head public offering is different.

From the head public offering point of view, public offering fund is not an one-sided reduction. In the first quarter, five of the top ten public offering funds increased and reduced their positions.

Institutions whose overall positions have increased include Southern Fund, China Merchants Fund, Penghua Fund, Wells Fargo Fund and Huitianfu Fund.

Among them, the most obvious increase is the Southern Fund. The position of the company's active partial stock products increased from 84.42% to 85.33%, and the overall position increased by 0.91 percentage points.

In addition, the average positions of China Merchants Fund, Penghua Fund, Wells Fargo Fund and Huidianfu Fund all increased by more than 0.47 percentage points.

03

Optimists' confidence is growing.

The overall position of the fund managed by Hu Xinwei rose to 91.22% from 90.22% at the end of the fourth quarter; Liu Gesong of Guangfa Fund rose by 1.03% in the first quarter; Xiao Nan of Yi Fangda increased by 1.13% in the first quarter; Zhao Qiu of AgBank Huili increased by 1.60% in the first quarter.

In addition, Zhou Weiwen of CEIBS Fund, Gui Kai of Castrol Fund, Li Xiaoxing of Yinhua Fund and other fund managers have also increased their positions to varying degrees.

Judging from the quarterly results, with the recovery of some fundamental data, the confidence of these fund managers is gradually recovering.

For example, Hu Xinwei judged that "the valuations of many consumer companies already have a certain degree of attractiveness" and "with the adjustment of stock prices, more and more consumer companies have begun to increase their dividends or buybacks to repay shareholders, and the bottom of the value is gradually highlighted. "

Liu Gesong believes that at present, China is in the stage of economic structural change, and industries with China's advantages, clear autonomy and product power are expected to make greater contributions to economic development. the superimposed policy emphasizes and supports the development of new productive forces, and confidence in the follow-up economic structural transformation is gradually enhanced.

04

Centralized distribution of stable dividends, sea chains and resource products

From the perspective of industry configuration, stable dividends, sea chains and resource products are very popular.

Zhou Weiwen said that the first quarter basically maintained the combination at the beginning of the year, relative to the market overweight aquaculture and basic chemical industries, optimistic about excellent companies with long-term value but short-term performance trends frustrated by the prosperity of the industry. It is believed that the profits of these companies are expected to improve significantly in 2024 or even 2025. In addition, he has added growth-related computing power of the AI industry chain, downstream application companies, as well as upstream resource products that benefit from physical and liquidity cycles, and reduced power equipment and electronic stocks with limited upstream space.

Zhao Qiu said that in operation, the first quarter for the fundamentals of the first out of the bottom of the company increased some positions. Its portfolio positions are mainly concentrated in power equipment, new energy, computers, electronics, machinery, military and other high-end manufacturing industries, as well as steady growth, high dividend yield enterprises.

On the whole, Zhao Qiu is still concerned about the direction of "increment": first, the direction of increasing demand brought about by technological progress; second, the direction of going out, mainly focused on new energy; third, the direction of domestic substitution and complement, especially in the high-end manufacturing industry, which is mainly aero-engines and domestic computing; and fourth, the direction of new demand, such as low-altitude economy and AI applications.

The main idea of Xiao Nan's position adjustment in the first quarter is to reduce the valuation level of the portfolio, disperse the risk and income sources of the portfolio, and increase the elasticity of the portfolio to domestic demand. Xiao Nan believes that it is a high probability event that the domestic economy will stabilize and rebound in the future, so while increasing gold jewelry and some sensitive varieties for external needs, it has also increased the allocation of household appliances, food and beverages and other sectors. In addition, Xiao Nan began to look for some companies with large declines and low valuations in Hong Kong stocks, and formed a certain position.

05

Warehouse cutters can hardly be pessimistic.

Among the well-known fund managers, Cui Yulong of Qianhai open source fund, the action of reducing positions is relatively obvious. The funds under its management reduced its positions by an average of 6.89 percentage points in the first quarter.

However, judging from the quarterly report, Cui Yulong is not pessimistic about the future, and he is still firmly optimistic about the investment opportunities around the core thread of the energy revolution in human society.

Cui Qilong said that on the whole, the supply of traditional energy may remain in a tight balance due to many factors, which will accelerate the replacement of new energy, and its performance-to-price ratio will be further improved. There is a high probability that the demand of many industries, including photovoltaic and lithium power, will continue to maintain a high level of growth. Although overseas demand has short-term fluctuations, but based on the above factors, the long-term demand has higher certainty. There is no need to worry too much about the sustainability of global demand. Concerns about short-term overcapacity in some segments are expected to be covered by demand growth for some time to come. In the current position, there is no need to worry too much about the above problems.

In addition, Xie Zhiyu, the Xingsheng Global Fund, said that from the perspective of market style, low valuations and high dividends are still of high concern, while progress in emerging areas is also noteworthy.

Qiu Dongrong said in the first quarterly report that the overall valuation of Hong Kong stocks is basically within the historical 5%, the US bond interest rate is high, the equity risk premium of the Hang Seng Index is also at a historical high, the Hong Kong stocks are very high, and some companies are scarce. The high level of implied return on equity assets corresponds to strategic opportunities, and equity assets should be actively allocated.