New Fund Position Building Under A-Share Shock

Since July, the new fund has been selling well and the amount of money has been booming. At this time, the bull market is still in the end of two times?

New funds are placed at a crossroads, fund managers are faced with the dilemma of whether to build positions and how to build positions.

According to the 21st century economic report, some new funds have begun to build positions, while some new funds are still dormant and waiting for opportunities. Fund managers are also interested in different directions, some choose technology, consumer, some choose undervalued cycle stocks, bank stocks and so on.

New fund blowout

Since July, A-share has opened a round of fast bull market, but the market has also experienced two sharp falls. The Shanghai Composite Index fell 4.5% on July 16 and 3.86% on July 24.

However, the issuance of public funds is still hot.

According to wind statistics, among the active equity funds issued in the same period, Penghua made great efforts to select and sell 137.1 billion yuan a day. The average sales value of core funds such as Zhongrui and Huipeng were RMB 32.6 billion, respectively, which exceeded RMB 20.6 billion.

Further, wind data shows that as of July 27, a total of 898 new funds have been issued this year, with a total number of 1.36 trillion shares, a record for the same period.

Since July, the issuance of new funds has accelerated further. Since July alone, 145 new funds have been issued, totaling 315.6 billion shares. Among them, there are 78 active equity funds (partial stock mixed type + common stock type), with 191.7 billion shares issued.

Among the active equity funds that have been issued in July, four have raised targets of 30 billion, one of which is 20 billion, two are between 10 billion and 20 billion, and seven are between 5 billion and 10 billion.

Not only is the public offering fund issuing rapidly, according to the reporter's understanding, a large number of private funds have also established new funds recently.

"Since the structural market started in the early 2019, more and more funds have indeed chosen to invest in the stock market through funds." Zhuang Hongdong, founder and fund manager of cheese fund, said, "but compared with 2019, we feel that incremental funds have entered the market at a relatively stable growth rate, and have not skyrocketed."

Hu Po, the future star fund manager of private placement network, also said, "we have analyzed the issuance situation of funds this year. In our opinion, it is more a kind of behavior of buying new funds to redeem old funds, and the incremental funds are not obvious."

In progress

A large number of new funds are in the building period.

"Some of the previously issued funds have completed their positions, but most of the new funds have not built positions." Yang Delong, chief economist of Qianhai open source fund, said.

Since July, a shares have experienced one round of unilateral rise and two big falls.

In this context, the new fund managers have different positions.

Judging from the net value data, some new funds have quickly established positions. For example, the net value of the company fell to RMB 967.0% on the day of its establishment, which was RMB 967.0% on the day of its establishment.

"We have recently launched new products. Due to the cautious and optimistic attitude towards the future market, we have started to build positions in batches, mainly involving banks, household appliances, real estate and other sectors with reasonable valuation. When good prices appear, we will allocate them. " Zhuang Hongdong said.

However, the basic net value of most active equity funds established in July has not changed much, and it is estimated that the general speed of building positions is not fast. This may mean that they may have missed both a one-way bull rally in July and two big falls in July.

For example, the two funds, huitianfu zhongpan value selection a and Penghua ingenuity selection a, which have raised 30 billion yuan, have the latest net values of 0.9917 yuan and 0.9888 yuan respectively.

"We have recently launched fund products, but we have not yet established a position. We want to wait until the beginning of August or the middle of August. That time point may be the end of emotional release, and we will prepare to add some warehouses at that time Said Zhao Lisong, chairman of shangdegu investment.

"After going through a big fall, the general rule is that the market stabilizes first, does not rebound quickly, and runs at a low level for a period of time. I feel that it's no longer meaningful to reduce positions in this position. Don't be too anxious to increase positions. Let's first look at the short-term sentiment of the market. When the market sentiment or trading volume shrinks to a certain amount, we can consider adding positions appropriately. " Zhao Lisong said.

As for the direction of Jiancang and jiacang, Zhao Lisong said, "this year we are still optimistic about technology stocks. For cyclical stocks, it's just a simple or low position configuration. Although impacted by the external political and economic environment, the main direction of China's economic transformation is still science and technology as the guide, and individual stocks in this area will surely come out. Therefore, we actively allocate technology stocks such as 5g chips and consumer electronics. " Zhao Lisong said.

"At present, the new foundation continues to make comprehensive choices in science and technology, consumption, medical treatment, cycle and finance. The relative profitability of science and technology, medicine and consumption still has advantages, but the valuation is relatively high. Fund managers will constantly weigh the balance between profit realization and valuation. Cyclical finance belongs to the pro cyclical sector, and the current economic fundamentals are gradually picking up, and these sectors have the opportunity of valuation repair However, it is difficult to go up sharply. The potential of individual stocks in the cycle plate with strong performance growth is greater, and it is also the target of institutional funds in the second half of the year, such as "cyclical growth stocks" in construction materials, mechanical equipment, electrical equipment, chemical industry, automobile and other sectors. " Zhang Ting, a senior Macro Analyst at GESHANG wealth, said.

After a period of time, Hu's position in the market and the value of the fund were adjusted again.