Tan, manager of Southern Preferred Value Equity Fund and Southern High Growth Fund, explained that this rumor has certain emotional expression, but it is not the case.
"Fund managers have no such motivation. What the fund manager does here is more position adjustment, which is the daily work of the fund manager. Take Nanyou as an example. Between 6000 and 3000 points, the difference from the original position is less than five points, and the current stock position is stable at a high level. You may want fund managers to short at 6,000 points and Man Cang to short at 3,000 points. However, for the management of Public Offering of Fund, it is difficult to judge the market positioning, and it lacks maneuverability. High throwing and low sucking is not a reproducible profit model. This judgment is right, but it may not be right next time. The most important thing for Public Offering of Fund is to judge the company's value through financial analysis and get an accurate value range. "
Tan said that since the first quarter, Nanyou has maintained a high stock position, and its net value has suffered a certain loss, but it is confident that it will recover its net loss in the next time. In the next fund investment, he will not change the operation style of the fund, and the stock position will not change much, but focus on structural adjustment and stock selection.
Some investors are worried that the fund's recent rebound can't catch up with the broader market. Tan said that the fund's stock position is impossible, so it performs better than the broader market during the decline and will be lower than the broader market during the rise. And the wave of 3000-3600 points is an oversold rebound. Many oversold and rebounding stocks actually have relatively big hidden dangers in fundamentals, and the fund allocation is generally low. Therefore, in terms of oversold rebound, the fund can't run the market. Investors can't ask the fund to outperform the market every day, which will put a lot of pressure on the fund. The investment idea of the fund is not changing every day, but a good investment strategy is formulated according to the market development trend.
Tan is still optimistic about the future A-share market. He said that the pressure on market funds caused by lifting the ban and refinancing has also improved. On the one hand, after the peak of lifting the ban in February and March, the pressure of lifting the ban in the second quarter has been greatly eased. Statistics also show that lifting the ban does not mean reducing holdings. Judging from the non-reduction behavior that has obtained the circulation right, less than 10% of the tradable shares are actually reduced, while more than 70% of the unrestricted shares in the A-share market are state-owned. It is believed that the government departments will carry out the circulation and disposal of these shares under the premise of considering market stability, and the impact on the market will not be too great.