The main feature of middle allocation is to grasp the market pulse, which is between top-down macro allocation and bottom-up stock selection.
The meso-configuration style combines the judgment of the company's prosperity and the investment idea of industry rotation, trying to strike a balance between the macro-economic background and the value of micro-listed companies.
The meso-configuration style not only hopes to conform to the changes in the industrial cycle, but also hopes to carry out some diversified industrial layouts to capture more high-quality targets.
Compared with the balanced style, although there are scattered layouts in different industries, the middle configuration style is obviously higher in industry concentration, because this style does not like to participate too much in the layout of industries in trouble. Generally speaking, the concentration of shares in the middle allocation style is relatively low, similar to the balanced style, but it pays attention to industry rotation, so the turnover rate is relatively high. This aspect is a little different from the balanced style.
The intermediate distribution mode has good adaptability. Although the current A-share and industry rotation effect is weakening, in a certain period of time, there are often two or three industries that are the focus of attention. This style will be concerned by the market, and it is expected that the companies concerned by the market will embrace it and achieve certain industry rotation effect.
The representative fund with medium allocation style is the cultural and sports industry of ICBC Credit Suisse in Fiona Fang. From the perspective of industrial layout, Fiona Fang has grasped the two main lines of consumption and technology. The consumer industry began to boom from 20 16, and the technology industry re-entered the boom cycle from 20 18. The two industries have a certain seesaw effect.