The fund group's share price plummeted by 50%
These days, A shares are very coquettish, which smacks of "killing Matt" market.
How much does it mean? Bojie sent a circle of friends to everyone yesterday. It is a day to kill a white horse stock, commonly known as "killing Matt" market.
From the market point of view, the overall performance of A shares today is OK. At least your eyes are red when you look at them.
China, the white horse who was killed yesterday, won the lottery. It closed up more than 8% today.
But the rhythm of killing a white horse to sacrifice to heaven remains the same. Today it's body double, and body double's voice is even louder.
Today, it's Hengrui Pharma's turn to kill the white horse. In the afternoon, Hengrui Pharma plunged more than 7% in intraday trading. There is also a vaccine stock, Kangxinuo, which also plunged more than 13% in early trading. In addition, it also dragged down some other pharmaceutical stocks.
This white horse city killed some people who bought white horse stocks before the holiday and began to be down to earth. "I don't want to quit my job and speculate in stocks. I just want to contribute to socialist construction quietly and honestly ..."
Who will be killed tomorrow after today's Hengrui?
In fact, there are already many fund positions.
Let me give you a few simple examples for you to feel.
Sunshine Power's share price dropped from the highest 122. 18 yuan on February 25th this year to the lowest 60.90 yuan on March 25th, and its share price halved for more than 0 months.
SF Holdings dropped from the highest price of 124.70 yuan on February 8 this year to today's closing price of 64.4 yuan. In less than two months, its share price halved.
In addition, Luxshare, Aimeike, Arowana and other funds hold shares.
Worryingly, there are still more funds holding shares to the waist. Since the holiday, Sister Bo has made a list of positions falling for everyone. It can be seen that many funds holding stocks have fallen by more than 30%.
What should fund investment do in the face of the sharp decline in fund shareholding? Sister Bo, let me analyze it with you from these angles.
Information has a certain lag.
Some small partners saw the fund's shareholding plummet, and they were very scared and worried about the fund they bought. In fact, there is a certain lag in information, and the fund manager may have reduced or even adjusted his position.
For example, Dong once told the case of directional blasting.
These days, some netizens posted on the Internet, saying that Dong Chongcang's stock was blasted at a fixed point. For example, Zijin Mining, Sanan Optoelectronics, Sany Heavy Industry, SF Holdings, Meinian Health, Yonghui Supermarket and AVIC Shen Fei were all hammered out, which had a great impact on performance.
But in fact, the net value of Xingquan trend has little effect.
The net retracement is much smaller than the retracement of heavy stocks, which stems from Dong's early lightening.
As early as June 25 this year, when it was 65,438+,Dong said that the market had been divorced from the fundamentals and was pessimistic about 202 1 the whole year.
Dong also revealed that he once entered a defensive style of play. "Basically, he closed himself up, and the sellers and internal researchers did not listen, and entered an extremely closed state. I sell stocks according to my own ideas every day. "
Judging from the follow-up market performance, since the Spring Festival of the Year of the Ox, the group stocks with eye-catching performance in the previous period have plummeted, but Dong has greatly reduced the losses by lowering his position and adjusting his position in advance.
There are not a few fund managers who have this operation.
Don't focus too much on the products of a single fund company.
This round of killing the white horse and worshipping the sky, and even many previous single stocks exploded, often there will be a phenomenon: the products of fund companies are piled up to buy.
As a result, once you step on the thunder, your products will be thundered intensively.
Far away, just look at SF Holdings. SF Holdings, which is known as the "Mao" of express delivery, had a thunderous performance in the first quarter, with a loss of 9- 1 1 billion.
As a result, last Friday, SF Holdings directly fell, and Chairman Wang Wei came out to apologize, saying that the loss was to expand market share and the short-term expenses caused by capital expenditure increased. And stressed that there will definitely be no more losses in the second quarter, but it is difficult to return to last year's performance level this year.
Perhaps Wang Wei was too sincere and the market accepted his apology. On Monday, SF had another daily limit. In just a few days, I was hammered by more than 20%.
Since the holiday, SF's share price has almost halved.
Judging from the annual report, SF Holdings holds the highest share of the Bank of Communications Schroeder Fund, holding 93.85 million shares. The total stock market value is 8.26 billion.
Therefore, in this performance black swan, it has a great impact on the Bank of Communications Schroeder Fund.
Among them, the representative fund of "Three Musketeers of Bank of Communications" holds SF Holdings in a heavy position.
Bank of Communications New Growth Mix managed by Chong Wang and Bank of Communications New Vitality managed by Yang Hao both held more than 9.5% shares in SF Express in the fourth quarter, which were the first and second largest positions of the fund respectively. Among the advantageous industries of Bank of Communications managed by He Shuai, SF is the fifth largest awkward stock.
In terms of breakdown, the new growth mix of Bank of Communications and the new vitality of Bank of Communications are a bit miserable, and the net value of the fund is greatly affected, with a cumulative decline of about 5%.
We can understand that fund companies operate like this.
After all, the research team of the same fund company is basically used by * * *, and the stock pool is basically the same. In this way, the fund managers' heavy positions are easy to overlap, such as the fund of Bank of Communications Schroeder's heavy position in SF, and the fund of E Fund's heavy position in liquor.
However, for our citizens, if the fund portfolio is all owned by one company, it may be for this reason that the risks cannot be effectively dispersed. I met some risky events and the company exploded, so I buried myself.
Kill performance and logic? Or kill the valuation?
Judging from the intensive decline in fund holdings, the white horse stocks that have collapsed have at least one of the following two characteristics:
Kill the performance. Due to the high price increase in the previous period, the performance expectation was overdrawn. After the performance is announced, kill the performance.
Kill the valuation. The valuation is relatively high. When the market expects funds to tighten, institutions will sell their positions and stifle valuation.
In fact, the recent frequent collapse of group stocks has such a * * * same feature, that is, high valuation. Bo Jie checked, and now there are 42 companies with a market value of over 100 billion and a price-earnings ratio of over 50 times.
The real reason may still be to kill the valuation. No matter the performance is good or bad, killing first is an indiscriminate attack.
How to subdivide and distinguish? This will soon become the fund's quarterly report.
After the disclosure of the fund's first quarterly report, we can look at the fund's heavy stocks and decide whether to kill performance and logic (SF) or valuation (China Zhong Mian). Then make a different decision.
Looking at SF Holdings first is an obvious performance explosion.
SF Holdings expects a loss of 900 million-11million in the first quarter. Coupled with the extremely rabbit stirring the rivers and lakes, the price war in the express delivery industry has intensified. The market is very controversial about SF, which belongs to killing performance and logic.
Look at China and Zhong Mian, which belongs to the valuation. The performance was slightly lower than market expectations. After the results were announced, the stock price rebounded quickly today.
If the fund's heavyweights have more performance and logic, we will relax. According to your risk preference, you can take profit and stop loss in some fund positions or slow down the pace of fixed investment.
In terms of valuation, even if these holdings are significantly adjusted back after the holiday, the valuation is still not low. But in the long run, they are still the backbone of the cycle, so the slow-paced fixed investment is a weapon to dilute the cost of positions and reduce fluctuations.
In addition, when investing in funds, you can also join some value-oriented fund managers. Sister Bo will also analyze some value veterans with you later. Remember to follow up on Sister Bo's analysis.
Of course, you can also hand it over to fund managers for professional care, control the fund's position, make solid investments, and be happy. In the long run, high-quality fund managers will continue to hit new highs.
Risk warning The views in this article are for reference only and do not constitute any investment suggestions and commitments. The fund is risky and needs to be cautious in investment.