Interest in stock allocation has increased significantly.
As of July 18, 28 FOF pension funds, including SDIC UBS Steady Pension Fund, have disclosed their second quarter reports. Compared with the operation of these 28 funds in the first quarter of this year, the pension target fund increased the allocation of stock assets and partial stock funds in the second quarter as a whole.
As the FOF pension fund mainly takes the fund as the investment target, taking the Southern Pension Fund 2035 as an example, more than 80% of the assets of the fund can only be used to invest in other public offering fund shares approved by the China Securities Regulatory Commission according to law; However, it is difficult for the fund to allocate all these funds into stock funds, because the contract also stipulates that the total proportion of funds invested in stocks, stock funds, hybrid funds and commodity funds shall not exceed 60%; The proportion of shares invested in Hong Kong listed stocks shall not exceed 50% of the stock assets.
Due to the above provisions, the FOF fund, the pension object of each fund company, is obviously a product with a very stable investment style and strategy, and will not easily adopt an offensive strategy.
Minsheng Kangning Pension Fund, established in the second quarter of this year, began to actively build positions in the second quarter. According to the report, Minsheng Kangning Pension Target Fund managed by Yu Shanhui, deputy general manager of Minsheng Fund and chairman of investment decision-making committee, bought 600900 (Changjiang Electric Power), 002475 (Lux), 600887 (Yili), 600276 (Hengrui Pharma), 600309 (Wanhua Chemical) and 300253 (Weining Health) in the second quarter.
Yu Shanhui said in the second quarterly report that the Fund fully tapped and grasped the investment opportunities in the equity market, properly allocated and optimized the subdivided assets, and achieved the goal of improving the income of the equity product portfolio and striving to achieve the goal of steady appreciation of the Fund.
Compared with the practice that only the stock position of the pension target fund is zero in the first quarter, the action of the pension target fund under the large fund company can better explain that the interest of the pension target fund in stock assets has increased significantly. In the second quarter of this year, Southern Pension Fund 2035 managed by two fund managers, Huang Jun and Lu, allocated its stock position to 13.89%, but in the first quarter of this year, this fund did not buy any stocks.
According to the second quarterly report of the Fund, the top ten stocks of Southern Pension Fund by the end of the second quarter were 60 13 18 (China * * An), 6005 19 (Kweichow Moutai), 600036 (China Merchants Bank) and 60160. Among them, the position of 60 13 18 (China * * An) accounts for 1.7 1% of the fund's net asset value, and it is also the only stock whose position ratio exceeds 1%.
In the report, the two fund managers stressed that in the long run, equity assets still have good allocation value, and the rise in interest rates and high-grade bond assets has not completely ended. In the future, they will continue to optimize the asset allocation ratio through in-depth analysis of macroeconomics and asset categories.
Actively buy partial stock funds
The pension target fund is FOF fund, and the investment of partial stock funds is also a hot spot in the market. However, in the first quarter of this year, major pension target funds were mainly bond funds when investing in funds. At the end of the second quarter of this year, the risk preference of pension target funds increased significantly, and the investment of partial stock funds increased, indicating that the confidence of pension target funds in the A-share market is gradually increasing.
The change of TEDA Manulife Pension Fund's position in stock funds highlights that fund managers tend to be optimistic about the prospects of A-share market. By the end of the first quarter of this year, pension funds held 73.25% of the fund assets, and as many as seven of the top ten heavyweight funds were bond products, and the largest heavyweight fund was also bond products.
However, by the end of the second quarter of this year, TEDA Manulife and Pension Target Fund had greatly increased the proportion of investment in partial stock funds, and listed the partial stock product Huaan Strategic Optimization Fund as the largest awkward stock fund, while increasing the proportion of investment in other stock funds, so that the proportion of investment funds in fund assets soared from 73.25% to 9 1.08%.
Data of TEDA Manulife Taihe Pension Fund at the end of the second quarter
Take Southern Pension Fund 2035 as an example. At the end of the first quarter of this year, seven of the top ten heavyweight funds were bond funds, while at the end of the second quarter of this year, only five of the top ten heavyweight funds were fixed-income fund products. Southern Pension Fund listed Huitianfu Value Selection Fund under Huitianfu Fund as the third heavyweight fund, and also held Dacheng Optimization Fund and China-Europe Value Discovery Fund.
Undeniably, the background of many pension target funds in the second quarter is the increase of market volatility, which means that fund managers need to see the market more clearly before they dare to lay out risky assets.
Huitianfu Pension Fund 2030 said in the report that in order to cope with the potential uncertainty, some funds have achieved certain benefits. At the beginning of the second quarter, the monetary policy was fine-tuned and the macro-economy weakened, and the stock market retreated, and the fund gradually increased its holdings of equity funds. The deterioration of Sino-US trade war caused a sharp drop in stock assets, which greatly affected the net value of the fund. Nevertheless, based on long-term value investment, it continued to increase its holdings of equity funds during the bottom shock of the stock market. By the end of June, the net value of the fund had been connected.
Fat water sometimes flows into outsiders.
It is worth mentioning that since the pension target fund is a FOF product, the fund assets are mainly buying funds, which will largely reflect the fund manager's recognition of the fund manager. Although many pension target funds are used to listing their own company's fund products as the largest heavyweight funds, there is a strong suspicion that "fat water does not flow outside the field".
According to the report, Huitianfu Pension Fund 2040 and Huaxia Pension Fund 2050 both listed a partial stock fund owned by E Fund as the largest heavyweight fund, which is a small and medium-sized fund managed by Zhang Kun, the star fund manager of E Fund. According to the data, E Fund has managed small and medium-sized funds in Zhang Kun for more than 6 years, with a net growth rate of about 300%.
Huaxia Pension Fund 2050 even allocated 65,438+05.18% of its total net asset value to E Fund. Except E Fund, none of the funds held by Huaxia Pension Fund in 2050 are higher than 10%, and Huaxia Active Partial Stock Fund has not even entered the list of the top five Awkwardness Stock Funds of Huaxia Pension Fund in 2050.
List of Top Ten Awkwardness Funds of Huaxia Pension Target 2050 Fund at the end of the second quarter