With the gradual disclosure of the second quarter reports of public funds, the second quarter operations of the market-favored pension target fund have also surfaced.

Compared with the first quarter of this year, pension target funds, which are known for their stability, have significantly increased their allocation of equity assets such as stocks and partial stock funds. Stock fund products managed by star fund managers are even more favored by pension target funds.

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Interest in stock allocation has increased significantly. As of July 18, 28 pension FOF funds, including the SDIC UBS Stable Pension Target Fund, have disclosed their second quarter reports. Comparing the operations of these 28 funds in the first quarter of this year, the pension target funds

In the second quarter, the allocation of stock assets and partial stock funds was generally increased.

Since the pension target FOF fund mainly uses funds as investment targets, taking the Southern Pension 2035 Fund as an example, more than 80% of the assets of this fund can only be used to invest in other public fund shares that have been approved by the China Securities Regulatory Commission in accordance with the law; however, it is difficult for the fund to invest this part

The funds are all allocated into stock funds, because the contract also stipulates that the total proportion of the fund's investment in stocks, stock funds, hybrid funds, commodity funds and other types shall not exceed 60%; the proportion invested in the underlying stocks of Hong Kong Stock Connect shall not exceed the stock assets.

50%.

Due to various regulations similar to the above, the pension target FOF funds under various fund companies are obviously products with very stable investment styles and strategies, and will not easily adopt offensive strategies.

Minsheng Kangning Pension Target Fund, which was only established in the second quarter of this year, began to actively build positions in the second quarter.

The report shows that the Minsheng Kangning Pension Target Fund, managed by Yu Shanhui, deputy general manager of Minsheng Fund and chairman of the investment decision-making committee, bought 600900 (Yangtze Electric Power), 002475 (Luxun Precision), 600887 (Yili Shares), 600276 in the second quarter

(Hengrui Medicine), 600309 (Wanhua Chemical), 300253 (Weining Health) and other stocks, the stock position allocated has reached 7%, which is much higher than the 5% of most pension target funds in the first quarter of this year.

situation.

Yu Shanhui said in the second quarter report that the fund fully explores and seizes investment opportunities in the equity market, appropriately allocates and optimizes subdivided assets, achieves the goal of enhancing portfolio returns from equity products, and strives to achieve the fund's goal of stable value-added

position.

Compared with the practice of many pension target funds having zero stock positions in the first quarter, the actions of pension target funds under large fund companies further illustrate that the interest of pension target funds in stock assets has increased significantly, led by Huang Jun and Lu Bingliang.

The Southern Pension 2035 Fund, managed by a fund manager ***, allocated stock positions to 13.89% in the second quarter of this year, while in the first quarter of this year, this fund did not buy any stocks.

The fund's second quarter report shows that the top ten holdings of the Southern Pension Target Fund as of the end of the second quarter are: 601318 (China National Security), 600519 (Kweichow Moutai), 600036 (China Merchants Bank), 601166 (Industrial Bank), 600030 (

CITIC Securities), 600887 (Yili Shares), 600276 (Hengrui Medicine), 601328 (Bank of Communications), 600016 (Minsheng Bank), 600000 (Shanghai Pudong Development Bank).

Among them, the position of 601318 (China *** Security) accounts for 1.71% of the fund’s net asset value, and it is also the only stock with a position ratio of more than 1%.

The two fund managers emphasized in their report that equity assets still have good allocation value in the long term, and the rise in interest rates and high-grade bond assets has not completely ended. In the future, through in-depth analysis of the macro economy and various asset classes,

Maintain continuous optimization of asset allocation ratios.

Actively buy equity-focused funds and pension target funds. As FOF funds, investment in equity-focused funds is also a hot topic in the market. However, in the first quarter of this year, major pension target funds focused on bond funds when investing in funds.

At the end of the second quarter of this year, the risk appetite of pension target funds increased significantly, and they increased their investment in equity funds, showing that the confidence of pension target funds in the A-share market is gradually increasing.

The changes in positions held by TEDA, Manulife and Pension Target Funds in equity funds highlight the fund managers’ optimism about the market outlook for A-shares.

As of the end of the first quarter of this year, the pension target fund held 73.25% of the fund assets. Among the top ten funds with heavy holdings, as many as seven funds are bond products, and the fund with the largest holdings is also a bond product.

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But by the end of the second quarter of this year, TEDA Manulife Taihe Pension Target Fund significantly increased its investment proportion in partial stock funds, ranking the partial stock product Huaan Strategic Select Fund as the largest heavyweight fund, and at the same time increased its investment in other equity funds.

The investment ratio of equity funds has caused the proportion of investment funds in the fund's assets to surge from 73.25% to 91.08%.