Some time ago, someone has been asking the captain why my stock can't outperform the fund. Of course, at this time, we usually talk about active partial stock Public Offering of Fund, which can be divided into three types: common stock type, partial stock mixed type and flexible configuration type.
Such funds tend to invest in a basket of stocks, which are operated by experienced fund managers. If the theme you choose happens to be in the same direction as the hot spots in the market, congratulations, the income will definitely be good. However, if the stock market is not good, the fund will not break even.
Funds are an important source of funds for the stock market. Billions, tens of billions of dollars, and huge amounts of money will always have some impact. Don't we ordinary investors want to have a drink with the rhythm of the fund?
Recently, Public Offering of Fund basically disclosed semi-annual reports. We can see what their preferences are through the change of their positions, and then have a better grasp of the future.
In the first and second quarters, fund positions increased, and the proportion of GEM allocation further increased.
By the end of the second quarter of 2020, A-shares of active partial-share Public Offering of Fund positions have all increased, and the mixed positions of common shares and partial-share positions have all increased to over 80%; The positions of flexible allocation funds increased significantly, reaching 60.54%, a new high since 15.
Since last year, we have seen a wave of slow cattle on the GEM. The fund's preference for GEM is also very obvious. In the second quarter, we continued to reduce the configuration of the main board and increase the configuration of the Growth Enterprise Market. By the end of the second quarter, the motherboard configuration ratio was 54.6%, down 5.3% from the first quarter. The proportion of GEM allocation was 22.4%, up 3.9% from the previous month. For the first time in history, the proportion of GEM allocation exceeded that of small and medium-sized board.
In the second and second quarters, the fund preferred these industries and individual stocks.
At the end of the second quarter, the industries with the largest public positions of active partial stock funds were pharmaceutical biology, electronics, food and beverage, computers, electrical equipment and media.
The allocation weights of some industries have changed greatly compared with the previous period, such as electronics and medicine, which increased their positions by more than 1%, while banks, agriculture, forestry, animal husbandry and fishery reduced their positions by more than 1%.
It can also be seen from the top 10 stocks of the Fund that active stock such as Kweichow Moutai, Wuliangye, Changchun Gaoxin and Hengrui Pharma continued to be overweight, while real estate stocks such as Vanke A and Poly Real Estate were underweight and fell out of the top ten stocks. In addition, driven by the tax exemption policy for outlying islands, the award-winning institutions in Bao Zhong, China increased their holdings by 654.38+078./kloc-0.3 billion yuan, a substantial increase from 654.38+049.9 billion yuan at the end of last season, and entered the top ten institutions.
Regardless of the outcome, the second quarter has passed, and future earnings are more important. The scale of the active Public Offering of Fund established in China in the first three weeks of July was 654.38+084.4 billion yuan, which was higher than that in June. Once the stock or plate that the market or fund manager is optimistic about reaches the right position, the funds will enter the market.
What we know now is that the allocation ratio of medical biology and electronics has reached a historical high, which represents the institution's clear optimism about the industry.
Supposedly, we should be wary of over-matching+overweight. However, judging from the performance support and the fact that the new fund reports are mostly concentrated in the sectors of medicine, consumption and technology, it is very likely that the fund will continue to increase its positions in the third quarter, but the adjustment of individual stocks may be even greater.
Let's talk about technology first here.
Although the captain has been saying that we should pay attention to guard against the risks of technology stocks recently, the disturbance of US stocks, science and technology innovation board's lifting of the ban and reducing its holdings, and the understanding of previous profits can not be ignored, especially in this highly volatile market. But you can't just look at the present. I believe that not many people will think that A shares have no chance. At least we say that the next step is the structural market. Then if the technology stocks fall by about 30% from the high point and the adjustment is basically in place, the technology stocks will definitely be popular. For example, cloud services, games, semiconductor localization, IDC and consumer electronics, which have been highly prosperous, will still be the first choice for institutional funds.
Looking at the fourth quarter, the overseas epidemic should be further controlled, and geopolitical risks will gradually weaken after the dust settles in the US election. Then security and 5G are expected to usher in opportunities for performance improvement and valuation repair, which may be the direction of the fund. Speculation in the stock market is expected, and funds know this better.
Next, medicine.
The pharmaceutical industry rose very well last year, but this year we will see some of them, such as protective clothing and other medical devices and ventilators, because the fundamentals of the epidemic industry have changed a lot, while specialized medical services such as ophthalmology and dentistry and chain pharmacies have strong logic, as well as CRO and vaccines, because the prosperity of the epidemic industry has further improved and the performance is quite good. As a result, pharmaceutical stocks have risen, and many medical theme funds have a yield of 60% to 70% in the first half of the year.
Finally, talk about diet.
With the effective control of the epidemic, the negative impact on consumer demand should be gradually reduced, so all sub-sectors of the entire consumer industry are in the process of repair and improvement.
Risk warning: The content is for reference only. Please make your own decision at your own risk. Investment is risky, so be careful when entering the market!