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Original title: Fund managers are busy adjusting positions and balanced allocations in the mainstream.
● Our reporter Zhang Shulin and Li Huimin
“Recently, I can’t stand it. I’ve been up for two days in a row. I just ran in, but when I fell, I started slapping myself again. When I wanted to run, I would come back up and massage myself.”, And it was repeated. I think investors are common this year. Everyone will face this embarrassing situation. ”Li Xin (pseudonym), chairman of a Shenzhen private equity fund, sighed over and over again.
There are many investors who feel the same difficulty as Li Xin. Faced with market fluctuations since the beginning of this year, some of them have chosen to lighten their positions, and others have chosen to adjust their positions between sectors, reduce the concentration of industries and individual stocks and adopt a balanced investment strategy.
Reduce industrial concentration and individual stocks
A China Securities News reporter learned that in the context of recent market volatility, many fund managers have made substantial adjustments to their portfolio positions and industry allocations.
A public funds manager who originally had a relatively concentrated position said that under recent market conditions, the current position of individual stocks is clearly diversified. An investment director of a private equity fund in Beijing also said that the current industry concentration allocation is very low and the highest industry is only allocated about 20% of positions. The concentration of individual stocks has also fallen further, and the concentration is widely dispersed. In general, it is about buying stocks with very high security.
Li Xin chose to drastically lighten his position to cope with market fluctuations. “In the last two years, I basically have a full position, and this year it can be reduced from 70% to 80%.” He believes that this year’s stock selection will be more difficult. Under this premise, this year’s position will be lower than last year.
Another public funds manager still maintains a relatively high position trade and has not adjusted the position. “Currently, there is no extreme bubble in the A-share market, so we just need to adjust the position structure and select excellent companies to ensure the long-term performance of the portfolio.” He believes that adjusting the portfolio structure is a more effective strategy task than adjusting positions.
Another public fund manager said that since the Spring Festival, there has been no increase or decrease in portfolio positions, but some adjustments have been made in the sector to reduce the sector allocation ratio which has increased in the period. above, and increase the low valuation of the procyclical sector and Hong Kong stocks. He said: “If long-term optimistic sectors and individual stocks become more attractive during the adjustment process, they will consider adding some; at the same time, continue to compare industries and companies, and adjust the investment portfolio by optimizing the risk ratio. return on portfolio “.
The optimistic signal is quietly released
On March 11, A-shares ushered in the long-lost overall market rally, and some bullish signals quietly released. Many tens of billions of star funds chose to adjust the subscription limit at this point.
CEIBS Fund published the announcement of CEIBS Internet Pioneer Mixed Adjustment bulk purchase subscription managed by its fund manager Zhou Yingbo. The announcement stated that to further ensure the stable operation of the Sino-European hybrid Internet Pioneer and safeguard the interests of the fund’s shareholders, the Sino-European fund has decided to adjust large subscriptions, large conversion transfers and regular fixed investment 11, 2021 (inclusive) The transaction limit for, is adjusted from the original 100,000 yuan to 1 million yuan, and the upper limit for large quantity purchases at the direct sales counter is still 50 million yuan.
On the same day, Bank of Communications Kernel Driven Hybrid and Bank of Communications’ new flexible configuration hybrid vitality managed by fund manager Yang Hao also resumed and adjusted large purchases. The BOCOM Kernel Drive Hybrid announcement shows that the Bank of Communications Schroder Fund considered the above restrictions on large purchases (conversion and transfer, regular fixed investment) and the impact on the fund’s asset operations has weakened. In order to meet the investment needs of investors, the large purchase will resume on March 12. Additionally, Bank of Communications New Life’s combination of flexible configurations has also adjusted the large purchase limit. The announcement shows that from March 12, the purchase limit will be adjusted from 100,000 yuan to 1 million yuan.
By the end of 2020, the three China-Europe Internet Pioneer Hybrid funds, Bank of Communications Kernel Driven Hybrid and Bank of Communications New Energy Flexible Allocation Fund have exceeded RMB 10 billion.
Market risk has been fully released
In response to recent market fluctuations, Liu Shiqing, director of the investment department at Minsheng Canada Bank, mainly adopts a structural adjustment strategy, while adjusting positions appropriately. He said that the current main stock risks have not yet been fully released, but some stocks have returned to a fair value range and adopt a strategy of holding and paying attention to these stocks. Throughout the year, the greatest certainty in the stock market continues to be the economic rebound and the improvement in corporate profits.
Zhao Bei, fund manager at ICBC Credit Suisse, believes that some market interpretations have exaggerated the high valuations of the leading stocks, and investor sentiment fluctuates, speeding up the redemption of funds when the market falls. He said the current decline has clearly exceeded the scope of the correction. Driven by irrational emotions, there has been an irrational death. But overall, the current market risks have been fully released.
Xinhua Fund Zhao Qiang said that he is still relatively optimistic about the structural opportunities in the market. Based on the macro combination of economic restoration and rising interest rates, it will be actively implemented in a pro-cyclical direction. The chemical, non-ferrous, light and high-end manufacturing industries can use price increases to hedge liquidity and reinforce valuation suppression. Repair opportunities in the film, aviation, airport and restaurant sectors also deserve active attention. For large consumer sectors that have undergone major adjustments recently, firmly select and hold high-quality leading stocks on sustainable fundamentals.
