Category: Money tips Release Date: 2006-01-25
Source: National Securities Author: Ma Jiaying
Monday crowned the market is welcome, Shanghai stock market gains 60 points once again let us insight into the charm of a bull market. It is believed that many investors at this time a little bit confused because we face a never experienced a market environment, the institutional control of the world era. From the retail age, making age into the era of institutional investors face the new market structure and features, how to adjust your investment strategy? Five times the market characteristics of institutions
1, "28" phenomenon. Domestic investors may feel that "28" pattern is not normal, but in mature markets abroad This is a very common phenomenon. Because, after all, a small number of outstanding shares, and institutional considerations for mobility also strengthened the pursuit of large-cap stocks, and thus form a "28" pattern.
Second, large-cap stocks in popularity. Over the past few years has exposed the structural adjustment of the market to focus investments lack of liquidity problems, but in the value of the stock market is still scarce resource in this environment, the concentration of investment remains the ultimate direction of the market sector, which on the mobility put forward higher requirements. In addition, the institution's strength is the main component of the Fund, in order to deal with the redemption pressures that may arise at any time, also decided in its investment strategy is bound to a high percentage of configuration varieties with good liquidity, which are brought up blue chips in the current market environment, under the absolute position.
Third, the value found in interpretation of short squeeze Quotes. Whether institutional investors or retail investors, the focus is corporate earnings forecasts, that is, growth, and as institutions active involvement of large capitalization stocks, value found in the market gradually became the dominant idea, the idea of a direct role in is the hot spot, and the constant value of the shares are undervalued mining, the value of stock will be constantly digging up in the short squeeze.
4, the game room to bring up individual stocks. The forecast is a helpless, institutions will gradually be marginalized retail times, funds, QFII, the game between the insurance funds, etc., as well as the fund will be intensified within the game, the game pattern for the establishment and the amount of financial strength, as well as differences in investment philosophy will be generated an inter-agency game space, while the stock up or not, or that rises high and low, to a large extent depends on the game space agency, that is, the inter-agency awareness of the deviation. Rise in stock prices is often produced under such bias.
5, the market stabilized, the overall performance improvement. Organizations whose conduct is the allocation of resources will make the market function was the most effective play. Institutions underpinned by a strong R & D capabilities, relying on "Growth + Value" concept focused on investment, to attract capital in the market with good performance and room for growth in the enterprise, in the future exit mechanism mature, underperformance as the company will eventually be eliminated, market as a whole will significantly enhance the performance of the stock market will also be in institutions under the guidance of a mature concept, into the healthy and stable development path.
3 steps to determine the Fund Trends
Data show that the largest institutional investors in the course ought to fund, its market share of 28%, the rest followed: QFII accounted for 4%, 2% of insurance funds, brokerage financial management, brokerage self, social security funds and other institutional funds, Total accounted for 6%. As the largest institutional investors and investment behavior is most similar funds, nearly 30% market share makes it an institutional investment-oriented representation. Therefore, in-depth analysis of the Fund's investment behavior and characteristics, to determine its future investment approach, for retail investors, institutional response to the era of market structure, you can play the role of replication.
No doubt, the Fund continued to Masukura species most likely to be representative of the fund investment in the future direction of the Fund for the continued Masukura behavior of individual stocks is reflected in two major areas, one to hold tradable shares accounted for growth in the second is held by the Fund Number of increase. We intercepted three quarters of this year, the fund holdings data, take the following steps to determine the latest to invest in the fund.
1,2006 years of the third quarter Number of holdings the fund is not less than five, in 2006 the shareholding Number of funds in the 40 below the first quarter of 2006, the number of holdings the fund family in the 30 below. This step determines the selected stock has been more recognition of the fund, but the recent and relatively concentrated ownership.
2,2006 years, three quarters of the outstanding shares held by the Fund accounted for no less than 10%; mid-2006 the outstanding shares held by the Fund accounted for less than 40%; in 2006 a quarter of the outstanding shares held by the Fund accounted for less than 30 %. This step determines the selected stocks are more involved in the fund but also has a large overweight room.
3,2006 a quarter of mid-2006, the third quarter of 2006, the three time periods of the Fund's involvement in Number of increments, and the third quarter of 2006, the outstanding shares held by the Fund proportion is higher than the first quarter of 2006.
Based on the above criteria were selected stocks, the overall look with a wide range of industry representation, forward-looking and relatively low valuation of properties, mainly concentrated in the banking, automobile, pharmaceutical, real estate and consumer plate, electronics and military have also been adopted the materials. We believe that the fund be continued Masukura select varieties, after all the era of retail investors in the sector to grasp the mainstream market, an effective strategy for improving efficiency.
