Category: Money tips Release Date: 2006-04-11
Has a total of 59 funds to disclose third-quarter report, which actively invest in stocks and mixed funds 42, Monetary Fund, 9, the other eight for the bonds, capital preservation, index funds. Through quarterly found that the majority of the third quarter, fund managers generally the right direction in the operation, the four-quarter expectations are not high Quotes on the previous investment strategy of the more profound reflection.
Little change in the fund position
Market trends show that the third quarter, the main Shanghai Composite is basically up, the market rose to 6.91% in the second quarter to drop the main, down to 8.49%, while the comparable average of 39 funds in the third quarter equity position of 69.32%, down 0.37%, the bond position slightly upward from 0.2 to 24.55%. Can be seen that the current position the fund as a whole no significant changes in the relationship with the broader market Change, the Fund's position control there is a certain limitation, of course, this limitation is not caused entirely by the fund managers subjective.
Core assets have been sold
Quarterly Bulletin of the recently released three of the 39 active investment than stocks and hybrid funds Awkwardness of statistics, not difficult to discover the past, the Fund's core assets, has been the traditional large-scale reduction. Ranked by market capitalization by the top 20 largest fund selling Awkwardness of G on the order of Hong Kong, Huaneng Power International, G Baosteel, Wuliangye, Shanghai airport, China Vanke, China Merchants Bank, Shenzhen Chiwan A, CIMC Group, Erie shares, financial Street, the sea is medicine, Zhenhua Port Machinery, China Southern Airlines, Tong Ren Tang, Yutong Bus, Yantai Wanhua, JAC, G Shen energy and Yunnan Baiyao.
Of these 20 stocks (on October 25 closing price shall prevail), three-quarter and second quarter average price of the transaction statistics can be seen, the Fund shares in the third quarter, a large-scale, largely operating in a correct direction .
Table shows that in large-scale reduction of the 20 stocks, a total of 13 stock price is lower than the current average price of its third quarter, the ratio is 65%, in other words, the fund in large-scale reduction, the majority of the stock fell, if the market fell in October, taking into account the main factors that financial experts and funds, 65% of the ratio a bit too low; the average price of these shares in the third quarter, compared with the second quarter, the average price, of which 13 stocks 3 Second-quarter-quarter average price is higher than average, which indicates that the cost position relative to the second quarter, the three most profitable quarter, the fund Awkwardness out, but if taking into account the major increases in the third quarter of the market, key market in the second quarter decreased by factors, operational direction for the accuracy of the fund is still debatable. In addition, despite the sharp sell-off funds in the third quarter of these 20 stocks, but there are 13 higher prices, from a certain extent that the Fund's sell-off does not absolutely lead to lower stock prices.
Obvious effect of band operation
Quarterly Bulletin revealed that three quarters of Anshun Fund 7.26% of the net increase, far higher than the corresponding closed-end funds, the average rise of about 4.80%, mainly due to fund managers through structural adjustment, some of the earlier holdings of higher risk species , as part of the petro-chemical companies, an appropriate increase of the varieties of the configuration of the ratio of anti-cyclical.
Jijinanrui net increase of 7.27 percent in the third quarter, higher than the same period in the Shanghai index gains, as the Fund Quotes in the third quarter, a moderate-band operation, buying shares in the second quarter, a substantial decline in stocks of coal and coal in China there obvious signs of peaking in the time to conduct a sell-off due to steel prices led to reduced production costs of machinery, electrical equipment industry in order to buy stocks mainly, but also according to price fluctuations in moderate-band operation.
Can be seen, only the emphasis on "the flow, when the combination of quality" investment philosophy, can only seize the market opportunities. Buffett places great emphasis on the security value of the proposed investments, that is only in the intrinsic value of the proposed investments are far below market value when the heavy investment. This is the fund managers really worth learning from. (Your opponent on the price of the stock held by the program satisfied? You think a reasonable price should be the right number? - Soon send short �letter to vote! Write "JF01 or JF02", 01 on behalf of "satisfactory", 02 stands for "unsatisfactory." Mobile users sent to 2.9116 million + stock symbol (eg, 2911600600104), China Unicom users send to 9.9016 million + stock code)
Become the basic trend of shrinking
Quarterly Bulletin revealed that the size of the fund, there was greater change in the season, but the Monetary Fund and the Equity Fund or a combination of changes in fund size is different.
9 Monetary Fund, the share of the net increase were six, but the Harvest, the South, Warburg A Monetary Fund, are making a net redemption of shares, the maximum shrink more than 20%. Overall, the comparable nine share of money market funds were 110.8 billion, or 8.26%, and the second quarterly increase in the size of money market funds in stark contrast to 22.55%, showing three-quarter share of the overall expansion of all Monetary Fund, the trend, it has been suspended . The Equity Fund will redeem the majority there, especially in the Shanghai 50ETF, shrink the size of the third quarter were 2.1 billion, the ending balance fell to 6.9 billion copies, drop big surprise.
Diversified investment strategy
Most fund managers believe that the fourth quarter will be relatively stable operation of the market, the market hot spots are becoming diversified, mainly structural adjustment opportunities.
Invesco Great Wall Domestic Demand Growth Fund, that the fourth quarter, the market will maintain a balance city, different types of capital market game will show a diversified pattern of hot spots in the long run, A-share market is at the bottom of a large area.
Noam balanced fund that the fourth quarter, the securities market will be affected by the economic cycle down the stock price of the double impact of reform on the market as a whole there is no fundamental basis for a good fourth quarter, next year will be a good opportunity to make the structural layout.
The operation strategy, the funds have begun to emerge out of diverse characteristics. Invesco Great Wall Domestic Demand Growth Fund, said that in the operation still insisted on a bottom-up selection of individual stocks, while an appropriate combination of dispersion increases. Tianyuan Fund, contract requirements "to invest in large cap value stocks," the big market, growth stocks as the main investment targets. Penghua Fund believes that with the gradual stabilization of the price of the expected value of return inevitable. The configuration of the market will focus on "clear" value and "fuzzy" and started to grow in two directions: a clear focus on a stable value asset classes, while growth opportunity for more of a combination of policy changes and market preferences results. Hua innovation will adopt a strategy of first contraction in front of funds focused on investing in a small number of steady growth performance of the stock above; second dig 3-5 new varieties, enhance portfolio offensive.
