In the first quarter of this year, the best FOF is more inclined to flexibly grasp market opportunities and lay out more growth-oriented blue-chip funds, old closed-end funds and grade A. The following small series will tell you what is the most powerful FOF-based solution.
Increase stock funds
When the fund position increased significantly in the fourth quarter of last year, the most cattle FOF significantly increased the position of equity products. Because in the third quarter of last year, it experienced a rare plunge and liquidity reduction in the A-share market, there has been a big counterattack since the end of September. Therefore, these FOF brokers have increased the allocation ratio of equity funds.
This trajectory can be clearly seen from the quarterly report. Anxin fund Bao Investment Manager said that in the fourth quarter of last year, he kept about 20% to 30% equity positions, mainly targeting index funds and some stocks. As of March1,that is, in the year of 65438+February, Fund Bao held 30% equity assets (including about 23% stock base and about 7% stock), about 15% debt base and about 18% cargo base, and other positions were cash assets such as reverse repurchase. At the end of the third quarter of last year, FOF held about 64% of bond funds and money funds, and only held about 2% of A shares.
The investment manager of Galaxy Jupiter 1, which has always held a high fund position, also said that in the fourth quarter of last year, the proportion of A-share equity funds was gradually increased from about 60% at the end of last quarter to about 80%. In the later period, the positions were basically stable, the varieties were fine-tuned, and excellent funds with long-term tracking were held. At the same time, Guo Xin's "Golden Sun" classic portfolio fund said that this product appropriately increased the allocation of some stocks in June 5438+ 10 last year, and also added a few flexible partial stock funds. But on the whole, we still maintain a relatively low proportion of equity allocation and wait for better opportunities.
The investment manager of Industrial Securities Jin Qilin No.3 also said that the product maintained a relatively stable position setting in the fourth quarter of last year and kept pace with the market through position adjustment.
The data also shows that among the best FOFs in 10 in the fourth quarter of last year, there were 5 FOFs with the largest money, compared with about 6 at the end of the third quarter of last year, accounting for more than 10%. From the perspective of allocation ratio, except for a few money funds, which account for more than 10% of FOF allocation, the number of equity funds is significantly higher than that in the third quarter of last year. Equity funds holding more than 10% are gem b, huashang new power and SDIC UBS strategy selection.
There are also many FOFs to increase the investment proportion of growth stocks. For example, Guoyuan Huangshan No.3 said that A shares bottomed out in the fourth quarter of last year, and high-quality emerging industry stocks were added in the operation. Zheshang Huijin 1 said that the portfolio gradually increased its position in the fourth quarter of last year, and the overall position was around 70%.
The average position is 58.04%
FOF has greatly improved its status.
In the fourth quarter of 2008, the position of 10 best FOF fund increased significantly compared with the third quarter, and the overall position was at the upper-middle level in history.
According to the statistics of China Fund News reporter, there are 10 FOFs that have performed well since then, and they are the top ones in the last two years and the last three years, namely Guangfa Wealth Management No.4, Dongfanghong Fund Bao, Guoyuan Huangshan No.3, Xingye Golden Kirin No.3, Guo Xin Golden Sun Classic Combination, Everbright Sunshine Base Bao Zhong, Yinhe Jupiter 1 0, anxin fund Bao and Zheshang Huijin/kloc-0. The average position of these 10 fofs at the end of the fourth quarter of 2008 was 58.04%, which was 7.53 percentage points higher than that at the end of the third quarter.
From the historical data, the proportion of funds held by securities firms' collective wealth management products is generally 15% ~ 20%, while the positions held by FOF funds are usually around 50%. Judging from the current configuration of 10 optimal fof, it is at the historical neutral upper level.
From the point of view of a single product, the current position is the galaxy Jupiter 1. At the end of the fourth quarter of last year, the market value of funds held accounted for 80.23% of the total value, followed by Everbright Sunshine Fund Bao, with a fund position of 72. 1%. Other FOF positions are below 70%. In addition, the fund positions of Dongfanghong Fund Bao, Xingye Jinqilin No.3, Shen Yin Wanguo Fund Bao No.3 and Zheshang Huijin 1 at the end of last year also exceeded 60%.
However, judging from the changes in fund positions, there are also differences between FOFs, of which 2 are reduced and 8 are increased. Guangfa Wealth Management No.4 reduced its holdings even more. At the end of the fourth quarter of last year, the fund position decreased by 12 percentage point compared with the third quarter, and the position of anxin fund Bao Fund also decreased at the end of the fourth quarter of last year.
Bao Zhong and Guo Xin Golden Sun, the classic combination of Everbright Sunshine, increased their holdings by a large margin. At the end of the fourth quarter of last year, the positions reached 72. 10% and 4 1.38% respectively, up by 26.97 and 26.2 1 percentage point respectively compared with the third quarter, and the positions of foreign-funded Huangshan No.3 also increased a lot in the fourth quarter of last year.
8 funds are the most popular.
From the specific situation of these most cattle fof holding funds at the end of the fourth quarter of last year, it is found that these FOFs hold a total of 76 funds, many of which are loved by many of the most cattle FOFs.
First look at the traditional closed-end funds. Due to the large discount, closed-end funds became the obvious concern of FOF in the fourth quarter of last year. Among them, at the end of the third quarter, there were four varieties holding two FOFs, namely, Fund Tonggan, Fund Fenghe, Fund Hongyang and Fund Jinkerui. The key FOFs held by these traditional closed-end funds were Dongfanghong Fund Bao and Galaxy Jupiter 1 ... In terms of the total holding ratio, Ji Jinkui was the most popular, with the total holding market value accounting for 14.85% of the fund's net value. In addition, the investment managers' shareholding ratios in Fund Tonggan, Fund Hongyang and Fund Fenghe also reached 1 1.63%, 14.03% and 65438+ respectively.
The money fund is still the largest holding of FOF at the end of the fourth quarter, and Guangfa Currency B is more concerned. Among them, anxin fund Bao and Shenyin Wanguo No.3 Fund Bao both hold heavy positions in this fund, and their shareholding ratios are 18.46% and 8.95% respectively.
Among the active equity funds, BOCOM Pioneer has always been the most concerned. Among them, Guangfa Wealth Management No.4 and Zheshang Huijin 1 held 3.47% and 8.2 1% respectively at the end of the fourth quarter of last year. Another worry is the new motivation of Chinese businessmen. The proportions of Guoyuan Huangshan No.3 Fund and Shenyin Wanguo No.3 Fund Bao holding the Fund reached 10.765, 438+069% and 3.99% respectively.
50ETF, 180ETF, 300ETF, etc. It has always been the focus of FOF's pursuit. However, in the context of the rise of growth stocks in the past two years, the allocation of FOF has dropped significantly, but it increased slightly in the fourth quarter of last year. Many FOF investment promoters are optimistic about the performance of blue-chip stocks.
Among them, the 50ETF is held by Guoyuan Huangshan No.3 and anxin fund Bao, with the proportions of 7. 1049% and 5.97% respectively, and anxin fund Bao also holds 180ETF. The data shows that at the end of the fourth quarter, the proportion of blue-chip ETFs allocated by FOF increased, but the index grade B of various industries disappeared from its positions in the third quarter of last year, while the first and second quarters of last year were once the focus of allocation, showing a major change in the investment direction of FOF.
These best FOF layouts also have obvious fund company tendencies. Among the actively managed stock funds, the products of Huashang and Huitianfu are most sought after by FOF, and the funds of fund companies such as CEIBS and BOCOM Schroeder are more popular.
Pay attention to three types of equity funds
The reporter of China Fund News found that among the top ten funds with heavy stocks in FOF, traditional closed-end funds, index funds and active stock funds are worthy of attention.
First of all, look at traditional closed-end funds, which had more varieties in the fourth quarter of last year. The data shows that the traditional closed-end funds held by FOF at the end of the fourth quarter are Fund Yinfeng, Fund Tonggan, Fund Jijinrui, Fund Jiujia, Fund Hongyang and Fund Fenghe, among which Fund Tonggan, Fund Fenghe, Fund Hongyang and Fund Jiujia are worthy of attention, and two FOFs were held at the end of the third quarter. More FOF managers bluntly said that the next step will be to maintain a balanced allocation, with discount varieties such as fixed increase, base sealing and grading A-end as the main ones.
Second, look at index funds. Judging from the current holding situation of index funds, blue-chip stocks are still dominant, with emphasis on allocation of 180ETF and 50ETF, and less allocation of Shanghai and Shenzhen 300 ETFs. However, a few FOFs are allocated with H shares B and Growth Enterprise Market B, while industry classification B is less. These two directions need attention.
Third, among active stock funds, FOF prefers excellent varieties. For example, China Post's strategic emerging industries, Bank of Communications Schroeder Pioneer Equity Fund, Tianfu Mobile Internet, Chinese New Power, Baoying Technology 30 Hybrid, etc. Many FOFs have held these varieties for a long time, which is worthy of investors' attention, and may be the "pearls" found in the big waves.