Annual Report Quest fund dynamics: denial of small cap stocks in the blue-chip tangle

Chen Jingze

began in 2010 Singles a sell has come to an end can not be determined, but in this round after more than a year Ebb Tide, the fund again in the fourth quarter of 2011 just around the corner. As of last weekend, only 35 listed companies disclosed 2011 annual report, but according to the information provided by the 35 annual report, a number of funds on behalf of Societe Generale Global Fund (Confucius News) are greedily looking for on the market "cheap" .

significant increase in the performance of the company Fanzao reduction According to Wind Info statistics, in the top 10 tradable shares of the 35 listed companies to disclose the list of shareholders, the State Power NARI (600406.SH), the foreshore of the shares (601678.SH), Chongqing Road & Bridge (600106.SH ) and 17 former top ten tradable shareholders total ring than three quarters of decline. 16 the the Jebsen shares (300182.SZ), Tomson times (Confucius News) (300146.SZ), Wuhan Holdings (600168.SH) former top ten tradable shareholders total ring than the third quarter rise . NARI shares of

country before the Spring Festival this year fell below 27 yuan, hit a more than a year to the stock price lows, but in this round last year all the way down the market, its share price is basically at 30 yuan to 40 yuan ( diluted) in between shocks, and thus holds the NARI investors annual losses and earnings will not be much. It is worth noting that the continuation of the previous quarter reduction step by the flourishing growth of two star fund managers QUARTERLY Fund for Chinese businessmen and Chinese business strategy selected in the fourth quarter of 2011, the fourth quarter of the two funds combined holdings of 716.93 million shares. But the end of the fourth quarter, the two funds are still holding 4376.73 million shares of stock.

QUARTERLY funds managed in the fourth quarter of 2010 first appeared in the list of NARI top ten tradable shareholders, and to maintain the pace of the holdings of the last two quarters. However, last years third quarter, plummeted QUARTERLY interest in smart grid. 2011, the NARI net profit rose over 80%, the main business income growth of more than 50%. similar

NARI this performance increase, but heavily loaded with bodies but on foot also occurred in the body of the coast of shares. More bizarre is the end of the coast of the shares in the third quarter of last year, a total of eight funds in the top 10 tradable shareholders, Post Core Growth Equity Fund, the China Growth Fund, Prudential Income Fund, Harvest of value-added services industry fund, CAF Agricole in small cap funds, the equity funds of the, Nord value advantage, ABC-strategic value of stock funds, the sea Fortis Equity Fund breakdown of the second, third, fourth, fifth, seventh, eighth, The ninth and the tenth largest shareholder. Only China growth a the end of the fourth quarter, we will stick to. However, the China growth in the fourth quarter holdings of 121.69 million shares. Once a fund holding, in the last year, net profit growth of over 80%. But along with the annual report disclosure of close to seven of them choose to walk out.

Chongqing Road & Bridge is significant increase in performance more than doubled disclosure, the China Fund (Confucius News) unilateral reduction. The end of the fourth quarter of last year, the China Fund, there are two products out of the list of the top ten tradable shareholders. The end of the third quarter, the China Fund, there are four products in the top ten list. the

jiacang small cap

compared these results, significant increase in anti-abandoned, others mediocre performance of listed companies but may have the favor of the Fund.

QUARTERLY adhere to the NARI six months, but he changed his interest in smart grid, the attention toward where? On the contrary, the Jebsen newly listed shares last year, in February last year, growth performance of 50%, and the second-tier blue chip NARI situation but its total share capital of 112 million shares, the total share capital of the outstanding shares of only 28 million. The Jebsen shares last year, just listed, and QUARTERLY continue to buy. Although shares of stock last year, Jebsen fluctuated, but the QUARTERLY has been not shaken, as of late last year, he has total holds 612.29 million shares, accounting for 22% of the outstanding shares of the total share capital.

similar situation occurred in the body Ridge Pharmaceutical (002603.SZ), Yiling Pharmaceutical Annual Report has not been disclosed, but QUARTERLY buy the stock listed in the third quarter of last year, grip the end of the third quarter There are more than 20% of the outstanding shares.

perhaps, QUARTERLY has eyes on the "notorious" in the small cap shares.

not just QUARTERLY, some of the unique vision of the fund manager to invest in individual equity not the new, such as Tomson times. But for such shares, the Funds tangle can be seen.

only by Yao Ming, endorsements, engaged in the production and sale of health products of the new favorable by the fund in June last year to become the A-share stocks with the highest one. However, since the third quarter of last year, some funds began its somewhat circumvent, while in the fourth quarter, the differences are gradually exposed. The fourth quarter of last year, Invesco Great Walls two funds out of the stock of the top ten tradable shareholders, the other a heavily loaded with fund companies - Societe Generale Global Funds two funds also stop the jiacang of pace and instead began to slightly to lighten up.

Tomson times alive to publish annual performance doubled at the same time, announcement of the results of the first quarter may be an increase of 40% to 60%, but the two fund companies at the same time just leave.