De Saint Gold: fund positions remained stable

Desheng Ji Jin Research Center stock market performance

(1) Festival the first week of ups and downs, while opening the first day of failure to achieve the rise of the dragon, but the latter half of the week in a series of favorable under the influence of large-cap stocks led the market as a whole rose, on the whole continues ago the rebound momentum. From the operating point of view of fund positions this week, little changes in the level of fund positions, operating differentiation have increased.

(2) February 2, position measurement data shows this week, the average position of the direction of partial stock funds compared to years ago, little change. Comparable active stock funds weighted average position of 82.89% compared to before the holiday a slight increase of 0.51%; partial shares of hybrid funds weighted average position of 76.81 percent, compared to pre-holiday slight increase of 0.12%; configuration hybrid funds weighted average position of 69.78%. compared to the pre-holiday increase of 0.78%. Estimated that during the CSI 300 index of basic flat the passive Masukura effect is not obvious; less passive position changes, equity and hybrid funds of partial shares of small holdings of the initiative (Figure 2).

(3) this week, the direction of other types of non-equity investments the Funds equity position continues to decline. Among them, the Capital Preservation Fund positions weighted average 5.14, compared to preganglionic decreased slightly by 0.34%; bond fund weighted average stock position 8.74%, representing a year earlier, down 1.06%; partial debt hybrid funds weighted average position of 29.64% compared to year ago an increase of 0.78%. (Figure 2).

(4) from the division of different sizes, the direction of partial shares of the three-scale fund-weighted average positions vary. Three partial shares of the direction of active funds, large-scale fund-weighted average positions 77.05%, compared to pre-holiday decline of .51%. Medium-sized fund positions weighted average of 81.24%, compared to a slight increase of 0.5 percent before the holiday. Small fund positions weighted average of 79.29%, compared to an increase of 0.74% (Table 3) before the holiday.

(5) From the specific fund, fund operations this week, continue to reflect the differentiation characteristics, but the intensity is not large positions operating fund force of the increase lighten up basically the same. Less passive position changes, the 111 Fund active Masukura magnitude more than 2%, 14 Fund initiative Masukura to more than 5%. In fund holdings 98 Fund holdings of the initiative by more than 2%, of which 12 funds active reduction of more than 5%. the

(6) this week, the level of distribution of fund positions: heavily loaded funds (position> 85%) accounting for 34.4%, compared to the pre-holiday increase of 2.47%; the proportion of heavier fund positions (positions 75% to 85%) 28.19%, accounting for an increase of 0.5%; position medium Fund (positions 60% to 75%) accounted for 19.68%, accounting for a decrease of 1%; positions lighter or wet storage fund, accounting for 21.99%, compared to the pre-holiday decline 2%.

(7) Fund announced this week the position data of the 2011 fourth quarter. From the comparison of the estimated data with actual data, the average estimated error for the direction of the partial stock several types of funds are about 1%, compared to the actual position of measurement data about low 1%. The average small number of shareholders of the Fund of other types of measurement error, partial debt direction of the Funds average estimated position compared to the actual high of 1% to 3% (Figure 4). Estimated that situation, the direction of partial stock fund 2011 positions strategy to maintain high stability, the average stock fund positions most of the time to maintain more than 80%; higher estimated accuracy of the data. Direction of partial debt fund stock position changes and holding a lower proportion of larger, and the low proportion of the estimated error is too large.

(8) view from a specific fund company, this week, a large mutual fund companies fund positions increases and decreases, the change of direction is not obvious. Castrol, easy to Fondas part of the fund holdings of the more obvious. Small and medium-sized companies, the letter reached its fund holdings, but lighten up on the end of 2011, the phased operation of the positions to a certain extent. Lighten up fund distribution is more fragmented, showing a certain continuity in the rebound, most funds have chosen to continue to adjust the position structure rather than a large adjustment positions.

Figure 1: the simple average of all types of fund positions change Simple average positions2012/2/22012/1/19Position changesNet change inIndex Fund94.10%94.01%0.09%0.05%Stock82.84%82.28%0.56%0.45%Partial shares mixed76.04%75.61%0.43%0.30%Configuration mixing67.47%66.64%0.83%0.67%Special Strategy Fund59.46%60.11%-0.65%-0.82%Partial debt mixed27.57%27.61%-0.04%-0.18%Bond9.23%10.03%-0.80%-0.86%Guaranteed4.69%5.05%-0.37%-0.40%

Exhibit 2: weighted average position change of the various types of funds The weighted average positions2012/2/22012/1/19Position changesNet change inIndex Fund94.67%94.61%0.06%0.02%Stock82.89%82.38%0.51%0.41%Partial shares mixed76.81%76.69%0.12%0.00%Configuration mixing69.78%69.00%0.78%0.63%Special Strategy Fund65.38%65.15%0.23%0.06%Partial debt mixed29.64%28.86%0.78%0.63%Bond8.74%9.80%-1.06%-1.13%Guaranteed5.14%5.48%-0.34%-0.38%

Note: Fund positions size-weighted average fund size using the latest net with a recent quarterly share multiplied by; weighted weight every week, a slight change, the existence of the factors are not comparable with the previous week direction of

Chart 3: three types of partial stock funds according to the average position change of the scale statistics Fund size2012/2/22012/1/19Position changesNet change inMajor fund77.05%77.56%-0.51%-0.64%Medium-sized fund81.24%80.74%0.50%0.38%Small funds79.29%78.55%0.74%0.62%

Note: (1) fund positions for the weighted average of scale, fund size using the latest net worth and multiplying the most recent quarterly share; weighted weights and included in the large, the small fund sample every week a slight change, and the previous week, the presence of non-comparable factors large fund of

(2) refers to the scale of ten billion more than the Fund; medium-sized fund 50 billion to 10 billion; small fund of 5 billion the following the

chart 4:2011 by the end of the average estimated error statistics Fund TypeFour Seasons reported that the average position12-29 estimated average positionThe average estimated errorIndex Fund94.57%93.66%-0.91%Stock82.89%81.77%-1.12%Partial shares mixed75.36%74.21%-1.15%Configuration mixing66.02%65.63%-0.40%Special Strategy Fund56.69%61.87%5.18%Partial debt mixed23.49%26.39%2.90%Bond7.34%10.58%3.20%Guaranteed3.85%5.51%1.66%

chart 5:2010 since the average positions of the three types of direction of the stock fund in contrast with the trend of the CSI 300 Index Chart 5:2010 year, the Funds average position of the three types of stock direction and the CSI 300 index in comparison with movements