Fund initiative to enhance the position is high by historical standards

Hai Tong Securities (Confucius News) Fund Research Center, fund analyst: Ni Yunting

according to the January 13, 2012 to 2 February 2012 (excluding Chinese New Year holidays, hereinafter referred to as the "current") data, we eliminate the Announcement of 2011 quarterly fund, estimate the current active management stock and hybrid open-end funds (excluding partial debt hybrid, hereinafter referred to as "shares mixed type"), bi-weekly average stock positions, compared to the January 6, 2012 to 19 January 2012 (hereinafter referred to as "on period") estimates the shares mixed funds bi-weekly average positions, we found that the simple average of the issue shares mixed fund the stock position by 79.08% in the previous period to 81.21 percent, an increase of 2.13 percentage points, since in 2006 a higher level.

Figure 1 of the Funds average estimated position in a high level since 2006 Figure 1 of the Funds average estimated position is a high level since 2006

Source: Hai Tong Securities Research Institute The

shares mixed open base is initiative Masukura. Fund type from the point of view, this issue stocks mixed open positions have been enhanced. Specifically, the average position of the equity open-end fund has risen by 83.55 percent to 85.62 percent, an increase of 2.07 percentage points; the average position of the hybrid open-end fund increased from 71.72% to 73.81%, 2.10 percentage points. The upgrade Fund positions may have three factors: First, position the rising stock market value, the Fund subscription and redemption fund companies take the initiative Masukura. Study the market index, the current card 800 index over the previous period rose an average of 1.28%, taking into account the rise in the stock market value will enhance the passive stock positions and assumptions in estimating the funds holdings over the period fixed, ignoring the subscription and redemption of impact, based on the CSI 800 The index rose can calculate the current stock fund positions should be 83.73%, while equity funds positions is 85.62%, indicating that a stock Fund initiative Masukura the 1.89%. Accordingly, after taking into account the impact of market value changes, the positions of the hybrid funds should be 71.98%, while the positions of the hybrid funds estimated to be 73.81%, that is, hybrid Fund overall initiative Masukura the to 1.83%.

Table 1 share of mixed open based initiative Masukura the type of positions (%) the current position (%) positions of change (%) initiative to increase or decrease (%) Stock83.5585.622.071.89Hybrid71.7273.812.101.83

Source: Hai Tong Securities Institute of fund evaluation system

fund positions to high-end offset. To ensure comparability, we only compare the current and calculate the position data of 270 stock and 164 hybrid open-end fund. Distribution by observing the position data of the Fund can be seen that the current stock and hybrid funds positions to high-end offset. Specifically, the current stock funds, high positions (positions in more than 90%) fund the current proportion of the fund number from 84 to the current period of the previous period 108, an increase of 28.57% in the high position ( positions ranged from 80% to 90%), the number of funds are basically the same as the previous period, increased by only 1 to reduce the number of fund for the rest of the file position to varying degrees, in the low position (the position ranged from 60% to 70%) of the Fund to reduce The significant reduction in the range of -58.06%. Hybrid funds, this issue is still middle-position (position between 70% and ~ 80%) the number of funds of up to 51 Specifically, the middle and the above file position number of the fund increased to different degrees, to the high position of the Fund volume increased by more than 27.78%, while in low and below the gear positions the number of funds decreased to low positions (positions less than 60%) the number of funds decreased by 32.00%, a big margin.

large Fund to Masukura the. Analysis of hybrid fund size of the active management of stocks of the top ten fund companies position data (Table 2), the current average positions of the large fund companies was 81.70 percent, an increase of 2.28 percentage points compared with the previous period. Specifically, the current top 10 fund companies, only GF to a position slightly shrunk, and the remaining 9 are varying degrees to enhance the position of Hua An Fund (Confucius News) company positions to enhance the rate maximum is 5.83%. Initiative to increase to lighten up, this issue of the large fund companies take the initiative to lighten up 0.79 percentage points to a slightly Masukura-based initiative, which Huaan Fund initiative Masukura to 5.62 percent, a big margin, only GF Fund (Confucius News). At present, nearly 60% of fund companies position in between 80% to 90%.

in Table 2 to actively manage stocks of hybrid funds position changes of a large fund management companies Name ranking of positions (%) the current position (%) positions of change (%) initiative to increase to lighten up (%) ChinaA79.1383.053.923.71GF280.2479.65-0.59-0.79Harvest377.7079.241.541.32Bo, when470.3074.043.743.47Easy to square up580.0281.141.120.91South682.1485.453.313.12Invesco Great Wall784.9585.730.790.62Huaan879.1284.955.835.62Lion979.8082.192.392.18Huitianfu1080.8081.540.750.55

Source: Hai Tong Securities Institute of fund evaluation system

Overall, the recent rise in market volatility, measured data, the current stocks mixed open base as a whole to take the initiative to enhance the position level, the overall fund positions to the high-end offset. Analysis of reasons: scheduled significant downturn in the the postganglionic money market rate, acceptance rate also fell in January, the foreign exchange re-add is a large probability event, and liquidity will continue to improve as a whole; Chinese manufacturing PMI Following last years November 32 slightly wounded less than 50% of the critical point, the second consecutive month rise, indicating that excluding seasonal factors, Chinas manufacturing growth is still a slight rebound. Taking into account the pre-market continued to fall, the valuation in the lower position, the current fund modest upgrade the stock ratio, in order to obtain the benefits of a rising market. Due to the current calculation of the Four Seasons reported that the sample may also affect the calculation results.