Fund initiative to lighten up 1.87 percentage points

□ Minsheng Securities Funds Research Center the Mayon come to know (Confucius News) Wang Rongxin According to Minsheng Securities Fund positions and sector allocation system (MS-PAM), monitoring data, the average position of the active direction of the stock fund as of February 10 was 80.32% and 81.94% of the average position of the previous week, down 1.62 percent which take the initiative to lighten up 1.87 percentage points. According to estimates, the average position of the active direction of the stock fund in December 2011 continued modest jiacang to more than 80 percent in late January of this year high of 84.27% since February, after a small initiative to lighten up signs. The current position of 80.32% compared with the historical position in the medium to high level view. Fund initiative to lighten up 1.87 percent this week, the relative initiative last week to lighten up the amplitude (2.48%) has been reduced. As of February 10, 60 funds (accounting for 17.3%) positions of less than 70%, 91 funds (accounting for 26.2%) positions between 70% and 129 funds (accounting for 37.2%) positions refer 80%, 67 funds (accounting for 19.3%) positions higher than 90%. The

28 funds (accounting for 8.1%) last week, take the initiative to lighten up more than 5% of the 273 funds (accounting for 78.7%) take the initiative to lighten up less than 5%, 43 funds (accounting for 13.8%) initiative jiacang less than 5% three funds (accounting for 0.9%) active jiacang more than 5%. Last week, a total of 301 funds (accounting for 86.7%) take the initiative to lighten up. As of February 10, the stock fund positions decreased by 1.32% to 83.97%, partial stock fund positions decreased from 2.01 to 79.27%, the balanced fund positions decreased from 1.76 to 71.05%.