Positions estimates last week: large fund companies agreed to lighten up

Hai Tong Securities (Confucius News) Ni Yunting

according to the January 20, 2012 to 9 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 period between January 13, 2012 to February 2012 (excluding Chinese New Year holidays , hereinafter referred to as "") estimates of stocks mixed funds bi-weekly average positions, we found that the simple average of the issue shares mixed fund stock positions fell to 77.51 percent from 81.21 percent in the previous period, a decrease of 3.70 percentage points, in the 06 years since a high level. the

shares mixed open-based initiative to lighten up

from the fund type point of view, this issue shares mixed open positions both suffered shrinking. Specifically, the average position of the equity open-end fund by 85.62% to 81.51%, a decrease of 4.11 percentage points; reduce the average positions of the hybrid open-end fund from 73.81% to 70.76%, a decrease of 3.05 percentage points. Fund positions has shrunk three factors: First, the positions decrease in value of the shares, two fund subscription and redemption fund companies take the initiative to lighten up. Study the market index, the current card 800 index over the previous period rose an average of 2.00%, 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 85.86%, while equity funds positions is 81.51%, indicating that the stock funds to take the initiative to lighten up 4.35 percentage points. Accordingly, after taking into account the impact of market value changes, the positions of the hybrid funds should be 74.20%, while the positions of the hybrid funds estimated to be 70.76%, hybrid funds as a whole to take the initiative to lighten up 3.44 percentage points.

fund positions offset to the low-end

in order to ensure comparability, we only compare the current and calculate the position data of 277 stock and 165 hybrid open-end fund. Distribution by observing the position data of the Fund can be seen that the current stock and hybrid funds positions offset to the low-end. Number of specific point of view, the current stock funds in the high position (position between 80% ~ 90%) of the Fund up to a total of 118 high positions (positions in more than 90%) decrease significantly the number of funds, 109 from the previous period funds down to the current 51, a drop of 53.21%, the rest of the gear positions the number of funds increased to different degrees, in the low position (positions ranging from 60% to 70%) larger increase of 64.71%. Hybrid funds, the current position center of gravity shifted to the lower end to the low position (the position from 60% to 70%) the number of funds of up to 50 Specifically, the number of the middle and the above file position of the Fund minimize, the more pronounced decline in the number of funds in the high position, -52.17%, while in low and below the gear positions the number of funds increase in the low position (the position less than 60%) the number of funds increased by 61.11% larger than that big.

large fund companies agreed to lighten up

analysis of hybrid fund size of the active management of stocks of the top ten fund companies position data (Table 2), the average position of this issue of large fund companies was 77.91 percent, compared with the previous period, a decrease of 3.79 percentage points. Specifically, the current top ten fund companies to lighten up in unison, China Fund (Confucius News) company positions has shrunk the most, was -6.07%. Take the initiative to increase to lighten up this issue of the large fund companies have taken the initiative to reduce positions, including China Fund initiative to lighten up 6.35 percentage points, a big margin, the Huitianfu Lion Fund (Confucius News) initiative to lighten up 5.75 percent and 5.31 percent, to a lesser degree . 70% fund company positions in between 70% to 85%. Table actively manage stock hybrid funds position of a large fund management companies to change Name ranking of positions (%) the current position (%) positions of change (%) initiative to increase to lighten up (%) ChinaA83.0576.98-6.07-6.35GF279.6577.81-1.84-2.16Harvest379.2475.50-3.74-4.06Bo, when474.0472.10-1.94-2.32Easy to square up581.1477.86-3.27-3.58South685.4581.56-3.88-4.13Invesco Great Wall785.7383.17-2.56-2.80Huaan884.9580.89-4.06-4.31Lion982.1977.17-5.02-5.31Huitianfu1081.5476.09-5.45-5.75Source: Hai Tong Securities Research Institute evaluation of the Fund

Overall, the recent rise in market volatility, measured data, the current stocks mixed open base overall initiative to reduce the position level fund positions shift towards the low end. Analyze the reasons, which may include two aspects: First, the CPI data released during the ultra expected reserve lowered the substantive easing launch date is constantly postponed from the original anticipated New Years Day to the Spring Festival, Chinese New Year could not be implemented during the the postganglionic central bank to start repurchase, lowering standards is expected to decline further, in this case, the Funds outlook continue to rise in confidence or lack of, to some extent, reduce the position level. Continue to wait for the market signals are clear; Second, the recent stock market rebound more cyclical stocks, as well as pre-callback more stocks, many of whom are entrepreneurs and small plates, while the part of the small-cap stocks is still risk of a correction fund just leave off the bag for security.