QFII massive holdings of the market value of shares of consumer goods was ruthless abandon

usually sell the stock for an institutional investor, means an increase in defense, while the holdings of cyclical stocks means offensive. But in early 2012 QFII in China A Share Fund, but these two together, constitute an intriguing combination of strategies.

jointly launched by the Shanghai Securities News and Lipper QFII China A Share Fund monthly Investment Report, early 2012, the QFII investment decisive contraction of the stock positions, including Hong Kong, Shen Wan Aisawa funds in Europe and America, JP Morgan Chase, as well as Japanese number of institutions decreased significantly in the position, the action of concern.

but at the same time, the QFII fund substantially enhance the position of low-priced value stocks portfolio, reducing the position of consumer goods. Switch is exactly the same combination of changes in the next hot market. QFII fund the reasons for such changes in the investment logic behind what is it, a topic of concern to investors in early 2012.

the ⊙ newspaper reporter Zhou Hong

advantage of the opportunity to lighten up rarely seen in history the end of 2011, the QFII investment portfolio is rarely the case in a history - advantage of the opportunity to lighten up. Index was significantly decreased in 2011 after the last two months, the Funds overall position in the QFII rare no contrarian heightening but homeopathic reduce, and regardless of the Hong Kong-owned, US-owned, European-owned at the same pace to lighten up, this trend The asset allocation action is rarely seen in the past.

from a specific statistical data from November 2011 to December, a Hong Kong-owned QFII positions position decreased from 83.9% to 71%, position configuration is the minimum time in the past three years. From the style, the asset allocation of the agencys history has been more agile, but at the end of 2011, the stock position down so fast, is still very rare.

and some American companies to configure. A QFII fund, JP Morgan Chase, as of early 2012, the stock position of approximately 90.4%, compared with the previous month plummeted 10 percent. In absolute terms, the Fund position even lower than in the beginning of the end of 2008, so the asset allocation strategy also raise eyebrows. the

related in the monthly report of the Fund investment positions is too much disclosure, but merely that the atmosphere of the debt crisis in Europe and Asian markets, a sharp policy changes, market volatility has become more severe, the next crisis is expected to remain continuity. But they also said that the A-share market should be optimistic about, claiming that "the layout Masukura new opportunities".

from the investment point of view and the combination of QFII as a whole to lighten up more similar to the arrangements on a deal such as to change position "over" or deal with its year-end scale of change set aside cash to consider, rather than For the A-share strategy bearish. This is also from Europe and the United States funds to lighten up rate far greater than the angle of the Japanese-funded institutions can get some confirmed.

statistics show that the QFII fund some of the Japanese stock positions also declined, but the decline than Europe and the United States is obviously a smooth, some key Nikko Funds equity positions declined by only 2 percentage points, their positions change so firmly on Masukura faintly visible, but excluding the net value of its assets fell, the actual Masukura action. This is further evidence it seems that Europe and the United States agencies occupy a more obvious location in the current round of year-end to lighten up.

"leading" the strategy of reproduction

consumer positions bulk reduction

from defensive to offensive "signs, more on the stock portfolio and industry configuration.

according to Lipper and Shang Zhengbao jointly launched the QFII China A Share Fund Monthly Report shows that, early in 2012, the QFII A-share Funds overall portfolio fully biased in favor of these cyclical industries of banking, insurance, cement, building materials, electronic communications "national pillar enterprises. QFII institutions to enhance the position of leading shares in these industries, while significant reduction of long-term holdings of consumer discretionary stocks, especially food and beverage stocks, the action seems to strategic adjustment.

a QFII fund of the Japanese, for example, their combination as of the end of November 2011, is still food and beverage stocks occupy a lot of positions, the full weight of Maotai, Luzhou, Queen of shares in the portfolio. However, one month after the combination of the above consumer staples index heavyweights such as China Unicom, ZTE Corporation, China Petrochemical has been replaced. Position increased significantly, including Ping An of China and China Shenhua shares of large financial and energy stocks, the combination of style, whom greatly changed.

similar to some Asian QFII institutions. Such as the one registered in Hong Kong, China Fund at the end of November 2011, the largest holding is Luzhou, 2012 replacement has become a cement stocks. Be replaced varieties, including pharmaceutical stocks and commercial stocks, holdings, cars and electricity. The only consistently held in the small cap fund portfolio has been flooded with a large variety of stocks and turns into a pure large cap fund.

total look from a dozen QFII in China A Share Fund positions included in the statistics, the holdings of most stocks in early 2012 China Ping An,, including Shanghai Pudong Development Bank, ICBC, Agricultural Bank of China Unicom, China petrochemical stocks are their holdings more. Has always been held by various funds are heavy liquor and beverage stocks caught in the relentless reduction.

judgment on the investment style, each QFII institutions almost at the same time, the overall holdings of low-cost large-cap stocks, while reduction of the valuation of the relatively high non-cyclical stocks. Such a consistent operating history, though not unique, but also a few years once relatively rare.

is worth noting that, from a historical point of view, the QFII institutions in the two periods, there have been the same time, holdings of the market value of shares. The first stage is 2005 years ago, when the bottom of the history of the A shares, QFII fund large-scale holds the main heavyweight Baosteel, China Vanke, China Merchants Bank, Shanghai airport was similar operation in 2006 to 2007 profound benefits of the bull market.

another more concentrated holding period of low-cost large-cap stocks is the end of 2008, when the QFII fund is actively holding by the macroeconomic stimulus policies are the most obvious, elastic varieties. Including the shares of the steel stocks, real estate stocks, as well as Ping An Insurance, China Yangtze Power, China Merchants Bank, China Unicom and other market indicators. Similar operations to obtain good returns.

QFII fund in the history of the market bottom, are biased in favor of the holders of decline has been from the timing of the valuation is very low for macro-economic policies are more sensitive to cyclical industry leading shares, and often in later market benefit from this operation is the same motive of concern. QFII institutions Monthly Report "read between the lines", we also can slightly feel some of the signs of the investment context. For example, a US-owned large QFII in the monthly report, said: "The market is very attractive investment opportunities; European institutions in the policy that," A-share market valuation compared to growth of a large fold Let have a greater appeal in the global market. individual QFII also disclose the reasons for the investment of its value Awkwardness is the performance of the company is growing rapidly, and the valuation is very low, price-earnings ratio has a large advantage, "and so on.

overall, it seems low in the market, QFII pay more attention to the valuation of its investment, rather than the short term is vulnerable to the impact of the economic downturn. Margin of safety in the investment, the price began to overwhelm the short-term climate change has become an important direction of the QFII configuration varieties.

the QFII view:

earnings gave birth to the exact opportunity The judgment of the overall macroeconomic and market opportunities, the QFII seems than the Chinese mainland fund managers are much more optimistic.

an Asian financial background of the QFII investment in Chinas the biggest reason is the current price-earnings ratio of the A-share stock market with rapid growth rate is very low, very cheap valuation premise, so the investment attractive. They even believe that now is the stock market head of the farm online is worth the time of the investment. For the continuing impact of the debt crisis in Europe, the their view, on a wave of crisis caused by the end of A-share market in December last year, frequently broken, such as full month month line of SSE 180 Index closed at 5009.29 points, down 5.76 percent. In late December more obvious signs of volume shrinkage. However, market risk does exist at the same time, Chinas economy has emerged for inflation, eased the situation, the official start in the second half of 2011 to cut the deposit and the prospective rate, monetary policy easing signs of this connection. They are expected along with the operation of the market, Chinas central bank continues to lower its deposit reserve ratio action, while the similar action, in a loose monetary policy expectations, the A-share up bounce. In addition to the above judgments, the China Logistics and Purchasing Association announced in December 2011, the PMI index was 50.3, the index back above 50, indicating the future of Chinas economy is still sustained growth in the long term they think look at the trend of the market is worth the wait.

a large US-owned QFII, the Greater China region at the end of 2011 the overall stock market fell, the reason is still the European sovereign debt worries reproduction, as well as macroeconomic data shows moderate retrogression of the Chinese mainland economic activity. But they believe that the A-share market eventually still reflects the blue-chip defensive shares outstanding. the future, the QFII expected, if the A-share stock market valuation approaching the bottom, while Chinas easing of credit, coupled with slight progress on the European settlement of the crisis, the A-share market is a good chance to recover over a considerable decline in the current A-share The market provides a point of one compared to the past is far better to deal with. In their view, the view of the current market to provide a better return on risk, therefore, the market may be much stronger performance than the previous year, will take a flexible strategic investments in the stock of potential opportunities. Will adhere to the low value and growth uncertainty in the selection of stocks.