The large-cap stocks or small cap fund companies telling their own stories

"I am in fact in the eyes of some in the small cap fund is small cap." Zhang Changchun / mapping"Haha, I Fund in the eyes of some large-cap stocks, large capitalization stocks." Zhang Changchun / mapping

Securities Times reporter the Muyu

peace, cross the line, livelihood, Industrial and Shanghai Pudong in Shanghai and Shenzhen 300 Index, the weight of the top six, but in the eyes of the small cap fund to become a key investment in small cap stocks; in the current market value of the minimum GEM , nearly 70 percent of the stock market fund as large-cap stocks. Some large-cap stocks or small cap stock fund investment far beyond the imagination of investors in securities in general, has become the contractual basis of some of the fund investment style drift.

fund contracts

the market shares of only a few mystery

Securities Times reporter statistics show that there are 27 active investments in small cap stocks or small cap funds in the fund industry, while there are eight active investment market stock fund, these funds have different definition of the scope of investment , but most of them regard the investment scope of the definition is very broad. 27 small cap fund, JP Morgan Small Cap and broadest investment scope of the definition of Everbright Pramerica in small cap funds, and added "float capitalization from small to large, cumulative float market capitalization of the total market capitalization 70% of the stock classified as small cap stocks, means that only the flow of the market value of the top 30 percent before a large-cap stocks.

accordance with the February 3, 2012 closing price of the cities total market capitalization reached 17.28 trillion yuan, according to the definition of these two funds, the top 5.18 trillion yuan float market capitalization of the stock to a large-cap stocks, which is only PetroChina, ICBC, Bank of China, Sinopec, China Shenhua, China Life, the Merchants Bank and Guizhou Maotai 8 stock, until the time of the Agricultural Bank of outstanding shares of the lifting of the ban, the Merchants Bank and Moutai will also be squeezed out of the ranks of the large-cap stocks. This also means that nearly 2300 stocks, in addition to these eight stocks over 2200 stocks are small cap stocks, including peace, Bank of the peoples livelihood, Industrial and Shanghai Pudong in Shanghai and Shenzhen 300 Index 5 in the right weight to the top six shares, and Shenzhen stock.

Interestingly, in the eyes of some of the large-cap stocks funds, large-cap stocks definition is very broad. China, for example, broader selection of funds is the total market value of not less than $ 1.5 billion in stock is defined as large-cap stocks, to February 3, 2012 closing price, in the eyes of the Fund, 1985 stock market shares, and only the remaining more than 300 stocks in small cap stocks.

many other large-cap stocks Fund in accordance with one third of before-float market capitalization Sort coupled with some of the industrys top one-third of the stock, invest in large capitalization stocks of about 800. Invest in only two large-cap stocks funds based on the CSI 300 Index, the number of shares of the investment in large-cap stocks range of about 300.

investment scope or

lead fund style drift

the same judgment of the fund company, why some fund only 8 stock is defined as large-cap stocks, some nearly 2000 shares of the Fund is defined as large-cap stocks? Behind this is mainly due to product design efforts to expand the scope of investment, subject to the restrictions of the fund contract to avoid for the future investment.

is worth noting that, these large-cap stocks or small cap fund only provides 80% of their stock to invest in the corresponding assets, large-cap stocks fund up to 20% can be invested in small cap stocks, small cap fund up to 20% can be invested in large cap stocks. Press on JP Morgan in small cap and the investment scope of the definition of Everbright Pramerica in the small cap, even if the two funds made on behalf of cities float caps of the 100 largest stocks in the SSE 100 Index Fund does not violate the contract of these funds.

while the Chinese market featured on the definition of large capitalization stocks, at present almost all A shares of the Funds investment are in line with the broader market fund contract, including the China Securities 500 small board ETFs, small plates 300 ETF, GEM ETF is usually considered to be the product of the small cap index fund.

the scope of such a large investment in stocks, no wonder some of the large-cap stocks or small cap fund investment style drift, the small cap funds top 10 Awkwardness Wuliangye, Vanke, the stock is not surprising.

a fund company to monitor the Internal Audit Department official said, is a strong sector in the investment sector in the fund company, they do not violate the fund contract, even if some funds invest in stocks and the name of the fund is very match, supervision and auditing departments have not the power to require investment sector to adjust.