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The second quarter report of public funds in 2020 is unveiled! How do fund managers adjust their positions? What are the investment strategies for the third quarter? _ Configuration

Release Time:2021-05-05 Topic:Top 10 Fund Recommendations in 2020 Reading:61 Navigation:Stock Liao information > Gourmet food > The second quarter report of public funds in 2020 is unveiled! How do fund managers adjust their positions? What are the investment strategies for the third quarter? _ Configuration phone-reading

Original title: The second quarter report of public offering funds in 2020 is unveiled! How do fund managers adjust their positions? What are the investment strategies for the third quarter?

Today (July 14), the second quarter report of public offering funds for 2020 began to disclose one after another. Up to now, 17 fund companies including Pioneer, Yingda, East Securities Asset Management, Bank of China Fund, etc. The second quarterly product report was released first, and only the aforementioned two equity products were involved.

According to the disclosed data in the second quarter report, a number of equity fund managers held positions cautiously in the second quarter, maintained high positions, and slightly lightened their positions; a large number of stocks blossomed, scattered in non-bank finance, food and beverage, leisure services, Real estate and other fields.

Differences in position adjustments

A-shares ushered in a rising market after the Spring Festival, and the equity market occupies an absolute C position. Among them, the Shanghai Composite Index and the Shenzhen Component Index surged 8.52% and 9.21%, respectively. The ChiNext index was even brighter, with a quarterly increase of 30.25%. The equity market is booming, and some fund managers have become cautious in holding positions and choose to start subtraction on high positions.

According to the disclosed second quarter report, Yingda Fund’s fund manager Zhang Yuan chose to lower her position in the second quarter. The Yingda State-owned enterprise reform-themed stocks under her management and Yingda Ruixin’s flexible configuration mixed positions at the end of the first quarter were all At the end of the second quarter, the position of the former was reduced from 93.01% at the end of the first quarter to 90.56%, and the latter was reduced from 92.34% to 91%; the position of the Yingda Ruisheng managed by the company was flexibly configured and mixed at the end of the first quarter. It was 81.62%, which was reduced to 76.29% at the end of the second quarter. In contrast, Yingda’s strategy preferred mixed position adjustment was even greater, maintaining a high of over 90% at the end of the first quarter, a decrease of more than 5 percentage points from 91.47% to the second quarter 84.51% at the end.

At present, some of the second quarter reports disclosed by Vanguard Fund also show that some of its fund managers were cautious about position adjustments in the second quarter. Among them, Pioneer Juyou's flexible configuration and mixing position was 91.68% at the end of the first quarter and reduced to 84.43% at the end of the second quarter; Pioneer Juyuan's flexible configuration and mixing also dropped from 89.21% to 78.15%.

However, some fund managers were more optimistic about the market trend in the second quarter and carried out large-scale holdings. Among them, Yingda's flexible allocation of hybrid origination stock positions under Yingda Fund Yiqikun increased from 72.88% at the end of the first quarter to 90.78% at the end of the second quarter.

More heavy stocks are blooming

Since the beginning of this year, the three arrows of science and technology, consumption, and medicine have become popular investment sectors in the market. However, the wealth management expert (ID: buerniu5188) looked through the second quarterly reports released by the two fund companies for its heavy holdings, and found that its heavy holdings were concentrated in different sectors such as non-bank finance, food and beverage, leisure services, and real estate.

According to the disclosed data in the second quarterly report of the fund, CITIC Securities, Yili, China CDF, Huafa, Perfect World, Longji, New Town Holdings, Kunlun Wanwei, China Shenhua, and Yonghui Supermarket are temporarily offering public offerings The top ten fund holdings by market capitalization, with stock market value exceeding 10 million.

Yingda's flexible configuration mixes the top ten heavy stocks as of the end of the second quarter of 2020:

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Picture source: Screenshot of the Fund’s second quarterly report, the same below

Yingda Ruixin flexibly configures and mixes the top ten heavy stocks as of the end of the second quarter of 2020:

Pioneer Juyou's flexible configuration mix is ​​the top ten heavyweight stocks as of the end of the second quarter of 2020:

Pioneer Juyuan flexibly configures and mixes the top ten heavy stocks as of the end of the second quarter of 2020:

In addition to heavy stocks, fund managers' views on the market outlook are also one of the important reference directions for many people to invest in financial management. Pioneer Juyuan Flexible Allocation Hybrid Fund Manager Sun Xinyan said that corporate profits are expected to recover slowly in the second half of the year. The acceleration of capital market reform will help increase market activity, and the overall market liquidity will be guaranteed; however, the industry valuation structure is too different for subsequent markets. Operation brings a certain degree of uncertainty. The market style in the third quarter is expected to become more balanced, and traditional industry leaders have opportunities for valuation restoration. As the valuations of the financial and consumer sectors have not reached extreme levels, the performance of the consumer sector in the mid-July reporting season is highly certain, which may still support consumption style to a certain extent, but in the future, the financial sector has begun to have obvious allocation value. Judging from the rebound in growth since March, the valuations of consumer services, food and beverages, and pharmaceuticals have increased more significantly. Household appliances, automobiles, communications, computers and real estate, and banks and non-banks may have opportunities to make up the rise.

"Looking forward, the early monetary and fiscal policy relaxation will continue to bring marginal improvements. The domestic macroeconomic resilience is still strong. Various measures such as tax cuts, fee reductions, and reforms have been implemented. After experiencing the impact of the epidemic, it will continue to improve in the third quarter and return to positive growth." Pioneer Juyou Flexible Configuration Hybrid Fund Manager Yang Shuai said frankly.

Every reporter Wang Han Every editor Xiao Ruidong

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