2 quarterly data is freshly released. Outstanding performance fund managers favor the Royal Economic Cycle stocks.
China Fund Daily’s second quarterly report is fresh!
With the disclosure of the second quarterly report of public funds, core information such as asset allocation, holding positions, and outlook for the market of some outstanding funds have also surfaced.
Data show that in the second quarter, too many LOF hybrid funds have increased their positions in the volatile market. Most of them currently have more than 80% of their positions. Fund managers with outstanding performance prefer stocks that can withstand the economic cycle. Quality leading stocks are favored by most fund managers.And benefiting from the investment potential of the science and technology board, there are enough fund managers to be optimistic about the allocation value of technology stocks.
Most of the LOF mixed base shocks in the second quarter were in higher positions. From the LOF funds that have already announced the second quarter report, there are currently only 16 hybrid LOF funds with comparable data. The holding positions are 75%, which is an average increase in positions over the first quarter report.2.
Among them, Penghua’s power increased, Penghua’s high-quality governance increased slightly, and Southern Ruihe three years, Pinghua Ding slightly reduced its holdings.
From the overall position data, in addition to the three-year strategic placement in South China, Ping An Dinghong and other funds, a small number of hybrid LOF funds currently hold more than 80% of their positions, showing a positive attitude towards the market outlook.
Table 1: Changes in the holding positions of hybrid LOF funds. Outstanding funds holding faucet stocks against the royal business cycle. At present, the overall performance of the LOF funds in the second quarter report has been disclosed. The overall average return rate this year.
The 10,000 industries with the highest yields have a preferred yield of 46.
05%, Rongtong leads the growth, Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen agricultural theme selection yield also exceeded 30%.
So how do the managers of these excellent funds view the performance of the stock market in the future?
Fund Jun sorted out the outlook of the following outstanding fund managers as follows: Table 2: Yields of some outstanding LOF funds The Wanjia industry prefers mixed fund manager Huang Xingliang The first-day credit volume is not sustainable, and the market ‘sIt is expected to return to manual and merge the Sino-U.S. Trade friction to escalate. In the second quarter, the A-share market went through a round of adjustment.
The Huawei incident has exacerbated market volatility in the short term, but has long regulated the direction of domestic policy and industry.
From a structural point of view, the consumption of white horses represented by food and beverage has performed well, and the remaining sectors have been adjusted to different degrees, reflecting the overall reduction in investor risk.
The Fund reduces the allocation of the media industry with high operational uncertainty, increases the weight of pharmaceutical R & D services and generic drugs sectors with good business trends, while maintaining core semiconductors, cloud computing, network security, new energy vehicles and other emerging growth sectorsConfiguration.
At present, the overall style of the fund tends to grow.
Rongtong’s leading growth mixed fund manager Zou Xi and He Long’s market in the second quarter of 2019 showed a trend of rising and falling, mainly because the market continued to be expected to be officially revised in the second quarter.And only.
Although the short-term market is under pressure, we don’t think there will be any bad things in the medium and long term. The Chinese economy will also truly enter the generation-for-quality era. The long-term estimation center of the market will promote continuous improvement.
The escalation of the trade war also had a big impact on the market in the second quarter, but we clearly see that compared with last year, the market income has improved significantly, which also indicates that the normalization of Sino-US friction has formed a consensus in the market.
Therefore, we are not pessimistic about the market as a whole, and the portfolio continues to maintain high positions, diluting the necessity of carbonic acid economy and trade itself.
Our general thoughts are: (1) Macroeconomic research and judgment We believe that structure is more important than accumulation.
(2) With regard to the Sino-US trade war, the transition of the industrial structure is more important than the negotiation itself.
In general, in the second quarter, we considered the impact of random events on the portfolio in terms of operations, and followed neutrally in style and large-scale assets. We focused on industry comparisons and screened consumer goods and investment goods to benefit from the long-term economic revaluation of stocks.Structural varieties whose estimated value hub is expected to continue to improve.
Stock selection also continues to adopt the idea of diversified alpha, control the risk exposure to a single stock and a single direction, obtain mid-to-long-term stable industry alpha and individual stock alpha, and obtain real risk-adjusted returns for holders, and continue to improveThe customer’s long-term actual holding income.
In the third quarter, the face of the weakening global PMI and growth data, the long-term and short-term yields of U.S. Treasury bonds are inverted, and global growth, especially the US Federal Reserve and the European UnionInitially, it expressed the improvement of Sino-US trade prospects and the outlook of the world economy, and pointed out the prospective guidelines for adopting easing policies to promote and support the economy in the future.
Domestically, the science and technology innovation board has continued to accelerate, and local government special debts can be used for major project capital and other structural reforms and countercyclical adjustment policies. The market has been digesting the interest rate stratification of the interbank market brought by events such as the contractor bank incident., Negative factors such as poor credit expansion coefficient, market risk is expected to improve.
We judge that the current market is still in the expected iterative phase before the fundamentals have substantially improved. During the period of policy support and economic fundamentals bottoming out, the expected uncertainty will aggravate market changes, and we will be more determined to be able to withstand fluctuations in the economic cycle.Leading companies of good size make investment judgments and decisions from a transitional perspective.
Wanjia Social Responsibility Opens Mixed Fund Manager Mo Haibo’s Future Market Outlook: Overseas Fed has interest rate cut expectations, which means that there is a lot of room for actionable domestic policies. We think the market will enter a new round of estimation and the process of slow repair of emotions.in.
During this period, events such as the science and technology innovation 北京桑拿洗浴保健 board, the 70th anniversary of the National Day, and appropriate and powerful reform and opening-up policies, the market will go out of the current bottom shock zone and form a round of upward market.
Configuration recommendations: blue chip + growth.
Among blue-chip companies, we attach more importance to the additional full real estate and its industrial chain released in the second quarter, sometimes in the building materials, home appliances, furniture and other sectors.
We believe that it is the backbone of the national economy, and there are very big benefits. There is room for better estimation in the future.
In the growth sector, due to the impairment of the small and medium-sized board and the goodwill of the GEM in the fourth quarter of last year, bottoming out profits, the fourth quarter of this 南京龙凤网 year is expected to be a definite improvement, and improve the business environment of private enterprises, solve pledged blasting positions, and let the policy target small and medium-sized boardsGEM will continue to benefit, so after the index bottoms out, the small and medium-sized tickets will bottom out earlier than the main board. Among them, there are fundamentals to support, and the bull market will begin to grow.
We continue to be optimistic about independent and controllable technology companies, including computers, semiconductors, and new energy vehicles.
Jiang Qiujie, Southern Tianyuan New Industry Equity Fund Manager In the second quarter of 2019, the macroeconomic and microeconomic indicators of the economy dropped somewhat, and some early-cycle industries continued to improve.
Sino-US relations formed a significant disturbance to the market during the quarter.
In the long game of great powers, the market will immediately re-connect with continuous changes. The conversion of the old and new economic growth momentum is a slow process. With the potential economic growth rate moving downward, no strong stimulus in real estate and infrastructure, and the weak overseas economy, the economic situation may have repeated bottom areas.
From a long-term perspective, we are still constantly looking for advantageous industries that can become the new momentum of China’s economy in the next ten years.
The fund pays close attention to the changes in the market environment, adheres to its consistent style, and looks for industries that are constantly improving in their deployment in order to bring long-term and stable returns to investors.
The Fund generally operated with medium-to-high positions this quarter, looking for industry opportunities to recover from the bottom; at the same time, selecting the best, and reducing the impact of the economic downturn on investment returns through the industry’s own adjustment capabilities.