Fund In The Three Quarter Of The Active Placement Of The Gem Enthusiasm Decline

Partial shares become the main force of fund profits in the three quarter. From the perspective of asset allocation, the average stock positions of the 702 active equity funds are 78.27%, representing a 5.83% increase over the two quarter. Among them, the average stock positions of 399 active equity funds were 87.35%, an increase of 5.31% over the two quarter, significantly higher than their average level in the past 3 years, and 303 mixed funds' average stock positions 66.32%, up 7.26% from the two quarter, equivalent to the average in recent years.

In addition, the number of active equity funds with stock positions higher than 90% accounted for the total number of active equity funds, rising from 15.87% in the two quarter to 31.48% in the three quarter. From a dynamic perspective, 668 of the active partial stock funds which reported the two or three quarter report accounted for 76.20% of the fund, and only 23.80% of the funds.

From this we can see that in the three quarter of the strong rebound, active equity funds launched a positive strategy to increase stocks, active stock type. fund The average position is close to 90%. The average position of hybrid funds does not seem to be very high, but if the funds that are mainly based on new strategies are eliminated in statistics, and the conservative funds such as pension strategies and absolute income strategies, the average positions of hybrid funds have reached about 75%.

However, the final conversion to the performance is based on the basic market. Despite poor economic performance in the three quarter, the domestic stock market started a significant rise. Since late July, the Shanghai Composite Index has gone out of the unilateral rally, rising 15.4% in the three quarter, the best quarterly performance in recent years. At the same time, the gem index also rose 9.69% during the same period, and thematic investment continued to be active.

about Aftermarket The attitude of the fund is generally optimistic. Most funds believe that although the current domestic economic data are not good enough, the strong stimulus policy is unlikely to be launched, but in the context of economic transformation and upgrading and the gradual improvement of investors' risk preferences, this is not the dominant factor affecting the current stock market. Steady growth, transformation and reform will push the stock market to a long-term good. For short-term market trends, many funds believe that there is a risk of adjustment after a rapid rise. But considering the good long-term trend and abundant structural investment opportunities, the current short-term adjustment risk can provide an opportunity for the long-term layout.

　　 Gem After a sustained and substantial increase, the fund has paid more attention to its investment risk in the three quarter. From the number of funds held, the first quarter of this year, the most popular GEM stocks total 67 funds at the same time heavy positions; in the two quarter, the most popular GEM stocks have 53 funds at the same time heavy warehouse; and in the three quarter, the most popular GEM stocks only 41 funds at the same time heavy positions. In addition, GEM stocks with more than 20 funds at the same time also fell heavily from the 18 in the two quarter to 12 in the three quarter. Compared with previous investment in GEM stocks, the fund has been more cautious.