Signal!What are the considerations to move closer to the "unpopular stocks"?Public funds entering the historical high

Star Fund Manager defeats the market and needs to defeat the shocking research report in the hands of industry researchers.

Securities Times · Brokerage Chinese reporters were informed that the positions of a number of star fund managers have significantly avoided the popular stocks of "shocking and favorable", and at the same time, they began to heavy positions in "negative continuous" unpopular stocks.

Star Fund holds positions to unpopular stocks

"There are indeed fluctuations in the short term, and the rise and falling cannot be predicted." Star Fund Manager God loves before telling the Securities Times · Brokerage Chinese journalist that he has great confidence in the stocks he holds Essence

Securities Times · Brokerage Chinese reporters have noticed that the star manager who has obtained positive revenue for four consecutive years, the Pioneer Pioneer Fund he managed from the end of the second quarter of this year. The characteristics of unpopular "" are obviously different from the popular stocks that are piled up in mainstream funds.

Industry insiders believe that in the current A -share market, the biggest feature is that the coverage of mainstream funds is low to avoid crowded transactions caused by institutions.

In addition to God's love, another star fund manager Lin Yingrui also began at the end of the second quarter to avoid high crowded stocks in the positions of institutional transactions.

Securities Times · Brokerage Chinese reporters noticed that Lin Yingrui's star fund products Gangfa Ruiyi led the hybrid fund and added film and television content producers Hua Ce and Television to its core stocks.

Under a series of gorgeous slogans such as great technology and human change, Huace Film and Television, engaged in the production of TV series, obviously belongs to the typical "unpopular". Due to the problems caused by the epidemic, the film and television company has been significantly impacted, which has made the institutional funds further away from and away from and. Low coverage. As of the end of July, Huace Film's stock price has returned to the beginning of the listing ten years ago. The entire film and television industry in the A -shares has also been affected by funds. Pond.

The same logic as film and television stocks also includes aviation stocks involved in Lin Yingrui's heavy warehouse. In the era of the epidemic, the aviation was obviously an unexpected "unpopular". As of the end of the second quarter of this year, the Star Fund Manager's GF Ruiyi Hybrid Fund, ten, ten Only six heavy stocks are aviation stocks, including Spring Airlines and Auspicious Airlines.

Entering a historical high, the position of partial stock funds has reached 88%

In the public offering industry, the star public offer with strong right to speak and the significance of the wind direction, why is it began to emphasize the sector that avoids the crowded transaction, and the layout of the "unpopular"?

Great Wall Fund Chief Economist told reporters to Weida that the stock portfolio of the public fund in the second quarter has been disclosed. Although the results of each securities firm's statistics are slightly different, the conclusion is basically the same, that is, the second quarter of the partial stock funds in the second quarter The position of the position is about 88%, reaching the historic high range; the proportion of electricity equipment holding the position of public funds is more than 20%.

"In addition to the positions of non -ferrous metals, chemicals, machinery, electronics, etc., the institutional funds account for a higher proportion of the configuration of the new energy industry chain." At the downside of A -share profitability, the moderate collection of public offerings often rises. In the second quarter, the moderate lift of the positioning of the positions may mean that the current public funds are more cautious about the prospects of the profitability of the future listed company. Staged heights.

Xiang Weida believes that from the level of transaction, public fund managers may become very limited in follow -up funds and space. Since July, the market has continued to fluctuate, funds may have been adjusted, and the risk of high positions in the institution may be released.

Because potential risks have gradually appeared in the continued popularity of popular stocks, fund managers have increasingly emphasized the "cost -effectiveness" of holding stocks, rather than simply pointing to sexy and conceptual appealing industry fundamentals.

Guo Jiting, the manager of the Nord Fund Fund, also emphasized that the A -share market has begun to enter the shock phase, and it is very important to prefer high -cost performance. She believes that in the past quarter, based on multiple favorable superpositions, the market has rebounded rapidly. The impact of the epidemic shifts from a relatively serious stage to the occasional state of some areas. With the improvement of the epidemic, the control measures of various localities have also been relaxed to varying degrees, and the impact on the economy weakens. The development of the new crown special medicine is as soon as possible, and the impact of the epidemic affects improvement expectations. At the same time, the liquidity is relatively loose, and the overall market has rebounded rapidly under the state of multiple profits.

However, from the current point of view, Guo Jiting bluntly stated that the influence of the aforementioned factors has weakened. In the short term, the epidemic is fulfilled than the early stage of improvement. High -growth goals have introduced oversized -scale stimulus measures, super currency, pre -expenditure futures ", the intensity of subsequent policies, and whether it can produce strong economic benefits has certain uncertainty; at the same time There is still a certain degree of concern for whether the impact of the subsequent industrial chain can be properly disposed of.

Fund manager's society is "slow", it is also important

Obviously, after the highest upward upward up to 60%and 70%in the three months of the A -share popular sector, the crowded transactions of the institution on popular stocks have made some fund managers feel the cold and the risks brought by the crowded exchange. The funds for these prophets began to adjust their warehouses on the "unpopular stocks", and to some extent, they also acted as "defense" positioning strategies in the second half of the year. Tao Min also believes that there are two possible trends in the short -term market. First, the market structure has been adjusted, the style or from partial growth to consumption value, and the market trend is shocking; the second is that growth adjustment and other sectors are also poor, and the index is short -term or certain adjustments. The reason why the above -mentioned scenario has a large probability of market markets is: firstly, the policy surface enters the observation period. Various economic data, evaluate the determination of the effect of steady growth. The second is the verification period of the performance of listed companies, including semi -annual performance disclosure and the third quarter performance outlook. Finally, liquidity factor, high probability that the PPI high -level oscillating in the second half of the year, CPI was affected by the rise of pig prices and the low base of the same period last year. There was up upward pressure in the second half of the year, or it had impact on liquidity and monetary policy.

It is worth mentioning that Jiao Wei, the star public offerings of the Yinhua Fund, also recently explained the reasons for his popular stocks such as new energy and high -tech, and is willing to maintain loneliness in relatively unpopular stocks.

From the perspective of some fund managers, the shock of great technology, vividly described and shocking research reports in the hands of seller researchers, and finally let many fund managers who have read research reports fall into the risk of crowded transactions and high valuations.

To solve this problem is to become "dull" and "stubbornness". Jiao Wei said that the best way to resist the noise of the fund manager is to think about the vivid description of various negative phenomena and the shock of the great technology.

Obviously, some fund managers adhere to their independent judgment in the exaggerated "negative description" of unpopular stocks, and in the description of popular technology "shocking", the fund manager has also maintained caution.

Editor -in -chief: Wang Lulu

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