Every reporter: Ren Fei Every editor: Zhao Yun
Last week, the net value of various types of public FOF showed a downward trend, mainly due to the pullback of equity assets, especially the deep decline of A-shares.
However, at the same time, some of the sub-indices of various industries have maintained a strong phase, such as the direction of state-owned enterprise reform, especially some dividend low-volatility ETFs have a strong trend during the week.
Some FOF fell by more than 2% during the week, and new issues stalled again
From December 11 to December 15, the A-share market rose first and then fell, and the Shanghai Composite Index was negative for three consecutive days in five days, and the index fell to 2,942 points at the end of last week, for example, the previous low of 2,923 points was only one step away. In this context, equity FOF did not return well during the week, and equity FOF closed down across the board, with a maximum decline of more than 2%.
Wind statistics show that Cathay Pacific industry rotation A fell by 2.0790% in a week, the deepest decline among all stock-based FOFs, and other weight-bearing FOF also fell more and rose less, it is worth noting that in the context of poor market sentiment and falling yields, the new FOF that has recovered slightly has stagnated again, and there is no FOF raised for the first time last week.
From the perspective of funds, a total of about 18.576 billion yuan of northbound funds were sold last week, of which about 10.825 billion yuan were sold through Shanghai-Hong Kong Stock Connect and about 7.75 billion yuan were sold through Shenzhen-Hong Kong Stock Connect. The continuous net selling has also put the liquidity of the current A-share market to the test, and the valuation quantiles of various types of indices have fallen one after another.
Of course, in terms of the current position allocation of public FOF, equity FOF is still mainly allocated to ETFs, while many hybrid FOF are allocated to actively managed funds. Just last week, the estimated position of public pharmaceutical products rose, and a number of pharmaceutical ETFs showed net inflows. According to the statistics of Cinda Securities, the position of the public pharmaceutical industry rose by 0.44pct last week, with the latest value of 14.07%, and a number of pharmaceutical ETFs such as Huabao CSI Medical ETF and E Fund CSI 300 Medical and Health ETF showed net inflows.
However, it should be pointed out that from the current market point of view, whenever A-shares fluctuate downward, medicine is regarded as a safe-haven asset and is held by funds, but it lacks the momentum to continue to rise, so the later trend of such assets still needs to be further observed. On the contrary, among the core assets, there was another sharp drop last week, including liquor.
For the market outlook, as the timing of further economic improvement is still uncertain, it is more beneficial to the balanced allocation of cyclical and defensive sectors. According to the analysis of CEIBS, in the near future, we can pay attention to cyclical industries whose valuations are at the bottom of history and are highly sensitive to economic recovery, as well as optional consumer goods and pharmaceutical industries that have a higher margin of safety after a significant adjustment in valuation, especially consumer goods companies with overseas market development capabilities, cyclical industries with upward inflection point characteristics, such as semiconductors and electronics, and new energy in the technology sector.
Last week's top performance of various types of public FOF (partial) Source: Wind
Dividend low-volatility ETFs are "popular", and there are fewer traces of FOF heavy positions
Last week's star theme - state-owned enterprise reform, or known as the dividend low volatility index trend is stronger, especially some ETFs performed well last week, and this is also a more common category in the current institutional allocation recommendations, although from the current public FOF in the heavy position is still few, but from the perspective of value mining, such ETFs or there is medium and long-term allocation value.
For example, ICBC has been wise and enterprising for a year, and the third quarter report shows that among the funds with heavy positions, including Huatai Pineapple Dividend Low Volatility ETF, Invesco Great Wall CSI Dividend Low Volatility 100 ETF, and CSOP S&P China A Large Cap Dividend Low Volatility 50 ETF, these ETFs have performed well in the net value of the latest week.
In fact, despite the limited flexibility, dividend low-volatility ETFs have often been favored by institutions since the beginning of this year. Gong Lili of Invesco Great Wall pointed out that in the previous good stage of the market, it may not be aggressive enough, but the importance of this product is to improve the probability of winning rather than winning higher odds, and it is necessary to accurately grasp the positioning of these products in a portfolio.
A few days ago, the "Regulatory Guidelines for Listed Companies No. 3 - Cash Dividends of Listed Companies" and other documents were released, encouraging listed companies to increase the frequency of cash dividends, guiding the formation of medium-term dividend Xi, stabilizing investors' dividend expectations, and urging companies to refine dividend policies in the articles of association, clarify the goal of cash dividends, and better stabilize investor expectations.
It is pointed out that from the correlation coefficient between the yield of equity funds and the yield of industry indexes, since the beginning of this year, growth industries such as electric new, chemical, machinery and electronics have always remained in the top five, and the correlation coefficient between public funds and dividend low-volatility index has been sluggish at the beginning of this year, but from the perspective of position structure, the expected rate of return of institutional investors has not decreased, and the clearing process is relatively slow, which also makes the incremental funds lack the willingness to immediately increase the allocation of A shares, and still choose to wait and see and wait for a better time.
Industrial Securities said that the economy is recovering weakly, high-growth and high-prosperity industries are relatively scarce, and it is more difficult to win excess returns with prosperity as an anchor, and dividend low-volatility assets with stable profits and strong ability to resist market fluctuations are expected to continue to outperform.
National Business Daily