The newly released quarterly report of the fund exposed the specific operation of Central Huijin's increase in ETF holdings in the first quarter. Up to now, the four popular broad-based theme ETFs that have disclosed their quarterly reports have been increased by more than 200 billion yuan by Central Huijin.
Big money is invested in exposure
According to the data disclosed so far, Central Huijin increased its holdings more in the first quarter, including E Fund CSI 300 ETF, ChinaAMC CSI 300 ETF, Harvest CSI 300 ETF, ChinaAMC SSE 50 ETF, etc.
According to the fund's first quarterly report, during the reporting period, a single investor held 20% or more of the fund's shares, and "Institution 1" and "Institution 2" subscribed for 13.197 billion and 3.795 billion shares of ChinaAMC CSI 300 ETF respectively from January 16 to March 31 and March 22 to March 31.
It is worth noting that "Institution 1" and "Institution 2" held a total of 2.893 billion shares of ChinaAMC CSI 300 ETF at the beginning of the reporting period, which is completely consistent with the share held by Central Huijin Investment Co., Ltd., the largest holder of the fund, disclosed in the fund's 2023 annual report. It can be judged that "Institution 1" and "Institution 2" represent the position increase of Central Huijin.
Image source: Fund Quarterly Report
On February 6 this year, Central Huijin announced that it would expand the scope of exchange-traded index funds (ETFs), continue to increase the intensity and scale of holdings, and resolutely maintain the smooth operation of the capital market. In fact, since the sharp decline in the market in January, large funds have been buying broad-based index ETFs in a steady stream to "support the bottom" of the market.
Based on the average trading price of ChinaAMC CSI 300 ETF in the first quarter, Central Huijin has increased its position by more than 58 billion yuan.
According to the first quarterly report of Harvest CSI 300 ETF, "Institutional 1" investors subscribed for 15.6 billion shares in the first quarter, and held a total of 18.286 billion shares as of the end of the first quarter, with an estimated holding scale of about 69.1 billion yuan based on the net value of the fund at the end of the first quarter.
Image source: Fund Quarterly Report
This institution held 2.682 billion shares of Harvest CSI 300 ETF at the beginning of the period, which is exactly the same as the share held by Central Huijin Investment Co., Ltd., the largest holder disclosed in the fund's 2023 annual report, so it can be confirmed that "Institution 1" is Central Huijin. Based on the average trading price of Harvest CSI 300 ETF in the first quarter, it is estimated that the scale of Central Huijin's additional position may exceed 54 billion yuan.
Similarly, the trends of institutional investors disclosed by ChinaAMC SSE 50 ETF show that "Institution 1" and "Institution 2" increased their positions by 4.475 billion shares and 11.392 billion shares respectively in different time intervals.
Image source: Fund Quarterly Report
"Institution 1" and "Institution 2" held a total of 12.36 billion shares at the beginning of the period, which is consistent with the position share of Central Huijin Investment Co., Ltd., the largest holder of the fund, disclosed in the fund's 2023 annual report.
Image source: Annual Report of the Fund
Based on the average trading price of the fund in the first quarter, the scale of the central exchange's additional position exceeded 37 billion yuan.
Similarly, E Fund CSI 300 ETF was increased by about 45.7 billion shares by institutions suspected of being Central Huijin, or more than 76 billion yuan.
It is estimated that Central Huijin increased its position in the above four funds by more than 200 billion yuan in the first quarter.
The scale has grown significantly
As of April 18, the four A-share ETFs stood at the 100 billion mark, with Huatai Pineapple CSI 300 ETF, E Fund CSI 300 ETF, ChinaAMC SSE 50 ETF and Harvest CSI 300 ETF reaching 196.858 billion yuan, 135.427 billion yuan, 114.092 billion yuan and 103.983 billion yuan respectively.
Compared with the end of 2023, the scale of these four funds has grown by leaps and bounds, with the scale rising by 65.772 billion yuan, 86.639 billion yuan, 62.642 billion yuan, and 60.072 billion yuan respectively, and more than half of the incremental scale comes from Central Huijin's additional position.
Industry insiders said that since the CSI 300 ETF and SSE 50 ETF tracked by the CSI 300 ETF and the SSE 50 ETF are all large-cap blue-chip indices, they can represent the market as a whole, and the support of large-cap blue-chip ETFs is more direct and can significantly boost the overall sentiment of the market. "When the market plummets, in fact, many investors have layout needs, but there is a greater risk in participating in individual stocks, and the layout of active funds faces the problem of uncertainty and efficiency of holdings, so participating in ETFs is a relatively better choice for convenience, efficiency and uncertainty. Not only is the large amount of money pouring into broad-based ETFs, but with the development and maturity of the domestic ETF market in recent years, individual investors as a whole have increasingly become the main force in allocating broad-based ETFs. An index fund manager said.
Reviewer: Dong Fengbin Editor: Zhang Lijing Proofreader: Yu Hongbo Producer: Li Ruoyu Signed: Fei Yangsheng