The disclosure of the first quarter report of the public fund in 2024 has been completed. As of the end of the first quarter, the scale of the mutual fund market has grown. Among them, bond funds have grown significantly. Due to the recent rapid growth of ETFs, the size and profitability of equity funds have also increased.
From the perspective of fund holdings, Kweichow Moutai and CATL are still the largest and second largest heavy stocks of public funds. Overall, in the first quarter, the proportion of equity assets in the fund's total assets decreased slightly, but the overall position remained high. At the same time, under the structural market, the concentration of fund holdings has increased.
The scale of the mutual fund market has increased
In terms of fund size, Flush iFinD data shows that at the end of the first quarter of 2024, there will be 11,717 funds in the public fund market, with a net asset value of 29.09 trillion yuan, a year-on-year increase of 9.32%. Specifically, the scale of bond funds increased significantly in the first quarter. As of the end of the first quarter, the scale of bond funds was about 9.31 trillion yuan, an increase of 3.79% from 8.97 trillion yuan in the fourth quarter of 2023. At the same time, in terms of new funds, many of them issued more than 2 billion yuan during the year are bond funds.
Equity funds have also benefited from ETF growth. As of the end of the first quarter, the scale of equity funds was about 3.11 trillion yuan, an increase of 9.50% from 2.84 trillion yuan in the fourth quarter of 2023. It is worth noting that the scale of many ETFs has skyrocketed, due to the large-scale sweep from the national team. With the disclosure of the fund's first quarterly report, Central Huijin has bought a number of broad-based ETFs, including Huatai Pineapple CSI 300 ETF, E Fund CSI 300 ETF, ChinaAMC SSE 50 ETF, Harvest CSI 300 ETF, ChinaAMC CSI 300 ETF, etc., with a total amount of more than 310 billion yuan. In addition, thanks to commodities and overseas markets, the scale of alternative investment funds and QDII funds increased significantly, increasing by 18.7% and 10.7% respectively month-on-month.
From the perspective of fund companies, the top three non-monetary funds are E Fund, China AMC and GF Fund. E Fund is still the only public offering company with a non-monetary fund scale of more than one trillion yuan.
In terms of fund income, in the first quarter of this year, 11,091 funds made positive returns, 14 funds made profits of more than 1 billion yuan in the first quarter, and 400 funds made profits of more than 100 million yuan in the first quarter. Nine of the top 10 funds in the first quarter are ETF funds, of which the top four are all tracking CSI 300 ETF funds, with a total profit of 24.762 billion yuan. Specifically, Huatai Pineapple CSI 300 ETF made a profit of 7.845 billion yuan in the first quarter, ranking first, E Fund CSI 300 ETF made a profit of 6.269 billion yuan, ranking second, and Harvest CSI 300 ETF and ChinaAMC CSI 300 ETF both made profits of more than 5 billion yuan.
From the perspective of fund companies, 92 of the 155 fund companies that have disclosed their first quarterly reports have achieved profitability. Specifically, China Southern Fund, Huatai Berry Fund and E Fund ranked the top three, with profits of 9.626 billion yuan, 9.469 billion yuan and 8.516 billion yuan respectively.
Kweichow Moutai and CATL are still heavy positions in the fund
As of the end of the first quarter, Kweichow Moutai and CATL were still the largest and second largest heavy stocks of public funds, held by 1,523 and 1,529 funds respectively, with a market value of 149.1 billion yuan and 110.8 billion yuan. The remaining top 10 heavy stocks of public funds are Wuliangye, Zijin Mining, Luzhou Laojiao, Hengrui Pharmaceutical, Midea Group, China Merchants Bank, Mindray Medical, and Shanxi Fenjiu. As far as the top 10 heavy stocks as a whole are concerned, the heavy stock targets of public funds in the third quarter are mainly distributed in the consumer goods and services, health care, industrial and materials industry sectors.
Compared with the end of 2023, Zijin Mining, Midea Group, and China Merchants Bank have newly entered the top ten heavy stocks, and WuXi AppTec, Tencent Holdings, and SMIC have fallen out of the top ten heavy stocks.
From the perspective of increasing holdings, among the top 10 heavy stocks of the fund, Zijin Mining has increased its holdings the most. As of the end of the first quarter of 2024, Zijin Mining's holdings increased by 627 million shares, and the total market value of its holdings increased by 21.536 billion yuan from the previous quarter, with a total of 1,101 funds holding the stock. Among them, ChinaAMC SSE 50 ETF, Huatai Pineapple CSI 300 ETF and E Fund CSI 300 ETF ranked among the top three in terms of the number of holdings in Zijin Mining. China Merchants Bank and Midea Group also followed, increasing their holdings by 268 million shares and 158 million shares respectively, and the total market value of their holdings increased by 12.877 billion yuan and 14.637 billion yuan month-on-month.
From the perspective of the reduction of holdings, Luzhou Laojiao has been reduced the most. As of the end of the first quarter of 2024, Luzhou Laojiao's holdings decreased by 20,361,400 shares, and the total market value of its holdings decreased by 2.354 billion yuan quarter-on-quarter, while Mindray Medical also suffered a reduction in holdings, with a decrease of 6.8763 million shares and a total market value of 3.288 billion yuan compared with the previous period.
The share of equity assets decreased slightly
According to the data, in the first quarter of 2024, the market value of bonds held by public funds was the highest, at 16.88 trillion yuan, an increase of 1 trillion yuan from the previous quarter, accounting for 52.95% of the total scale. Public funds held 5.86 trillion yuan in stock assets in the first quarter, basically unchanged from the previous quarter, accounting for 18.38%, and the market value increased by 1.01%. Compared with the end of 2023, the proportion of bonds held by public funds in the first quarter of 2024 will increase, while the proportion of stocks, cash, and funds will decrease.
According to CICC's latest research report, the proportion of stocks in all fund assets decreased slightly by 0.8 percentage points to 18.38%. CICC said that the equity position of active equity-biased funds declined. The position of active equity funds decreased from 88.2% to 87.7% in the fourth quarter of last year, the position of partial stock hybrid funds decreased slightly from 87.9% to 87.4%, and the stock position of flexible allocation funds decreased from 76% to 75.5%, which is still at a historically high level.
China Merchants Securities said that since 2020, active equity-biased public funds have basically operated with high positions, and their positions are basically above 85%. To a certain extent, this shows that under the structural market, the demand of public funds to adjust the level of positions is declining, and more often it is reflected in the industry allocation structure.
According to the industry classification of the China Securities Regulatory Commission, the data shows that the manufacturing industry is the industry with the highest market value of fund holdings in the first quarter, reaching 3.49 trillion yuan, accounting for 59.65% of the market value of stock investment. The market value of the financial industry and the information transmission, software and information technology services industry was 463.461 billion yuan and 301.423 billion yuan respectively, ranking second and third respectively.
From the perspective of the shareholding ratio of subdivided industries, the research report of Huafu Securities shows that in the first quarter of 2024, food and beverage (12.3%), medicine and biology (10.6%), electronics (9.7%), electrical equipment (8.7%) and non-ferrous metals (5.6%) accounted for the top proportion.
In addition, the concentration of public fund holdings has increased. According to data from Tianxiang Investment Advisors, as of the end of the first quarter, the average shareholding concentration of public open-end funds was 55.89%, an increase of 1.41 percentage points from the end of the fourth quarter of 2023. Among them, the average shareholding concentration of equity open-end funds was 55.41%, an increase of 1.92 percentage points from the end of the fourth quarter of last year, and the average shareholding concentration of hybrid open-end funds increased by 1.32 percentage points to 55.97%.
Source: Financial Times client
Reporter: Li Ziqin
Editor: Liu Nengjing
Email: [email protected]