Securities Times reporter Pei Lirui
At present, the disclosure of the first quarterly report of the public fund has come to an end. In the first quarter, the stock market was on a roller coaster, the bond market was still riding a bull, and where did the funds from the public fund go?
Fengrun's short- and medium-term debt soared 129 times
Driven by bond bulls, pure bond products represented by short- and medium-term bond funds were popular among investors, and they frantically "attracted gold" in the first quarter.
Wind data shows that among all short- and medium-term bond funds that have released quarterly reports, 28 funds have doubled in size in the first quarter, and there are even cases of mini funds mutating into large-scale products.
Quite typically, the mini fund that was once on the verge of liquidation - China Universal Rich Run Short and Medium Term Bonds, the scale was only 61 million yuan at the end of last year, but by the end of the first quarter of this year, the scale of the fund had soared to 7.994 billion yuan, and the "gold absorption" in a single quarter was about 7.932 billion yuan, an increase of 12,900%.
In addition to CUAM Fengrun short-term bonds, CITIC-Prudential Zhitai short-term bonds, Zheshang short-term bonds, and GF Zhaocai short-term bonds all achieved a scale growth of more than 10 times in the first quarter. Among them, the short-term bonds of CITIC Prudential to Thailand increased from 60 million yuan to 1.84 billion yuan, the short-term bonds of Zheshang increased from 17 million yuan to 407 million yuan, and the short-term bonds of GF Zhaocai increased from 226 million yuan to 2.895 billion yuan.
In the first quarterly report, a number of fund managers also interpreted the impact of the large increase in the scale of bond funds on the bond market.
Wu Luzhong, fund manager of Wells Fargo Antai 90-day short-term bonds, said that in the first quarter, the scale of cash products such as short-term bonds grew rapidly, and the allocation demand was strong, which drove the yield of short-end credit bonds to continue to decline. The yield of the 1Y China Bond implied rating AAA credit bond fell by about 20bp from 2.52% at the beginning of the quarter to 2.32% at the end of the quarter, while the yield of the China Bond implied rating AA- credit bond fell by 42bp to 2.70%, and the credit spread continued to compress, reflecting the market's obvious pursuit of static.
Yang Zhen, fund manager of E Fund China Bond Preferred Investment-Grade Credit Bonds, also said that looking back on the performance of the bond market in the first quarter, the more important influencing factors came from the growth of wealth management products and bond fund products in the context of the reduction of bank deposit interest rates, and the contraction of asset supply exacerbated the interpretation of the "asset shortage" pattern.
8 broad-based ETFs increased by more than 10 billion
In terms of equity funds, according to Wind statistics, as of the end of the first quarter, the total size of equity ETFs in the whole market was 1.78 trillion yuan, an increase of about 325 billion yuan compared with the end of last year, of which 8 ETFs increased by more than 10 billion yuan.
In the first quarter, the ETF with the largest growth in scale was E Fund CSI 300 ETF, which was also the fund with the largest growth in the whole market in the first quarter. The product increased from 48.788 billion yuan at the end of last year to 136.047 billion yuan at the end of the first quarter of this year, an increase of 178.85%.
In addition to E Fund CSI 300 ETF, three CSI 300 ETFs, including Huatai Pinebridge CSI 300 ETF, Harvest CSI 300 ETF and ChinaAMC CSI 300 ETF, also achieved a scale growth of more than 60 billion yuan in the first quarter. In addition, the scale of ChinaAMC SSE 50 ETF, CSI 500 ETF, CSI 1000 ETF and E Fund ChiNext ETF increased by 32.171 billion yuan, 31.476 billion yuan, 16.579 billion yuan and 14.248 billion yuan respectively in the first quarter.
Obviously, the ETFs that have grown significantly this time are all broad-based ETFs, and one of the important reasons is Central Huijin's "large-scale" holdings. At the beginning of February this year, Central Huijin Company announced that it fully recognized the value of the current A-share market allocation, and has recently expanded the scope of exchange-traded funds (ETFs), and will continue to increase its holdings and expand the scale of its holdings, and resolutely maintain the smooth operation of the capital market.
According to the statistics of the Securities Times reporter, in the first quarter of this year, Central Huijin Company's net purchases of Huatai Pineapple CSI 300 ETF, E Fund CSI 300 ETF, ChinaAMC SSE 50 ETF, Harvest CSI 300 ETF and ChinaAMC CSI 300 ETF reached 88.862 billion yuan, 75.031 billion yuan, 37.488 billion yuan, 54.326 billion yuan and 58.162 billion yuan respectively, with a total net purchase of more than 300 billion yuan.
The size of the high-performing equity fund has been doubled
Compared with the sharp growth of ETFs, the overall size of active equity funds is a little "lonely". According to the statistics of Tianxiang Investment Advisors, the scale of active investment stock funds shrank in the first quarter, reducing by about 47 billion yuan, while the scale of hybrid funds decreased by 320 billion yuan.
However, among the active equity funds, there are still funds such as Sino Analytica Active Return, Wanjia Select, Wanjia Macro Timing Multi-Strategy, Baoying Quality Selection, GF Theme Leading, and Penghua Hongan that bucked the market in the first quarter and doubled their scale. Among them, Sino Analytica, managed by Liu Huiying, made positive returns, because the net value of heavy artificial intelligence (AI) increased by 24.65% in the first quarter, and the scale also increased from 1.627 billion yuan to 3.338 billion yuan, an increase of more than 105%.
Liu Huiying said in a quarterly report that since the beginning of 2024, U.S. technology stocks have walked out of the magnificent market driven by artificial intelligence. The world's major Internet manufacturers and software manufacturers have joined the "arms race" of artificial intelligence, making the performance of overseas AI computing power leaders still exceed expectations despite export restrictions to China. Domestic manufacturers have also combined their own businesses to carry out research in the field of artificial intelligence, and the domestic computing power sector has also ushered in a considerable market.
The scale of the former increased from 1.287 billion yuan to 2.706 billion yuan in the first quarter, an increase of more than 110%, and the scale of the latter increased from 1.218 billion yuan to 2.464 billion yuan in the first quarter, an increase of 102.31%. With heavy positions in coal and other resource stocks, the net value of these two funds rose by 11.07% and 10.03% respectively in the first quarter.
Huang Hai said in a quarterly report that the overall idea is to continue the practice of defensive counterattacks in the past two years. When the market is in a panic stage, moderately increase the elasticity and aggressiveness of the portfolio, especially before the Spring Festival, when the market is greatly affected by liquidity risks, quickly increase the position of growth industries such as computing power, electronics, new energy, etc.;
In addition to the above-mentioned active equity funds, the quality selection of Baoying managed by Yang Siliang has also doubled its scale, from 907 million yuan to 1.869 billion yuan in the first quarter, an increase of 106%; the GF theme managed by Feng Hanjie has taken the lead, from 408 million yuan to 1.214 billion yuan in the first quarter, an increase of more than 197%; and Penghua Hongan, managed by Ye Chaoming and Wang Kangjia, has increased from 434 million yuan to 1.322 billion yuan in the first quarter, an increase of more than 204%.