Last night, Chinese concept companies rose, and the Chinese concept ETF fund listed on the US stock market rose 3.8%, and the Hang Seng Index stock index futures also performed better.
I thought that today was going to a new high, but unfortunately the actual performance of the market is often contrary to the public's expectations, and it does not rise but falls today......
In addition, I found a bad thing about Zhang Kun, after he sold China Merchants Bank at the beginning of this year, China Merchants Bank has risen all the way and never fell. What's going on here? See below for details.
1. 82% of companies underperformed the Shanghai Stock Exchange
Although the Hang Seng Index rose and retreated this morning, its actual performance was not much worse, closing down only 0.22%.
In fact, objectively speaking, Aberdeen has almost risen in just 20 days, and the cumulative increase is also very high. At this time, it is actually normal for some callbacks to occur, so you don't need to worry too much.
It is said that the dividend yield of the Hong Kong stock dividend index is higher than that of A shares, and there are also small essays that the reduction of the dividend tax of Hong Kong Stock Connect is a blockbuster benefit.
We have screened and sorted out 6 Hong Kong stock "high dividend dividend index funds" + 4 Hong Kong stock "high dividend dividend active funds", a total of 10. Need to kick the background I send "10" to get.
On the news side, ultra-long-term treasury bonds are about to be issued, which basically hedges the negative impact of social finance data.
Therefore, today, the major indices of Village A fluctuated in a narrow range and were not alarmed. Small and micro disks such as the CSI 2000 fell yesterday and rose slightly today to repair.
Source: iFind; As of May 14, 2024
This morning, I also saw such a heated discussion: don't look at the Shanghai Stock Exchange's 6% rise this year, which is not remarkable, but it has outperformed more than 80% of individual stocks.
I was stunned!
Specifically counted below.
As of today's close, the Shanghai Composite was up 5.74% for the year. During the same period, 4,391 stocks fell or rose by less than 5.74%, accounting for 81.9%.
Source: iFind; As of May 14, 2024
I further summarized: there are still 3,175 stocks that have fallen by more than 10% this year, and the mood of investors can be imagined. As for the performance fryer, it is even more painful to be ST and delisted.
But the more helpless is still to come.
In case the market index falls back and adjusts, related companies may continue to fall.
really responded to the old saying, "If you earn the index, you don't make money, and if you lose the index, you lose money", I feel uncomfortable but I can't say it.
This once again warns us that we can no longer speculate, and we must move to index funds, index enhancement funds, high-quality active funds and other directions as soon as possible.
Second, the historic bottom! Zhang Kun sold aggressively
Let's talk about the worst thing about top fund managers.
At the beginning of this year, I wrote with you an analysis of Zhang Kun's large-scale reduction of China Merchants Bank, "My 4 Doubts about Zhang Kun".
On January 12 at the beginning of the year, E Fund's high-quality enterprises managed by Zhang Kun announced that it would reduce its holdings of 6.8 million shares of China Merchants Bank in two days and sell 200 million yuan in two days.
In retrospect, after Zhang Kun reduced his position significantly, China Merchants Bank almost rose all the way. 28 yuan rose to 36 yuan, an increase of nearly 30% (right arrow).
PS: The left arrow is a big buy, and the back says.
Source: iFind; As of May 14, 2024
The reason for the reduction is that the proportion of a single stock position exceeds the line:
"It is due to the proportion of the fund's position in China Merchants Bank, which passively exceeds 10% of the fund's net asset value."
But this reason actually does not stand up to scrutiny! Indeed, the fund has a position limit on a single stock, and a single stock cannot exceed 10% of the fund.
But when the limit is about to arrive, why not control it in advance?
Even if it reaches the position limit line, according to the regulations, the over-limit stocks will complete the reduction of positions in 20 trading days, so why tighten and sell a large amount within 2 days.
In addition, it is estimated from the proportion of reductions.
As of the end of last year, E Fund's high-quality enterprise scale was 4.9 billion. Quickly sold 200 million, accounting for about 4% of the fund's net assets.
The highest proportion of historical positions is only about 10%.
A slight reduction, at most 1% or 2%, can meet the regulations, and the result is a large 4% sell.
Source: iFind; As of March 31, 2024
There is also Zhang Kun's original buying point, which has more doubts.
In retrospect, the fund bought 16.3 million shares of China Merchants Bank on September 29, 2021, and added another 500,000 shares on September 30.
The average buying price per share was 51 yuan, totaling 850 million. At that time, the fund size was about 9.9 billion, and I bought 8.5%?
In retrospect, the purchase price at that time was 51 yuan per share, which happened to be near the highest point in the company's history, as shown in the arrow on the left side of the chart above.
and the aggressive selling at the bottom of the year at the beginning of the year are also puzzling.
In short, Zhang Kun's investment was a heavy position at the high point, and a large reduction in the low position, and the whole investment process was full of doubts.
Of course, Zhang Kun's performance this year is still good, up 8% during the year, outperforming the Shanghai Stock Exchange and CSI 300 in the same period, but this cannot hide the mysterious operation in this investment.
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Disclaimer: The content of this article is based on public information research and does not constitute investment advice. Investors should make prudent decisions and bear risks independently.
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