Fund style switching ciphers-equity-type additions to small and medium-sized debt-based single-love convertible bonds

Fund style switching password: Equity-type increase in small and medium-sized debt-based single-love convertible bonds

Original title: Unlocking the change of fund style “crypto” Fund configuration changes, which are in line with the future trend of the macro economy and the expectations and judgments of China’s economic transformation.

From the perspective of the fund’s heavy storage stocks, some specimens are mainly distributed in the electronics, pharmaceutical, and consumer sectors, showing the fund’s attention to the high prosperity of these industries or individual stocks, as well as its expectations for new engines and new momentum in the future.

  The past three quarters are not ordinary for public funds.

At the beginning of September, the comprehensive deepening reform of the capital market seminar presented 12 reform plans, including promoting the public fundraising institutions to vigorously develop equity funds, and promoting the relaxation of various types of medium- and long-term funds into the market, including the scope and scope of public fund funds.

  In the third quarter, the equity fund issuance market rebounded markedly, the size of hybrid funds increased significantly, the trend of money fund returns stabilized, and the size of bond funds increased, and the public offering fund market registration system ushered in a “second acceleration”.

How do investors view investment highlights in the third quarter?

What is the “password” behind the fund’s investment style switch?

  Equity funds were allocated to small and medium-sized ventures in the third quarter. The net value of publicly-funded active equity funds increased for three consecutive quarters, and the stock position has rebounded. It is at a high level since 2015, and more than half of active fund sizes have increased.

  Minsheng Securities statistics show that at the end of the third quarter, the common stock type, partial stock mixed type, and flexible allocation positions were 87.

7%, 85.

0%, 57.

7%, which was a change of -0.

4, 2.

3 and 1.

5 averages.

In the third quarter, the fund increased the allocation of small and medium-sized ventures to the main board, the main board, the small and medium-sized board, and the GEM configuration ratios were 65.

2%, 21.

1%, 13.

6%, which is -3.

Two, two.

5 and 0.

6 averages.

The deployment of the science and technology board has begun. At the end of the third quarter, 26 of the 33 companies listed on the science and technology board have entered the third quarter of the public fundraising heavy stock holding range.

  From the perspective of the industry layout, public funds generally reduced the number of financial and economic cycle related sectors, and optional consumption and other sectors, and increased the growth sector weakly related to the economic cycle.

From the perspective of subdivided industries, in the third quarter, the proportion of food and beverage, pharmaceutical, electronics, non-bank and home appliances was relatively high, being 16% and 14 respectively.

3%, 11.

7%, 7.

4% and 5.

6%, including nearly half of the stock market value of active equity funds heavy positions.

There are electronics, medical, and computer industries that have a wide margin increase, with additional allocations of 5 in the third quarter.

2%, 1.

4% and 0.

4%; Food and beverage, retail, and automotive industries with a sharp reduction in warehouse positions have shifted by 1 in the third quarter.

4, 1 and 0.

9 averages.

  Southwest Securities Research and Development Center analyst Zhu Bin said that this change in fund allocation is in line with the future macroeconomic trends and the expectations and judgments of China’s economic transformation.

From the perspective of the fund’s heavy storage stocks, some specimens are mainly distributed in the electronics, pharmaceutical, and consumer sectors, showing the fund’s attention to the high prosperity of these industries or individual stocks, as well as its expectations for new engines and new momentum in the future.

  Debt-based “single-love” convertible bonds and equity funds have “turned over”, and the overall performance of fixed 杭州桑拿网 income funds has shown a steady decline.As of the end of the third quarter, the total size of 381 currency funds was 74,640 trillion, a decrease of 3% month-on-month, and the average yield was 4 from the beginning of 2018.

More than 3% continued to fall to 2.

41%.

The yield of bonds showed a volatile downward trend, and the average change in the unit net value of various types of bond funds rose, with a secondary debt base of 1.

The return rate of 68% ranks first, the first-grade debt base, medium- and long-term pure debt, and the three types of money funds have a return of 1.

52%, 1.

19% and 0.

61%.

  Shen Wanhongyuan Securities analyst Meng Xiangjuan introduced that in the third quarter, the performance of secondary bond-based and closed-debt-based funds increased, and pure bond funds with a higher proportion of bond allocation performed better, and the average growth rate of their unit net value increased, and closedThe growth of the net value of bond-based units rebounded earlier than last quarter, and the performance of hybrid secondary bond-based assets with appropriate allocation of risk assets was outstanding.

  Steady performance results from the asset allocation strategy of bond funds.

At the end of the third quarter, the net asset value of bond funds was about 3.

1 trillion yuan, an increase of about 14% from the end of the second quarter.

  According to the statistics of Tianfeng Securities, from the perspective of the investment style of bond funds, since the third quarter, it includes short-term pure debt funds, medium and long-term pure debt funds, first-tier debt bases, and second-tier bonds.The issue share has risen markedly, continuously exceeding 50 billion shares in August and September, while the new issue share of passively managed funds (passive index-based debt base) has shrunk significantly, replacing about 10 billion shares.

The increase in actively managed funds mainly comes from the large issuance of medium and long-term pure debt funds.

  Different from previous years, the market value of convertible bonds held by public funds in the third quarter of this year reached a record high. The market value of convertible bonds held by public funds was about 74.3 billion U.S. dollars, and the absolute size exceeded the peak of the bull market in 2014, which was higher than the second quarter of this yearAbout 5.9 billion.

The ratio of the market value of convertible bonds held by public fund holders changed the trend since the second quarter of 2017, and rose by nearly 3% from the second quarter of this year.

  Compared with other institutions, the market value of convertible bonds held by public funds in the third quarter of this year increased by a total net increase of US $ 6.4 billion, and this year exceeded the total net increase of other institutions for the first time.

Except for social security and trusts, the market value of convertible bonds held by other institutions has increased significantly. Brokers are self-operated, and special account management and QFII have even experienced negative growth.

  Guo Congwei analyst Ke Congwei believes that due to the dazzling performance of technology stocks and the evaluation of supplementary funds, the overall performance of convertible bonds in the third quarter was better, which is one of the important reasons for public funds to increase their holdings of convertible bonds.

The CSI Convertible Bond Index increased by 3 in the third quarter.

62%, of which the parity index gradually decreased by about 4.

88%, and the average conversion premium has increased significantly.

45%.

From the perspective of the issuance market, convertible bonds are still in a relatively hot situation. At the end of the third quarter of this year, the market value of convertible bonds was 310.9 billion yuan.

  The first negative growth of money funds is even in terms of the net asset value scale. Money market funds still rank first among various funds with a net asset value of $ 7 trillion, but this year the “Internet babies” have ushered in the first shrinking scale.

Wind information statistics show that as of September 30, the scale of the net asset value of money market funds was 7.

03 trillion yuan, compared with 7 at the end of 2018.

59 trillion, shrinking about 7 mergers, the first negative growth previously.

  From the perspective of the growth rate of “Internet baby”, since the third quarter of 2017, the overall scale growth rate has been discrete. From the fourth quarter of 2018, the scale has entered a negative growth stage. It can be seen that the attractiveness of the replacement base baby for investors is declining.
  Rong 360 analyst Liu Yinping said that there are three main reasons. First, since 2018, the trend of interest rate consolidation has intensified, the gap between money market interest rates and deposit interest rates has narrowed, market interest rates have continued to decline, and the average yield of money funds has started in early 2018Of 4.

More than 3% continued to fall to 2.

Below 5%, investor returns have shrunk dramatically, and other current alternatives with higher returns must be sought.

  In the past, many “Internet babies” supported the rapid redemption of large amounts of funds. The “Guidelines on Further Regulating the Internet Sales of Money Market Funds and Redemption Related Services” issued in June 2018, clearly stated that T + 0 for a single day of money funds is fast.Redemption withdrawals must not exceed 10,000 yuan, and more than 10,000 yuan can only be used to withdraw cash through T + 1, resulting in a significant reduction in the redemption efficiency of large amounts of money funds, which has affected the attractiveness of the product to a certain extent.

  Once again, the growth of monetary funds is increasing, and current products such as current account management of banks, short-term debt funds, pension security management products, and innovative deposits have yield advantages.

In particular, banks with T + 0 wealth management and innovative deposits not only have higher returns, but also are stronger. Supporting the rapid redemption of large amounts of funds is very worthwhile for investors.

  According to the analysis of Rong 360 Big Data Research Institute, through the promotion and promotion of bank T + 0 products, more investors will pay attention to these products, which will further diversify the size of currency funds.

  The continued shrinking of the IMF is not necessarily the norm.

Chen Dong, the director of the financial products department of Luen Thai Fund, said that traditional currency funds basically use the amortized cost method, which only makes no loss, and has a “quasi-just-to-change” and “capital-protected” nature.

With the recent approval of floating net worth money funds, the transition of money funds has begun.