A Quarterly Official Collection, "Attack For Defense" Full Spectrum: Defensive Reduction, Increased Technology And Essential Consumption.

In April 30th, the allocation of A shares in the first quarter of the fund was disclosed.

According to the twenty-first Century economic report, the majority of the active equity funds were reduced to avoid the risk of the epidemic during the reporting period, and the allocation ratio decreased.

In the first quarter, while reducing the position, the investment style and logic of the active equity fund also showed obvious changes: the active equity fund style was greatly biased towards growth. Among them, small and medium-sized enterprises have increased their holdings, and the main board has been reduced.

The active equity fund "to attack and defend", while reducing its defensive position, it further increased its technology industry. At the same time, we must increase the necessary consumption and reduce the financial real estate.

Lighten up defense

In the first quarter of 2020, the A share trend was polarized, the Shanghai Composite Index fell 9.83%, and the gem index rose 4.10%.

On the other hand, the fund-raising boom frequently occurred in public funds. On the other hand, most active equity funds fell during the first quarter.

Shen Wan Hongyuan data show that 333 ordinary equity funds (A/C share is 1 funds, the same below), the first quarter net funds rose 133, accounting for 39.94%, net value fell 200, accounting for 60.06%; 834 mixed funds, the net value rose 357, accounting for 42.81%, net value fell 477, accounting for 57.19%.

According to another data, the gap between the fund and the fund in the first quarter was huge, reaching 115%.

From the short-term performance, the top three funds in the first quarter were: Bo Shihong surplus A57.33%, Changxin medical care industry 33.39%, and ten thousand industries preferred 31.84%. The last one is Cathay Pacific commodity -57.31%.

The new crown epidemic is the largest variable of public offering allocation in the first quarter. In order to reduce the impact of the epidemic, the active equity funds generally reduced their positions in a quarter.

"Affected by the epidemic, Q1 lighten up defense has become the most obvious feature of fund allocation. 2020Q1 active fund control positions, stock allocation ratio has declined, from 87.21% in the previous quarter to 83.62%, down 3.59 percentage points. Anxin securities Chen Guo pointed out.

According to Zheng Kai's research data from GF Securities, from the position held, in the first quarter of 2020, the general stock positions decreased by 1.1% to 85.7%; the partial mixed funds reduced 3.7% to 81.2%; and the flexible allocation fund positions reduced 1% to 58.6%.

Zheng Kai, GF Securities, pointed out in the research report that despite the drop in positions, the fund was basically flat in terms of market value in the first quarter, the market capitalization of flexible allocation fund holdings decreased by 6.9%, but the market capitalization of general equity and partial equity hybrid funds increased by 4.6% and 4.2% respectively.

GF Securities Zheng Kai further pointed out that in the first quarter, all kinds of public offering funds received a large number of net purchases, of which the active equity + flexible allocation fund increased by 14.8% - the share of the mixed share fund increased by 30.7%, the share of the general equity fund increased by 18%, and the share of the flexible allocation fund decreased by 2.6%.

Under the epidemic situation, the investment style of the active equity fund in the first quarter was significantly adjusted.

Anxin securities Chen Guo research shows that the fund in 2020 Q1 small and medium-sized Chuanbi increase, the motherboard reduction (-4.61%), of which gem growth is more obvious (4.02%).

Tianfeng securities Xun Yu in the research report also pointed out that in 2020 Q1 fund shares, the market value of the main board fell to 56.6% (63.7%), the average value of 58.7%, the GEM market value rose to 17.3% compared to the ring value (the former value 13.7%, mean 16.3%).

GF Securities Zheng Kai said that in 2020, the Q1 active equity fund fell slightly to the market capitalization share and the small and medium board allocation, but the allocation proportion of the gem rose for 3 consecutive quarters, returning to the level of early 2017, and the main allocation of the gem was the head company. The gem accounted for 30% of the market capitalization and 50% of the company's allocation ratio reached a record high, which has already exceeded two times.

Increasing technology consumption and reducing financial real estate

"Technology industry" has become the main starting point for many fund managers to "attack and defend" strategy.

According to the research of Chen Guo of Anxin securities, during the first quarter, the industry of fund raising is mainly in the growth of science and technology and the necessary consumption industries, such as medicine (+5.11%), computer (+3.98%), media (+1.23%), agriculture, forestry, animal husbandry and fishery (+1.11%), retail trade (+0.55%) and other industries.

The industry is mainly concentrated in alternative consumption and financial sectors, such as -2.45%, -2.46%, -2.39% and -0.86%.

"The logic behind it is mainly to increase the direct benefit of the epidemic and to stabilize domestic demand industries, and to reduce overseas income accounts for a relatively high sector and a highly leveraged service industry." Anxin securities Chen Guo pointed out.

The research of GF Securities Zheng Kai also showed that in the first quarter of 2020, the active equity fund mainly needed to increase consumption and TMT, while the allocation ratio of resources, financial services and optional consumption decreased.

GF Securities Zheng Kai pointed out that in the first quarter, the active equity fund was significantly increased in technology, from "single pet Electronics" to "multi blooming". The allocation of computers was significantly higher than that in the first tier industries, and the allocation ratio returned to the highest level since mid 2016. In the first quarter, the configuration increased by 3.7% to 7.8%, and returned to the super matching state (over 2.2%). Equipment and software industry configuration has increased significantly. However, the allocation of electronic industry has dropped from the historical high point, and the allocation in the first quarter dropped by 2.9% to 10.6% (still over 3%).

In addition, "the consumption of the epidemic shocks and the proportion of the allocation of consumption decreased significantly, while the" demand for domestic demand "dominated consumption allocation increased significantly. GF Securities Zheng Kai said.

Zheng Kai, GF Securities, pointed out that, on the whole, the Q1 public fund's allocation ideas for consumer stocks are: to avoid the impact of the optional consumption, to seek the domestic demand for the benefit of the selected consumption.

Tianfeng securities Xun Yu pointed out that the style of public funds in the first quarter was significantly biased towards growth, consumption technology increased and financial real estate declined. Specifically, the necessary consumption positions rose, the overall proportion of TMT rose, the rise of medical food and the decline of home appliance liquor.

Statistics show that the active equity based public offering fund in 2020, Q1's top 10 heavily loaded stocks are Guizhou Moutai, Wuliangye, Li Xin precision, Heng Rui medicine, MINDRAY medical care, Changchun high and new technology, Vanke A, postal savings bank, GREE electric appliance, Shanghai state Laojiao.

Among them, in 2020, the largest number of Q1 active equity fund raising stocks were postal savings bank, MINDRAY medical, ZTE, Jinshan office, China wide nuclear and so on. In 2020, the largest stocks of Q1 lighten up were China Ping An, GREE electric appliance, Vanke A, China Merchants Bank, and Midea group.