Fund's first quarter report of 2019 has been disclosed more than 80%, and it can be said that the pattern is roughly determined. A reporter from Securities Daily sorted out relevant data and found that after 12 consecutive quarters of low allocation to the real estate industry (China Securities Regulatory Commission industry classification, the same below), public funds finally achieved over-allocation to real estate in the past three quarters: as of the end of the first quarter of this year, the total market value of real estate shares held by public funds reached 78.599 billion yuan, accounting for 4.71% of their stock investment market value, which exceeded the standard industry allocation ratio of the stock market by 0.13 percentage points.
Among the 130 real estate stocks, are the leading real estate stocks the most popular among public funds? Data shows that during the first quarter of this year, leading stocks such as Vanke A, , Poly Real Estate , were significantly reduced by public funds: Currently, only 304 funds have heavy holdings in Vanke A, and the total number of shares held decreased by 82.5043 million shares month-on-month compared with the fourth quarter of last year, and the stock has declined to the tenth largest holdings of the fund; Poly Real Estate's fund holdings decreased by 214 million shares month-on-month, and the stock has also fallen to the 14th largest holdings of the fund.
over-allocation 9 industry under-allocation 9 industry
public fund over-allocation
in the first quarter, the allocation ratio of institutional assets to stocks in various industries is relatively high, showing its optimism about the industry's prosperity and related stocks , which also makes the industry allocation ratio a major highlight of the fund's quarterly report. According to the Wind consulting statistics, the first quarter report of the fund just disclosed shows that among the 19 industries divided by the China Securities Regulatory Commission, there are 9 industries with over-allocation and low-allocation of public funds, and the allocation ratio of residents' services, repairs and other services is consistent with the industry standard industry allocation.
The so-called over-allocation or low-allocation refers to the comparison of the fund's allocation ratio to the industry and the standard industry allocation ratio. It should be noted that there are still a small number of fund products that have not disclosed their first quarter reports for 2019, so the allocation ratio of public funds to some CSRC industries will still change slightly.
Among them, the manufacturing industry is still the most over-allocated by public funds. As of the end of the first quarter of this year, the ratio of investment in manufacturing stocks in manufacturing industries was 51.11%, exceeding the market value of stock investment by 7.26 percentage points, exceeding the standard industry allocation ratio; followed by information transmission, software and information technology services. At the end of the first quarter of this year, the allocation ratio of public funds to this industry exceeded the standard industry allocation ratio by 2.49 percentage points; public funds also had a relatively high over-allocated health and social work at the end of the first quarter, and the allocation ratio was 1.23 percentage points higher than the relative standard industry allocation ratio.
Public funds still have the most low allocations to financial industry stocks. At the end of the first quarter of this year, the ratio of funds investing in financial industry stocks to stock investment was 14.76%, which was 8.21 percentage points lower than the standard industry allocation ratio; followed by mining industry, which accounted for 1.76%, which was 5.03 percentage points lower than the standard industry allocation ratio.
"Securities Daily" reporter found that the allocation of funds that have always attracted much attention from investors has another "new idea" to the real estate industry: after 12 consecutive quarters of low allocation to the real estate industry, public funds have continuously achieved over-allocation to the real estate industry in the past three quarters. A review of the first quarter report data of public funds showed that at the end of the first quarter of this year, the total market value of real estate shares held by public funds reached 78.599 billion yuan, accounting for 4.71% of their stock investment market value, which exceeded the standard industry allocation ratio of the stock market by 0.13 percentage points.
Vanke and Poly both "out of favor"
Leading real estate stocks were quickly reduced by public funds
Public funds were overweight in the real estate industry, and some fund companies will inevitably have a very high allocation ratio to the real estate industry.
"Securities Daily" reporter According to Wind Consulting statistics, among the fund companies that have disclosed their first quarter report for 2019, the proportion of allocation to the real estate industry is Hengyue Fund, Industrial Fund , Bank of China International Securities, Shanghai Oriental Securities Asset Management, etc. The allocation of the above four fund companies to the real estate industry exceeds the standard industry allocation ratio by 9.17 percentage points, 5.84 percentage points, 4.33 percentage points and 4.09 percentage points respectively.
single fund product, the allocation ratio to the real estate industry is not as crazy as before.Among the fund products currently disclosed the first quarter report of 2019 fund, China Resources Yuan RT-Mart Shuangxin Mixed A is the equity fund with the highest proportion of allocation to the real estate industry: the fund's allocation ratio to the real estate industry at the end of the first quarter of this year was 27.73%, 26.58 percentage points higher than the standard industry allocation ratio.
However, the leading real estate stocks encountered rapid reductions in holdings by public funds during the first quarter of this year. Of course, it is also possible that some funds hold real estate stocks but have not become their top ten heavily held stocks. A reporter from Securities Daily found that public funds held a total of 1.691 billion shares of Poly Real Estate at the end of the fourth quarter of last year, and their holdings dropped sharply to 678 million shares by the end of the first quarter of this year; public funds held a total of 738 million shares of Vanke A at the end of the fourth quarter of last year, and their holdings were 324 million shares by the end of the first quarter of this year.
In addition, 11 stocks including OCT A, Greentown Holdings, Rongsheng Development, China Merchants Shekou also encountered more reductions in holdings by public funds in the first quarter of this year, with the number of reductions exceeding 100 million shares.
From the perspective of the real estate industry divided by the China Securities Regulatory Commission, there are 119 individual stocks in the industry. At the end of the fourth quarter of last year, public funds held a total of 8.001 billion of these 119 real estate stocks. By the end of the first quarter of this year, the total number of shares held by public funds had sharply dropped to 2.803 billion shares. In just one quarter, the reduction ratio exceeded 60%.
