The quarterly report of public offering funds came to an end, still walking on the roller coaster in the stock market and the bond market.GamecraftarcadeIn the first quarter of 2008, where did the funds flow through public offering funds?
In terms of equity funds, by the end of the first quarter, the size of equity funds and mixed funds was 6.Gamecraftarcade.6 trillion yuan, down 57.9 billion yuan in the first quarter, but of which stock ETF increased by 325 billion yuan, which means that active rights funds have shrunk sharply, but there are also funds such as Nuoan positive returns, million selections, Baoying quality selection, Guangfa theme leading, and other funds rose against the market in the first quarter, doubling in size.
In terms of bond funds, by the end of the first quarter, the size of bond funds exceeded 9 trillion yuan, an increase of more than 330 billion yuan in the first quarter. Many medium-and short-term bond funds doubled in size in the first quarter, and some products even became obsessed.GamecraftarcadeYour fund has grown into a large-scale product with an astonishing increase.
The size of short-term debt funds soared by up to 12900%.
Driven by debt cattle, pure debt products represented by short and medium-term debt funds were welcomed by investors in the first quarter, crazily "sucking money".
According to Wind, of all the short-and medium-term debt funds that have released quarterly reports, 28 have doubled in size in the first quarter, and many of their products have even grown from mini-funds to large-scale products.
For example, at the end of last year, the size of Huitian rich medium and short-term debt was only 0.Gamecraftarcade.61 billion yuan is a mini-fund on the verge of liquidation, but by the end of the first quarter of this year, the size of the fund had soared to 7.994 billion yuan, attracting about 7.932 billion yuan in a quarter, an increase of 12900%.
For example, Citic Prudential to Taizhong short-term debt, Zhejiang businessmen short-term debt, Guangfa short-term debt all achieved a scale growth of more than 1000% in the first quarter. Among them, the size of short-term debt from Citic Prudential to Taizhong increased from 60 million yuan to 1.84 billion yuan, an increase of more than 1.7 billion yuan; the size of Zhejiang businessmen's short-term debt increased from 17 million yuan to 407 million yuan, an increase of 390 million yuan; and Guangfa's short-term debt increased from 226 million yuan to 2.895 billion yuan, an increase of 2.669 billion yuan.
There are also 24 medium-and short-term debt funds that have grown by more than 100% in the first quarter of this year. Yi Fangda Wenyue's 120-day rolling holding of short-term debt increased from 1.161 billion yuan at the end of last year to 12.593 billion yuan at the end of the first quarter of this year, an increase of more than 984%. The amount of short-term debt held by Chuangjin Hengxing Middle School increased by 182.48% from 2.654 billion yuan at the end of last year to 7.497 billion yuan at the end of the first quarter of this year.
A number of fund managers also analyzed the impact of the sharp increase in the size of bond funds on the bond market in their quarterly report.
Wu Luzhong, fund manager of Wells Fargo Antai 90-day short debt, said in the quarterly report that cash products such as short bonds grew rapidly in the first quarter, with strong demand for allocation, driving short-end credit bond yields to continue to decline. The yield of AAA, implied rating of 1Y debt, fell from 2.52% at the beginning of the quarter to 2.32% at the end of the quarter, about 20bp, while AA-, the implied rating of China Bond, fell to 2.70%, and credit spreads continued to shrink, reflecting the market's obvious pursuit of static.
Yang Zhen, fund manager of Yi Fangda's preferred investment grade credit bonds, also said that reviewing the performance of the bond market in the first quarter, the more important factors came from the growth of wealth management products and bond fund products in the context of the reduction in bank deposit interest rates, while the contraction in asset-side supply intensified the interpretation of the asset shortage pattern.
The scale of 8 wide-base ETF has increased by more than 10 billion.
In terms of equity funds, according to Wind statistics, by the end of the first quarter, the total size of stock ETF 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 ETF grew by more than 10 billion yuan.
Yi Fangda Shanghai and Shenzhen 300ETF was the ETF with the largest growth in size in the first quarter and the fund with the largest growth in the 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 87.259 billion yuan, or 178.85%.
At the same time, Huatai Berry Shanghai and Shenzhen 300ETF, Castrol Shanghai and Shenzhen 300 (160706) ETF, Huaxia Shanghai and Shenzhen 300ETF, these three Shanghai and Shenzhen 300ETF, also achieved a scale growth of more than 60 billion yuan in the first quarter.
In addition, Huaxia Shanghai 50 (510050) ETF, South China Securities 500ETF, South China Stock Exchange 1000ETF and gem 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, with a scale increase of more than 10 billion yuan.
It is worth noting that the significant growth of ETF is wide-based ETF, one of the important reasons is that the Central Huijin Company "big" increase its holdings. In early February this year, the Central Huijin Company issued a notice saying that it fully recognizes the current allocation value of the A-share market, has recently expanded the scope of ETF holdings, and will continue to increase holdings, expand the scale of holdings, and resolutely maintain the smooth operation of the capital market.
According to the statistics of Chinese reporters of securities firms, in the first quarter of this year, the net purchases of Huijin in Huatai Berry Shanghai and Shenzhen 300ETF, Yi Fang Shanghai and Shenzhen 300ETF, Huaxia Shanghai Stock Exchange 50ETF, Castrol Shanghai and Shenzhen 300ETF, and Huaxia Shanghai and Shenzhen 300ETF 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 several high-performing equity funds has doubled
In addition to the substantial growth of ETF, Tianxiang's data show that the scale of active investment stock funds actually shrank in the first quarter, with a reduction of about 47 billion yuan, while the scale of hybrid funds decreased significantly by 320 billion yuan, which also means that the overall size of active equity funds has not increased.
However, among the active equity funds, there are still Nuoan positive returns, ten thousand selections, Baoying quality selection, Guangfa theme leading, Penghua Hongan and other funds rose against the market in the first quarter, doubling in size.
Among them, Nuoan positive returns are managed by Liu Huiying. In the first quarter of this year, the fund's net AI due to heavy positions rose 24.65%, and its size also increased from 1.627 billion yuan to 3.338 billion yuan, an increase of more than 105%.
Liu Huiying said in the quarterly report that since the beginning of 2024, US technology stocks have walked out of a magnificent market driven by artificial intelligence. The major Internet manufacturers and software manufacturers around the world have joined the "arms race" of artificial intelligence, so that the performance of overseas AI computing leaders is still much higher than expected despite export restrictions to China, and the performance of overseas AI computing sectors is excellent. Domestic manufacturers have also carried out research in the field of artificial intelligence combined with their own business, and the domestic computing plate has also ushered in a sharp market. In the first quarter, the fund mainly invested in the field of artificial intelligence, with corresponding layouts for algorithms, applications and computing power.
In addition, Wanjia selection and Wanjia macro timing strategies are managed by the Yellow Hai. Among them, the scale of Wanjia selection 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 Wanjia macro timing strategies increased from 1.218 billion yuan to 2.464 billion yuan, an increase of 102.31%. With heavy positions in resources stocks such as coal, the net worth of the two funds rose 11.07 per cent and 10.03 per cent respectively in the first quarter of this year.
Huang Hai said in the first quarterly report that looking back on the first quarter, the overall thinking continues the defensive counterattack practice of the past two years. When the market is in a panic stage, it moderately increases the flexibility and aggressiveness of the portfolio, especially when the liquidity risk impact is large before the Spring Festival. Positions in growth industries such as computing power, electronics and new energy are rapidly increased, and when dividend assets fall back due to the rotation of style. On the other hand, most of the highly elastic targets will be redistributed to the energy stocks represented by coal.
In addition, the quality selection of Baoying managed by Yang Siliang increased from 907 million yuan to 1.869 billion yuan in the first quarter, an increase of more than 106 percent; the theme of Guangfa managed by Feng Hanjie grew from 408 million yuan to 1.214 billion yuan, an increase of more than 19.7 percent. Penghua Hongan managed by Ye Chaoming and Wang Kangjia grew from 434 million yuan to 1.322 billion yuan, an increase of more than 204%. Both are active equity funds with large growth.
This article was first posted on the official account of Wechat: brokerage China. The content of the article belongs to the author's personal point of view and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
