The Fund Will Stick To The Low Position &Nbsp; The Collective "Red July".

With the last one

It was the last trading day of July. The Shanghai Composite Index fell 10.62 points and was reported to 2637.50.

Looking back on the whole July, the stock index rebounded from the lowest 2319.14 points in the year and rebounded more than 300 points, not only recovering land lost in June, but also increasing the volume of pactions.

Looking back on the current round of market, social security funds first came into the market, with the news of venture capital, QFII, brokerages and other agencies coming up, the market popularity increased suddenly.

However, the public offering fund has been relatively calm during that time. Most fund companies have maintained a stable position strategy, and even in the continuous rise of the market, there is a sign of rebalancing the stock by reducing stocks.

July positions were basically flat with the two quarter.

Come from

"This means that the fund is by no means the current market is certainly not a fund driven," Galaxy Securities analyst Liu Zhijing pointed out.

In addition, the fund has missed the whole market.

Market participants pointed out that whether the market is going up or not, the fund has missed more than 300 points. The main reason is that the incentive mechanism of the public offering fund is relative ranking, and the competition is also relative income.

"If the market is still tight, the fund may come to the last bar."

However, some analysts have pointed out that the fund's asset allocation strategy does not agree with the rise of the market. The Fund believes that the short-term market valuation is reasonable and does not support the upward or downward fluctuations of the market.

"If the market is subject to dramatic fluctuations in sentiment, the fund may continue to adopt a counter balance strategy."

Internal differentiation began to stick to low positions.

However, the fund is not monolithic.

As A shares continue to rise, the fund also shows a trend of differentiation, and a small number of funds have begun to take the initiative to increase their positions.

The Bank Securities report shows that there are very significant differences in the position adjustment strategies of the fund companies from last Friday to Thursday.

Among them, the stock positions of Jinying, Franklin, Huaan, Xingye, galaxy, Yi Fang Da and Peng Hua and other 14 fund companies had a marked recovery, while the stock positions of 10 fund companies such as China Post, Kami Mane, Baoying, Da Mo Huaxin and Huaxia decreased significantly.

"This is the first time since the great adjustment of the market in April.

In terms of large and medium-sized fund companies, Huaxia Fund reduced its position by 4.49%, while Jiaxi increased 0.70% by a small margin. The average positions of bosun, Jiashi, Shang Morgan and Taida Hongli four were the lowest, basically below 70%.