Regulatory Intensive Control Of The City: Whether Public Funds Can Pick Up Blue Chips?

In the near future, the regulatory layer is very strong in blue chips, requiring institutional investors to lead value investment, which will make the market participants have a greater impact on the future trend of A shares and the expectation of the evolution of hot spots.

However, statistics show that the overall investment portfolio of the fund now deviates significantly from Shanghai and Shenzhen 300, which is evident from the gap between the net growth rate of the fund since this year and the Shanghai and Shenzhen 300 index increase. Nevertheless, fund managers remain skeptical about the investment value of the blue chips. It may take some time to adjust their portfolios to Shanghai and Shenzhen 300.

　　 Fund investment deviated from Shanghai and Shenzhen 300

In the first two months of this year, the Shanghai and Shenzhen 300 index increased by 12.29%. According to the Galaxy Securities Fund Research Center data, the net stock value of standard stock funds increased by only 5.24% during the same period, while the net growth rate of partial equity funds and flexible allocation funds was lower, with an average of less than 5%, significantly behind the Shanghai Shenzhen 300 index.

As a matter of fact, the fund portfolio deviated from the Shanghai and Shenzhen 300 phenomenon as reflected in the quarterly fund's industry configuration, as early as 2010. Wind information statistics show that for the financial and insurance industry, the most representative market of blue chips, the allocation ratio of funds in the past two years is low. For example, at the end of the first quarter of 2010, the investment market value of the active equity oriented Fund to the financial insurance industry accounted for 20.52% of the total stock investment market value, while the standard industry allocation ratio of the stock market was 29.31%, and the fund's overall allocation was 8.8 percentage points lower. To the end of the two quarter of 2010 and the end of the three quarter, the low allocation rate further expanded to 14.45 and 14.87 percentage points. At the end of 5 consecutive quarters, the fund continued to lower than 10 percentage points for the financial and insurance industry, which was still very serious until the end of 2011. Before 2010, the fund was very partial to the financial and insurance industry. It was almost the same as the stock market standard, and even once there was a large over matching situation.

and Finance and insurance industry Similarly, there is the extractive industry, which was also loved by the fund before 2010 and was rejected by the fund after 2010.

This is naturally related to the distinct style of the stock market in the past two years. As the overall stock price of small and medium-sized stocks rose sharply in 2010, and the large cap stocks did not rise or fall, the funds had been converted into stocks. The so-called "value investment" had become a mere armchair strategist. Even in 2011, when the trend of large cap and small cap stocks reversed, some fund managers insisted that the small cap stocks with high growth would be the center of future stock market rising.

　　 Can we pick up the blue chip again?

Regulators stressed several times Blue-chip share The value of investment and hope that funds and other institutional investors will return to value investment. Guo Shuqing, chairman of the China Securities Regulatory Commission, pointed out shortly that the static P / E ratio of blue chips such as Shanghai and Shenzhen 300 was less than 13 times, and the dynamic P / E ratio was 11.2 times, showing a rare investment value. In addition, according to the recent public statements made by the head of the Investor Protection Bureau of the China Securities Regulatory Commission, the Shanghai and Shenzhen 300 index companies account for 65% of the total market value of the A share market, accounting for 74% of the total operating income and 84% of net profit.

In fact, most fund managers still recognize the value of blue chips, but only when the fundamentals of the economy do not support the stock market, there is not enough regulation and motivation. Galaxy Securities Fund Research Center Hu Lifeng and Li Lan believe that although quite a part of the fund is in the position of changing positions, changing the configuration, and publicly expressing the bullish blue chips, the fund still has a large part of its market value in the small cap. It is difficult to convert the stock market assets by about 1 trillion and 360 billion at the end of 2011. Especially in the context of market capital is not ample, the blue chips are difficult to get out of the trend market, the fund may tend to seize the opportunity of small cap stocks rebound, so they still prefer highly flexible small cap stocks.

Some fund managers' position is not very strongly optimistic about blue chip. Chen Shide, manager of the mixed fund of Guang Fa small growth stock and GF domestic demand, said that on the one hand, the undervalued value should be valued, and the certainty of growth and the certainty of growth should be considered on the other hand. The current valuation of individual small cap stocks is still high, some have returned to a reasonable price, and most blue chip stocks have been very low valuations, relatively reasonable. Generally speaking, we should start from these two aspects, looking for undervalued stocks, relatively good performance and growth stocks, which will not be abandoned.

Yang Delong, chief strategist of the southern fund, told reporters that at present, fund allocation deviates from blue chip stocks, and there are still funds immersed in small cap stocks. There are also reasons for regulators to advocate blue chips. However, fund transfer is not so fast and takes time.

Obviously, Public fund industry To return to "value investing" as a whole, it is most important to find confidence in the current stock market. "The confidence is more important than gold" is an old saying that is especially applicable in the current market.