Investigation Of Institutional Behavior Behind A Shares' Volatility

"It's warm and cold."

On the afternoon of March 14th, Ji Hongtao, general manager of Peng Hua fund's investment department, said, "the word can reflect the current market situation and reflect our expectations," said Mr. Ji Hongtao, general manager of Peng Hua fund's investment department, room 6, 9 [0.54, Shenzhen International Chamber of Commerce.

Perhaps Ji Hongtao did not notice the trend of hanging [2404.74 1.30%] on the wall outside the conference room.

But in the process of speaking, the market has broken up for two and a half months, and the Shanghai Composite Index has the biggest decline since 2012 - 2.63%.

In a word.

"I didn't move."

A fund manager in Shenzhen said that on the day of March 14th, his carefully chosen stock was still lying quietly in the fund's position list.

"I didn't move either."

A fund manager of a fund company in Guangzhou also said, "if the fund is to sell, many stocks will be hit by a drop in limit, and the fund will not do so."

So, who sells the 327 billion 652 million yuan per day? According to the reporter's investigation, quite a few of the profits are being short.

Fund enters redemption risk interval

Three feet of ice are not cold in a day.

Before the crash in March 14th, a lot of short selling energy was actually accumulated, and the fund was one of them.

Although fund managers interviewed said they did not substantially adjust their positions on the day of March 14th, the fund had started selling off a week earlier.

According to the reckoning fund, the 63 fund companies reduce their positions by an average of 1.21%.

But this fund may be passive.

According to sources of a large fund company, the fund of the company is still in net redemption, because many funds have returned to net value.

Another Shanghai fund company's marketing department also revealed that the company's new fund recently suffered redemption.

As of March 9th, the average yield of Galaxy Securities classification stock (excluding classified funds and index funds) was 7.4%.

However, a considerable number of funds returned to 1 yuan or near 1 yuan in the first two and a half months of 2012.

This is the most stressful area of redemption.

In the face of redemption pressure, there are more than public funds and private placement.

"Customers still have no confidence in the securities market."

The chairman of a private company in Shanghai, founded in 2009, said customers had no desire to buy, and I was persuading them not to redeem products these days.

It is worth mentioning that in the 2012 market, the redemption of public offering and private placement customers may become one of the resistance to the market.

But the passive redemption of public offering and private placement is hard to cause a big drop in March 14th.

"The drop in March 14th after 1 p.m. is very rapid. If the organization wants to ship, it will not operate this way."

A fund manager of a fund company in Guangzhou said.

He believes that if it is institutional behavior, then a certain type of organization has drawn up a very strict stock throwing plan, that is, when the two sessions end, it is time to sell shares.

And such institutions must be united and influential.

"The possibility of this energy is insurance."

However, reporters from a number of fund companies learned that venture capital has not recently large-scale redemption fund.

"We have become cautious about the market, but we have not formulated a strategy to sell stocks at a specific time."

A strategy researcher of a domestic insurance company in Beijing also denied such speculation.

Air force route index

Another joint venture fund company in Shenzhen

In fact, the fund's stock positions were observed. At the end of last year, the positions of equity funds were 83.3%, which is almost the same as the current level.

It shows that the fund is not the booster of the opening year in 2012, but the enjoyment.

The fund manager of a fund company in Guangzhou also thinks that if it is not insurance, then it will be the hot money scattered in every corner.

After March 14th, they can make a profit.

A private equity company in Shanghai is the leading company in the capital. The director of investment, the company's investment director, believes that the current rebound in no resistance has come to an end. The market will enter a period of concussion, the rise of the index is more difficult and the opportunity exists in the stock.