Gem Index Rose 3.34%, A Record High, 6 Shares Trading.

Because of a long National Day holiday, it brings many uncertainties, and even though the United States postpones the withdrawal of QE, it can not dispel the suspicion of fund managers. Public funds have been adjusted in positions. Light warehouse 。 From the perspective of fund managers' exposure, Gem It will still be the theme of their market outlook.

Various uncertainties

There are many uncertain factors, and international and domestic problems are coming in to make public offering funds extra cautious.

Internationally, the biggest worry for the market is whether the US QE withdraws. However, the monetary policy statement issued by the Federal Open Market Committee (FOMC) announced that it would wait for more evidence on economic activity and employment market conditions before adjusting the size of the asset purchase plan.

Analysts believe that the FOMC conference in September did not announce the scale reduction of QE, which exceeded market expectations, reflecting the Fed's cautious view of the economic outlook. In addition, Bernanke did not hint again about the timetable for shrinking the purchase plan in the future, nor did he predict the policy threshold of the unemployment rate, showing the uncertainty of the US monetary policy in the next stage.

"The United States is likely to withdraw from the QE within a year. The way and pace of exit is the key to the global market. QE withdrawal will have a short-term impact on emerging markets, and A shares may also face short-term capital outflow pressure. Because QE The "Damour's sword" has not yet come down, and there are many uncertainties in the news of the National Day holiday. Many institutional investors are more cautious. A fund analyst in Shanghai thinks.

In the domestic market, some analysts believe that the capital side of September is likely to be better than expected. This is because the central bank and major financial institutions have experienced the "stress test" at the end of June, and have adopted relevant measures to deal with the possible liquidity tensions at the end of the third quarter. The negative factor is that IPO will restart the problem, especially in the case of high valuations of gem and new high index. It will still have a greater impact. Two, whether the economic data can continue to warm up. After entering September, the growth rate of power generation in the first half of September has fallen to single digits, which is far from the 16% in early August.

Most of the funds are light warehouses.

In order to avoid risks, the fund basically reduced the positions before the holiday. Location calculation model shows that last week partial stock fund position decreased by 2.49 percentage points, the current position is 78.42%. Among them, the positions of equity funds dropped by 2.59 percentage points to 82.70%, while the positions of standard hybrid funds dropped by 2.33 percentage points to 70.65%. Last week, the three main sectors of public funds were public utilities, information equipment and medical organisms. The top three industries were pharmaceutical, light manufacturing and chemical industries.

Data show that since last month, the fund has relatively reduced its position. At the end of last month, the average positions of equity, standard mixed and partial equity funds were 89.92%, 76.38% and 85.11% respectively. In less than a month, equity funds and partial equity funds have voluntarily reduced their positions by 7.61% and 7.21%.

In addition, according to the Galaxy Securities report, the 5 companies with the lowest average positions were listed as follows: CAITONG fund 49.97%, Harvest Fund 54.14%, state gold general fund 54.69%, Golden Eagle Fund 57.95%, and Chinese business fund 59.64%.

However, although the fund position is lighter, A share fund performance is not bad.

This year, the stock market structure is obviously divided. The active stock fund shows the value of professional investment. It also won a good profit in a big win. The statistics show that as of September 26th, 532 active equity funds have achieved an average return of 14.015% this year, of which 400 funds have achieved positive returns. As a whole, the fund company has a prominent performance. The weighted average return on the scale of its active stock investment is as high as 17.93% and 17.02% respectively, while the other top five companies, Naka Kami, South and Bo, are 15.54%, 6.79% and 2.28% respectively. In this year's structural market, many investors may earn eyeballs without making profits.

The top five fund companies have 20 active stock funds with a yield of over 20% this year. Among them, the highest yield was Yi Fang Da Ke stock, up to 42.87%. In addition, Yi Fang Da medical industry 31.14%, industry leader 24.90%, Kexiang 22.81%, Kehui 22.39% and so on. In all companies, over 20% of this year's active equity funds accounted for 183, accounting for 30% of the total number of shares.

Aftermarket continues to value gem

It is noteworthy that, in recent years, a number of economic data have been released and higher than the market expectations, the economy has stabilized situation; coupled with the FTA, land transfer, preferred stock and other hot topics of speculation, the downturn in the long term blue chips appear Jedi rebound, the Shanghai Composite Index settled above 2200 points. At the same time, under the stock game, a large number of funds fled the gem to make it fall into the adjustment situation. However, there are still many public funds holding a positive attitude towards the recent gem adjustment, and firmly optimistic about the subsequent structural market.

Chen Yangfan, manager of Xingquan light asset fund, believes that the stocks and plates that have recently been speculation have neither the advantage of valuation nor solid support. The distribution of funds between different sectors is more emotional than rational. On the other hand, since the beginning of this year, especially since the second half of the year, the gem index and Shanghai Composite Index and Shanghai and Shenzhen 300 have been getting bigger and bigger, even reaching unprecedented levels. This gap only moderately bridged convergence, the market can go longer. Therefore, phased moderate adjustments and even significant callbacks are beneficial and harmless to the long-term trend of growth stocks and gem.

In addition, a fund manager of a fund company in Shenzhen believes that many of the gem are Individual stock It represents the general direction of economic transformation in the future. The fund has a high enthusiasm for equity asset allocation. At the same time, in the concussion market, thematic investment has become the key direction for the market to do more. The reform in the third Plenary Session of the 18th CPC Central Committee is expected to continue to lead the market, and many thematic investments benefiting from policy adjustment and economic reform will undoubtedly be brilliant.

"Investment in emerging industries can not rely on" attracting fresh food and eating all over the world ". Growth stock investment is not a daring contest or imagination contest. Instead, it should try to use a variety of methods or common sense judgments or to get close to its true value through fundamental analysis. The future investment will adhere to the "two invariable" - "new growth" unchanged, "concentrated ownership" unchanged, concentration of industries, stocks concentrated, with "right + concentration" to get excess returns. The stability of the core positions should be upholding and the flexibility of the non core positions should be taken into account. Chen Yangfan said so.