Who Is The Backstage Driver Of The Sharp Fluctuations Of The Gem?

< p > > the world's < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > a target= "_blank" href= "_blank".

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< p > to the time when the Fund Quarterly Bulletin is published. When the market starts to seriously examine the fund's heavy positions and tries to spy on the future of the market, many fund managers should laugh at themselves.

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< p > "half a month before the quarterly report, the fund managers will have to adjust their positions, sell the GEM stocks representing new industries, and buy back a pile of cyclical stocks in traditional industries."

A fund manager broke the news to reporters because everyone was adjusting the warehouse and selling more quickly, so the gem fell more severely at the end of the quarter.

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< p > reporter noted that from March 19th to March 31st, the gem composite index fell 150 points, or 10.43%.

In April 1st, the index rose 29 points on a single day and rose more than 60 points in 7 trading days.

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< p > a person who once worked as a fund manager in Shanghai has revealed that the gem index has plummeted at the end of the first quarter and rebounded at the end of the quarter. An important factor is that there is a small number of small fund investment style drift. They need to start "style regression" and sell GEM stocks in half a month before "a href=" http:// www.91se91.com/news/index_cj.asp > Listing Company < /a > and fund company quarterly report.

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< p > < strong > fund playing style drift < /strong > < /p >

< p > fund's quarterly disclosure is approaching. Fund ownership data become the focus of attention of all parties in the market.

But a young fund manager, Dan Ming Ying (a pseudonym), broke the news to reporters, but there was a big difference between the quarterly disclosure of the position and the actual position structure of the public offering fund.

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< p > "half a month before the report, the fund manager will make adjustments to the combined stocks, sell the items that are not in accordance with the fund's contractual style, and share a batch of stocks in the style store to cope with the disclosure of the quarterly report points."

Shan Ming Ying manages a trade fund that invests in traditional industries. The scale of the fund is less than 500 million yuan.

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< p > the upcoming Quarterly Bulletin will show that the top ten heavy stocks of the fund are all listed companies in traditional industries.

But what the outside world does not know is that in the last week of March, the fund's stock basically came from TMT and other emerging industries.

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< p > "industry fund has a special style" a href= "http://www.91se91.com/news/index_c.asp" > stock < /a > pool, for example, which stocks can be invested in the consumer industry.

But in practice, fund managers will not choose stocks according to the style base, but choose the more flexible ones following the market hot spots.

Shan Ming Ying revealed that in the past year, the traditional industries have been performing mediocre, and it is difficult to win the varieties that won the market.

Therefore, he usually deviates from the style of the fund contract to buy stocks.

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< p > but at the end of the close season, monk will make a big move to sell the stock and sell the shares that are not in the style store, and buy a bunch of varieties that meet the contract according to the fund contract.

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< p > "half a month before the quarterly report, if it is not the stock of the style store, it will not be bought, even if it knows that the stock will go up.

Because it's hard for you to judge whether this time point has been bought, and whether it can be sold before the quarterly disclosure.

Shan Ming Ying said.

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< p > once the disclosure of quarterly reports has been made, the single Ming Ying will conduct another round of warehousing, sell the stock of the style storehouse, and then replace it with a truly optimistic and flexible individual stock. In the recent two years, such stocks are undoubtedly made from small and medium sized boards and gem stocks.

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< p > "at the end of the season, it is still more troublesome to move the warehouse back and forth, but the turnover rate is relatively high, but the operation difficulty is not great."

Dan Ming Ying said that because of the size of the fund is not large, one day can adjust about 30% of the positions.

Moreover, as long as we turn around once, there will be "3 months to do".

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< p > like the behavior of different positions in the ordinary and late season, the fund industry calls this investment style drift.

However, they will emphasize the starting point of doing so: they should do their best.

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< p > "the evaluation of the industry fund is not based on the benchmark of performance and the scope of investment, but on the general stock fund.

The real problem is that the industry is slow in tracking, and can not pick up the bull stock that can bring excess returns. It can only make some deviations at the usual time point, and then tune it back at the end of the season.

Dan Ming Ying said.

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< p > < strong > help increase or decrease > /strong > /p >

< p > according to the reporter's interview, the public fund's floating style drift is prevalent in smaller funds, and these funds mainly flow to small market growth stocks represented by the growth enterprise market.

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< p > "the fund contract stipulates that 80% of the assets invested in Shanghai and Shenzhen 300 (2224.479, -0.32, -0.01%)% of the shares, the proportion of investment in GEM stocks can not exceed 10%.

But last year was the structural market of the gem and the motherboard, and the operation of the fund could only follow the drift.

A fund manager in Shenzhen revealed that the fund managed by the company has invested about 30% of its holdings in the gem.

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A person in Shanghai, a former fund manager in Shanghai, also confirmed to reporters that the phenomenon of style drift and investment hitting the ball is common in smaller funds.

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< p > "some funds are ambiguous in terms of investment scope of contracts, and wind control does not pay special attention to stock pools. Fund managers can drill through loopholes, but they must be treated cleanly when quarterly reports are disclosed."

The Shanghai fund manager said that on the last day of the quarterly disclosure, he would sort out the combination to increase stocks beyond the scope of investment and not to appear in the top ten heavily loaded stocks through the means of increasing positions or reducing margins.

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< p > a fund researcher of a brokerage Research Institute in Shanghai also found that the phenomenon of "a href=" http://www.91se91.com/news/index_cj.asp > investment < /a > style drift was revealed in the research, which revealed that this phenomenon was mainly in the industry fund and the early issuance of equity funds.

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< p > "in recent one or two years, fund companies have issued many industry funds.

But there are ups and downs in the industry and sometimes there is a downturn in the industry.

This has prompted some fund managers to vacate part of their positions to make style drift and quietly buy hot stocks, such as small stocks in the gem.

The above said.

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< p > in the industry view, these funds play style drift, to a certain extent, exacerbated the small and medium-sized stock market volatility.

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< p > "small scale funds have a high turnover rate and change positions 30%-40% a day. This behavior is essentially a large retail investor who chasing up and down."

The head of a mainstream research institute in Shanghai pointed out that this year, a new group of fund managers took office. They did not see contracts at all in their usual investments. They were chasing the hot spots of the market.

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< p > a growth fund manager's view is quite representative: "everyone used to buy stocks in the medium and long term that can be determined based on the benchmark of performance, but now they are following the hot spot of the market, and engage in some relatively high market value and relatively low market value < a href =" http://www.91se91.com/news/index_c.asp "> gem < /a > stock.

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