Regulatory Storm Almost Made Everyone Cautious.

In the past, by the end of the year, the ranking battle of the public fund was punctually launched, and there were quite a lot of momentum on the disk.

The top ranked fund, heavily loaded up stocks, was "smashed", and some companies took the opportunity to "lift the sedan chair", but recently it was a peaceful atmosphere, with large and small votes mixed.

According to the China Securities Journal reporter, the recent regulatory storm against public funds has made fund managers extremely cautious, and the mentality of participating in the battle at the end of the year has also undergone subtle changes.

Unlike some of the most advanced or very backward funds, some of the fund managers who are in the middle position say they will also rush ahead, but more importantly, they will plan for next year.

An excellent fund manager, who is issuing a new fund, said to a reporter, "to pick up the leak, if you really have a fight, pick up some of the guns in the stock, still very cost-effective.

This year's ranking is no good. It's better to give up first and prepare for next year's battle. "

According to the historical law, at the end of the year, the important period for the fund to enhance its performance, the single stock often goes out of the dark horse.

In the past 10 years, the seasonal characteristics of the excess returns of various stocks in different months have been analyzed. It is easy to find that the invisible secret stocks of the fund companies in November are often outstanding.

After the "one brother" Xu Xiang was taken away by the public security organ, the regulatory storm swept to the public offering fund.

A number of fund companies have confirmed to the China Securities Journal reporter that there are indeed regulators recently entering the company, but they are routine routine checks.

The deterrent effect of regulation should not be underestimated. Recently, fund companies generally pay more attention to compliance and risk control, and strictly follow the procedures.

"Even the approval time of the new fund is twice as fast as before, and the company is going through the trial again and again."

A fund company recently on the cusp of the storm admits that everyone's nerves are tense now.

Such an atmosphere has obviously affected the operation of fund managers.

"The ranking battle at the end of each year is very fierce, but now, even those young fund managers who are not afraid of tigers are also vigilant.

A fund manager with nearly 20 years of investment experience in Southern China told reporters that the strict supervision of investment circles by regulators at the end of the year made everyone emotionally cautious.

"Lessons learned from the stock market crash, such as procedural pactions, and many other investment strategies that were originally thought to be without problems were subsequently restricted. Public funds should stick to value investing.

A fund manager in Shanghai said that the recent regulation of insider trading and manipulation

To crack down on illegal and criminal acts will, to a certain extent, deter the speculation of "evil stocks".

The environment has made some recent rankings rise faster and the more advanced fund managers choose silence.

The more low-key, the better.

They all spoke with one voice.

Even if the regulation is tighter, the pressure on the ranking is still there, and the fund manager is going to rush to the top.

A senior fund company executive told the China Securities Journal reporter that this year's rush is dominated by psychological games, and from confrontation to dark warfare.

As the ranking limit is approaching, even fund managers who are pessimistic about the market have begun to take the initiative to increase their positions.

Data show that since October 19th, partial stock fund positions have risen for four consecutive weeks.

The latest data show that in the past week, partial stock fund positions increased by 2.47 percentage points, the current position is 74.52%.

Among them,

The fund increased by 1.90 percentage points, and the standard mixed fund increased by 2.52 percentage points. The current positions were 87.02% and 73.52% respectively.

The position of public funds is in the upper half of history.

At the same time, many fund managers are urgently adjusting their positions and structures. Due to the advance of some fund companies' assessment time points to the end of November, some companies' internal position battle has already begun.

It is hard to say who will win the championship now.

As of November 20th, the best performance hybrid fund this year is the Changsheng electronic theme fund, which has a net growth rate of 155.8% this year. The rate of return in the new growth year is 143.48%, and the third place in the new year's flexible allocation has increased by 141.81%.

There are 29 trading days from the end of 2015. The difference between the 3 funds is only 10%. In the volatile A share market, who is the last winner is full of variables.

It is worth noting that, unlike the top two small and medium capitalization emerging industries, the current fourth place in the rich countries is low carbon and environmental friendly blue chip camp. The latest layout focuses on the weighted blue chips represented by banks.

In the past three quarters, fund manager Wei Wei increased the financial sector to a large extent, making his industry share 47.61%, while none of the emerging industry stocks entered the ten major heavy positions.

If A shares reappear in the blue chip market at the end of last year, the fund is likely to win the first prize in one fell swoop.

"Many people have the mentality of fighting at the end of the year."

The top executives said that in the case of public funds, there is still more than a month away from the end of the year.

Selling, buying brokerage stocks, insurance stocks and bank shares? Is it the only way to sell the original bank shares and insurance stocks?

"From the perspective of our company, fund managers are divided into two groups. Some people never buy financial stocks, they like to buy growth stocks. This year's performance is quite satisfactory. The performance of fund managers who have been matched with banks and insurance funds is poor. For such fund managers, it is difficult to solve them now. If they don't keep on holding them, their performance is still the worst.

But there are few such people.

More fund managers have made good profits since the beginning of the year, so there is no need to sell small bills to buy large cap stocks, because small and medium sized businesses are also rising.

"Once the end of the year is greedy for small profits, the next year will be empty.

We have several funds that were a good one at the end of last year. At the beginning of this year, fund managers are being scolded by leaders every day, and these two days are slightly better.

He said.

Instead of speculating on others' minds, it is better to do a good job.

Reporters understand that, with the excellent fund managers' ability to find unique shares, the Fund ranked the first place before the stock market crash, advancing to the top ten of the same fund in one fell swoop.

A brokerage analyst pointed out that, according to the historical law, at the end of the year, for the important period for fund to enhance performance, single stock often goes out of the dark horse.

In the past 10 years, the seasonal characteristics of the excess returns of different types of stocks in different months have been analyzed. It is easy to find that in November, the invisible secret stocks of the fund companies tended to be outstanding.