2,800-point fund manager Fear 140 billion new fund positions on thin Ice

Although the IPO restart shoes Landing, the flower fell Guilin three gold, but the Shanghai Composite index still slightly red in Friday, tenacious hit 2886.5 points of the year high.　　For most fund managers, while enjoying a gradual rebound in net fund, the side is a lingering fear of "blowing bubbles" disturbed. May sprint 3,000 points for the recent market, some of the radical fund managers have been eyeing 3,000 points. HSBC Jin Trust fund that, from the technical side, the index platform shocks after finishing the breakthrough price increase, market dominance pattern.　　At present, technical indicators have been back to the good, the stock index formed a clear support, short-term market is still expected to continue to expand space. But the market is more awe-oriented, management policy guidance, IPO restart impact, and other factors are the eyes of many fund managers risk "tipping point." A fund manager told reporters that the policy risk is the biggest, "the market is too fast and easy to be controlled by management." For the IPO, Fidelity fund chief investment officer and equity investment director Huang, Cathay Golden Eagle Growth fund manager Zhang agreed that the impact of the IPO may only be the psychological and short-term impact of investors, and will not change the long-term market trends and patterns.　　However, many fund managers still have some worries about this. The reporter found that the blue chip has become the current fund managers sheltered "harbor." A fund manager in Shanghai said that the more it went to the market, the more it insisted on value investment. HSBC Jin believes that the larger valuation advantages of the broader blue chips deserve further attention. Huang, who holds the same view, believes that first of all, to look at relative valuation level, and the early increase in the small and medium-sized stocks, compared to the current large blue chips generally low valuations, still have a strong margin of safety, investment value is relatively high; second, the industry's economic recovery in the process of profitability, China's economy ahead of global recovery, property　　, financial, non-ferrous and other leading industries in the economic recovery process is often ahead of the market. 140 billion new funds are treading on thin ice. The number and scale of new funds raised since this year are also expanding. Reporter rough calculation, coupled with the June 19 end of the collection of HSBC Jin letter market, China Sea quantitative strategy, on the investment Morgan Pure debt, this year, the new fund raise is expected to approximate 140 billion yuan.　　The flow of huge sums of money directly affects the performance of the stock market. However, the fund managers of the new fund all said that the performance of the stock market directly affected their positions. "Although we also know that 2,800 points even if the fall, the amplitude is not too big." But there is a cautious view in the short term. A new fund manager told reporters: "According to our own calculations, our new fund in the same industry should be considered a relatively conservative position, less than competitors." There is also the possibility that some of the new funds do not hold positions, holding cash. "There are also some new fund managers told reporters, now do public offering fund pressure is very large, if the new fund opened the purchase after redemption to see your net worth is a loss, he can not stand." So we still have a conservative strategy, holdingCash-oriented, the structure of the above to do some varieties of optimization, the overall or hold those who are worth long-term to take the variety, to do value investment.