Secret fund secondary Heavy warehouse stock

This is the fund's most important profit source for the first quarter. The Shanghai Composite Index rose 30.34% in the first quarter, two to May 14, and up 11.24%. and the market average price at the end of last year for 7.32 Yuan, a quarter of 10.61 yuan, May 14 when the 11.5 yuan, the increase of 45% and 8.39% respectively. It can be said that the Shanghai Composite index was markedly weaker in the first quarter than stocks, and in the two quarter it began to be stronger.　　Therefore, the nature of the first quarter of the market should be a large number of new funds to promote the stock market, and the two quarter, especially since May, is based on the fund as a representative of the main body to use the market stock funds to pull the weight of the "28" as the leading market. The first quarter public fund run the market index by statistics, there are data comparable to the 59 fund companies in addition to the QDII stock, partial shares, index and hybrid funds in the first quarter of the net gain average of only 22.41%, not only to run the market average price level, but also weaker than the broader. At the end of the first quarter to May 13, only 7.41% rose.　　Aside from the position factor, the Fund's shareholding style is largely about its performance. Fund quarterly disclosure, as of the end of the quarter, all types of funds have 368 funds to hold a A-shares, the total market value of 1.21 trillion, of which a total of 409 stocks, shares of 33.742 billion shares, the stock market value of 502.778 billion yuan, the heavy stock market values accounted for the shareholding market share of 41.6%,　　Assuming that the fund was completed at the beginning of the year and held to the end of the first quarter, the market value rose by 35.32%. First quarter fund secondary heavy warehouse stocks run to the listed companies in a quarterly report of the disclosure of the top ten circulating shareholders in the fund statistics, the 59 funds of the fund in a total of 911 shares in the show, the total number of shares for 35.308 billion shares, the quarter-year shareholding market value of 430.032 billion yuan. After deducting shares with the fund quarterly, only the heavy warehouse stocks (hereinafter referred to as "secondary heavy warehouse stocks") which appeared in the 10 major circulation shareholders are 881, holding 22.379 billion shares and the stock market value is 240.643 billion yuan. The proportion of subordinated stocks in the 1.22 trillion fund stock market is only 19.9%. Heavy warehouse shares and secondary heavy stock holdings total 56.121 billion shares, 743.421 billion yuan market value, total accounted for 61.5%. The remaining 38.5% are hidden holdings that do not appear in the quarterly reports of the Fund and listed companies.　　The implicit shareholding ratio was as high as 62.5% at the end of the three quarter of 2008 and only 35.57% at the end of 2008. By contrast, it is clear that the fund in the first quarter basically continued last year's four-quarter concentrated shareholding strategy, but slightly dispersed. What about the results of the centralised shareholding? It is assumed that the fund would be more slow to increase its position at the end of the first quarter (in fact, in terms of its net worth) from the start of the year. The value of the heavy warehouse stock market increased by 131.233 billion yuan, growth rate 34.11%, only slightly higher than the index. The value of the subprime stock market grew by 7.1.806 billion yuan, the growth rate of 42.53%, only the Shanghai and Shenzhen A-shares average of 45% per cent of the increase is lower 2.5%, but far stronger than the performance of heavy warehouse stocks. As a result, the Fund's investment in subordinated stocks is not high, but it is the most important source of profit for the first quarter of the fund. The performance of the heavy warehouse stocks and secondary heavy stock stocks since the beginning of the year has been made more obvious (fig).　　It can be said that the same quality of the species, the slow pace of the fund's first quarter performance is the primary factor. From the perspective of industry performance, heavy warehouse stocks and secondary heavy warehouse stocks, the difference is very large, as shown in (Table 1), the former industry sectors such as banks, insurance and so on in 409 heavy stock stocks are all compared to each other in subordinated stocks, and they perform very generally in the first quarter. And in the secondary heavy warehouse stocks in the middle of the industry, such as coal, automobiles, machinery, non-ferrous metals, etc. is a dark horse frequency out of the land, and its since April still has a good performance.　　The only exception here is real estate, which is ranked second in both types of heavy stocks, which may be the most correct in the first-quarter decisions of the fund.　　Different fund companies because of the difference in investment strategy, the fund companies on the proportion of secondary heavy stock investment ratio is still large, in the total value of more than 10 billion of the 31 fund companies, secondary heavy stock market value accounted for the largest number of Chinese-mail entrepreneurship, accounting for up to 43.92%, In addition, Huaxia fund accounted for 29.32%, while Cathay, Jianxin and the country to invest in UBS are under 8%, the smallest Warburg Societe Generale only 0.63%. Generally speaking, the higher the proportion, the better the performance of the fund companies with the earlier positions. (In the "Red Weekly" 66 pages of data version of the largest former large fund companies in the top 10 subprime stocks) two quarterly fund heavy stocks began large-scale counterattack into the April, on the one hand, the fund has completed the position, and began to compete for market control rights On the other hand, the outside funds dare not jump into the increase has been too large and overvalued value of a variety of small plate theme stocks, and into banks, insurance, steel and other relatively small market share plate, the fund therefore homeopathy pull up the heavy warehouse stocks. Funds in the hands of two types of heavy warehouse stocks in this period is almost synchronized up, until May 14 close, since April, the rise of 16.94% and 19.4%, are far above the market average of 8.39%, but also better than the Shanghai Composite Index 11.24%. The 19.4% per cent increase in secondary stocks was slightly better, but the gap between the two was much narrower than in the first quarter, and the two-quarter fund stocks began a massive counterattack. By the fund-led "28" market may also be maintained for a period of time, but because of the large stocks pulled up by the huge amount of money, and once pulled up, the index will then rise, resulting in fear of the high plate sell. Therefore, the market also entered the index more and more high, making money more and more difficult situation.