Shares increased by nearly 20% in the first half of the year FOF products are favored by individual investors

time:2023-01-28 11:02:47 source:clevelanddrifters.com author:Technology stocks
Shares increased by nearly 20% in the first half of the year FOF products are favored by individual investors

As professional investors in the capital market, the choice of institutional investors has always been the focus of the market. A reporter from China Securities Journal noticed that FOF fund managers have a high degree of overlap in the selection of sub-funds. Taking active equity funds as an example, the products of well-known fund managers such as Zhou Xuejun, Qiu Dongrong, Li Xiaoxing and Sun Bin are favored by FOF investors. Industry insiders believe that such funds usually have the characteristics of operational compliance, clear investment style, good medium and long-term returns, and low performance volatility, which are what FOF fund managers focus on. In addition, Tianxiang Investment Consulting data shows that as of the end of the second quarter of this year, individual investors accounted for 95.01% of FOF positions, and they were the most important purchasers of FOF products. Compared with the beginning of FOF listing, the acceptance of the product by individual investors is rapidly increasing. Sub-funds have a high degree of overlap Judging from the data in the 2022 semi-annual report, FOF’s heavy-holding funds are mainly low- and medium-risk varieties. According to Datayes, the top ten FOF heavy-holding funds in the first half of 2022 are BOCOM pure bond A/B, BOCOM Yulong pure bond A, Xingquan Wentai A, BOCOM Wenxin short-term bond A, Bosera Furui pure bond A. E Fund A, Bank of Communications Double Wheel A/B, Fuguo Industrial Bond A, Fuguo Credit Bond A, and Penghua Fengheng, among which the Bank of Communications pure bond A/B has the highest market value, reaching 3.469 billion yuan. In terms of equity funds, the reform-driven Haifutong managed by Zhou Xuejun, the Fuguo Value Advantage managed by Sun Bin, the Zhonggeng Value Pilot managed by Qiu Dongrong, and Yinhua Xinyi A managed by Li Xiaoxing are the funds that are heavily held by FOF. The reporter found that the aesthetic style of FOF fund managers is relatively consistent, and the funds held by their FOF products have a high degree of overlap. Jiang Rui, a researcher at Geshang Fortune Jinzhang Investment, said, "The reason may be related to the fact that the market has been dominated by structural opportunities in the past two years, and the fund investment sector with good performance is relatively consistent. It is not difficult to find that equity funds with heavy holdings of FOF products have been in recent years. The risk-return performance is good, and the pure bond funds with heavy positions are large in scale, with interest rate bonds combined with high-rated credit bonds as the base position, and the dispersion is also very good. Funds that meet these characteristics are more vulnerable to FOF fund managers. Favored.” Sang Lei, head of the FOF strategy team of China Europe Fund, said that the characteristics of sub-funds that are usually preferred by FOF fund managers include operational compliance, clear investment style, good medium and long-term returns, low performance volatility, and fund managers’ management time is relatively short. Long, strong investment and research team of fund companies and other characteristics. Focus on individual investors Judging from the data in the 2022 semi-annual report, FOF holders are mainly individual investors. According to data from Tianxiang Investment Consulting, as of the end of the first half of the year, there were 373 FOF products and a total of 199.134 billion fund shares. Compared with the end of 2021, the FOF share increased by nearly 20%. Among them, there are 183 FOF products for the elderly, accounting for 49.06% of the total number of products. Institutional investors held 9.944 billion FOF shares, accounting for 4.99%; individual investors held 189.190 billion shares, accounting for 95.01%. Compared with the previous period, the proportion of FOF held by institutional investors has increased slightly. By the end of 2021, the proportion of institutional investors and individual investors will be 4.71% and 95.29% respectively. Specifically, Tianxiang Investment Consulting data shows that in the first half of 2022, Bank of Communications Anxiang has the goal of holding FOF for one year, China Industrial Securities Global Preferred Balanced three-month mixed FOF, China Industrial Securities Global Anyue Steady Pension One-year FOF, and China Securities Regulatory Commission. Yinzhao enjoys 1-year holding period (FOF) A, and the total number of fund shares exceeded 5 billion. In the choice of FOF, institutional investors and individual investors showed obvious differences. Institutional investors hold more than 300 million shares of Southern All Weather Strategy Mixed (FOF) A and Penghua Aggregate Multi-asset 3-month FOF; The holding share of the three-month mixed FOF of the Securities Global Preferred Balance, the one-year FOF of the China Securities Global An Yue Steady Pension, and the one-year holding period (FOF) A of the Bank of Communications Zhaoxiang exceeded 5 billion.

(Responsible editor:Individual stock recommendation)

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