What did the tens of billions of strategic placement fund Q2 buy?
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What did Blue Whale New Wealth billion-scale strategic placement fund buy in the second quarter?
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com disclosed through the second quarterly report of public offering funds, the operation of six strategic placement funds has also surfaced.
Generally speaking, the stock positions of the strategic placement fund have remained almost unchanged. Among them, Huaxia Placing has not allocated stocks at the end of the second quarter in a row, Tianfu Placement, and South China Placement have actively participated in strategic placement and offline development;The allocation is mainly based on inter-bank deposit certificates and corporate bonds.
The stock positions have a difference of more than 4%. On July 5, 2018, 6 strategic placing funds of E Fund, Harvest, China Merchants, Huitianfu, Huaxia, and the South were established on the same day. They have been in operation for more than a year.Income, of which the incremental income of the Huitianfu Strategic Placing Fund has reached 7.
29%, the net value of the remaining 5 funds can also exceed 4%.
(Before the final release, China Merchants Fund and E Fund Fund did not disclose the second quarter report, and the form was replaced by “-“.
) The performance of the fund is naturally associated with positions, positions, and investment strategies.
From the perspective of stock positions, the strategic placement of Huitianfu, which has the highest returns gradually, is also the highest among the 6 funds. The stock market value accounts for 4 of the fund’s net worth.
The fund’s second quarter report shows that the top ten heavy stocks in the second quarter were China PICC, Gree Electric, Construction Bank, CNOOC Development, Zhuo Shengwei, China Satcom, Hongta Securities, Langjin Technology, and CITIC Publishing.
Among them, PICC is a strategic placement, and Hongta Securities and CITIC Publishing are offline placements for new shares.
Harvest Harvest Placing does not appear to be involved in strategic placement and offline development.
According to the second quarterly report, the top ten heavy stocks of the fund are Wanhua Chemical, Gree Electric, Midea Group, Beijing New Building Materials, Conch Cement, China Merchants Bank, Vanke A, Hikvision, Fuyao Glass, Industrial and Commercial Bank of China, etc.Blue chips, with almost equal weight (0.
02%), the total stock position is 0.
The Huaxia Placing has not yet bought any stocks with a stock position of 0. The fund is also the only product with no stock allocation among the 6 funds.
As of July 16, the fund has gradually increased its earnings since its establishment5.
In addition, according to the ratio of the fund’s net asset value, the stock position of the strategic placement fund has remained almost the same in the first quarter. Among them, the Tim Fu placement and the Southern placement have increased slightly. The allocation of the 6 fund shares has been different,Over 4%.
Interbank certificates of deposit and corporate bonds for fixed income positions are mainly due to the decrease in stock positions. In terms of the allocation of fixed income assets, at the end of the second quarter, the positions of the six strategic placement funds have exceeded 95%, and most of the positions are for interbank certificates of deposit.Bonds, mainly financial bonds, have no national debt.
For example, the deposit certificates of interbank deposits placed by Harvest accounted for 57% of the fund’s net asset value, and the positions of financial bonds and corporate bonds reached 24% and 18% respectively. The positions of interbank certificates of deposit, financial bonds and corporate bonds placed by the South were 61%,13%, 19%; the interbank certificates of deposit placed by Tim Fu, financial bonds and corporate bonds positions were 41%, 9%, and 43%, respectively.
In addition to the unallocated stocks, another relatively special point of Huaxia Placing is that its allocation on solid income is mainly corporate bonds, with a position of 47.
66%, it is estimated that it is also heavy 44.
68% average interest rate on positions of medium-term notes, financial bonds, and corporate bonds.
The manager of Huaxia Placing Fund stated in the quarterly report that the fund conducted certain operations in the second quarter.
In the second quarter, internationally, the global economy showed downward pressure. Major long-term restructurings released dovish signals. The yield on overseas bonds continued to fall. The yield on US bonds fell below 2 for 10 years. The expression of economic policy in the April Politburo meeting appeared.Significant adjustments. The market ‘s expectations of the government’s economic stimulus have decreased, bond yields have risen, increased, and declined after overshooting. At the beginning of May, there was a sharp decline. The risk of the bond market fell sharply in the second half of May.Extremely tight, credit spread spread.
At this time, the policy appeared to be fine-tuned and expanded again. With the release of liquidity and the continuous supervision of the regulatory authorities, the capital gradually improved and transformed, allowing special bonds to be used as eligible major project capital, and the intention of implementing policies to hedge the downward pressure on the economy.
Tianfu Placing increased the proportion of bonds in the fund in the second quarter, increased the leverage of the portfolio, and prolonged the duration of the portfolio.
Fund managers believe that the entire bond market is very accommodative, especially at the end of the second quarter there was no funding shortage.
The bond market decreased in April due to the impact of certain events and the short-term tightening of funds. In the next two months, the market index basically increased all the way, and the ChinaBond comprehensive wealth index increased by 0.
[Here comes from WeChat public account “Blue Whale New Wealth”]