108 funds involved the old 60 45 fund companies, which means that the remaining 15-active management of the fund company, unit base line gaofu.. 2011 a quarter has finished publishing, the securities journal funds weekly found that achieved positive returns in the first quarter of the unit base of reduction of the small market and consumer stocks configuration at the same time in blue-chip with high distribution underestimated the value, benefit more. International China advantages typical is at (375,010, Fund) and Peng Hua value advantage performance comes top, high finance, real estate and steel distribution cannot be left unrecognized. Wang yawei lead 2 China policy of the Fund and the Chinese market in a slightly different style of investment, reduced concentration appropriate to increase the flexibility of operation, and in the variety selection is also gradually reducing the defensive. Mining, metal manufacturing and tourism-related stocks are entering Wang yawei stock selection pool. April new Luen on collection and the promise of positive returns on flexible configuration (320,006, Fund) in the investment market while blue-chip, does not assure growth companies, prepared as a long-term investment.
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· fund a quarter reduction Qian 10 unit · closed debt base PK large arena six large fund company investment policy a quarter Fund mad rejection small disk unit (schedule) 14 fund company assets management scale below baiyi2011 spring private equity Tsim peak Forum times new Fund jiancang preference machinery device Fund first Ji Jiacang 10 unit average rose over 50% second quarter investment policy will hot registration in the underestimated value blue-chip was holdings into consensus small market and consumption class was abandoned securities daily under Fund weekly reporter by carding a quarterly found: 108 only are income unit base General note to market wheel dynamic of tendencies, timely adjustment has stock configuration, main increased warehouse coal, and engineering machinery industry, and chemical class, and real estate, aspects, and last year was think fragrant pastry of "small market stock and consumption class stock" is different degree of was Fund of reduction. Growing lion (320,007, funds) h.h.Liu line with lion and small-cap selected Zhou Xinpeng, Lin Jianbiao vision, optimistic about underestimating the value, and reduce consumer and small and medium-sized market capitalisation stocks. Lion and small-cap complex rights net growth rate of 4.57% in the first quarter, much higher than the performance in the period 1.76%. The Fund claims to maintain a higher level in the first quarter, is due to the reduction of the four quarters of the Fund is mainly a part and small-cap stocks and consumer stocks, due to increase its stake in the valuation risk releasing more full cycles of stocks, and achieved certain effects.
Lion also reduces the growth part overestimated the value of the pharmaceutical industry, consumer and part of the ratio of investment in small and medium-sized market capitalisation stocks, while increasing the part of the underestimated value cycle ratio of investment in industry. And lion hold the same opinion there is also us cycle optimization strategies and YINHUA core value (519,001, funds). Tianhong policy luyizhen, who said: "based on periodic valuation and valuation difference expansion of large consumer, Manager timely adjustment, reduction of some consumer goods, increase the configuration the underestimated value of cycle. "Lu Wenjun YINHUA core value optimization that" small market shares and consumer stocks valuation is not attractive, so for this type of industry in the first quarter and a reduction of unit, while the fundamentals than expected for a quarter-cycle industry was overweight. "Investment in the future the main line: low value blue chip PK emerging industry fund managers generally consider second-quarter domestic inflation, major factors of economic adjustment was troubled by the market.
And mounting of the tightening of monetary policy in the domestic market will gradually reflected. On the international market, into the interest rate cycle in Europe, is also more concerned about whether the Fed interest rates.
In addition, the North Africa situation, Japan earthquake caused a new crisis will have a certain fluctuation of the market.
Looking to the future, achieve positive returns 108 unit base managers generally only cautiously optimistic, believing that market valuations get systemic elevated probability is not high, still expected to keep the shock differentiation trend. Market development direction in the future? Which one plate is more interesting?
What happened to the stock selection style in the second quarter will be? Complex rights net growth rate of 7.5% as of now, ranked seventh of the same kind blog theme (160,505, Fund) industry Fund Manager Deng Xiaofeng said: "back to fundamentals is the mainstream this year, the differentiation of the market will continue. Adjustment of junior, gem company has only just begun, is far from over. Will continue to face after double killing of lower than expected performance and declining valuations, as well as the reduction of size of non-lifting of the endless. Represented by the banking, real estate valuations low valuations of blue-chip companies are expected to rebound. "By the Ma Shaozhang player in State investment and solid growth of UBS (121,006, Fund):" attention to underestimate the value of banks in the second quarter plate configuration. As of now the Fund complex rights net growth rate 5.98%.
"Performance stable and increasing. With these two opposing views, Chen Shide guangfa domestic demand growth industries persist in tracking consumer and plate, and select a long-term core competitive ability of enterprises as the investment subject of concern.
Guangfa domestic demand growth now show better, compound units net growth rate of 5.48% the right, similar funds ranked 12th. Central Bank real estate on the iron and steel casting penghua lead the securities journal weekly journalist of the Fund depending on the WIND information data and statistics found that Lung Yuan industry topics, Chinese policy, in the South China market highlights, penghua value advantage, advantage international on China, Bo theme industry, Chartered value 8 of lion and small-cap fund this year performance top ten active management unit base. Among them, international China on superiority and value advantage 2 penghua Fund and 12.34% in the complex rights net growth rate ranking similar funds first second. The securities journal Fund reporter of the weekly passReview quarterly bulletin, found their holdings were concentrated, and the stock selection style is more consistent. By Wang Zhenzhou, Dr Lok international on China of the player advantage that some time in the future financial, real estate, steel, petrochemical, and other large blue-chip will be somewhat sought after in the market, these stocks continue to rise, and led the index be uplifting, and consumption, second board stocks have declined, structural differentiation in the market significantly. The Fund, according to a quarterly top heavy in stocks, real estate, petrochemical and steel accounted for 70%.
S petrochemical, Baosteel, Valin iron and steel, Benxi steel shares (000932 shares), investment real estate (000024, unit), COFCO real estate (000031, unit) and poly real estate performance to promote the main force. Similarly Peng Hua Cheng Shijie value advantage: "Bank stock valuations are still at historically low levels, will focus on timely participation. Under the influence of real estate regulation and control policy, valuations of real estate industry also has a certain appeal. The Fund, according to a quarterly Huaxia Bank, China Merchants China Merchants Bank, Minsheng Bank, estate and hualing steel packed into the Fund's top stocks in the first quarter, 5 stock market capitalisation amounted to 24% per cent net fund assets. "In the Fund in the top ten list, Wang yawei lead 2 alone fund selection of Chinese market and Chinese policies listed, as of now complex rights net growth and 10.59%, respectively, ranked sixth and similar funds. Different from the vote on Peng 2 funds focused investment strategy in China, Wang yawei than dispersed on the stock options.
Wang yawei said its funds in the first quarter "maintain high stock positions on composite variety made a slight adjustment, appropriately lower concentration in order to increase operational flexibility, while in the variety selection is also gradually reducing the defensive".
A case study of selected Chinese market, apart from Baoshan Iron and steel financial stocks, Bank of communications, extractive industries shares of guanghui, Jin Jue in the East of the wholesale and retail, construction and materials of gezhouba, Emei mountain a social services is to enter the Chinese market a selection of top heavy in the roster of stocks.
Looking forward to the second quarter, Wang yawei bullish on low valuations of merit represented by banking blue chip, and look forward to real estate unit, he considered that if measures are not introduced more stringent regulation of real estate and even policy relaxed, adjust the full rise in real estate unit will have a larger space.
Luen on goal but promise An Xinjin positive returns configuration balance after April new 40 positive returns in the long run unit in the base, Luen On Luen on advantages of its and Luen on selected two funds into April income growth rate ranked second, complex unit net worth growth, respectively and 5.17% to the right, Lion flexible configuration 3.06% ranked third. 3 Fund said in a quarterly increases the low valuation of the stock in the first quarter, and made good gains.
For the future, Luen on collection and the promise of flexible configuration is still bullish on growth companies. Luen on advantage leading Chen Suqiao argue that economic growth is still the main components such as automobile, real estate, fixed assets investment and finance industries.
Chen Suqiao announced an effort from traditional industry to look for undervalued, and strive to create better income for fund investors. And with his disciples selected different is the head of the Fund is conferred, he said "a quarter of major investments in industries such as cement, real estate, financial and non-ferrous metals, are relatively good revenue, but the earlier configuration in a number of growth companies the Fund's stock performance was not very ideal.
Is expected in the second quarter, market valuation repair market, or in the blue chips will continue, will be more focused on such stocks configuration. At the same time, this Fund may, in particular in small and medium-sized stocks to invest in select parts from the bottom up, get ready for the long term hold.
"Also, Lion flexible configuration Xia junjie also claimed the fund basic has keep has more balanced of configuration, while continues to holds to gets long-term absolute return for purpose of strategic varieties, on the also increased has on underestimated value cycle products of configuration, as financial, and machinery, and chemical, and steel,, balanced of positions structure avoid has style of mutation on fund performance of short-term effect, also for follow-up adjustment structure won active. When looking to the future, Xia junjie think will still be in accordance with their own "risk-return ratio" requirements, adhere to the investment growth companies as a combination of strategic configuration. Since the beginning of 2011 as of now, Lion flexible configuration of performance ranking has increased to 31 of the same 363 funds. "(Chen Lin)
