· Index Fund concentrated discussion posted · analysis real of Fund will cast May private Wansheng public raised 94% run lost performance comparison benchmark unit base do ink "tragedy Fund Manager" disaster up mouse warehouse brokerages "pit father": policy report misleading public raised new value folded JI recombinant unit William l. Rowe wide fine solutions fuck disk limited purchased ≠ performance excellent open purchase unspeakable opportunities deciphered fuck disk password master main trends self-help channel 1 a quarter holdings but quilt cover Fund continues to bullish or gallon this year a quarter, Fund gallon of a unit main to periodic varieties mainly, in Qian 50 large increased holding in the has near half of company this year yilai shares overall received rose , But in the market turbulence in the second quarter, the overwhelming majority shares a sharp correction.
Although many of these are there performance "mine" companies, but there is also a variety of falling was wrong to kill. In addition, the current overall investment thinking and basic at the beginning of the Fund is tantamount, for cycle type of underestimating the value of variety and performance determine consumer good is still running through investments in the second half.
Therefore, substantially to increase its stake in a unit price of the Fund in the first quarter after a sharp correction, or low intervention of the Fund, to diluted costs. Wind statistics show that Fund gallon sharply in the first quarter of top 50 stocks, callback has been falling by an average of 9% April 19 markets.
Which, decreases more heavy of has sea pass Group (600,537, unit 's) fell 34%, Yantai Wanhua (600,309, unit 's) fell 22%, Industrial Bank (601,166, unit 's) fell 22%, pangang vanadium titanium (000629, unit 's) fell 18%; in addition, Huaxia Bank (600,015, unit 's), and LIUGONG, and Xishan coal electric (000983, unit 's), and CITIC Securities (600,030, unit 's), and God fire shares (000933, unit 's), and special variable electrical (600,089, unit 's), and in the set Group (000039, unit 's) decreases are in 15% above. You can see, these varieties are all common varieties in the pool the fund shares, many companies keep track of the Fund "a white horse."
From publicly available information, individual varieties although adjustments intensive, but still favored by the Fund, which funds active in the private placement of some of these companies in the near future it can be seen on. Guanghui shares (600,256 shares) in directional add-issuance by the Department of Chinese Fund May support, 4 funds were involved in the placing of 4.8 million. In the first quarter two of Huaxia Fund managed by Wang yawei gallon nearly 20 million shares.
Although since the market adjustment, guanghui shares have fallen nearly 15%, but China still does not leave not abandoned, low participation in the issuance, degree of visible procelain.
Metal and Nonmetal, mechanical equipment and meters, finance and insurance, petrochemicals, real estate is a fund to increase its stake in the first quarter of the top five industries, out of the Fund can also be seen in the perspective of the market in the near future, for the second half, periodicity of Fund on the part of the chaodie variety is still quite bullish.
Self-help channel 2 funds involved in the issuance of floating losses covered with future rebound in save opportunities, frequently encountered private placement shares break so keen to fund companies involved in the refinancing of listed companies into embarrassment.
Wind information statistics display, year 75 only has implementation directed issuance of a unit in the, currently break of accounted for to near 40%, which, China Ling steel (000932, unit 's), and country Commission shares (002205, unit 's) and Star Lake technology (600,866, unit 's) once fell below issuance price over 20%; recently participation laborers technology (000988, unit 's) issuance of in the sea Fund, book floating losses millions of Yuan.
Meanwhile, the market is warming signal, analysts pointed out that institutions self-help once expanded, private placement of break stocks turning opportunity is expected to first.
Increased unit four to break a few days ago, huagong tech directional add-issuance of 37.9505 million shares, amounted to attract 6 institutions to participate in, including Hao threw the sea Fund subscription which 7.5 million shares of $ 150 million. According to the private placement contracts, 6 institutional investors have been allocated stock was listed on June 8, lock period is 12 months.
However at the time the market close on June 7, book floating sea Fund deficit had reached $ 7 million. Previously yinruixin as a result of participation in Datang power of trade unions (601,991, unit) floating losses caused by directional add-issuance, registration of rights day floating losses that reached 17 million Yuan.
Wind information display, Friday close of Datang power destination country $ 5.94, yinruixin of trade unions to participate in Datang power generation on the issue of floating losses has been as high as $ 28 million.
And currently an additional break slightly different, and the issue price compared to previously implemented refinancing Valin iron and steel, Star Lake and State Commission of science and technology shares fell over 20%. Wind information and statistics show that year had 75 listed companies implementing private placement, the current share price in the price of additional following a total of 28, total 37.3%.
There is no break in the stock, in addition to the major shareholders subscribe for and the duration of the lock long femoral, most near the price shock. Meanwhile, the market slump also brought pressure to the imminent implementation of private placement companies. Analysts pointed out that, since many launched the plan and has not been implemented on the issue of additional bodies, has now dropped below the development of additional upset not only makes an inquiry body in a dilemma, will also lead to expected results of private placement greatly diminished. Rebound opportunities early in Datang power generation officially implemented directional increaseBefore hair, has frequently released the holdings of large shareholder information, so that the share prices rebounded to above the issue price.
However, in the implementation of additional, Datang power generation an additional unit immediately break, institutional investors participating in the subscription Flash "cover".
A securities company in Beijing pointed out that there are two possible investment opportunities: firstly, currently not implemented directional add-issuance has break units, in the near future there might be opportunities to escort large shareholders hold sedan chair; in addition, had break like Datang power generation unit, major shareholders and institutional investors in the future "self-help" the possibility of great, after in the markets are expected to have good performance.
According to the Swiss private equity study center of sunshine-rich statistics, 2009 participation yields on private placement of 79.27% 2010 this data is still up to 47.04%.
Due to implementing private placement plan or reorganization of listed companies tend to have high income projects implemented, also make private placement completed, movements of these units have more imagination.
Are still in break of Chinese science and technology, for example, the raised funds will be mainly used for triple-play and 3G core industrialization of optical devices, new laser holographic anti-counterfeiting packaging materials industrialization and new industrialization of heat sensitive functional ceramic devices, which several of the hottest new industry and market concepts coincide.
These brokerages have pointed out that investors these additional break if intervention stocks, equivalent to investing at a lower cost than institutional investors, once markets recover, strength of these units started, there are better investment returns. Self-help channel 3 heavy stocks fell with his disciples new Fund "jiuchang" If the burden of care funds also have solutions, so the new Fund jiancang object usually is a recent rather optimistic about the variety of.
At the same time, in order to maintain the new funds in more attractive NET jiancang, jiancang varieties are usually more robust. "Jiancang environment better" market adjustment of cash to enter the market in the near future the new Fund was glad. Fund managers in the new Fund Roadshow said, "If the new Fund was established at the end of last year, I dare not say jiancang how good time, but for now, we track the stocks already in the pool a number of significant investment value of varieties, including individual second board stocks.
"This view represents a considerable number of just took the attitude of the new fund management task managers. Is worth noting that, since the second quarter issue of theme funds more, that a considerable part of the investment is the subject of a link to the new fields of industry, and this is also a callback in the market as a whole this year decreases in most varieties.
These centralized market jiancang or inject power into shares of the Fund. BOCOM advanced manufacturing Fund to be appointed Fund Manager Huang Yizhi said when the economy is the worst of times, usually turning point in the stock market. In his view, "industrial upgrading in China under the main line, national developing high-end equipment manufacturing industry, new energy industry, accelerate the construction of high-speed railway, the equipment industry development has a large market space and duration of power. "" Jiuchang "with his disciples to stocks that had been established in the new future jiancang more worthy of attention in the direction of the Fund. Since the second quarter, excluding non-direction of the stock index fund and Fund, a total of 13 unit Fund set up, raise amount totals about 25 billion yuan. Many of the new Fund of funds Manager also serves as the management of the company's other Fund tasks.
So the heavy bunker with his disciples in the Fund, particularly stocks falling sharply in the callback of the market, is likely to be a priority after the entry of new funds. Judging from the second quarter set up a new Fund, the scale of more than 2 billion Hua an upgrade, Jianxin respectively and mutually beneficial topics, harvest-leading growth and ICBC Credit Suisse consumer services and green.
And that several companies are also relatively forward, its equity fund number, with a certain degree of representativeness. Partial shares of funds owned by harvest Fund to increase its stake in a total of 20 units in the first quarter, and is dominated by large consumer direction, to increase its stake in greater amount of Daqin Railway (601,006, unit), the gree electric appliances (000651, unit) and nanrui (600,406, unit). From April 19 to the end of May, these three units were very resilient.
International and its holdings in the material (600,970, unit), guomai technology (002093, unit) decreases over the same period in excess of 20%.
New harvest-leading growth of the Fund of funds Manager Shao Qiutao with old Fund harvest strategy growth (070011, Fund) managers, harvest strategy growth in stocks at the end of a quarter, the sea group, Hang Seng e (600,570, unit) decline in more. Huaan Fund active unit funds to increase its stake in the first quarter of its 15 units. Among them, Star Lake, southern glass a, decline in market prices over the same period reached 22%; junior stock shares (002123 shares) and hualan bio (002007, unit), the decline in stock prices since the second quarter near 20%.
In addition, major holdings of conch cement (600,585, unit), Shanghai Automotive (600,104, unit) decline also has more than 10%.
Hua an upgrade of the new Fund of funds Manager Chen Qiaoyu also huaan helm of core and credit of the Fund, in core optimization of huaan heavy stocks, domain auto sinoma international, China (600,741, unit), hualan bio and so decreases.
Self-help channel 4 managers: warmer afternoon break unit high probability accompanied frequently break of new shares, issued under the public-fund gold rush new share NET road also becomes more rugged, previously was continuously reports the fund company shut down its debt based playing new messages.
After the recent disclosure of Exchange disk information display, involvement of institutional investors new stock transaction increased gradually, especially some break unit, attracting a lot of institutional money big buy. Institutions intervening break new share "if markets recover, you find a bad warehouse break the possibility of funds waiting to cut meat out of the unit, also is the possibility of higher profit out?
"In view of the current frequently break of new shares, and the future trends of expected these break unit, a well-known fund managers return a press conference in Beijing. Break new shares to institutional investors of imagination is not smaller than the private placement shares, after the recent disclosure of Exchange data, although compared with the market at a time when the economy, institutions seat trading still looked deserted, but for some break time shares trading enthusiasmShowed a significant rebound.
June 2, trading shares of sea (002586, unit), for example, listing institutions started to occur the next day to buy, 3 institutions seats together on the day to buy more than 30 million Yuan. On June 8 and June 9 sea shares again longhu list, data show, June 8, institutions occupy the largest buying seats, purchases amounted to $ 16.336 million; the same day, the two institutions occupy the seats sold, sold $ 7.398 million and $ respectively.
On June 9, reclamation and turnover of shares drop in exchange rates, sales mainly to the large security companies involved in the transaction. First break wenfeng shares (601,010, unit), occurred on June 3 the same body Rob discs listed both seats, bought about more than 16.7 million and 6.9 million Yuan respectively.
In the grid under the stage, Yinhua, owned by harvest and Bauhinia Fund participation and access rights. Fried new institutions and self-help market much earlier, 8 seats on the body have begun intervention lang source shares (300,175 shares), Beijing June is (300,223, unit) and State Science and technology (002157, unit) unit.
A fund analysts in Beijing pointed out that the break will become the new stock fund that raises the self-help market town, especially in the network issued enthusiastic higher stage Fund intervention, as the market warming expected clear, does not rule out funds may increase warehouse at the bottom. The daily economic news reporter statistics found that while issuing more and more conservative under the Fund participate in the network, but after the listing of new shares to demonstrate a strong interest, analysts interviewed major think there are two major reasons.
First, the new shares fell after the break with limited space, marginal to funding a higher degree of security and, secondly, as the market gradually warming, institutions self-help market will start, the current intervention will enjoy lower investment costs than new funds, and there are no restrictions limited period.
However there are brokers who also reminded of the risks, to May 27 in Lukang technology (601,599, unit), for example, the unit stock soared on the day 67.9%, however in second day of opening quick sealing of diving stop on destination country $ 15.11. A Beijing brokerage said before the markets more uncertain, because there are bodies hype stocks, investors should be screened in select stocks, but for long-term investors, if optimistic about new shares by early afternoon, you can select current at a low cost intervention.
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