Perry, a reporter from the Securities Times.
At present, the disclosure of the quarterly report of public offering funds has come to an end. In the first quarter, the stock market was on a roller coaster, while the bond market was still riding a bull. Where did the funds of public offering funds go?Thebarbaccarat?
The medium and short-term debt of Fengrun has soared by 129 times.
Driven by debt cattle, pure debt products represented by short-and medium-term debt funds are popular with investors and are crazily "sucking in money" in the first quarter.
According to Wind data, of all the short-and medium-term debt funds that have issued quarterly reports, 28 funds doubled in size in the first quarter, and there is no shortage of fans.ThebarbaccaratYour fund suddenly turned into a case of large-scale products.
Quite typically, the mini-fund, which was once on the verge of liquidation, Huitian rich medium and short-term debt, was only 0% at the end of last year.Thebarbaccarat61 billion yuan, but by the end of the first quarter of this year, the size of the fund had soared to 79.Thebarbaccarat94 million yuan, or about 7.932 billion yuan in a single quarter, an increase of 12900%.
In addition to Huitian rich medium-and short-term debt, Citic Prudential to Thailand short-term debt, Zhejiang Merchants short-term debt, Guangfa short-term debt and so on all achieved more than 10 times the scale growth in the first quarter. Among them, the short-term debt from Citic Prudential to Taizhong increased from 60 million yuan to 1.84 billion yuan; the medium-and short-term debt of Zhejiang businessmen increased from 17 million yuan to 407 million yuan; and Guangfa's short-term debt increased from 226 million yuan to 2.895 billion yuan.
In the quarterly report, a number of fund managers also interpreted the impact of the sharp increase in the size of bond funds on the bond market.
Wu Lvzhong, a fund manager for 90-day short-term bonds of Wells Fargo Antai, said that cash products such as short-term bonds grew rapidly in the first quarter, with strong demand for allocation, driving short-end credit bond yields to continue to decline. The yield of AAA, implied rating of 1Y debt, fell from 2.52% at the beginning of the quarter to 2.32% at the end of the quarter, with a decline of about 20bp, while the implicit rating of AA- of China Bond fell by 42bp to 2.70%. Credit spreads continued to shrink, reflecting the market's obvious pursuit of static.
Yang Zhen, fund manager of Yi Fangda's preferred investment grade credit bonds, also said that reviewing the performance of the bond market in the first quarter, the more important factors came from the growth of wealth management products and bond fund products in the context of the reduction in bank deposit interest rates. the contraction in asset-side supply has intensified the interpretation of the "asset shortage" pattern.
8 wide-base ETF increased by more than 10 billion
In terms of equity funds, according to Wind statistics, by the end of the first quarter, the total size of stock ETF in the whole market was 1.78 trillion yuan, an increase of about 325 billion yuan compared with the end of last year, of which 8 ETF increased by more than 10 billion yuan.
In the first quarter, the ETF with the largest scale growth is Yi Fang to Shanghai and Shenzhen 300ETF, which is also the fund with the largest market growth in the first quarter. The product increased from 48.788 billion yuan at the end of last year to 136.047 billion yuan at the end of the first quarter of this year, an increase of 178.85%.
In addition to Yi Fangda Shanghai and Shenzhen 300ETF, Huatai Berry Shanghai and Shenzhen 300ETF, Castrol Shanghai and Shenzhen 300ETF, Huaxia Shanghai and Shenzhen 300ETF and other three Shanghai and Shenzhen 300ETF, also achieved a scale growth of more than 60 billion yuan in the first quarter. In addition, the scale of Huaxia Shanghai Stock Exchange 50ETF, South China Stock Exchange 500ETF, South China Stock Exchange 1000ETF and Yi Fangda gem ETF increased by 32.171 billion yuan, 31.476 billion yuan, 16.579 billion yuan and 14.248 billion yuan respectively in the first quarter.
Obviously, the significant growth of ETF is wide-based ETF, one of the important reasons is the "big" increase in holdings of Central Huijin Company. In early February this year, the Central Huijin Company issued a notice saying that it fully recognizes the current allocation value of the A-share market, has recently expanded the scope of ETF holdings, and will continue to increase holdings, expand the scale of holdings, and resolutely maintain the smooth operation of the capital market.
According to statistics from the Securities Times, in the first quarter of this year, the net purchases of Huatai Perry Shanghai and Shenzhen 300ETF, Yi Fang Shanghai and Shenzhen 300ETF, Huaxia Shanghai Stock Exchange 50ETF, Castrol Shanghai and Shenzhen 300ETF, and Huaxia Shanghai and Shenzhen 300ETF reached 88.862 billion yuan, 75.031 billion yuan, 37.488 billion yuan, 54.326 billion yuan and 58.162 billion yuan respectively, with a total net purchase of more than 300 billion yuan.
Double the size of the merit equity fund
Compared with the substantial growth of ETF, the overall size of active equity funds is slightly "lonely". Statistics from Tianxiang Investment show that the size of active investment stock funds shrank in the first quarter, by about 47 billion yuan, while the size of mixed funds decreased significantly by 320 billion yuan.
However, among the active equity funds, there are still Nuoan positive returns, ten thousand selections, ten thousand macro timing and multi-strategies, Baoying quality selection, Guangfa theme leading, Penghua Hongan and other funds that went up against the market in the first quarter and doubled in size. Among them, Nuoan, managed by Liu Huiying, made a positive return, as the net worth of Zhongcang artificial Intelligence (AI) rose 24.65% in the first quarter, and the scale also increased from 1.627 billion yuan to 3.338 billion yuan, an increase of more than 105%.
Liu Huiying said in the quarterly report that since the beginning of 2024, US technology stocks have walked out of a magnificent market driven by artificial intelligence. Major Internet manufacturers and software manufacturers around the world have joined the "arms race" of artificial intelligence, so that the performance of overseas AI computing leaders is still much higher than expected despite export restrictions to China. And domestic manufacturers have also combined with their own business to carry out research in the field of artificial intelligence, domestic computing plate has also ushered in a considerable market.
The scale of the former has increased by more than 110% from 1.287 billion yuan to 2.706 billion yuan in the first quarter, while that of the latter has increased from 1.218 billion yuan to 2.464 billion yuan in the first quarter, an increase of 102.31 percent. With heavy positions in resources stocks such as coal, the net worth of the two funds rose 11.07 per cent and 10.03 per cent respectively in the first quarter.
Huang Hai said in the quarterly report that the overall thinking continues the practice of defense and counterattack in the past two years. When the market is in the stage of panic, appropriately increase the flexibility and aggressiveness of the portfolio, especially when the market is greatly impacted by liquidity risk before the Spring Festival, rapidly increase the positions of growth industries such as computing power, electronics, new energy, etc.; when the dividend assets are in a pullback due to the rotation of style, most of the highly elastic targets are realized, and energy stocks represented by coal are redeployed.
In addition to the above-mentioned active equity funds, the quality selection of Baoying managed by Yang Siliang also doubled, from 907 million yuan to 1.869 billion yuan in the first quarter, an increase of 106%. The theme of Guangfa managed by Feng Hanjie took the lead, from 408 million yuan to 1.214 billion yuan in the first quarter, an increase of more than 19.7%. Penghua Hongan, managed by Ye Chaoming and Wang Kangjia, increased from 434 million yuan to 1.322 billion yuan in the first quarter, an increase of more than 204%.
