Last year, the fund made a lot of money, and the heavy stocks and heavy positions industry attracted much attention. The Quarterly report shows that under the differentiated market, the fund preferred white horse blue chips in the reporting period, but positions began to spread from the first-line leader to the second-and third-line quality targets. In the industry, the fund has significantly increased its positions in manufacturing and real estate, while wholesale and retail, transport, warehousing and postal services have been reduced. Guizhou Moutai is still the number one heavy stock in the fund.
Increase positions in manufacturing and real estate
According to Tianxiang Investment's statistics for the fund's four Seasons report in 2019, the largest number of shares held by the fund is still in the manufacturing sector, and the proportion of manufacturing stocks in net worth has risen to 44.76% from 42.37% in the third quarter. Fund companies to increase the holdings of individual stocks, Ningde era, Zijin Mining Group, Yiwei LiNeng, Yili shares and other manufacturing stocks accounted for a large proportion.
In addition to the manufacturing industry, the real estate industry is also an industry with more fund holdings. Of the 2731 equity, hybrid and closed-end comparable funds, positions in the real estate sector accounted for 3.66 per cent of the fund's net worth, up from 2.69 per cent in the previous quarter.
In addition to the above two major industries, some funds have also increased their holdings in cyclical industries. The proportion of the fund's position in the mining industry increased to 1.06% from 0.71% in the third quarter. Xing New Vision, Boshi theme industries and other fund holdings increased significantly, at about six or seven percentage points. In addition, the financial industry, information transmission, software and information technology services have also been increased to varying degrees by the fund.
The extent of position reduction is relatively small. The largest reductions were in wholesale and retail, where holdings fell to 1.27% from 1.9% in the third quarter. Fund holdings also declined slightly in health and social work, transportation, warehousing and postal services.
The fund loves Guizhou Moutai best.
Tianxiang data show that in the fourth quarter of last year, the top 50 heavy stocks of the fund involved consumer goods and services, pharmaceuticals, information technology, large finance and other industries, while big consumer and technology stocks were still the fund's favorites.
Guizhou Moutai, Ping An Insurance, Wuliangye, Vanke An and Gree Electric Appliances are the top five heavy stocks of the fund.
Guizhou Moutai has a solid position as the number one heavy stock, with a total market capitalization of 43.441 billion yuan held by funds, but the number of funds holding the stock fell to 1037 from 1156 in the third quarter. Specifically, Yi Fangda's two funds hold the largest number of shares in Kweichow Moutai, the third largest in the consumer industry and small and medium-sized companies, with 1.6625 million shares and 1.52 million shares respectively, both approaching the 10% dividend line. In addition, the number of Guizhou Moutai held by funds such as Jingshun growth, Huaxia return, Yifangda New Silk Road, Yifangda Blue-chip mix, Huitianfu Consumer Industry and so on all exceeded 650000 shares.
Ping An Insurance, Wuliangye, Vanke An and Gree Electric Appliances all hold more than 400 funds for these four stocks, with a maximum of 834.
Most of the 50 stocks increased by the fund were concentrated in the consumer goods and services, information technology and real estate sectors. The top five stocks are Vanke A, Ningde era, Zijin Mining Group, China Merchants Bank and Yiwei LiNeng. At the end of the third quarter of last year, there were 186 funds holding heavy positions in Vanke A, and by the end of the fourth quarter, the number had increased to 500, an increase of nearly 170%. The funds of Zhongkang Ningde era and Zijin Mining Group also increased from 51 and 20 at the end of the third quarter to 213 and 81, respectively, about tripling.
The 50 stocks with the largest reduction in the fund's holdings are mostly in the consumer goods and service industry and the information technology industry, which may be related to the higher gains in these two major industries last year and the profit-taking of institutions. Ping An Insurance and Kweichow Moutai were among the biggest sellers, with two stocks rising 103.47 per cent and 55.85 per cent respectively last year. Since the fourth quarter of last year, white horse blue chip shares have continued to fall, and trading volume has also been enlarged, indicating a continued sell-off in funds. In addition, Heng Rui Pharmaceutical, Tonghua Dongbao and other pharmaceutical stocks have also suffered more reduction.
Judging from the performance so far this year, the trend of stocks increased by the fund is better than that of stocks reduced by the fund. As of yesterday, the Shanghai Composite Index had risen 0.07 per cent since 2020, while the top 50 stocks that the fund had increased its holdings have risen an average of 11.05 per cent since January, while the 50 stocks that the fund has reduced its holdings have risen by an average of 5.59 per cent over the same period, according to Tianxiang data.