Stock ETF inflows since March
Since March, with the rapid spread of the COVID-19 epidemic overseas, the superimposed price of crude oil has fallen sharply, and there have been rare fluctuations in domestic and foreign stock markets. In the stock market earthquake, a large amount of money entered the market through stock exchange-traded funds (ETF).
Data show that in the 15 trading days since March, the net inflow of stock ETF exceeded 43 billion yuan, of which 32.5 billion went to technology ETF.
Net inflow of stock ETF 43 billion
The total share of the fund increased by 9%
Stock ETF fund estimates of the Galaxy Securities Fund Research Center show that nearly 34 billion yuan of funds have entered the market through stock ETF in the past week as of the close of trading on March 20. In the past two weeks, the Prev fell nearly 10%, with a net inflow of 47.5 billion yuan. Since March, there has been a cumulative influx of 43.362 billion yuan into stocks. The total share of ETF; in the same period increased from 381.457 billion to 415.709 billion, an increase of about 9 per cent.
From the perspective of capital flow, stock ETF has become an important tool for investors to "sell high and suck low".
On March 5, the Prev closed at a high of 3071 points, when the stock ETF had a net outflow of 1.933 billion yuan; in the six trading days from March 13 to 20, the Prev continued to fall from 2900 points, and funds poured into the stock ETF, and the trading volume repeatedly hit new highs. In the recent low of March 19, the net inflow was 12.235 billion yuan, showing a trading style of "the more you fall, the more you buy, and the more you sell."
Referring to the phenomenon of a large amount of money entering the market against the market, an index fund manager in Beijing said that with the help of stock ETF, investors can efficiently locate at the bottom of the market. "the recent decline in the stock market, the market wide-based ETF valuation continues to decline, investment attractiveness increases, technology ETF valuation is also gradually returning to reasonable. Waiting for the index valuation to be repaired, investors can be relatively sure of the money to return to the valuation. As a result, it is also easy for such investment vehicles to get net purchases of large amounts of money at the bottom. "
Everbright Securities Research Institute said in the research report that from the historical changes in the share of ETF, when the market performance is poor, wide-based ETF tends to have an inverse relationship with the market, indicating that ETF is more often used as a "bottom" tool; and the previous redemption is often followed by a large purchase, the index also stabilized. According to the institution's observation and research on the relationship between Shanghai 50ETF share and market performance, it is not an isolated phenomenon that the share growth of ETF is opposite to the market performance and appears in the weak market. From 2008 to the end of 2014, the Shanghai 50 Index experienced a long period of volatile decline, during which the share of 50ETF fluctuated upward, showing a certain inverse relationship, while the share increased significantly in the continuous decline in 2008, 2015 and 2018.
Pan-tech ETF is the most popular
The scale of 5GETF exceeds 30 billion.
From the perspective of capital flow, in March, funds continued to pour into the pan-technology ETF, Shanghai and Shenzhen 300, Shanghai 50, gem index and other broad-based bibcock is also favored by funds. Of the 11 stock ETF with a net inflow of more than 1 billion yuan since the beginning of this month, 7 are technology-themed ETF. Among them, Huaxia CSC 5G communications theme ETF net inflow of 12.439 billion yuan, the size of the fund also increased from 21.606 billion yuan at the end of February to 30.268 billion yuan, becoming the first industry ETF with a scale of more than 30 billion yuan. Huaxia national card semiconductor chip ETF, Huatai Berry Shanghai and Shenzhen 300ETF two funds also have a net inflow of more than 6 billion yuan.
Overall, since March, the net inflow of 20 pan-tech ETF in the market totaled 32.55 billion yuan, accounting for 75% of the net inflow of equity ETF.
In fact, since Science and Technology Innovation Board opened the market last year and the technology stock market started, technology stock investment has entered a business cycle. Many fund companies are optimistic about technology stock investment opportunities and have a dense layout of science and technology investment varieties.
A science and technology theme fund manager in South China believes that under the background of basically good orientation, loose liquidity and the flow of large types of asset allocation to the equity market, the technology industry is expected to become the main line of investment in the A-share market in the next few years, and the recent adjustment of technology stocks is a good time for funds to enter the market.
In addition to science and technology products, the market wide-based ETF leader has also become a hot spot of capital pursuit.
Data show that Huatai Berry Shanghai and Shenzhen 300ETF, Huaxia Shanghai 50ETF, Yi Fangda gem ETF and other three funds, the net inflow of funds so far this month is 6.345 billion yuan, 5.823 billion yuan and 1.282 billion yuan, respectively, ranking at the top of the list.
At a time when technology ETF is being chased by funds, some thematic ETF suffers from a net outflow of funds. Data show that as of March 20, Guangfa central enterprise innovation-driven ETF, Ping an Guangdong-Hong Kong-Macau Greater Bay Area ETF two funds since March, the net outflow of funds have exceeded 1 billion, the size of the fund has also significantly shrunk in the same period. Boshi central enterprise innovation-driven ETF, Castrol central enterprise innovation-driven ETF, Huitien Fuzhong card state-owned enterprise Belt and Road Initiative ETF also have varying degrees of net capital outflow.
In addition, the market wide-based ETF with serious homogenization and relatively small fund scale also has a net outflow of funds.
