Focus on CHK and US stocks

Which A shares, Hong Kong stocks, and Chinese securities do US funds focus on in the fourth quarter of 2023?

Wind · Apr 29 09:10

来源：Wind

美国基金是全球基金市场的重要组成部分，23年四季度规模达到26万亿美元，与21年四季度的历史市值高点相当。美国基金重点持有了哪些A股、港股、中概股？针对不同地区股票美国基金是否展现出了选股能力？美国基金整体规模和全球布局又是怎样？本期美国基金大数据分析将基于Wind收录齐全的美国基金持仓数据对于上述问题做深入分析。

Wind收集了全量美国共同基金向SEC提交的NPORT-P季度持仓数据，并且第一时间维护更新。本期分析的美国基金即为全量美国共同基金（包含ETF）。

美国基金持有A股情况

2023年四季度美国基金中持有的A股TOP3分别为$贵州茅台 (600519.SH)$、$建设银行 (601939.SH)$、$比亚迪 (002594.SZ)$。将股票持有市值排名与同期股票流通市值排名相比，美国基金重点超配了$建设银行 (601939.SH)$、$青岛啤酒 (600600.SH)$、$福耀玻璃 (600660.SH)$。

2023年四季度美国基金增持A股市值的前三位为建设银行、贵州茅台、$潍柴动力 (000338.SZ)$。23年四季度最多增持的股票，在24年一季度涨跌幅显示，前20支增持A股的中位数收益达到10.37%，强于$沪深300 (399300.SZ)$在一季度的收益率3.6%。23年四季度增持最多的前20支A股中，有14支在一季度收益强于$沪深300 (000300.SH)$，相对胜率达到70%。

从美国基金持有A股的行业分布来看，主要集中于金融、工业、日常消费行业，市值占比分别为23.7%、15.62%、15.4%。与2023年四季度A股市场整体行业总市值占比相比，美国基金超配最多的行业为金融、日常消费。

美国基金持有港股情况

2023年四季度美国基金中持有的港股TOP3分别为$友邦保险 (01299.HK)$、$腾讯控股 (00700.HK)$、$阿里巴巴-SW (09988.HK)$。将股票持有市值排名与同期股票的流通市值排名相比，美国基金重点超配了$中国石油股份 (00857.HK)$、$药明生物 (02269.HK)$、$长实集团 (01113.HK)$。

2023年四季度美国基金重点增持港股前三位为友邦保险、腾讯控股、香港交易所。从23年四季度最多增持股票在24年一季度的涨跌幅来看，前20支重点增持港股的中位数收益为-2.81%，与$恒生指数 (800000.HK)$在一季度的收益率-2.95%十分近似。23年四季度增持最多的前20支港股有10支在24年一季度收益强于恒生指数，相对胜率50%。

从美国基金持有港股的行业分布主要集中于可选消费、金融、信息技术，市值占比分别为25.67%、25.28%、17.32%。与2023年四季度港股市场整体行业总市值占比相比，美国基金超配最多的行业为可选消费、信息技术。

美国基金持有中概股情况

2023年四季度美国基金持有的中概股TOP3，分别为$阿里巴巴 (BABA.US)$、$拼多多 (PDD.US)$、$百度 (BIDU.US)$。将股票持有市值排名，与同期股票的流通市值排名相比，美国基金显著超配了$硕迪生物 (GPCR.US)$。

2023年四季度美国基金重点增持中概股的前三位为，阿里巴巴、拼多多、$携程网 (TCOM.US)$。从23年四季度最多增持股票在24年一季度的涨跌幅来看，前20支重点增持中概股的中位数收益为-6.71%，弱于万得中概股30指数在一季度的收益率-0.29%。23年四季度增持最多的前20支中概股仅有7支在24年一季度收益强于万得中概股指数，相对胜率仅为35%。

从美国基金持有中概股的行业分布来看，主要集中于可选消费行业，市值占比分别达到了69.48%。与2023年四季度中概股市场整体行业总市值占比相比，美国基金超配最多的行业为医疗保健。

美国基金持有美股情况

2023年四季度美国基金中持有的美股TOP3，分别为$微软 (MSFT.US)$、$苹果 (AAPL.US)$、$亚马逊 (AMZN.US)$。美国股市作为机构投资者高度参与的市场，美国基金持仓与标普500的持仓分布十分相似，并没有显著超配的情况。

2023年四季度美国基金重点增持美股前三位为微软、$礼来 (LLY.US)$、$博通 (AVGO.US)$。从23年四季度最多增持股票在24年一季度的涨跌幅来看，前20支重点增持美股的中位数收益为12.59%，稍强于$标普500指数 (.SPX.US)$在一季度的收益率9.85%。23年四季度增持最多的前20支美股有12支在24年一季度收益强于标普500，相对胜率达到60%。

从美国基金持有美股的行业分布来看，主要集中于信息技术、可选消费、医疗保健，市值占比分别为32.86%、13.13%、12.41%。

美国基金规模走势

从美国基金共同基金整体的规模走势来看（包含ETF市值），2023年四季度的整体规模超过了26万亿美元，与21年四季度的市值规模高点相当。根据基金分类来看，股票型共同基金市值最大，已超过18万亿美元；债券型基金次之，达到5.28万亿美元；混合型基金市值为2.54万亿美元。

将ETF市值单独统计来看，2023年四季度美国ETF规模已超过10万亿美元，占到了整体共同基金规模的38%。其中股票型ETF规模为8.33万亿美元，剩下主要为债券型ETF，市值在1.5万亿美元。

美国基金资产配置

根据2023年四季度数据，美国基金的大类资产分布主要集中于股票资产占比82.45%，债券达到14.56%，现金占比2.37%。

美国基金地区配置

根据2023年四季度数据，美国基金的持股地区仍然集中于美国，占比78.74%。美国以外的地区配置比较分散，配置占比最大的2个地区：日本、英国也仅占到了2.63%、2.43%。中国香港、中国大陆的股票配置分别占到了0.65%、0.16%，而印度占比达到0.85%。

如下图展示，根据美国基金在美国以外地区的持股市值来看，日本的持有市值最高，为4387亿美元，英国次之为4048亿美元，法国、加拿大、瑞士分别位于3~5名。印度位列第9，持有市值1421亿美元。中国台湾位列第10名持有，市值1386亿美元，中国香港位列12名持有市值1077亿美元，中国大陆位列21名持有市值278亿美元。

编辑/ruby

Source: Wind

US funds are an important part of the global fund market. The scale reached 26 trillion US dollars in the fourth quarter of '23, which is comparable to the historical high market capitalization in the fourth quarter of '21. Which A shares, Hong Kong stocks, and Chinese securities do US funds focus on? Have US funds demonstrated the ability to select stocks for stocks in different regions? What is the overall size and global layout of US funds? This edition of the US Fund Big Data Analysis will conduct an in-depth analysis of the above issues based on the complete US fund position data collected by Wind.

Wind collected all NPORT-P quarterly position data submitted to the SEC by the US Mutual Fund and maintained and updated it as soon as possible. The US funds analyzed in this issue are all US mutual funds (including ETFs).

Status of A-shares held by US funds

The top 3 A-shares held in US funds in the fourth quarter of 2023 were$Kweichow Moutai (600519.SH)$,$China Construction Bank Corporation (601939.SH)$,$BYD Company Limited (002594.SZ)$. Comparing the ranking of market capitalization of stock holdings with the ranking of market capitalization of stocks in circulation during the same period, the focus of US funds was overallocated$China Construction Bank Corporation (601939.SH)$,$Tsingtao Brewery (600600.SH)$,$Fuyao Glass Industry Group (600660.SH)$.

The top three companies that increased their A-share holdings in the fourth quarter of 2023 were CCB, Kweichow Moutai,$Weichai Power (000338.SZ)$. The stocks that increased their holdings the most in the fourth quarter of '23 showed that the median return of the top 20 A-shares increased their holdings reached 10.37%, which is better than$CSI 300 Index (399300.SZ)$The yield in the first quarter was 3.6%. Of the top 20 A-shares that increased their holdings the most in the fourth quarter of '23, 14 had better earnings in the first quarter$CSI 300 Index (000300.SH)$, the relative win rate reached 70%.

Judging from the distribution of A-shares held by US funds, it is mainly concentrated in the financial, industrial, and consumer industries, accounting for 23.7%, 15.62%, and 15.4% of market capitalization, respectively. Compared with the total market capitalization share of the A-share market in the fourth quarter of 2023, the industries with the largest overallocation of US funds were finance and daily consumption.

Status of US funds holding Hong Kong stocks

The top 3 Hong Kong stocks held in US funds in the fourth quarter of 2023 were$AIA (01299.HK)$,$TENCENT (00700.HK)$,$BABA-SW (09988.HK)$. Comparing the market value ranking of stock holdings with the market value ranking of stocks in circulation during the same period, the focus of US funds was overallocated$PETROCHINA (00857.HK)$,$WUXI BIO (02269.HK)$,$CK ASSET (01113.HK)$.

AIA, Tencent Holdings, and the Hong Kong Stock Exchange are the top three that US funds focused on increasing their Hong Kong stock holdings in the fourth quarter of 2023. Judging from the rise and fall of the stocks that increased their holdings the most in the fourth quarter of '23 in the first quarter of '24, the median return of the top 20 companies that focused on increasing their holdings of Hong Kong stocks was -2.81%, and$Hang Seng Index (800000.HK)$The yield in the first quarter of -2.95% is very approximate. Ten of the top 20 Hong Kong stocks that increased their holdings the most in the fourth quarter of '23 had better earnings than the Hang Seng Index in the first quarter of '24, with a relative win rate of 50%.

The distribution of Hong Kong stocks held by US funds is mainly concentrated in optional consumption, finance, and information technology, accounting for 25.67%, 25.28%, and 17.32% of market capitalization, respectively. Compared with the share of the total market capitalization of the Hong Kong stock market in the fourth quarter of 2023, the industries with the largest overallocation of US funds were optional consumption and information technology.

Status of shares held by US funds

The top 3 Chinese securities held by US funds in the fourth quarter of 2023, respectively$Alibaba (BABA.US)$,$PDD Holdings (PDD.US)$,$Baidu (BIDU.US)$. Comparing the market value ranking of stocks held with the market value ranking of stocks in circulation during the same period, US funds significantly overallocated$Structure Therapeutics (GPCR.US)$.

In the fourth quarter of 2023, the top three US funds focused on increasing their holdings of Chinese securities were Alibaba, Pinduoduo,$Trip.com (TCOM.US)$. Judging from the rise and fall of the stocks with the most increase in holdings in the fourth quarter of '23 in the first quarter of '24, the median return of the top 20 key stocks to increase their holdings was -6.71%, which is weaker than the yield of -0.29% in the first quarter of the Wande China Stock Index. Only 7 of the top 20 Chinese securities that increased their holdings the most in the fourth quarter of '23 had better earnings than the Wande China Stock Index in the first quarter of '24, with a relative win rate of only 35%.

Judging from the industry distribution of shares held by US funds, it is mainly concentrated in the optional consumer sector, which each accounted for 69.48% of market capitalization. Compared with the share of the total market capitalization of the overall market capitalization of the stock market in the fourth quarter of 2023, the industry with the largest overallocation of US funds is healthcare.

Status of US funds holding US stocks

The top 3 US stocks held in US funds in the fourth quarter of 2023, respectively$Microsoft (MSFT.US)$,$Apple (AAPL.US)$,$Amazon (AMZN.US)$. The US stock market is a market where institutional investors are highly involved. The distribution of US fund holdings is very similar to that of S&P 500, and there is no significant overallocation.

In the fourth quarter of 2023, the top three US funds focused on increasing their holdings of US stocks were Microsoft,$Eli Lilly and Co (LLY.US)$,$Broadcom (AVGO.US)$. Judging from the rise and fall of stocks that increased their holdings the most in the fourth quarter of '23 in the first quarter of '24, the median return of the top 20 companies that focused on increasing their holdings of US stocks was 12.59%, which is slightly better than$S&P 500 Index (.SPX.US)$The yield in the quarter was 9.85%. Twelve of the top 20 US stocks that increased their holdings the most in the fourth quarter of '23 had better earnings than the S&P 500 in the first quarter of '24, with a relative win rate of 60%.

Judging from the industry distribution where US funds hold US stocks, they mainly focus on information technology, optional consumption, and healthcare, accounting for 32.86%, 13.13%, and 12.41% of market capitalization, respectively.

Trends in the size of US funds

Judging from the overall size trend of US mutual funds (including ETF market capitalization), the overall size in the fourth quarter of 2023 exceeded 26 trillion US dollars, which is comparable to the high market capitalization in the fourth quarter of '21. According to fund classification, equity mutual funds have the largest market capitalization, exceeding 18 trillion US dollars; bond funds are second, reaching 5.28 trillion US dollars; hybrid funds have a market value of 2.54 trillion US dollars.

Looking at ETF market capitalization separately, the size of US ETFs exceeded 10 trillion US dollars in the fourth quarter of 2023, accounting for 38% of the total mutual fund size. Among them, equity ETFs are worth 8.33 trillion US dollars, and the rest are mainly bond-type ETFs, with a market capitalization of 1.5 trillion US dollars.

US fund asset allocation

According to data for the fourth quarter of 2023, the major asset distribution of US funds is mainly concentrated on stock assets accounting for 82.45%, bonds reaching 14.56%, and cash accounting for 2.37%.

US Fund Regional Allocation

According to data for the fourth quarter of 2023, the shareholding regions of US funds are still concentrated in the US, accounting for 78.74%. The distribution of regions other than the US is quite scattered, and the two regions that account for the largest allocation: Japan and the United Kingdom also only account for 2.63% and 2.43%. Hong Kong and mainland China each accounted for 0.65% and 0.16% of share allocations, while India's share reached 0.85%.

As shown in the figure below, based on the market value of shares held by US funds outside the US, Japan has the highest market capitalization of 438.7 billion US dollars, followed by the UK at 404.8 billion US dollars. France, Canada, and Switzerland are each in the 3rd to 5th place. India ranked 9th, holding a market capitalization of US$142.1 billion. Taiwan ranked 10th with a market capitalization of 138.6 billion US dollars, Hong Kong, China ranked 12 with a market value of 107.7 billion US dollars, and mainland China ranked 21 with a market value of 27.8 billion US dollars.

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