'Balanced allocation' becomes a key strategy keyword for investment advisors in the fourth quarter
2024-10-17
Recently, many fund investment advisory products have accelerated the pace of adjusting positions and switching "funds". The reporter found that after the National Day holiday, investment advisory portfolios under fund companies such as Bank of Communications Schroder Fund and Huaxia Fund adjusted their holding strategies and released adjustment reports. In addition, multiple investment advisory portfolios have also launched "departure" plans based on their analysis of the recent market. Industry insiders have stated that after the market surged at the end of September, the valuation of A-shares has completed a certain degree of repair. However, the effectiveness of the policies released earlier still needs further economic data to verify. In the short term, market sentiment tends to be cautious, and investors need to control their positions appropriately. At the same time, the model of incremental capital entering the market for fundraising may come to an end, providing more options for investors with patient capital attributes. Actively responding to market changes, the A-share market experienced a wave of upward trend at the end of September, but showed an adjustment trend after the National Day holiday. A reporter from China Securities Journal found through sorting out the investment advisory portfolio information of fund companies on major fund distribution platforms such as Snowball Fund, Tiantian Fund, and Ant Wealth that after the National Day holiday, many investment advisory portfolios updated their position adjustment dynamics and actively responded to the new challenges brought by the market. On October 9th, the investment advisory portfolio of Bank of Communications Schroder Fund, Bank of Communications All Star, updated its position adjustment dynamics. Bank of Communications All Star stated in the reason column for adjusting positions that there has been a significant increase in investor sentiment and market trading heat in the equity market recently. Therefore, in this portfolio adjustment, the fund structure of the constituent funds will be appropriately adjusted, and high-quality funds with significant and stable long-term excess returns will be selected, striving to improve the cost-effectiveness of portfolio returns while having return elasticity. Specifically, the adjustment range of positions by the All Star team of Bank of Communications is relatively large. This combination has increased its holdings in 8 funds including the Bank of Communications New Life Flexible Allocation Hybrid Fund, and reduced its holdings in 10 funds including the Southern Prosperity Pioneer Flexible Allocation Hybrid Fund C. It is worth mentioning that this warehouse adjustment has added three new products: Guolian Advantageous Industry Hybrid C, Puyin Ansheng Emerging Industry Hybrid C, and Bodao Yuanhang Hybrid C. Overall, the industry allocation of the three newly transferred funds is relatively balanced, with heavy holdings mostly coming from the mid to large cap market. The first two significantly outperformed the Shanghai and Shenzhen 300 Index in the first half of the year. In addition to investment advisory portfolios such as the Bank of Communications All Star, which mainly consist of equity assets, many fixed income investment advisory portfolios are also actively responding to market changes. On October 14th, Huaxia Fund's Huaxia Fixed Income Enhanced Portfolio updated its position adjustment dynamics. The reason for the portfolio adjustment column indicates that there has been a significant increase in the stock market recently, and there have been significant changes in internal holdings. Therefore, it is recommended to moderately reduce the stock position and carry out rebalancing operations. Overall, the adjustment range of Huaxia Fixed Income Enhanced Portfolio is not significant, but it has slightly increased the allocation ratio of bond funds and added positions to funds such as Jingshun Great Wall Short Term Bond A. In addition, the portfolio also reduced its holdings in index funds with science and technology innovation and semiconductor themes. Since October, multiple investment advisory groups have released new "departure" plans. Industry insiders have explained that the function of "departure" is similar to that of regular investment, but it is more flexible compared to regular investment. Many investment advisors will judge the irregular "departure" based on market analysis and flexibly set the "departure" share. The person said, "If many portfolios frequently make 'departure' movements during a period of time, it can also be seen as a relatively positive market signal." On October 15th, multiple investment advisory portfolios under the Schroder Fund of Bank of Communications, including Bank of Communications Win Fixed Investment, Bank of Communications All Star, and Bank of Communications Index Planet, all released their 'departure' plans. The manager stated that there have been price fluctuations in domestic stock and bond assets recently, and the "fixed income+" strategy may usher in an ideal allocation window. In the current environment, betting on a single asset will face significant volatility and requires a reasonable and balanced allocation of stock and bond assets. In terms of the stock market, the volatility has increased after the sharp rise, but the valuation has recovered and is still in an upward trend. From a medium to long term perspective, optimism can be maintained. The market currently has divergent views on short-term trends, but a balanced allocation of growth value varieties can be maintained. On October 10th, the All Stars of China Europe Super Stocks under China Europe Fund announced their "departure" plan. The manager stated that the market temperature is currently within the normal range, and from the perspective of the current risk premium of the Shanghai and Shenzhen 300 Index, it is still at a moderate cost performance level. In addition, investment advisory portfolios such as China Merchants Overseas Gold Mining and China Merchants Industry Gold Mining under China Merchants Fund have recently released their "departure" plans. When it comes to the recent changes in the A-share market, Huaxia Wealth believes that although the A-share market has experienced a significant rebound, the overall valuation is still not high, and the attractiveness of Chinese assets is still enormous. In the short term, there is still a certain time gap for the specific policies to be introduced, and it is expected that there will be market divergence and differentiation. It is recommended to strictly manage positions during this period, avoid chasing gains and selling losses, and pay attention to adjusting the position structure. Jiashi Wealth believes that with the implementation, effectiveness, and resonance of incremental policies, the long-term trend of the economy and market is optimistic. It is recommended that investors choose the best and balance their allocation, and take profits moderately based on cost and risk return expectations. Focus on the following market trends: undervalued industries with healthy cash flow; Significant sectors influenced by the international economy, such as non-ferrous metals, household appliances, and machinery; Key directions of modern industrial systems such as advanced manufacturing, new energy, and chips. When it comes to the recent bond market, Huaxia Wealth stated that the policies recently introduced are more favorable for equity assets. At the same time, policies such as the Ministry of Finance transforming bonds and supplementing large bank funds are also favorable for the credit bond market. With the stabilization of interest rate bonds, credit spreads are expected to be repaired. In the medium to long term, the supply of the bond market may further increase. Under the direction of debt conversion and reducing the overall financing cost of society, monetary policy remains friendly, and the overall risk of the bond market is limited. For investors, bond assets should be viewed from an allocation perspective and avoid frequent short-term operations. (New Society)
Edit:Yao Jue Responsible editor:Xie Tunan
Source:China Securities Journal
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