Strong gravity low heart to see more and more blue

cgparis2010

back a good horse will eat the grass.
Although the financial, real estate in the past couple of years, continue to bring harm on the public fund performance and mental torture, but it is undeniable that in the first quarter of this year, they . Fund business, and let go, gave them a big hug.
Fund of the judgments of the second quarter, the A quarter of the outstanding performance of the broader market blue chip, seems to support the fund their judgments. The index broke the 3,000 points, also gave very strong support that argument. But whether the consensus forecasts come true, now too early to judge the next.
on the other side, the high valuation of small plates, the GEM fund companies are constantly being GEM also stock index break through 3,000 points on the day However, the fund still holds a large number of small cap stocks,
the small-cap stocks, so a lot of fund managers operating in a passive position. If the However, the disclosure of trading information from the exchange point of view, some small plates are frequently met with agency stocks to sell seats.
Jiancang new funds to the blue-chip tilt

Shanghai Composite Index closed at 3,001.36 points Wednesday, becoming the second this year to close at 3,000 points on the trading day. Because of this bit of

public offering of industry performance champion Jian-Bo Sun last year that, at present, the Shanghai and Shenzhen 300 index in the 12 times price-earnings ratio, at a lower level, for China, the relatively healthy economy, the decline Space is limited; In addition, the overall profitability of listed companies this year, an increase of 20% have a large probability event, the good earnings growth in this case, will form a strong support the stock market.
At the same time, China Southern Fund reports that in the strategy promising blue chips in the second quarter and said it will focus on allocation of financial, real estate and stocks advanced manufacturing and other industries.
which surveyed the investment director of a Beijing views coincide. He believes that, due to the current valuation of the broader market lower level of blue-chip, in the valuation of small cap stocks continue to rise to become difficult to maintain, as the macro-economic stabilization and recovery in the second quarter, blue-chip market is likely to start.

convertible hit in the small cap funds

market-style changes, so that the broader market and other heavyweight blue-chip are rising, and small plates,[link widoczny dla zalogowanych], a considerable decline in the GEM. Changes in market direction, many heavily loaded with stocks of small plates emergency transfer positions are convertible funds.
conversion signs, so pick blue chips. have begun to force, small board and the GEM have been Po Wei, a slight repair. So far this year, mainly to the growth of small cap stocks performed significantly weaker than market to a whole, the high valuation of small cap stocks are still digesting the existence of a valuation process, but this does not prevent one of the advantages of growth stocks out of the ongoing independent market.
HSBC Jintrust promising industries, including energy-saving environmental protection, the emerging information industry, biological industry, new energy, new energy vehicles, high-end equipment manufacturing and new materials, including seven new industries, they are very likely to drive the next round of economic growth in China, so these represent the future direction of China's economic transformation and development of consumer services, environmental protection, information technology and other industries will nurture the next A-share market a hotbed of the most dynamic group of stocks.
funds showed their withdrawal

recent disclosure of trading information exchanges showed differences between operating agencies seems clear. Overall, agencies of seats sold for individual stocks is more obvious, but there are companies to choose holdings.
stumble endlessly because of the failure of restructuring of large established technology in the April 6 seats in two institutions were selling, the seller of the first institutions of seats sold 6.4946 million yuan of net single day, accounting for sell the total amount of 86.14%. April 7, Dali Technology full daily limit has been tightly sealed, institutional capital flight was insistent.
stocks on small plates of digital in the April 7 seats in the same firm was sold two institutions, and motor ability tests on the same day the Leo board welcomed the three institutions share the generous layout of the seats .
Jian-Bo Sun that the sustained high growth has been a cyclical industry is not realistic. If you can adapt to grow share of China's economic transformation, the orientation of the direction of economic development of productive forces,
The researchers also noted that the Fund, p>
Yanxingheyi

to sing more and more blue-chip funds to benefit a lot of money

just past first quarter, the broader market rose 4.27%. The broader market higher from the beginning of 2825.33 points by the end of March of 2928.11 The point is one step away from 3000. The first quarter, A-share market turbulence upset.
overlap of various negative factors, frequently break new shares,[link widoczny dla zalogowanych], has hot debut. This situation allows the Fund to make money is not easy, but to sing more and more blue chip funds, some funds return a lot of money.
blue-chip value of the regression

2010, the twenty-eight be interpreted to thoroughly market, small plates hit record highs, blue chips remained in the doldrums. Style conversion several times, in contrast, and ultimately die a natural death, but the recent blue-chip re-start, fund companies underestimate the value of blue chip showed unprecedented enthusiasm.
the second quarter of the South Fund investment strategy report said that from a valuation point of view, the current valuation of the Shanghai and Shenzhen 300 in 2011, 2012, respectively, the dynamic price-earnings ratio of 13 times and 11 times, and the corresponding profit growth rates were 21% and 20%, still at the bottom of valuation history. A share market, the overall current level is only slightly higher than the PE 998 of 2005 points, 1664 points in 2008 and 2010 the level of 2300 points.
is worth noting that the valuation of blue chips are still in the bottom area of history, and small plates, the GEM valuations remain high. Look at the bottom of the overall regional market is still down space is very limited.
Southern Fund also pointed out by the Japanese earthquake and the Middle East, overseas situation is not clear, fluctuations in commodity prices is also expected to impact on domestic inflation. More uncertainty in the current circumstances, the market will rebound twists and turns, investors should underestimate the value of the key blue-chip configuration to reduce portfolio risk. Overall, in the second quarter rebound in market volatility will continue the trend, the industry wheels moving faster, the importance of sector allocation increased significantly.
Similarly, Cathay Pacific funds that will shock the second quarter, up the overall market, tend to cyclical stocks and blue chip companies. Although the market will continue to shock the rise, but the turning point may appear in June, the style may be divided at this time may also be shaken.
proceeds to sing more and more expensive

as a However, the first quarter of this year, sing blue chips and income of the Fund put into action a lot of money.
Southern Fund is relatively optimistic about the beginning of this year, and has been bullish on the medium and large blue chip panel, with the same time, the South's number of outstanding fund performance this year.
Southern Longyuan industry in the first quarter of this year the theme most successful blue chip its favor without a doubt. The Awkwardness of almost all of the top ten Configuration from the industry point of view, the Fund for the manufacturing and machinery, equipment, instruments, financial services and other overweight.
When Bo Bo's theme when the industry is also doing well, the fund avoided at the beginning of a larger adjustment this year, animal husbandry and fishery, food and beverage, pharmaceutical and other biological products is relatively high valuation section, The configuration of the more machinery, equipment, instrument and other manufacturing industries.
Bo Theme Industry fund managers Deng Xiaofeng, said the future optimistic about banking, insurance, real estate, automobiles, machinery, household appliances, railway and other blue-chip company's future performance, are not optimistic about the high valuations in the small cap, venture Board Company.
fund positions

market changes in fund performance style of the early differentiation

the early differentiation of fund performance

the Zhou, the central bank hiked interest rates again, but did not constitute a big negative on the market, but a rate hike boots floor, the blue chips led the market hit a new high this year, and this change also caused changes in fund performance.
plate movements from the point of view, the financial, real estate, energy, ferrous and other cyclical industries collectively rise, rather than the cycle of consumption, medicine, electronics and other industries will be hardest hit down.
because of the higher valuation of small cap stocks, face greater risks, and some fund managers ahead of the style of conversion, layout underestimate the value of blue chip, excellent performance. Desheng Ji Jin Research Center that, Invesco Energy, CAF growth, Jing Yang, and China Great growth transformation in the style of market conditions to maintain good yields.
position,[link widoczny dla zalogowanych], but also because the conversion of the Fund is not caused some loss of time, such as the Tien-fu value, Thailand and other core values and widely distributed in the first quarter results declined. This is mainly due to a shift in style in the market, the fund manager to adjust the asset allocation does not increase the blue-chip configuration.
positions this week, a slight increase

Desheng Ji Jin Research Center, estimates the latest data show that the weighted average of comparable positions active equity funds 86.21%, up slightly compared with 0.45 percent the previous week; partial shares mixed fund positions for the 81.02% weighted average, up slightly compared to 0.35 percent the previous week; configuration mixed fund positions weighted average 72.24%, up slightly compared with 0.40 percent the previous week.
positions this week, up slightly different types of funds, but taking into account the effects of passive Opening this week to smooth the main positions, the overall changes little, as Ching Ming holiday this week, is the only three trading days important reasons.
the direction of non-stock investment funds also have other types of small jiacang, but after removing the effects of passive jiacang overall little change position remained stable. Among them, the Capital Preservation Fund weighted average position 29.49%, compared to the previous week, rebounded 0.87 percent; partial debt mixed fund weighted average position 26.72 percent the previous week rather; bond funds weighted average stock positions, 13.64%, higher than the previous week rose 0.45 percentage points.
size of from different point of view, this week, partial shares of funds of all sizes, positions remained stable. Three types of partial shares in the direction of active funds, large funds weighted average position 85.05%, compared to the previous week increased by 0.41 percentage points slightly. Medium-sized fund positions weighted average 82.86%, compared to the previous week increased by 0.41 percentage points slightly. The weighted average small fund positions 81.15%,[link widoczny dla zalogowanych], compared to an increase of 0.43 percentage points the previous week.
industry voice

Chief Investment Officer: see blue-chip stocks are still making money standard safety

on the current market situation, from the seller broker strategy report released point of view, to support underestimate the value of a few blue chips rising. But the concern is, if the raised funds are dying to buy blue chips, and that excess returns for individual funds to it? Chief Investment Officer of a fund company, believes that blue chips, everyone will buy it, do better than the others, still have to select individual stocks.
blue-chip high margin of safety

A shares of China Merchants Securities, the investment strategy in the second quarter 2011 report says that in the case of the lack of incremental funding, funds flow from the high valuations underestimate the value of the field the characteristics of the field is the largest, the proposed holding underestimate the value of the real estate sector such as banks, before the reduction in inflation, cyclical industry peaked in the second quarter, the layout of the end of the second half to buy consumer goods.
Galaxy Securities, the latest policy research report that underestimated the value of blue chip brings high margin of safety. The current small-cap stocks with large capitalization stocks are still 3.4 times the ratio of earnings, 2.78 times higher than the average of the past decade.
data showed higher than expected results for blue chip companies the opportunity to provide a valuation of repair. As of last week, the company's profit growth rate of the fastest motherboard, more than 40%, the GEM and the small board the company's profit growth is slightly lower, respectively, 36.34% and 35.06%. In the blue chips in the performance of banking stocks is more than the market expected. Engineering, agriculture, in construction of the four line profit growth in 2010 were more than 20%, of which the Agricultural Bank profit growth is as high as 46%.
Galaxy Securities believes that the bank blue chips, represented by the valuation of repair time has come, over the expected market performance is turning the traditional conservative view of the industry, A shares are expected to continue to shock the uplink. In addition to banks, but also optimistic about coal, chemicals, nonferrous metals and other traditional industries opportunities.
still in the small cap opportunities

fought blue-chip fund the reasons behind it is to avoid market risk, or in pursuit of high returns? GEM mean that it becomes sad to lose power?
concern is that a fund like the person said: to buy blue chips, similar in both species under the premise of choice, then for single fund, and how to obtain excess returns, how to successfully break through?
Shanghai Composite Index to break 3,000 points in the day, the GEM
CICC recent study reported that despite the cyclical stocks, upgrade-related investment opportunities.
gold that China's development in the next few years is the core logic of economic restructuring, small-cap growth stocks, cyclical stocks relative to the broader market's silence will not last too long; round style conversion time period beyond the 3 months, small cap growth stocks, cyclical stocks and the broader market valuation differences are more than 15% to 20% of the contraction amplitude, some medicine, consumption has entered the high-quality small-cap growth stocks 20 to 25 times 2011 earnings and attractive range .

may cast their eyes on our blue-chip at the same time in the underestimate, the chance of high-quality small-cap stocks are is coming out.
back to see City

favorite funds into the financial, real estate and the same is expected to take care

market has been full stop in the first quarter, financial, real estate, nonferrous metals, steel and other heavyweights leading the broader market 3,000 points onto the top. Many fund companies recently released second quarter investment strategy, finance, real estate and other sections re-valued, many blue-chip value fund that will be
point of view from the fund companies, including China, the South, Peng Hua, Xinhua and other fund companies, including market conditions are optimistic side, and optimistic about the financial, real estate and other undervalued blue-chip class of varieties, in the last year Castrol has been cautious side view, partial positive turn this year, even some fund companies are not optimistic, view is also a
the second quarter to see the high financial and real estate

financial and property stocks in the last year has become the object of the Fund was underweight, but this year the fund had a subtle change in thinking, many optimistic about the second quarter, the Fund's financial, real estate and other cyclical industries.
Southern Fund continue to be optimistic that the second quarter, the value of blue-chip return. With inflation peaked, policy concerns about slow, gradual jiacang underestimate the value of the financial and real estate sector; continue to be optimistic engineering machinery, automobile, electrical equipment and other advanced manufacturing; concerned with pricing, inflation resistant characteristics of wine, raw materials medicine, etc.; theme alternative investment concern of nuclear power, wind power, solar and other new energy sector.
Guotai Fund believes that the protection of housing construction and water conservancy projects the market will re-establish confidence in the cyclical industries, the cycle class of the industry's strength will continue in the second quarter. We therefore propose to underestimate the value of the purchase cycle products industry. Industry on the proposed super-distribution: banking, real estate, coal, steel, building materials, construction machinery, utilities, appliances and chemicals.
In addition, the Fu Foundation is optimistic about the financial, real estate, machinery, building materials underestimate the value represented, the strong performance of the industry cycle.
consensus estimates need to be cautious

However, insiders have pointed out: will once again become a contrarian indicator? or just catch the end of the market? the end of 2008, the fund was bearish on the financial, real estate, nonferrous metals and coal strong cyclical sectors, the results of financial and real estate first half of 2009 rose; optimistic about the results of steady growth in pharmaceutical sector, pharmaceutical sector the results of a full six months sideways.
2009 year, funds are optimistic about the style conversions A few companies do more new industries.
result, almost all year round in 2010 t[link widoczny dla zalogowanych]cs stocks, small cap stocks in the world, the GEM and the small plate in the plate and other emerging industries is a substantial surge.

2010 年 11 month, including Orient Securities, day care congenial, Zhejiang securities, capital securities and letters of securities brokerage Fund Research Center released a number of the first week of the month research fund positions, have shown fund positions high. According to Cinda Securities estimated that the majority of open-ended equity fund stock positions even up to 90%.
and for the second day of the report was released, A shares turned down,[link widoczny dla zalogowanych], in just a few trading day down more than 300 points, the market had expected a sharp turn optimistic.