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As the second quarterly reports of public funds came to an end, important information such as the operating conditions and investment paths of fund products became clear one by one. Wind data showed that public funds have achieved profits for two consecutive quarters. As of the end of the second quarter of this year, public fund products made a profit of 44.85 billion yuan in the first half of the year, but equity funds still lost more than 300 billion yuan.

Looking back at the year, the market continued to fluctuate and adjust, and fund managers also changed their portfolio layout. After sorting out the second quarter data of public offerings, the reporter found that, overall, institutional investors shifted their portfolios to high-dividend sectors such as banks and public utilities, while the enthusiasm for "drinking" has greatly decreased. Currently, the electronics, food and beverage, and pharmaceutical and biological industries are still the top three major holdings of public offerings.

Public offering within the yearProfit 448.5100 million yuan

In the first half of this year, after a "V"-shaped reversal, the A-share market fell into volatility again. Data shows that as of June 30, the Shanghai Composite Index fell 0.25% year-to-date; the Shenzhen Component Index and the ChiNext Index fell 7.1% and 10.99% during the same period. In terms of sectors, banks, coal, utilities and other sectors led the gains.

In the context of the relatively limited money-making effect of the market, equity products with a high correlation with the stock market are naturally greatly affected. Wind data shows that among the 6,965 equity products with existing data (including stock and mixed funds, only initial funds are counted, the same below), 35% of the products achieved positive returns in the second quarter.

Under this performance, the loss effect of equity products has been magnified. According to statistics from China Business News, based on the first-level classification of funds, the fund profit loss of equity products in the second quarter reached 165.241 billion yuan. Together with the loss of 136.203 billion yuan in the first quarter, the total loss of public equity products in the first half of this year exceeded 301.4 billion yuan. As of the end of the second quarter of this year, equity products have accumulated losses for five quarters, totaling -1.41 trillion yuan.

Unlike equity products, fixed-income products maintained a "stable output" and contributed the vast majority of profits to the industry. For example, bond funds made a total profit of 105.947 billion yuan in a single quarter, followed by money market funds with 57.707 billion yuan; combined with the profit performance in the first quarter, these two types of funds made a total profit of 316.46 billion yuan in the first half of the year.

It is worth noting that international (QDII) funds had a brilliant performance in the second quarter. After four consecutive quarters of losses, international (QDII) funds turned losses into profits, with fund profits of 22.751 billion yuan in the second quarter and a profit of 22.548 billion yuan in the first half of the year.

In addition, alternative investment funds and REITs products also had certain profitability performance, with single-quarter fund profits of 2.776 billion yuan and 460 million yuan respectively; FOF funds once again suffered a loss of -409 million yuan.

According to statistics from China Business News, by the end of the second quarter, the profits of fund products under public fund managers totaled 23.891 billion yuan. This is the second time that the public fund industry has achieved profitability after the fund profit exceeded 20 billion yuan in the first quarter. By the end of the second quarter, public funds had a total profit of 44.85 billion yuan in the first half of the year, a decrease of 68% from the same period last year.

The reporter noticed that in the second quarter of this year, funds continued to withdraw from active equity products. Wind data showed that in the second quarter, active equity funds (including ordinary stock funds, flexible allocation funds, equity-oriented hybrid funds, and balanced hybrid funds) had a total net redemption of 85.754 billion shares, and the total net redemption in the first half of the year exceeded 200 billion shares.

Three of the top ten are replaced with new ones

Since the beginning of this year, with the market fluctuations and the emotional reaction brought about by the market's "bottoming out", the difficulty of adjusting positions and changing stocks has also increased. The latest fund holdings also reflect the investment layout of fund managers. So, where do fund managers with a lot of money invest their money?

Overall, the top ten holdings of public funds have changed, but the "head" stocks have shown a certain stability. Wind data shows that based on the total market value of fund holdings, as of the end of the second quarter, Kweichow Moutai still sits firmly in the top position of public funds, with a total market value of 118.505 billion yuan; CATL follows closely with 101.985 billion yuan.

Although the rankings of the top two holdings remain unchanged, both have reduced their holdings to varying degrees. For example, Kweichow Moutai has entered the top ten holdings of 1,264 funds, with 255 fewer holdings than last month, and a total reduction of 6.011 million shares; CATL has reduced its holdings by 60 funds, with a reduction of 16.3888 million shares in a single quarter.

Zijin Mining and Wuliangye swapped positions, with the former increasing its holdings by 11.799 million shares and ranking third, while the latter reduced its holdings by 36.8985 million shares and ranked fourth. In addition, Midea Group increased its holdings by 83.0502 million shares and rose to fifth place. China Merchants Bank and Mindray Medical also increased their holdings to varying degrees, and their rankings rose by one place.

Compared with the data of the previous quarter, the alcohol content of the top ten holdings of public funds has dropped significantly. In addition to the reduction of Kweichow Moutai and Wuliangye, Luzhou Laojiao and Shanxi Fenjiu were both removed from the top ten holdings, with the reduction of 35.7189 million shares and 16.0691 million shares respectively. In addition, Hengrui Medicine in the pharmaceutical sector also faded out of the top ten.

On the other hand, Tencent Holdings, which is heavily held by 733 funds, has returned to the top ten holdings of public funds, with a total market value of 44.277 billion yuan. In terms of changes in holdings, the stock was increased by 14.3199 million shares in the second quarter. In addition, Luxshare Precision in the electronics sector and Yangtze Power in the public utilities sector are also newly added to the top ten holdings of public funds.

Among them, Luxshare Precision received a large increase in holdings from public funds in the second quarter, with holdings increasing by 137 million shares in a single quarter, entering the list of heavily held stocks of 1,143 funds, and its ranking rose from 17th to 9th. China Yangtze Power received a large increase in holdings for two consecutive quarters. As of the end of the second quarter, the stock was heavily held by 706 funds, with a total holding of 1.313 billion shares.

Overall, by the end of the second quarter, public funds held 2,826 stocks, a decrease of 424 from the previous quarter. According to statistics from China Business News, based on the Shenwan first-level industry, the market value of fund holdings in the electronics sector increased by 51.697 billion yuan to 362.017 billion yuan in the second quarter, becoming the largest key allocation industry for public funds.

Food and beverage and pharmaceuticals followed closely with fund holdings of 290.59 billion yuan and 261.668 billion yuan respectively, but both were reduced by 94.463 billion yuan and 37.062 billion yuan. In addition, power equipment and nonferrous metals remained in fourth and fifth place, but the total market value of fund holdings in the two industries decreased by 28.849 billion yuan and 5.189 billion yuan respectively.

Reduce holdings in liquor and increase holdings in high dividend stocks

The reporter noticed that many well-known fund managers reduced their holdings of liquor stocks. For example, Fuguo Tianhui LOF managed by Zhu Shaoxing reduced its holdings of Kweichow Moutai by 20.76%, Yinhua Fuyu Theme managed by Jiao Wei reduced its holdings of Shanxi Fenjiu by 32.5%, Yinhua Xinyi managed by Li Xiaoxing and Zhang Ping removed both Kweichow Moutai and Wuliangye from the top ten holdings, and E Fund Consumer Select managed by Xiao Nan "cleared out" Luzhou Laojiao.

At the same time, fund managers have significantly increased their holdings in high-dividend sectors such as banks and public utilities, with the number of shares held increasing by 1.124 billion shares and 839 million shares respectively. Since the beginning of this year, these two sectors have performed outstandingly among all sectors. As of July 19, the two sectors have risen by 18.26% and 15.52% respectively, ranking the top two among the 31 Shenwan first-level industries.

In fact, since the beginning of this year, sectors with high dividends and low volatility have been favored by funds. Qiu Dongrong said that under the background of transformation, debt, geopolitics and other challenges, the economy or market is not stable, and the performance of equity assets is more differentiated. The dividend assets that were a bit tasteless a few years ago are now the "pearls". In the storm, the big ship is like a rock while the small boat is swaying.

"The market's beta allocation to the banking sector is more defensive than offensive in intent." Qiu Dongrong said that excellent banks have high operating efficiency and still have the dual highlights of growth and quality. On the one hand, they have the potential to outperform their peers in terms of location, business type, subsidiary business development and other dimensions; on the other hand, they can obtain more satisfactory operating results from details such as professional services, business timing, accurate pricing, and risk management, forming an asset quality with resilience, and are expected to continue their excellent operating performance with great return potential.