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although the overall performance of stock funds has been poor this year, the total fund shares have shown a slow growth trend, with noticeable signs of institutions increasing their holdings.

after the holiday, many stock funds received additional funds

in the afternoon of september 20, near the end of the trading session, the a-share market index rose significantly, with the shanghai composite index closing up 0.03% and the csi 300 index up 0.16%. in terms of trading volume, the overall volume of a-shares increased significantly during the call auction phase of the closing session, with the shanghai composite index trading at 8.073 billion yuan in 3 minutes and the shenzhen component index trading at 6.732 billion yuan in 3 minutes.

etfs related to the market index also saw explosive growth. according to securities times databao statistics, on september 20, huatai-pinebridge csi 300 etf and e fund csi 300 etf had transaction volumes of over 7.5 billion yuan and 5.7 billion yuan respectively, while harvest csi 300 etf and huaxia csi 300 etf had transaction volumes of 3.801 billion yuan and 3.723 billion yuan respectively; the total transaction volume of the above four etf funds exceeded 20 billion yuan, and the transaction volume hit a new high in the past two months.

industry analysts said that large funds are more focused on injecting liquidity into the market with the help of broad-based indexes, which has played a stronger role in supporting the index. in the future, we need to continue to pay attention to the clearing effect of some crowded industries on the supply side, as well as the catalysis of the domestic demand expansion policy on the demand side. the current a-share valuation level has reached a relatively low historical value, and asset prices are relatively cheap. some small marginal improvements may also evolve into upward momentum.

in just three trading days after the mid-autumn festival, stock funds continued to receive net inflows. according to wind data, from september 18 to september 20, the net inflow of stock funds exceeded 23 billion yuan. six funds had net inflows of more than 1 billion yuan, namely huatai-pinebridge csi 300 etf, e fund csi 300 etf, huaxia csi 300 etf, e fund chinext etf, southern csi 1000 etf, and gf csi 1000 etf.

these six funds are all heavily held by institutions. at the end of the second quarter of this year, institutions held more than 80% of the five funds, including china asset management csi 300 etf, e fund csi 300 etf, gf csi 1000 etf, southern csi 1000 etf, and huatai-pinebridge csi 300 etf. in addition, the institutional holdings of e fund chinext etf reached 65.18%; the institutional holdings of china asset management csi 300 etf reached 97.41%. at the end of the second quarter, central huijin, known as the "national team", held more than 75% of the fund, and compared with the end of 2023, the holding ratio has increased by more than 1.8 times.

institutions’ voice in stock funds has significantly increased

in 2024, the a-share market performed relatively sluggishly, and stock funds performed poorly overall. the net value of many funds shrank, but the total share of funds showed a slow growth trend.

according to databao statistics, as of september 22, the number of stock fund shares reached 2.96 trillion, an increase of more than 10% from the end of 2023. this may mean that despite the overall poor performance of the market, investors remain relatively optimistic about the future equity market and believe that investment value still exists in the long run.

the substantial increase in fund shares is closely related to the continued increase in holdings by institutional investors. according to the semi-annual report data disclosed by the fund, as of the end of the second quarter, the net value of institutional holdings of stock funds reached 1.58 trillion yuan, reaching a historical high, an increase of more than 500 billion yuan compared with the same period last year.

at the same time, the voice of institutions in stock funds has increased significantly. at the end of the second quarter, institutional holdings accounted for 51.03%, the first time it has exceeded 50% since 2007. in contrast, at the end of the second quarter, the net value of individual investors' holdings shrank by more than 100 billion yuan compared with the same period last year, and the proportion of holdings in stock funds fell to 48.97%, the lowest since 2007.

more than 50 institutionally heavily invested stock funds saw their share of shares increase

which stock funds are most favored by institutions? according to databao statistics, at the end of the second quarter, there were 17 stock funds with a net value of over 10 billion yuan held by institutions.

the net value of institutional holdings of the four funds related to the csi 300 index ranked in the top four, namely huatai-pinebridge csi 300 etf, e fund csi 300 etf, harvest csi 300 etf, and china asset management csi 300 etf. the highest net value of institutional holdings was huatai-pinebridge csi 300 etf, reaching 170.43 billion yuan, and central huijin held nearly 60% of the fund.

other etfs with high net value held by institutions include hua xia sse 50 etf, southern csi 500 etf, e fund chinext etf, e fund sse star market 50 etf, and southern csi 1000 etf.

how have these heavily-invested stock funds performed recently? according to databao statistics, at the end of the second quarter, there were 158 stock funds with a net value of more than 1 billion yuan and a holding ratio of more than 50%.

the overall yield of these funds since september is -3.09%, among which 6 funds have a yield of over 3%, namely e fund csi hong kong stock connect medical and healthcare comprehensive etf, southern csi all-share real estate etf, invesco great wall csi hong kong stock connect technology etf, harvest hong kong stock connect new economy c, icbc csi hong kong stock connect technology etf, and harvest frontier technology a.

compared with the end of august, among the above 158 funds, more than 50 funds have seen an increase in share. five funds have seen an increase of more than 10%, namely, cathay csi all-share home appliances etf, southern csi 300 etf, fullgoal sse composite etf, invesco great wall csi hong kong stock connect technology etf, and cathay sse composite etf.

cathay csi all-share home appliances etf increased its share by 20.27%, ranking first. the fund's top holding at the end of the second quarter was midea group, followed by gree electric appliances, haier smart home, sanhua intelligent control, etc.