The recent overall market has changed from the downward trend at the end of last year. Since the beginning of this year, there has been a sustained rebound, with a large number of stocks in both markets rising. However, when the market is on the rise, the individual stocks that were increased in holdings by funds at the end of the fourth quarter have not performed well, and only 30% of them have outperformed the market since the beginning of the year.
According to the fourth quarter report data of the fund, the fund held a total of 816 heavily weighted stocks at the end of the fourth quarter, of which 344 were increased in holdings, 183 were newly entered, 289 were reduced in holdings, and 231 heavily weighted stocks in the third quarter were excluded from the list by the fund in the fourth quarter. Based on the changes in the fund's shareholding, the fund carried out a large-scale adjustment of positions in the fourth quarter.
Based on the current closing point, the overall market was at a relatively low level at the end of the fourth quarter of last year, especially in the last two months of last year, the market experienced a sustained decline. The fund carried out a large-scale adjustment of positions at this time, and should have selected stocks with better market performance. The data shows that among the 527 individual stocks that the fund increased its position at the end of the fourth quarter last year, only 173 outperformed the market, accounting for only 32.83% of the increased stocks.
From the relative strength statistics of the overall market, among the 527 stocks that the fund increased its position, 36 outperformed the market by more than 10%, while 38 stocks such as Luoping Zinc Electric not only underperformed the market, but also fell by more than 10% since the beginning of the year.
From the overall market performance of A-shares, the cumulative increase in the market since the beginning of the year was 7.16%, and more than 80% of the stocks rose, among which nearly 60% of the stocks rose by more than the market. The overall performance of A-shares has warmed up, but at this time, the stocks that the fund carefully selected and increased its position are still not as good as the market, and its stock selection strategy is worth pondering. (Source: Securities Times)